EBR Systems Q3 2026 10-Q: Net Loss and Share Count

EBR Systems, Inc. filed its Form 10-Q for the quarterly period ended September 30, 2026, with the SEC on November 9, 2026, reporting a net loss of $51,171 thousand for the nine months ended September 30, 2026, alongside a significant increase in shares outstanding following two equity issuances during the period.

Key Highlights

  • Net loss (nine months): The company reported a net loss of $51,171 thousand for the nine months ended September 30, 2026, compared to $34,710 thousand for the same period in 2025, according to the filing.
  • Q3 net loss: For the three months ended September 30, 2026, the company reported a net loss of $16,644 thousand, versus $12,189 thousand in the prior-year quarter.
  • Net sales growth: Net sales for the nine months ended September 30, 2026 were $7,486 thousand, compared to $682 thousand for the nine months ended September 30, 2025.
  • Share count increase: Shares issued and outstanding rose to 84,546,086 as of September 30, 2026, from 45,025,917 as of December 31, 2025, reflecting two separate common stock issuances during the period.
  • Equity raised: The company issued 30,263,498 shares in Q2 2026, netting $75,831 thousand, and 9,210,527 shares in Q3 2026, netting $23,697 thousand, per the statements of stockholders' equity.
  • Total assets: Total assets were $147,185 thousand as of September 30, 2026, up from $97,226 thousand at December 31, 2025.
  • Cash and marketable securities: Cash and cash equivalents were $13,985 thousand and current marketable securities were $71,430 thousand as of September 30, 2026.

EBR Systems Financial Results for the Nine Months Ended September 30, 2026

According to the filing, EBR Systems, Inc. reported net sales of $7,486 thousand for the nine months ended September 30, 2026, a substantial increase from $682 thousand in the comparable 2025 period. Cost of goods sold for the nine-month period was $6,710 thousand, yielding gross profit of $776 thousand. For the three months ended September 30, 2026, net sales were $2,487 thousand against cost of goods sold of $2,238 thousand, producing gross profit of $249 thousand.

The company's total operating expenses for the nine months ended September 30, 2026 were $49,593 thousand, comprised of research and development expenses of $19,734 thousand and selling, general and administrative expenses of $29,859 thousand, the filing disclosed. Loss from operations for the nine-month period was $48,817 thousand. After accounting for interest expense of $4,009 thousand, interest income of $1,559 thousand, and other items, the net loss for the nine months ended September 30, 2026 was $51,171 thousand. Basic and diluted net loss per share for the nine months was $(0.88), based on a weighted-average share count of 57,895,459.

On the balance sheet, the filing reported total stockholders' equity of $76,851 thousand as of September 30, 2026, up from $25,588 thousand at December 31, 2025, primarily reflecting the two equity issuances completed during the nine-month period. The accumulated deficit stood at $453,387 thousand as of September 30, 2026, compared to $402,216 thousand at December 31, 2025. Notes payable, which had been classified as noncurrent ($40,886 thousand) at December 31, 2025, are shown as current ($41,354 thousand) as of September 30, 2026. The filing states the company had no securities registered under Section 12(b) of the Act on any exchange.

What Was Disclosed

EBR Systems filed a 10-Q for the quarter ended September 30, 2026, disclosing a nine-month net loss of $51,171 thousand, net sales of $7,486 thousand, and total assets of $147,185 thousand, alongside equity raises totaling approximately $99.5 million in net proceeds and a share count of 84,546,086 as of September 30, 2026.