Hyperfine (HYPR) AI Stock Analysis

• Market Cap: $123.40M
• Dividend Yield: N/A
• Average Volume (3M): 762.74K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.02
• Revenue Growth: -20.10%
• EPS Growth: 7.87%
• Country: US
• Employees: 111
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.06
• Shares Outstanding: 82,113,370
• 10 Day Avg. Volume: 1,646,855
• 30 Day Avg. Volume: 762,741
• PEG Ratio: 0.11
• Price to Book (P/B): 2.25
• Price to Sales (P/S): 6.80
• P/FCF Ratio: -3.17
• Enterprise Value/Market Cap: 0.61
• Enterprise Value/Revenue: 7.10
• Enterprise Value/Gross Profit: 15.39
• Enterprise Value/Ebitda: -1.84
• 1Y Price Target: $2.00
• Price Target Upside: 61.29% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): -0.35
• Revenue Forecast (FY): $18.00M

• Rating: 59 Neutral
• Price Target: $1.50 ▲(20.97% Upside)
• Action: Reiterated Date: 03/19/26
• Date: Action: Reiterated 03/19/26

The score is held back primarily by heavy operating losses and ongoing cash burn despite improving revenue and gross margins. Technicals are supportive with price above major moving averages and positive MACD, while valuation remains weak due to negative earnings. Earnings-call commentary adds support via improving margins, product traction, and reduced burn, but does not fully offset the current loss profile.

Positive Factors

Improving Unit Economics

Gross margin expansion to ~54% and rising average selling prices point to durable unit-economics improvements. If sustained, higher margins mean each incremental sale contributes meaningfully to covering fixed R&D and SG&A, improving the path to scalable profitability as volumes grow.

Proprietary Product & Regulatory Progress

A differentiated low-field MRI platform paired with Optive AI and regulatory approvals establishes a durable competitive moat. Product breadth plus international clearances supports multi-market adoption across hospitals, neurology offices, and ambulatory sites over multiple years.

Conservative Historical Leverage

Low leverage entering 2025 reduced bankruptcy and interest-rate sensitivity, giving management flexibility to invest in commercialization. Combined with prior equity raises that extended runway, the company has time to scale sales before debt burdens materially constrain operations.

Negative Factors

High Cash Burn

Sustained negative operating and free cash flow at this scale requires recurrent financing and limits self-funding. Continued burn eats cash reserves and forces management to prioritize near-term liquidity over long-term investment choices, increasing execution risk if growth slows.

Persistent Large Net Losses

Operating expenses far exceed current revenue, producing deep negative margins that erode equity. Until fixed costs are absorbed by materially higher sales, profitability will remain elusive, limiting return on invested capital and pressuring shareholder equity over time.

Debt Facility Adds Covenants & Dilution Risk

The senior secured loan brings fixed interest, asset liens, covenants and attached warrants. This raises financial rigidity and potential dilution, constraining operational flexibility and increasing the cost of capital during the critical commercialization and international rollout period.

Hyperfine Business Overview & Revenue Model

Company Description

Hyperfine, Inc. provides imaging, monitoring, and magnetic resonance imaging products. It offers Swoop Portable MR imaging system to address an unmet need in point-of-care medical imaging through a combination of hardware and software services. The company was incorporated in 2014 and is based in Guilford, Connecticut.

How the Company Makes Money

Hyperfine primarily makes money by selling its portable MRI systems (capital equipment) to healthcare providers such as hospitals and clinical sites. In addition to system sales, the company generates revenue from recurring and/or ongoing sources tied to the installed base, which may include service and support arrangements (e.g., maintenance and customer support), software-related fees associated with operating and managing scans, and sales of accessories or consumables used with the system. The mix between upfront system revenue and recurring revenue depends on customer adoption and utilization of deployed units. Specific details on major partnerships or exact revenue stream breakdowns: null.

Hyperfine Financial Statement Overview

Summary

Revenue growth and materially improved gross margin (~50% in 2025) are clear positives, and the balance sheet has had low leverage. However, profitability is still very weak (2025 net margin ~-262%) and cash burn remains large (2025 operating cash flow about -$28M; free cash flow about -$29M), which keeps the financial profile high-risk despite improvement versus 2024.

Income Statement

Revenue is growing strongly (up ~28% in 2025 vs. 2024, following earlier gains), and gross margin has improved materially to ~50% in 2025 from ~46% in 2024 and ~13% in 2022—showing better unit economics. However, profitability remains very weak: 2025 net loss was ~$35.6M on ~$13.6M of revenue (net margin ~-262%), and operating losses are still large despite improvement from 2024. The core issue is that operating expense levels remain far ahead of the current revenue base.

Balance Sheet

The balance sheet is conservatively levered with essentially no debt in 2025 (debt-to-equity ~0), which reduces financial risk and provides flexibility. That said, equity has declined meaningfully over time (from ~$186M in 2021 to ~$41M in 2025), reflecting sustained losses, and returns on equity remain deeply negative. The company has a lower leverage risk profile, but ongoing losses are pressuring the capital base.

Cash Flow

Cash burn remains substantial, with 2025 operating cash flow at about -$28.0M and free cash flow about -$29.1M, although both improved versus 2024 (-$38.8M operating, -$39.2M free cash flow). Free cash flow has been volatile year to year and declined in 2025 versus 2024, indicating the path to self-funding is not yet established. A positive indicator is that cash flow losses are broadly in line with accounting losses (free cash flow roughly tracks net loss), but the absolute burn rate remains high relative to revenue.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	10.59M	13.56M	12.89M	11.03M	6.81M	1.50M
Gross Profit	4.88M	6.75M	5.89M	4.76M	907.00K	-1.17M
EBITDA	-40.87M	-37.09M	-42.22M	-47.06M	-72.86M	-64.14M
Net Income	-40.05M	-35.57M	-40.72M	-44.24M	-73.16M	-64.83M
Balance Sheet
Total Assets	41.51M	55.26M	58.90M	94.20M	134.05M	202.47M
Cash, Cash Equivalents and Short-Term Investments	21.56M	35.09M	37.65M	75.18M	118.24M	188.50M
Total Debt	0.00	0.00	269.00K	185.00K	0.00	0.00
Total Liabilities	14.64M	14.26M	9.86M	9.80M	10.33M	16.25M
Stockholders Equity	26.87M	41.01M	49.04M	84.40M	123.72M	186.23M
Cash Flow
Free Cash Flow	-32.23M	-29.13M	-39.15M	-42.61M	-72.92M	-49.89M
Operating Cash Flow	-31.10M	-27.95M	-38.77M	-41.81M	-72.34M	-47.18M
Investing Cash Flow	-1.13M	-1.19M	-383.00K	-804.00K	-585.00K	-2.71M
Financing Cash Flow	8.27M	27.50M	1.02M	174.00K	7.00K	176.77M

Hyperfine Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.24
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HYPR, the sentiment is Positive. The current price of 1.24 is above the 20-day moving average (MA) of 1.14, above the 50-day MA of 1.14, and above the 200-day MA of 1.13, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 62.78 is Neutral, neither overbought nor oversold. The STOCH value of 82.71 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HYPR.

Hyperfine Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FONR	66 Neutral	$115.79M	14.16	4.34%	―	3.36%	-21.15%
HYPR	59 Neutral	$123.40M	-2.59	-103.93%	―	-20.10%	7.87%
ICCM	53 Neutral	$41.22M	-2.58	-243.68%	―	-18.96%	8.98%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
VVOS	43 Neutral	$14.03M	-1.57	-335.47%	―	18.76%	60.09%
RBOT	41 Neutral	$8.55M	-0.35	-247.60%	―	―	15.03%

Hyperfine Corporate Events

Hyperfine Secures $40 Million Term Loan Financing Agreement

On March 18, 2026, Hyperfine, Inc. entered into a Loan and Security Agreement with Horizon Technology Finance Corporation for a senior secured term loan facility of up to $40 million, of which $15 million was drawn at closing for working capital and general corporate purposes. The remaining $25 million may be accessed through 2027 subject to conditions, with the loan carrying a minimum interest rate of 10.75%, interest-only payments for up to 48 months, a potential extension to 2031, and customary covenants and default provisions secured against substantially all company assets.

In connection with the financing, Hyperfine issued Horizon warrants to purchase up to 1,083,335 shares of Class A common stock at $1.20 per share, with a portion exercisable immediately and the remainder tied to future loan fundings. The structure of the facility, including prepayment premiums, a final fee upon repayment, and warrant-based equity participation, provides Hyperfine with non-dilutive debt capacity in the near term while adding leverage and covenant constraints that will shape its capital structure and operational flexibility going forward.

The most recent analyst rating on (HYPR) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Hyperfine stock, see the HYPR Stock Forecast page.

Hyperfine Announces Strong Preliminary Q4 2025 Revenue Growth

On January 12, 2026, Hyperfine reported preliminary, unaudited financial results for the fourth quarter and full year ended December 31, 2025, highlighting a record fourth-quarter revenue of about $5.3 million, up 127% year-on-year and 54% sequentially, driven by placements across hospital, neurology office and international markets. For full-year 2025, revenue is expected to reach approximately $13.5 million, a modest 5% increase over 2024, while preliminary net cash burn excluding financings improved, declining 30% year-on-year in the fourth quarter to about $5.7 million and 22% for the full year to about $29.9 million, leaving the company with an estimated $35.1 million in cash and cash equivalents at year-end; these trends suggest strengthening commercial traction for its next-generation Swoop® system and Optive AI™ software alongside tighter cash management, though figures remain subject to final audit and a full earnings release expected in March 2026.

The most recent analyst rating on (HYPR) stock is a Buy with a $2.00 price target. To see the full list of analyst forecasts on Hyperfine stock, see the HYPR Stock Forecast page.

Hyperfine Expands ATM Equity Offering With New Sales Agent

On December 29, 2025, Hyperfine, Inc. amended and restated its existing at-the-market equity offering arrangement, expanding its distribution syndicate by adding BTIG, LLC as an additional sales agent alongside B. Riley Securities, Inc., while keeping all other material terms unchanged. Under the revised agreement and a newly filed prospectus supplement tied to its effective shelf registration, the company may, at its discretion, sell up to $50 million of Class A common stock through the agents, who will receive up to a 3% commission, and Hyperfine has simultaneously terminated an earlier prospectus supplement dated November 22, 2023, under which it had previously sold 3,464,325 shares for approximately $4.35 million in gross proceeds.

The most recent analyst rating on (HYPR) stock is a Buy with a $2.00 price target. To see the full list of analyst forecasts on Hyperfine stock, see the HYPR Stock Forecast page.