The combination of accelerating revenue growth, improved cash flow, and raised guidance suggests Harrow is transitioning into a scalable commercial stage. Traders should monitor execution against 2026 guidance, especially H1 revenue ($133M–$153M), as a key validation point. Positive momentum in VEVYE, IHEEZO, and TRIESENCE suggests multiple product drivers are contributing to growth.
Price Chart
Executive Summary
Harrow reported strong fourth-quarter and full-year 2025 results with record revenue of $89.1 million (up 33% YoY) and full-year revenue of $272.3 million (up 36% YoY). The company achieved profitability in Q4 with $6.6 million in GAAP net income and generated $43.9 million in operating cash flow for the year, a significant improvement from a $22.2 million outflow in 2024. Full-year 2026 revenue guidance of $350M–$365M signals continued growth momentum.
Key Financial Metrics
Key Facts
- Q4 2025 revenue: $89.1 million, up 33% YoY from $66.8 million
- Full-year 2025 revenue: $272.3 million, up 36% YoY from $199.6 million
- Q4 GAAP net income: $6.6 million vs. $6.8 million in Q4 2024
- Full-year 2025 GAAP net loss: $5.1 million, improved from $17.5 million loss in 2024
- Adjusted EBITDA: $24.2 million in Q4 2025, $61.9 million for full-year 2025
- Operating cash flow: $43.9 million in 2025 vs. $(22.2) million in 2024
- Cash balance: $72.9 million as of December 31, 2025
- 2026 revenue guidance: $350M–$365M; Adjusted EBITDA guidance: $80M–$100M
Financial Impact
Revenue growth of 36% and a swing from negative to positive operating cash flow ($66.1 million improvement) demonstrate strong operational execution. 2026 guidance implies 28%-34% revenue growth over 2025.
Risk Factors
- Forward-looking statements are subject to risks including regulatory scrutiny at its New Jersey facility
- Increased R&D and SG&A spending could pressure margins despite revenue growth
- Execution risk in doubling sales teams and expanding into new settings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3247864 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 22d ago | 8-K | $30.58 $30.35 | ▼ −0.75% | ▼ −1.30% | $28.95 (−5.33%) |
Oct 5, 2026 22d ago | Press Release | $30.58 $30.35 | ▼ −0.75% | ▼ −1.30% | $28.95 (−5.33%) |
Aug 10, 2026 11w ago | 8-K | $39.42 $39.36 | ▼ −0.15% | ▼ −0.40% | $28.95 (−26.56%) |
Aug 10, 2026 11w ago | Press Release | $39.42 $39.36 | ▲ +0.15% | ▲ +0.40% | $28.95 (+26.56%) |
Aug 6, 2026 11w ago | 8-K | $39.92 $40.44 | ▲ +1.30% | ▲ +0.69% | $28.95 (−27.48%) |
Jul 27, 2026 13w ago | Press Release | $37.46 | awaiting T+1 | — | $28.95 (−22.72%) |
Jul 20, 2026 14w ago | Press Release | $44.45 $43.71 | ▼ −1.66% | ▼ −2.50% | $28.95 (−34.87%) |
Jun 11, 2026 19w ago | Institutional Cluster | $37.64 $38.93 | ▲ +3.43% | ▲ +1.66% | $28.95 (−23.09%) |
Jun 11, 2026 19w ago | Institutional Cluster | $37.65 $37.64 | ▼ −0.03% | ▼ −0.57% | $28.95 (−23.11%) |
Jun 3, 2026 20w ago | 8-K | $33.32 $34.69 | ▲ +4.11% | ▲ +3.71% | $28.95 (−13.12%) |
US Market Status
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