DBVT DBV Technologies S.A.

Overview and Growth

Fiscal 2025 results for DBV Technologies S.A. combined $5.64M of revenue with net loss of $146.95M and an operating cash outflow of $121.18M. At $5.64M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $4.15M in fiscal 2024, revenue recorded a 35.8% year-over-year increase. The company reported diluted EPS of -$1.05, adding a shareholder-level measure to the absolute income figures considered below. The diluted weighted-average share count was 139.57M, linking total earnings with the per-share result received by shareholders. The diluted share count was 43.9% higher than fiscal 2024, when diluted shares averaged 97.00M, adding context to the EPS comparison. At period end, total assets were $233.72M, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.02x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The company recorded an operating loss of $147.06M after the reported operating expense base. The company ended the period with a net loss of $146.95M, extending the operating result through all remaining items. Negative EBITDA totaled $144.07M, confirming that the earnings deficit remained before depreciation and amortization. Before income taxes, the company recorded a loss of $146.46M, bridging the operating result to the final net loss. The company recognized $491.00K of income tax for the period, completing the transition from pretax income to net income. The loss-to-equity relationship was 87.1%, placing the bottom-line deficit against shareholder capital. The net loss equaled 62.9% of period-end assets, showing the deficit relative to the asset base. The net loss widened to $146.95M from $113.92M in fiscal 2024.

Liquidity and Capital Structure

At period end, the $233.72M asset base was financed through $64.95M of liabilities and $168.77M of equity. The near-term balance sheet paired $212.94M of current assets with $58.02M of current liabilities at the reporting date. Current assets covered current liabilities by 3.67x, leaving a positive buffer for near-term obligations. Reported cash and equivalents were $194.17M, separating immediately recognizable cash resources from the rest of the current-asset base. Measured only with cash and equivalents, coverage of current liabilities was 334.6%, excluding receivables and other current assets. Equity equaled 72.2% of assets, showing the shareholder-capital layer within the company’s balance sheet. Relative to total assets, liabilities measured 27.8%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 83.1% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 256.0% from $65.66M in fiscal 2024, leaving current total assets higher year over year. Reported equity changed 516.2% from $27.39M in fiscal 2024, placing the current capital base higher year over year. Compared with $32.46M in fiscal 2024, the current cash balance moved 498.2% and finished higher.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $121.18M, rather than cash generation from operations. Capital expenditures used $532.00K in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. Operating cash flow and capital spending combined to leave a $121.71M cash deficit after capital spending. The free-cash-flow deficit equaled 52.1% of total assets, placing the cash shortfall against the company’s resource base. The operating cash outflow widened to $121.18M from $104.47M in fiscal 2024.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.