Harrow Inc. reported a strong finish to 2025 with record quarterly revenue and significant year-over-year growth, driven by accelerating demand and improving operating leverage. The company is building on this momentum with expanded sales teams and product launches, positioning itself for continued growth and a transition to a cash-generating powerhouse.
Record quarterly revenue of $89.1 million, a 33% increase over $66.8 million recorded in the prior-year period.
positiveFull-Year revenue of $272.3 million, a 36% increase over $199.6 million recorded in 2024.
positiveGenerated $43.9 million of operating cash flow in 2025, a significant improvement from $(22.2) million used in operations in 2024.
positiveAdjusted EBITDA of $24.2 million in Q4 2025, and $61.9 million for 2025, showing strong profitability.
positiveGAAP net loss of $5.1 million for the full year 2025, compared to a net income of $6.6 million in Q4 2025.
attentionResearch and development expenses increased significantly to $20.9 million in 2025 from $12.2 million in 2024.
attentionRecorded $8.5 million of acquired in-process research and development expense in Q4 2025 related to the acquisition of Melt Pharmaceuticals.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Last year was a defining year for Harrow, with revenue up 36% for the year and a record fourth quarter that reflected both accelerating demand and improving operating leverage, especially in terms of generating operating cash flow.
Our key products are still in the early stages of launch, and each is gaining significant commercial traction. Seeing VEVYE®, IHEEZO®, and TRIESENCE® all show solid signs of growth at the same time underscores the strength of our strategy and the tenacity of our commercial leadership.
As we enter 2026, we are building on that momentum across the business: doubling the VEVYE and TRIESENCE sales teams, expanding IHEEZO into the office-based setting, advancing our development pipeline, and operating with greater alignment as One Harrow.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.