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Neurotech & BCIPublic

Hyperfine

catalyst in 8dNo base rate yet — HYPR has 0 graded prints on the record, and the bar is 3.Website
Ticker
HYPR
Beat
bci
Size
Public Company
Revenue
$3.9M
as of Jun 2026
Cash
$43.5M
as of Jun 2026
Burn
$7.3M/qtr
as of Jun 2026
Runway
~1.5yr at this rate
as of Jun 2026
Researched · Stale
10 days ago

A real, FDA-cleared portable-MRI razor finally finding its blade — Q1 device units +67% and runway into 2028 de-risk the going-concern story, but at ~$22M revenue and a ~$140M cap it is still a sub-scale, founder-controlled call option on point-of-care neuro-imaging, not yet a business.

Orbit · who it trades with and competes with
1 on the rings · 1 trade · 1 rival
2 mentions across our dossiers
Focus · BCI
Hyperfine
HYPR · public
No published house view
Trades and competes with
Links · 1 company · 1 trade · 1 rival
“Three things could permanently impair this: (1) it never reaches scale — at $20–22M revenue against a ~$45M cost base, the math only works if growth compounds for years, and a single soft year (US hospital capex caution + the explicit NIH …”Siemens · BOTH · from Hyperfine’s dossier
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Price

Weekly closes

HYPR · weekly close
0.72 USD−0.9%
Friday 30 Oct 2026 · last 52 Fridays 0.72–1.87
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 3,774,668 sh · 2.02 days to cover, FINRA · settled 15 Oct 2026
  2. Next print: in 8 days, Scheduled · 11 Nov 2026, scheduled
0.72USD-0.9%HYPR · 112 weekly closes to 2026-10-30

Who is buying

Shares sold shortFINRA · settled 15 Oct 2026
3,774,668 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
2.02
see the whole series
Financials

The reported figures

Revenue · quarterly
$3.9M
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$3.9M USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Hyperfine, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueFree cash flowCapexCashGradingSource
Q3 ’2330 Sept 2023$2.3M USD-$9.0M USD$263K USD$85.4M USDFiled · primarysec.gov
Q4 ’2331 Dec 2023$2.7M USD-$10.2M USD$258K USD$75.2M USDFiled · primarysec.gov
Q1 ’2431 Mar 2024$3.3M USD-$12.7M USD$145K USD$63.2M USDFiled · primarysec.gov
Q2 ’2430 Jun 2024$3.6M USD-$9.5M USD$71K USD$53.8M USDFiled · primarysec.gov
Q3 ’2430 Sept 2024$3.6M USD-$8.7M USD$159K USD$45.8M USDFiled · primarysec.gov
Q4 ’2431 Dec 2024$2.3M USD-$8.4M USD$8K USD$37.6M USDFiled · primarysec.gov
Q1 ’2531 Mar 2025$2.1M USD-$9.7M USD$472K USD$33.1M USDFiled · primarysec.gov
Q2 ’2530 Jun 2025$2.7M USD-$8.4M USD$520K USD$25.4M USDFiled · primarysec.gov
Q3 ’2530 Sept 2025$3.4M USD-$5.7M USD$130K USD$21.6M USDFiled · primarysec.gov
Q4 ’2531 Dec 2025$5.3M USD-$5.3M USD$63K USD$35.1M USDFiled · primarysec.gov
Q1 ’2631 Mar 2026$3.9M USD-$9.3M USD$242K USD$40.8M USDFiled · primarysec.gov
Q2 ’2630 Jun 2026$3.9M USD-$7.3M USD$30K USD$43.5M USDFiled · primarysec.gov

Hyperfine’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$3.9M+45% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $2.3M, as of Sep 2023Revenue Q4 ’23: $2.7M, as of Dec 2023Revenue Q1 ’24: $3.3M, as of Mar 2024Revenue Q2 ’24: $3.6M, as of Jun 2024Revenue Q3 ’24: $3.6M, as of Sep 2024Revenue Q4 ’24: $2.3M, as of Dec 2024Revenue Q1 ’25: $2.1M, as of Mar 2025Revenue Q2 ’25: $2.7M, as of Jun 2025Revenue Q3 ’25: $3.4M, as of Sep 2025Revenue Q4 ’25: $5.3M, as of Dec 2025Revenue Q1 ’26: $3.9M, as of Mar 2026Revenue Q2 ’26: $3.9M, as of Jun 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
-$7.3M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: -$9.0M, as of Sep 2023Free cash flow Q4 ’23: -$10.2M, as of Dec 2023Free cash flow Q1 ’24: -$12.7M, as of Mar 2024Free cash flow Q2 ’24: -$9.5M, as of Jun 2024Free cash flow Q3 ’24: -$8.7M, as of Sep 2024Free cash flow Q4 ’24: -$8.4M, as of Dec 2024Free cash flow Q1 ’25: -$9.7M, as of Mar 2025Free cash flow Q2 ’25: -$8.4M, as of Jun 2025Free cash flow Q3 ’25: -$5.7M, as of Sep 2025Free cash flow Q4 ’25: -$5.3M, as of Dec 2025Free cash flow Q1 ’26: -$9.3M, as of Mar 2026Free cash flow Q2 ’26: -$7.3M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$43.5Mdebt $13.2M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $85.4M, as of Sep 2023Cash Q4 ’23: $75.2M, as of Dec 2023Cash Q1 ’24: $63.2M, as of Mar 2024Cash Q2 ’24: $53.8M, as of Jun 2024Cash Q3 ’24: $45.8M, as of Sep 2024Cash Q4 ’24: $37.6M, as of Dec 2024Cash Q1 ’25: $33.1M, as of Mar 2025Cash Q2 ’25: $25.4M, as of Jun 2025Cash Q3 ’25: $21.6M, as of Sep 2025Cash Q4 ’25: $35.1M, as of Dec 2025Cash Q1 ’26: $40.8M, as of Mar 2026Cash Q2 ’26: $43.5M, as of Jun 2026Debt Q1 ’26: $13.1M, as of Mar 2026Debt Q2 ’26: $13.2M, as of Jun 2026

CashDebt

Shares outstanding · annualFY21 – FY25
81.8M+2,117% since FY21

FY25 · as of Dec 2025

Shares outstanding FY21: 3.7M, as of Dec 2021Shares outstanding FY22: 70.5M, as of Dec 2022Shares outstanding FY23: 71.3M, as of Dec 2023Shares outstanding FY24: 72.4M, as of Dec 2024Shares outstanding FY25: 81.8M, as of Dec 2025

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-24editorial noteSources added: 0 → 4The dossier's cited-link count grew from 0 to 4 (deep-dive-2026-06-20.md → deep-dive-2026-10-24.md).dossier
2026-10-24editorial noteRevenue figure revised: $3.257M → $3.9MRevenue moved from $3.257M (deep-dive-2026-06-20.md) to $3.9M (deep-dive-2026-10-24.md).dossier
2026-10-08guidance8-K Item 2.02: preliminary unaudited Q3 2026 revenue about $6.0mPreliminary unaudited Q3 2026 revenue about $6.0m; nine-month revenue about $13.8m; cash and equivalents about $37.9m at 30 Sep 2026; FY2026 revenue outlook of $20-22m reaffirmed.agent:company-events · SEC EDGAR 8-K
2026-09-18filing8-K Item 3.01: Hyperfine receives Nasdaq minimum bid price noticeNotice received 17 Sep 2026: closing bid below $1.00 for 30 consecutive business days; 180-day compliance period to 16 Mar 2027. Stock continues to trade on Nasdaq Global Market as HYPR.agent:company-events · SEC EDGAR 8-K
dossier age
10 days
researched 24 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 11 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-20), 433 words, 7 filing mentions
  2. The dossier: What held, 76 words, 4 filing mentions
Research

The Hyperfine dossier

The verdict

A real, FDA-cleared portable-MRI razor finally finding its blade — Q1 device units +67% and runway into 2028 de-risk the going-concern story, but at ~$22M revenue and a ~$140M cap it is still a sub-scale, founder-controlled call option on point-of-care neuro-imaging, not yet a business.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-20)

  1. Q2 results. Revenue $3.9M, up 44.8% from $2.7M. Twelve commercial Swoop systems sold, up 50.0% from eight. Gross profit $2.0M, a 50.7% margin (Q2 2025: 49.3%). Research and development $3.9M (-14.9%); sales, marketing, general and administrative $6.6M (+3.2%). Net loss $9.3M, or $0.09 per share (Q2 2025: $9.2M, $0.12), including a $0.6M loss on the change in fair value of warrant liabilities. [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-06, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1833769/000119312526337963/hypr-ex99_1.htm; quarter ended 2026-06-30]
  2. Cash and guidance at Q2. Cash and cash equivalents $43.5M at 2026-06-30 ($35.1M at 2025-12-31), reflecting financing completed in the first half. Full-year 2026 revenue guidance of about $20M to $22M (55% growth at the midpoint) and Cash burnHow much more cash goes out than comes in, per period. The clock on a company with no profits. of about $26M to $28M were reaffirmed. [sec.gov: 8-K filed 2026-08-06, exhibit 99.1, same URL]
  3. Preliminary Q3 results. Preliminary, unaudited Q3 revenue of about $6.0M, 53% above Q2; net cash burn excluding financing about $5.6M, a 29% sequential improvement; no financing proceeds raised in Q3; expected quarter-end cash and cash equivalents about $37.9M. The 2026 revenue outlook of about $20M to $22M was reaffirmed. [sec.gov: 8-K filed 2026-10-08, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1833769/000119312526417437/d142207dex991.htm; quarter ended 2026-09-30]
  4. Nasdaq notice. On 2026-09-17 the company was notified that its stock failed the $1.00 minimum bid price requirement; it has until 2027-03-16 to regain compliance (a closing bid of at least $1.00 for 10 consecutive business days) and may be eligible for a second 180 days on a transfer to the Nasdaq Capital Market. [sec.gov: 8-K filed 2026-09-18, https://www.sec.gov/Archives/edgar/data/1833769/000119312526395525/hypr-20260917.htm]
  5. Europe and clinical. The next-generation Swoop system and the latest Optive AI software obtained CE Marking and UKCA approval; initial European systems were sold. The company reports more than 180 publications and 280 scientific presentations. [sec.gov: 8-K filed 2026-08-06, exhibit 99.1, same URL as item 1]
  6. Shares. 90,993,381 Class A and 15,055,288 Class B common shares outstanding at 2026-08-03. [sec.gov: Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-08-06, https://www.sec.gov/Archives/edgar/data/1833769/000119312526338015/hypr-20260630.htm]
  7. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed catalyst asks whether the "unit re-acceleration confirm[s] and does guidance get raised" in Q2: Q2 systems sold were 12 against 8 a year earlier (item 1) and guidance was reaffirmed, not raised (items 2 and 3). The carried seed gives a price of about $1.42 in mid-June 2026; the notice in item 4 reports that the $1.00 minimum bid price requirement was later not met. The carried seed's key risks include "going-concern/runway dependence"; the 10-Q's risk list still includes "our ability to continue as a Going concernAn auditor’s formal doubt that the company can fund itself for the next year. It is a warning about survival, not about performance.". The carried seed's price figures rest on market data this delta does not refresh.

What held

  • Revenue growth continued, with a gross margin near 50%. [sec.gov: 8-K filed 2026-08-06, exhibit 99.1]
  • Full-year revenue guidance of $20M-$22M is intact after Q2 and, per the October release, after preliminary Q3. [sec.gov: 8-K filed 2026-10-08, exhibit 99.1]
  • Cash burn is moderate: about $5.6M in Q3 against a full-year guide of $26M-$28M. [sec.gov: 8-K filed 2026-10-08, exhibit 99.1]
  • The company remains loss-making (Q2 net loss $9.3M). [sec.gov: 8-K filed 2026-08-06, exhibit 99.1]

How our view changed

2 dossiers

Every dossier we have written on Hyperfine, newest first.

  1. current

    A real, FDA-cleared portable-MRI razor finally finding its blade

  2. A real, FDA-cleared portable-MRI razor finally finding its blade

Company details

IndustryNeurotech & BCI
SizePublic Company
WebsiteVisit Hyperfine

Others in bci

5 names

Where Hyperfine sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.