AVR Anteris Technologies Global Corp.

Overview and Growth

Anteris Technologies Global Corp. generated $1.91M of revenue in fiscal 2025, with net loss of $94.14M and an operating cash outflow of $77.80M. Revenue of $1.91M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $2.70M in fiscal 2024, revenue decreased 29.2%, a top-line contraction that reduced operating scale. The company reported diluted EPS of -$2.55, adding a shareholder-level measure to the absolute income figures considered below. The diluted weighted-average share count was 36.91M, linking total earnings with the per-share result received by shareholders. Compared with 20.25M diluted shares in fiscal 2024, the current 36.91M base was 82.3% higher. The company employed $23.00M of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 0.08x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $1.34M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 70.3% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced a $93.89M operating loss before non-operating and tax effects. After all below-operating-line items, the company recorded a net loss of $94.14M for the fiscal year. EBITDA was negative $92.23M, showing a deficit before interest, taxes, depreciation, and amortization. The company reported a pretax loss of $94.22M, before the effect of income taxes. Income tax expense totaled $0.00, providing the reported tax component that separates pretax and after-tax earnings. The loss-to-assets relationship was 409.4%, placing the bottom-line deficit against the company’s resource base. Compared with a $76.29M net loss in fiscal 2024, the current loss increased to $94.14M.

Liquidity and Capital Structure

The company held $23.00M of assets against $23.25M of liabilities and -$253.00K of equity, revealing how the asset base was financed. Equity was negative at -$253.00K, meaning liabilities exceeded the residual book value available to shareholders and weakening balance-sheet resilience. The near-term balance sheet paired $15.68M of current assets with $21.37M of current liabilities at the reporting date. Current assets covered only 0.73x of current liabilities, so current liabilities exceeded current assets at period end. Cash and equivalents totaled $12.58M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 58.8%, excluding receivables and other current assets. Equity equaled -1.1% of assets, showing the shareholder-capital layer within the company’s balance sheet. Relative to total assets, liabilities measured 101.1%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 54.7%, a balance-sheet composition measure rather than a liquidity forecast. Total assets were 71.5% lower than fiscal 2024 assets of $80.70M, measuring the company’s own balance-sheet change. Reported equity changed 100.4% from $62.68M in fiscal 2024, placing the current capital base lower year over year. The reported cash balance changed 82.2% from $70.46M in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

Operating activities used $77.80M of cash, resulting in an operating cash outflow for the year. The company spent $1.95M on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Operating cash flow and capital spending combined to leave a $79.76M cash deficit after capital spending. The cash deficit after capital spending represented 346.8% of the period-end asset base. Cash absorbed by operations increased from $61.24M in fiscal 2024 to $77.80M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.