SeaStar Medical Holding Corp Financials
This page shows SeaStar Medical Holding Corp (ICU) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 5 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
SeaStar Medical Holding Corp has an operating margin of -986.6%, meaning the company retains $-987 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -13216.3% the prior year.
SeaStar Medical Holding Corp's revenue surged 814.1% year-over-year to $1.2M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
SeaStar Medical Holding Corp carries a low D/E ratio of 0.36, meaning only $0.36 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.63, SeaStar Medical Holding Corp holds $3.63 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 71/100.
SeaStar Medical Holding Corp generates a -116.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
SeaStar Medical Holding Corp passes 4 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, SeaStar Medical Holding Corp generates $1.12 in operating cash flow (-$13.6M OCF vs -$12.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
SeaStar Medical Holding Corp earns $-392.7 in operating income for every $1 of interest expense (-$12.2M vs $31K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
SeaStar Medical Holding Corp generated $1.2M in revenue in fiscal year 2025. This represents an increase of 814.1% from the prior year.
SeaStar Medical Holding Corp reported -$12.2M in net income in fiscal year 2025. This represents an increase of 51.1% from the prior year.
Cash & Balance Sheet
SeaStar Medical Holding Corp held $12.0M in cash against $0 in long-term debt as of fiscal year 2025.
SeaStar Medical Holding Corp had 4M shares outstanding in fiscal year 2025. This represents a decrease of 33.2% from the prior year.
Margins & Returns
SeaStar Medical Holding Corp's gross margin was 95.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 4.3 percentage points from the prior year.
SeaStar Medical Holding Corp's operating margin was -986.6% in fiscal year 2025, reflecting core business profitability. This is up 12229.7 percentage points from the prior year.
SeaStar Medical Holding Corp's net profit margin was -984.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 17408.0 percentage points from the prior year.
SeaStar Medical Holding Corp's ROE was -116.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
SeaStar Medical Holding Corp invested $7.5M in research and development in fiscal year 2025. This represents a decrease of 17.4% from the prior year.
ICU Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $183K-45.9% | $338K+15.4% | $293K | N/A | $68K | $0 | $0 | N/A |
| Cost of Revenue | $14K-48.1% | $27K | $0 | N/A | $0 | $0 | $0 | N/A |
| Gross Profit | $169K-45.7% | $311K+6.1% | $293K | N/A | $68K | $0 | $0 | N/A |
| R&D Expenses | $1.9M+78.4% | $1.0M-57.3% | $2.4M | N/A | $2.3M+0.1% | $2.3M+37.5% | $1.7M | N/A |
| SG&A Expenses | $1.9M+84.3% | $1.0M-38.8% | $1.7M | N/A | $2.2M-6.3% | $2.3M+3.6% | $2.3M | N/A |
| Operating Income | -$3.6M-103.8% | -$1.8M+54.1% | -$3.8M | N/A | -$4.5M+4.6% | -$4.7M-18.2% | -$4.0M | N/A |
| Interest Expense | $0-100.0% | $9K-18.2% | $11K | N/A | $272K+231.7% | $82K-42.7% | $143K | N/A |
| Income Tax | $0 | $0-100.0% | $3K | N/A | $0-100.0% | $3K | $0 | N/A |
| Net Income | -$3.5M-73.4% | -$2.0M+46.9% | -$3.8M | N/A | -$4.5M-38.4% | -$3.2M+74.5% | -$12.7M | N/A |
| EPS (Diluted) | N/A | $-0.18 | $-0.44 | N/A | $-1.10-6.8% | $-1.03 | $-4.73 | N/A |
ICU Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $15.5M+85.3% | $8.4M+10.3% | $7.6M+63.1% | $4.7M+1.6% | $4.6M+32.3% | $3.5M-55.2% | $7.7M+120.3% | $3.5M |
| Current Assets | $14.9M+94.5% | $7.6M+12.7% | $6.8M+80.1% | $3.8M+4.1% | $3.6M+49.8% | $2.4M-63.1% | $6.5M+183.2% | $2.3M |
| Cash & Equivalents | $13.8M+118.4% | $6.3M+19.0% | $5.3M+191.1% | $1.8M-12.6% | $2.1M+76.6% | $1.2M-76.5% | $5.0M+2751.7% | $176K |
| Inventory | $83K+7.8% | $77K+75.0% | $44K | $0 | $0 | N/A | N/A | N/A |
| Accounts Receivable | $221K+1.8% | $217K+97.3% | $110K-1.8% | $112K+64.7% | $68K | N/A | N/A | $0 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $4.1M-19.4% | $5.0M-28.3% | $7.0M+2.8% | $6.8M+49.1% | $4.6M-55.7% | $10.4M-15.1% | $12.2M-29.7% | $17.4M |
| Current Liabilities | $4.1M-19.4% | $5.0M-28.3% | $7.0M+2.8% | $6.8M+3.1% | $6.6M-33.2% | $9.9M+2.9% | $9.6M-26.0% | $13.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | $0 | $0-100.0% | $1.1M-72.6% | $4.1M |
| Total Equity | $11.5M+243.1% | $3.3M+491.3% | $565K+125.9% | -$2.2M-106284.0% | -$2K+100.0% | -$6.9M-54.2% | -$4.5M+67.7% | -$13.9M |
| Retained Earnings | -$148.8M-2.4% | -$145.3M-1.4% | -$143.3M-2.7% | -$139.6M-3.3% | -$135.1M-3.4% | -$130.7M-2.5% | -$127.4M-11.1% | -$114.7M |
ICU Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.8M-27.8% | -$3.0M-13.3% | -$2.7M+43.4% | -$4.7M+6.2% | -$5.0M-77.1% | -$2.8M+19.0% | -$3.5M+22.2% | -$4.5M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | $11.3M+181.7% | $4.0M-34.5% | $6.1M+38.4% | $4.4M-25.0% | $5.9M+681.2% | -$1.0M-112.2% | $8.3M+81.6% | $4.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ICU Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 92.3%+0.3pp | 92.0%-8.0pp | 100.0% | N/A | 100.0% | N/A | N/A | N/A |
| Operating Margin | -1955.7%-1436.2pp | -519.5%+784.9pp | -1304.4% | N/A | -6552.9% | N/A | N/A | N/A |
| Net Margin | -1897.3%-1305.0pp | -592.3%+695.1pp | -1287.4% | N/A | -6585.3% | N/A | N/A | N/A |
| Return on Equity | -30.3%+29.6pp | -59.9%+607.7pp | -667.6% | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -22.4%+1.5pp | -23.9%+25.8pp | -49.6% | N/A | -97.7%-4.3pp | -93.3%+70.7pp | -164.0% | N/A |
| Current Ratio | 3.66+2.1 | 1.52+0.6 | 0.96+0.4 | 0.550.0 | 0.54+0.3 | 0.24-0.4 | 0.68+0.5 | 0.18 |
| Debt-to-Equity | 0.35-1.2 | 1.51-10.9 | 12.45+15.6 | -3.13-3.1 | 0.000.0 | 0.00+0.3 | -0.25+0.0 | -0.30 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is SeaStar Medical Holding Corp's annual revenue?
SeaStar Medical Holding Corp (ICU) reported $1.2M in total revenue for fiscal year 2025. This represents a 814.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is SeaStar Medical Holding Corp's revenue growing?
SeaStar Medical Holding Corp (ICU) revenue grew by 814.1% year-over-year, from $135K to $1.2M in fiscal year 2025.
Is SeaStar Medical Holding Corp profitable?
No, SeaStar Medical Holding Corp (ICU) reported a net income of -$12.2M in fiscal year 2025, with a net profit margin of -984.6%.
What is SeaStar Medical Holding Corp's gross margin?
SeaStar Medical Holding Corp (ICU) had a gross margin of 95.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is SeaStar Medical Holding Corp's operating margin?
SeaStar Medical Holding Corp (ICU) had an operating margin of -986.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is SeaStar Medical Holding Corp's net profit margin?
SeaStar Medical Holding Corp (ICU) had a net profit margin of -984.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is SeaStar Medical Holding Corp's return on equity (ROE)?
SeaStar Medical Holding Corp (ICU) has a return on equity of -116.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is SeaStar Medical Holding Corp's operating cash flow?
SeaStar Medical Holding Corp (ICU) generated -$13.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are SeaStar Medical Holding Corp's total assets?
SeaStar Medical Holding Corp (ICU) had $14.2M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does SeaStar Medical Holding Corp spend on research and development?
SeaStar Medical Holding Corp (ICU) invested $7.5M in research and development during fiscal year 2025.
What is SeaStar Medical Holding Corp's current ratio?
SeaStar Medical Holding Corp (ICU) had a current ratio of 3.63 as of fiscal year 2025, which is generally considered healthy.
What is SeaStar Medical Holding Corp's debt-to-equity ratio?
SeaStar Medical Holding Corp (ICU) had a debt-to-equity ratio of 0.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is SeaStar Medical Holding Corp's return on assets (ROA)?
SeaStar Medical Holding Corp (ICU) had a return on assets of -85.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is SeaStar Medical Holding Corp's cash runway?
Based on fiscal year 2025 data, SeaStar Medical Holding Corp (ICU) had $12.0M in cash against an annual operating cash burn of $13.6M. This gives an estimated cash runway of approximately 11 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is SeaStar Medical Holding Corp's Piotroski F-Score?
SeaStar Medical Holding Corp (ICU) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are SeaStar Medical Holding Corp's earnings high quality?
SeaStar Medical Holding Corp (ICU) has an earnings quality ratio of 1.12x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can SeaStar Medical Holding Corp cover its interest payments?
SeaStar Medical Holding Corp (ICU) has an interest coverage ratio of -392.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is SeaStar Medical Holding Corp?
SeaStar Medical Holding Corp (ICU) scores 53 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.