Adagio Medical Holdings, Inc (ADGM) Income Statement
ADGM 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsADGM revenue and net income
ADGM profit margins
ADGM growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −100.0% | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ADGM quarterly EPS vs estimates
Adagio Medical beat the analyst EPS estimate in 2 of the last 4 quarters. Next report: November 11, 2026 (estimate $-0.30).
ADGM income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Revenue | $0 | $269,000 | $300,000 | $189,000 | $270,000 | $0 |
| Cost of revenue | $684,000 | $1.9M | $1.3M | $875,000 | $1.2M | — |
| Gross profit | −$684,000 | −$1.7M | −$1.0M | −$686,000 | −$888,000 | — |
| Research & development | $10.6M | $4.6M | $15.4M | $17.9M | $15.4M | — |
| Sales, general & admin | $10.6M | — | $11.5M | $1.0M | $6.6M | — |
| Total operating expenses | $21.2M | $60.8M | $26.9M | $23.2M | $19.8M | $13,539 |
| Operating income | −$21.9M | −$62.5M | −$27.9M | −$23.9M | −$20.6M | −$13,539 |
| Interest income | $477,000 | — | $3,000 | $39,000 | $3,000 | — |
| Interest expense | $2.9M | $1.1M | $1.7M | $137,000 | $0 | — |
| Income before taxes | −$25.1M | −$53.8M | −$38.1M | −$23.7M | −$19.9M | −$13,539 |
| Income taxes | — | −$53.8M | — | — | — | — |
| Net income | −$25.1M | −$53.8M | −$38.1M | −$23.7M | −$19.9M | −$13,539 |
| EBITDA | −$21.2M | −$53.5M | −$36.0M | −$23.0M | −$19.6M | −$13,539 |
| EPS (diluted) | −$1.68 | −$10.54 | −$0.24 | $0.06 | −$0.35 | — |
| Gross margin | — | −620.1% | −335.3% | −363.0% | −328.9% | — |
| Operating margin | — | −23,226.8% | −9,314.0% | −12,652.4% | −7,646.3% | — |
| Net margin | — | −19,986.2% | −12,715.3% | −12,525.4% | −7,384.4% | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $137,000 | $185,000 | $254,000 | $26,000 | $78,000 | $41,000 |
| Cost of revenue | $201,000 | $210,000 | $58,000 | $31,000 | $342,000 | $253,000 | $1.5M | $571,000 | $682,000 | $542,000 | $334,000 | $253,000 |
| Gross profit | −$201,000 | −$210,000 | −$58,000 | −$31,000 | −$342,000 | −$253,000 | −$1.4M | −$386,000 | −$428,000 | −$516,000 | −$256,000 | −$212,000 |
| Research & development | $2.5M | $2.7M | $2.2M | $2.8M | $2.0M | $3.7M | $3.4M | $2.5M | $2.9M | $3.5M | $1.8M | $4.4M |
| Sales, general & admin | $2.5M | $2.5M | $1.7M | $2.9M | $2.4M | $2.8M | $4.0M | — | $3.4M | $611,740 | $2.7M | $4.5M |
| Total operating expenses | $4.9M | $5.2M | $3.9M | $5.7M | $4.4M | $7.1M | $7.5M | $10.2M | $6.2M | $8.3M | $5.1M | $8.9M |
| Operating income | −$4.9M | −$5.2M | −$4.0M | −$5.7M | −$4.7M | −$7.4M | −$8.9M | −$10.6M | −$6.7M | −$8.8M | −$5.3M | −$9.1M |
| Interest income | $72,000 | $107,000 | $132,000 | $79,000 | $102,000 | $164,000 | — | — | $2,000 | $1,000 | $1,000 | $2,000 |
| Interest expense | $805,000 | $778,000 | $775,000 | $749,000 | $720,000 | $662,000 | — | $739,000 | $760,000 | $754,000 | $577,000 | $485,000 |
| Income before taxes | −$6.7M | −$7.0M | −$3.3M | −$10.1M | −$3.9M | −$7.7M | −$57.4M | −$4.6M | −$5.7M | −$8.0M | −$9.1M | −$10.8M |
| Income taxes | — | — | — | — | — | $9.1M | — | — | −$8.3M | −$841,751 | −$133,000 | — |
| Net income | −$6.7M | −$7.0M | −$3.3M | −$10.1M | −$3.9M | −$7.7M | −$57.4M | −$4.6M | −$5.7M | −$8.0M | −$9.1M | −$10.8M |
| EBITDA | −$5.7M | −$6.0M | −$2.3M | −$9.2M | −$3.0M | −$6.8M | −$8.4M | −$3.6M | −$4.7M | −$6.9M | −$8.4M | −$10.2M |
| EPS (diluted) | −$0.30 | −$0.31 | −$0.16 | −$0.66 | −$0.35 | −$0.51 | −$3.75 | −$0.32 | −$6.44 | −$0.03 | −$0.28 | −$0.06 |
| Gross margin | — | — | — | — | — | — | −1,011.7% | −208.6% | −168.5% | −1,984.6% | −328.2% | −517.1% |
| Operating margin | — | — | — | — | — | — | −6,462.0% | −5,746.5% | −2,621.7% | −33,903.8% | −6,837.2% | −22,148.8% |
| Net margin | — | — | — | — | — | — | −41,875.2% | −2,502.2% | −2,257.5% | −30,838.5% | −11,720.5% | −26,246.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ADGM's financial statements (latest annual report filed March 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ADGM financial results
Adagio Medical reported no revenue in fiscal year 2025 (ended December 31, 2025). It had a net loss of $25.1 million. Diluted earnings per share came to −$1.68.
See the ADGM stock overview for the latest quote and news, or the ADGM chart for price history and technical indicators.
ADGM income statement FAQ
Does Adagio Medical have revenue?
Adagio Medical reported no revenue for fiscal year 2025, which ended on December 31, 2025.
Is Adagio Medical profitable?
No. Adagio Medical reported a net loss of $25.1 million in fiscal 2025.
How much does Adagio Medical spend on research and development?
Adagio Medical spent $10.6 million on research and development in fiscal 2025.
What are Adagio Medical's earnings per share?
Adagio Medical earned $-1.68 per diluted share in fiscal 2025, compared with $-10.54 a year earlier.
When will Adagio Medical report its next earnings?
Adagio Medical is expected to report results for the quarter ending September 30, 2026 on November 11, 2026.
When does Adagio Medical's fiscal year end?
Adagio Medical's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 27, 2026.