Hyperfine, Inc.

hyperfinemri.com

What Do They Do?

Sells portable brain-imaging scanners to hospitals, neurology practices and other healthcare providers.

How Do They Make Money?

Customers buy the Swoop system, usually with software, service and support. Device sales are counted when it ships; customers may pay upfront for the device and annually for service, or make annual payments over the agreement.

revenue

Segment	Share	Revenue	How money arrives
Device Sold outright	84% FY2022: 77%		Sold outright
Service Recurring	16% FY2022: 23%		Recurring

Who Are Their Customers?

Hospitals and neurology practices in the United States buy directly; healthcare providers in other countries are served through distributors.

Do Revenues Turn Into Profits?

No. It lost $35.6M in FY2025.

Operating income, FY2025

−273% of revenue

▼ −14% (Loss) vs FY2024 (−$43.2M, −335%)

Net income, FY2025

−262% of revenue

▼ −13% (Loss) vs FY2024 (−$40.7M, −316%)

Free cash flow, FY2025

−215% of revenue

▼ −26% (Loss) vs FY2024 (−$39.2M, −304%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +45%; vs $2.7M in Q2 FY2025
Net income: ▲ +1% (Loss); vs −$9.2M in Q2 FY2025

Device share of revenue vs 78.9% in Q2 FY2025

Aug 6, 2026 Maintained full-year revenue and cash-burn guidance Management maintained full-year 2026 revenue guidance of $20 to $22 million and cash-burn guidance of $26 to $28 million.

Growing. Revenue grew 9.1x in 4 years, from $1.5M in FY2021 to $13.6M in FY2025, about 74% a year.

Broader customer settings The older report centered its commercial focus on intensive care units and emergency departments; the latest describes a broader target that includes hospital departments and office-based neurology practices.

Revenue over time

Device Service

$20M$10M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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