Revenue: As of FY2025, the actual value is USD 41.71 M.

EPS: As of FY2025, the actual value is USD -1.04.

EBIT: As of FY2025, the actual value is USD -10.9 M.

Biofrontera Inc. operates as a single segment, with all revenues derived from the United States, primarily from Ameluz and RhodoLED Lamps .

Segment Revenue

Net product revenue for 2025 increased to $41,705 thousand from $37,303 thousand in 2024, representing an increase of $4,402 thousand or 11.8% . This growth was mainly driven by a $4,100 thousand increase in Ameluz sales volume and a $700 thousand increase due to a higher Ameluz unit price, partially offset by a $300 thousand decline in RhodoLED Lamps sales . Ameluz (including RhodoLED Lamps) accounted for approximately 100% of the company’s revenue .

Operational Metrics

• Net Loss: The company reported a net loss of - $10,536 thousand in 2025, which is an improvement from a net loss of - $17,759 thousand in 2024 .
• Loss from Operations: The loss from operations improved to - $11,348 thousand in 2025 from - $17,210 thousand in 2024 .
• Total Operating Expenses: Total operating expenses decreased to $53,053 thousand in 2025 from $54,531 thousand in 2024 .
  • Cost of Revenues, Related Party: This decreased by $7,700 thousand, or 43.4%, to $10,111 thousand in 2025 from $17,855 thousand in 2024, primarily due to a change in the commercial arrangement with the Biofrontera Group and $2,100 thousand of forgiven accrued purchase price, partially offset by $2,200 thousand in earnout payments .
  • Cost of Revenues, Other: This increased to $853 thousand in 2025 from $752 thousand in 2024 .
  • Selling, General and Administrative (SG&A) Expenses: These increased by $4,000 thousand, or 11.7%, to $37,751 thousand in 2025 from $33,793 thousand in 2024, mainly due to a $6,600 thousand rise in general and administrative expenses . This increase was partially offset by reductions in direct sales personnel expenses, sales support activities, a Xepi Prescription Drug User fee write-off, and intangible asset amortization .
  • Selling, General and Administrative Expenses, Related Party: These increased by $600 thousand to $619 thousand in 2025 from $42 thousand in 2024, primarily due to commercialization, regulatory, and manufacturing-related expenses .
  • Research and Development (R&D) Expenses: These increased by $1,600 thousand to $3,719 thousand in 2025 from $2,089 thousand in 2024, as the company assumed full responsibility for Ameluz clinical trial activities in the U.S. .
• Adjusted EBITDA (non-GAAP): Adjusted EBITDA improved from - $15,258 thousand in 2024 to - $10,571 thousand in 2025, with the Adjusted EBITDA margin improving from -40.9% to -25.4% .

Cash Flow

• Net Cash Used in Operating Activities: Operating activities used - $13,361 thousand of cash in 2025, an increase from - $10,270 thousand in 2024 .
• Net Cash Provided by (Used in) Investing Activities: Investing activities provided $2,998 thousand in 2025, compared to - $3 thousand used in 2024, primarily due to $3,000 thousand in proceeds from the sale of the Xepi product line .
• Net Cash Provided by Financing Activities: Financing activities provided $10,850 thousand in 2025, down from $14,835 thousand in 2024, including $10,850 thousand in net proceeds from the issuance of Series C Preferred Stock .

Unique Metrics

• Change in Fair Value of Warrant Liabilities: The change in fair value resulted in a gain of $899 thousand in 2025, compared to a gain of $1,680 thousand in 2024, primarily due to a decrease in the underlying value of the company’s common stock .
• Gain on Sale of Asset Held for Sale: The company recognized a gain of $700 thousand in 2025 from the sale of its Xepi product line .
• Earnout Payments: Earnout payments to the Biofrontera Group totaled $2,200 thousand in 2025, recognized in cost of revenues .

Outlook / Guidance

Management believes there is substantial doubt about the company’s ability to continue as a going concern for at least twelve months from the report’s issuance date . The company plans to address this by expanding Ameluz commercialization, controlling expenses, and expecting an additional $1,000 thousand in milestone payments from the Xepi asset sale . Biofrontera Inc. also intends to secure additional capital through equity or debt financings if necessary, though there is no assurance of obtaining sufficient funding on acceptable terms .