HeartSciences Reports Q3 Fiscal 2026 Net Loss of $1.99 Million, Revenue Growth for Nine Months

HeartSciences Inc. reported its financial results for the third quarter of fiscal 2026, revealing a net loss of $1.99 million for the three months ended January 31, 2026, compared to a loss of $2.54 million in the same period last year. For the nine months ended January 31, 2026, the company recorded a net loss of $6.39 million, a slight improvement from the $6.67 million loss reported for the same period in fiscal 2025. The company did not generate any revenue during the third quarter, but it reported $4,319 in revenue for the nine-month period, marking a significant increase from zero revenue in the prior year.

The company’s total operating expenses for the third quarter were approximately $1.93 million, down from $2.37 million in the same quarter of the previous year. This decrease was primarily attributed to reduced research and development costs, which fell by 38% to $639,000, as the company completed phase one of its MyoVista Insights platform. However, selling, general, and administrative expenses increased by 18% to $3.52 million for the nine-month period, largely due to higher stock compensation expenses.

HeartSciences has made strategic advancements, including the submission of its MyoVista wavECG device to the FDA for 510(k) premarket clearance in December 2025. The company is also focused on developing AI-ECG algorithms and has entered into collaboration agreements with institutions such as Rutgers University and Mount Sinai to enhance its product offerings. As of January 31, 2026, HeartSciences had cash and cash equivalents of approximately $3.4 million, a significant increase from $1.1 million at the end of the previous fiscal year.

The company has been actively raising capital to support its operations and product development. In January 2026, HeartSciences entered into a Note Purchase Agreement with Streeterville Capital, LLC, issuing an unsecured promissory note for $3.6 million. Additionally, the company has been utilizing an At-the-Market (ATM) facility to sell shares of common stock, with approximately $4.2 million available for issuance as of the reporting date. Despite these efforts, the company continues to face substantial doubt regarding its ability to continue as a going concern, as it has incurred losses since inception and requires additional funding to sustain operations.

Looking ahead, HeartSciences plans to continue its focus on the commercialization of its MyoVista Insights platform and the MyoVista wavECG device, while also seeking to secure additional funding through equity sales or strategic partnerships. The company acknowledges the challenges posed by regulatory approvals and market conditions but remains committed to advancing its innovative ECG solutions.