Breaking Down Microbot Medical Inc. (MBOT) Financial Health: Key Insights for Investors

You're looking at Microbot Medical Inc. (MBOT) right now and wondering if the cash runway justifies the pre-revenue risk, which is a defintely smart way to think about a development-stage company.

The Q3 2025 report, released in November, gave us a clear picture: the company burned through $9.68 million in net loss for the nine months ended September 30, 2025, including a $3.58 million net loss in the third quarter alone, translating to a loss per share of just $0.07. But here's the quick math: they ended that quarter with a strong liquidity position, holding approximately $80.2 million in cash and marketable securities, largely due to equity financings earlier in the year, which is the real story here. That significant cash cushion buys them time to execute on the recent limited market release of their LIBERTY® Endovascular Robotic System in the U.S., so the immediate focus isn't on profitability but on clinical adoption and commercial ramp-up.

Revenue Analysis

You need to understand Microbot Medical Inc. (MBOT) is in a critical transition year, moving from a research and development (R&D) stage to commercialization. The direct takeaway is that the company has historically reported no material product revenue, but the consensus estimate for the fiscal year ending December 2025 is a significant shift to $5.63 million in sales. This isn't a growth rate; it's a revenue birth.

The entire revenue story for Microbot Medical Inc. in 2025 revolves around the anticipated U.S. commercial launch of its flagship product, the LIBERTY® Endovascular Robotic Surgical System. This system is a fully disposable, remotely operated robot for complex endovascular procedures. For years, the company's revenue has been effectively $0, as it focused on clinical trials and regulatory clearance.

Here's the quick math on the revenue streams and their contribution:

• Primary Product Revenue: The vast majority of the estimated $5.63 million in 2025 revenue is expected to come from initial sales of the LIBERTY® system and its associated disposables in the U.S. market, following anticipated FDA marketing clearance.
• Other Funding: While not sales revenue, the company has historically relied on non-dilutive grants, such as approximately $1.9 million received from the Israeli Innovation Authority through December 31, 2024, to fund development. This type of funding is distinct from product sales and is a key capital source for an R&D-stage company.

What this estimate hides is the inherent risk of a first-time commercial launch; any delay in FDA clearance or market adoption will impact this $5.63 million figure. Still, the market is pricing in this change. Looking ahead, analysts forecast a massive increase for the 2026 fiscal year, with revenue expected to jump to $68.00 million, representing an estimated year-over-year growth rate of 1,107.82% over the 2025 estimate. That's the real opportunity.

The significant change in the revenue stream is the shift from a pre-commercial, zero-revenue model to a product-based one, which fundamentally alters the company's financial profile. This transition is why investors are closely watching the Mission Statement, Vision, & Core Values of Microbot Medical Inc. (MBOT). to gauge their execution strategy. The company is betting its entire financial future on the success of the LIBERTY® system, making it a single-segment revenue story for now. The primary region for this new revenue is the United States, targeting the large endovascular procedure market.

The revenue breakdown looks like this, based on the commercialization pivot:

You are defintely investing in the promise of a successful commercial launch, not a proven sales history.

Profitability Metrics

You need to look past the headline numbers with Microbot Medical Inc. (MBOT) because, honestly, a development-stage company doesn't have a traditional profit profile yet. The direct takeaway is that all key profitability margins are 0.0% for the Trailing Twelve Months (TTM) ending September 30, 2025, but this is expected; your focus should be on the cost structure and the burn rate.

The company is pre-revenue, meaning it has not yet generated commercial sales from its robotic systems like LIBERTY. This translates directly to a $0 Revenue and, consequently, a $0 Gross Profit. So, the Gross Profit Margin, Operating Profit Margin, and Net Profit Margin are all technically 0.0%. This is a red flag for a mature company, but for a MedTech firm awaiting full commercialization, it's just the reality of the development curve.

Here's the quick math on the bottom line: Microbot Medical Inc. reported a Net Loss of $3.58 million for the third quarter of 2025. Looking at the TTM ending September 30, 2025, the total Net Loss stands at approximately $13.1 million. This loss is the true measure of their current operational cost, which is why we call it the cash burn.

Profitability Trends and Operational Efficiency

The trend shows the company's loss is widening as they push toward commercialization, which is normal but requires close watch. The Q3 2025 net loss of $3.58 million was actually higher than the $3.22 million net loss from the same quarter a year prior. This increase in loss is a function of scaling up operations and R&D before the sales start flowing in.

Operational efficiency, in this context, means managing the two core expenses: Research & Development (R&D) and Selling, General & Administrative (SG&A). For the TTM ending June 30, 2025, the company's total Operating Expenses were $13.47 million.

• R&D spending was $7.39 million.
• SG&A expenses were $6.09 million.

The fact that R&D is the largest component (54.9% of total operating expenses) is a good sign; it means they are prioritizing product development and clinical work over administrative bloat. You want to see that R&D investment continue to drive the value proposition as they move from a development-stage profile to a commercial one.

Comparison with Industry Averages

To be fair, comparing Microbot Medical Inc.'s 0.0% margins to established peers is a stark contrast, but it shows the prize. The broader US MedTech industry is highly profitable, with average margins around 22%. A direct competitor in the robotic surgery space, Intuitive Surgical, projects a 2025 Gross Margin guidance of 67-67.5% and an Operating Margin of 11-13%.

A smaller, commercial-stage peer, Profound Medical, already hit a Gross Margin of 74.3% in Q3 2025. This massive gap between MBOT's current 0.0% and the industry's high-flying margins is the entire investment thesis. You are betting that the $7.39 million in R&D will eventually translate into a product that can command those high-seventies gross margins. That's the pivot point you need to track.

For a more comprehensive look, you can read the full analysis at Breaking Down Microbot Medical Inc. (MBOT) Financial Health: Key Insights for Investors. Your next step should be to monitor the Q4 2025 earnings release for any forecasted revenue, as that will be the first tangible sign of the margin story starting to change.

Debt vs. Equity Structure

You're looking at Microbot Medical Inc. (MBOT) and wondering how they pay for their cutting-edge robotic development. The direct takeaway is this: Microbot Medical Inc. is an equity-funded company with virtually no reliance on debt, a strategy that drastically lowers financial risk but introduces significant shareholder dilution.

As of late 2025, Microbot Medical Inc.'s balance sheet is exceptionally clean. The company's total debt is minimal, with a reported Long-Term Debt of only about $1.204 million as of the third quarter of 2025. Short-term liabilities, which include operational payables but not necessarily traditional debt, stood at approximately $2.9 million. This is a very low-leverage profile, which is common for pre-commercial medical device firms.

Here's the quick math on their leverage: Microbot Medical Inc.'s Debt-to-Equity (D/E) ratio is roughly 0.01 (or 1%). This means for every dollar of shareholder equity, the company has only one cent of debt. That's an incredibly low figure, especially when you compare it to the industry median. The average D/E ratio for the Surgical and Medical Instruments and Apparatus industry is closer to 0.70, and even the broader Biotechnology sector sits around 0.17. Microbot Medical Inc. is defintely not a debt-laden company.

The company's financing strategy for its growth-specifically the development and commercialization of the LIBERTY® Endovascular Robotic System-is almost entirely focused on equity funding. This is a clear trade-off: they avoid the fixed interest payments and default risk of debt, but they pay for it with shareholder dilution (the increase in the number of shares outstanding). This is a critical point for investors to understand. For more on who is buying these shares, you can check out Exploring Microbot Medical Inc. (MBOT) Investor Profile: Who's Buying and Why?

The 2025 fiscal year has been defined by a series of significant equity raises, not debt issuances. They raised approximately $30 million early in the year through various offerings. More recently, in September 2025, they secured another $25.2 million from the exercise of preferred investment options, with the potential for an additional $63 million if new Series J options are fully exercised. This reliance on equity is why their total shareholder equity is robust at approximately $78.2 million.

What this estimate hides is the potential long-term cost of this dilution. While the low debt is a huge positive for solvency, the sheer volume of new shares issued means each existing share represents a smaller piece of the company. Their capital structure is simple and safe, but it requires continuous monitoring of the share count.

• Total Equity: $78.2 million.
• Debt-to-Equity Ratio: Approximately 0.01.
• 2025 Equity Funding (Q1-Q3): Over $55 million in gross proceeds.

Liquidity and Solvency

You're looking at Microbot Medical Inc. (MBOT)'s balance sheet to figure out if they can cover their bills, and the short answer is: yes, they are swimming in cash right now, but it's all from financing, not operations. The company's liquidity position, which is its ability to meet near-term obligations, is defintely strong, primarily due to recent capital raises.

The most telling numbers are the liquidity ratios. Microbot Medical Inc. has a Current Ratio of 27.53 and a Quick Ratio of 27.32 as of a recent 2025 report. Here's the quick math: a Current Ratio above 2.0 is generally considered healthy, so 27.53 is exceptionally high. The Quick Ratio (or acid-test ratio), which strips out inventory-a non-issue for a pre-commercial company like this-is nearly identical at 27.32. This means for every dollar of short-term debt, they have over $27 in liquid assets to cover it. That's a massive cushion.

This stellar liquidity is a direct result of their financing strategy. As of June 30, 2025, the company held approximately $32.7 million in cash and marketable securities. This massive cash hoard translates into a significant positive working capital (Current Assets minus Current Liabilities), which is the lifeblood for a development-stage medical device company. This trend is a clear signal that the market is willing to fund their research and development (R&D) pipeline, especially the LIBERTY® Endovascular Robotic Surgical System.

Still, you need to look at the cash flow statement to see the full picture. While the balance sheet looks great, the cash flow from operations tells a different story. For the last twelve months (TTM), Microbot Medical Inc. used $10.98 million in cash for its operating activities. For the six months ended June 30, 2025, operating cash flow was negative $5.4 million. This is normal for a pre-revenue company, but it means they are burning cash-they aren't generating revenue yet to sustain themselves.

The critical factor is the cash flow from financing activities. In the first six months of 2025 alone, Microbot Medical Inc. brought in a net cash inflow of $32.6 million from financing activities, primarily through equity offerings. This inflow is what's fueling the high liquidity and covering the operating burn. The company has minimal debt, with a Debt-to-Equity ratio of just 0.01, which is another strong solvency indicator.

What this estimate hides is the reliance on capital markets. The strong liquidity is a temporary buffer. The opportunity here is that the $32.7 million cash balance gives management a long runway-estimated to be more than twelve months-to achieve their anticipated FDA marketing clearance for LIBERTY® in the second quarter of 2025 and begin commercialization. The risk is that if the FDA timeline slips or commercialization is slow, they will need to execute another dilutive equity raise to sustain the burn rate of roughly $1.8 million per month (based on the $5.4M burn over six months). You can dive deeper into the full financial breakdown in our post, Breaking Down Microbot Medical Inc. (MBOT) Financial Health: Key Insights for Investors.

• Current Ratio: 27.53 (Excellent liquidity)
• Quick Ratio: 27.32 (Cash is the primary current asset)
• Cash Burn (6 months): -$5.4 million (Operating cash flow)
• Cash Inflow (6 months): $32.6 million (Financing cash flow)

Next step: Track the Q4 2025 earnings report for any change in the cash burn rate and the status of the LIBERTY® FDA clearance.

Valuation Analysis

You're looking at Microbot Medical Inc. (MBOT) and trying to figure out if the recent stock surge is justified, and honestly, the valuation picture is mixed. For a pre-clinical medical device company, traditional metrics like the Price-to-Earnings (P/E) ratio are messy, but the analyst consensus is defintely bullish, pointing to a massive potential upside.

The stock's performance over the last 12 months has been strong, increasing by an impressive 117.89%, but this follows a period of significant volatility. The 52-week trading range shows how wild the ride has been, with a low of $0.89 and a high of $4.67, meaning the current price around $1.99 to $2.02 is closer to the low end of that range, despite the overall annual gain. This volatility is typical for a company nearing a commercial launch after a major regulatory milestone like the FDA 510(k) clearance for its LIBERTY System.

Here's a quick look at the key valuation metrics, keeping in mind that Microbot Medical Inc. is a growth-focused company, which means some ratios are distorted by its lack of current profitability.

• Price-to-Earnings (P/E) Ratio: The Trailing Twelve Months (TTM) P/E is negative, around -10.39, because the company is not yet profitable. The 2025 forecasted annual EBIT (Earnings Before Interest and Taxes) is estimated at -$10 million, which explains the negative earnings per share. This is a pre-revenue play; the forward P/E, however, is cited at around 59.97, reflecting analyst expectations for future profitability as revenue ramps up.
• Price-to-Book (P/B) Ratio: This ratio is more relevant for asset-heavy companies, but for Microbot Medical Inc., it sits at approximately 1.70. This suggests the stock is trading at a modest premium to its net asset value, which is reasonable given the company's significant cash position of over $80 million and low debt.
• Enterprise Value-to-EBITDA (EV/EBITDA): This is currently 'Not Applicable' (N/A). Since the company's earnings and EBITDA are negative due to its pre-commercial stage, this metric doesn't provide a meaningful comparison point right now.

The company does not pay a dividend, which is standard for a pre-revenue, high-growth medical technology firm focused on reinvesting capital into research, development, and commercialization. The dividend yield is 0.00%.

The most compelling data point is the analyst consensus. The current rating is a Moderate Buy or Strong Buy. The single-analyst average one-year price target is a remarkably high $12.00 to $12.24, which implies an upside of approximately 479.71% to 494.06% from the current price. This forecast is a clear bet on the successful commercialization of the LIBERTY System, which is forecast to drive 2025 annual revenue to $5.74 million.

What this estimate hides is the execution risk inherent in med-tech commercialization. You're buying a forecast, not current profit. For a deeper dive into the company's financial health and strategic positioning, read our full analysis at Breaking Down Microbot Medical Inc. (MBOT) Financial Health: Key Insights for Investors.

Next Step: Review the analyst's specific assumptions behind the $12.00 price target to gauge the realism of the projected sales ramp for the LIBERTY System.

Risk Factors

You're looking at Microbot Medical Inc. (MBOT) right as they pivot from a clinical-stage company to a commercial one, and that shift swaps one set of risks for an entirely new, high-stakes list. The direct takeaway is this: while their liquidity is strong, the primary risk is now commercial execution and managing the massive shareholder dilution that funded the launch.

For most of 2025, Microbot Medical Inc. was a pre-revenue company. They had no sales, which is typical, but it means their financial health is entirely dependent on capital raises. For the nine months ended September 30, 2025, the company reported a net loss of approximately $9.7 million (Q1: $2.60 million, Q2: $3.5 million, Q3: $3.6 million). This consistent burn rate is the core operational risk, and it's why they had to raise capital.

Financial and Dilution Risks

The most concrete financial risk is the cost of staying afloat before the Liberty® Endovascular Robotic Surgical System generates meaningful revenue. Here's the quick math on how they mitigated this, and the cost to shareholders:

• Massive Share Dilution: To fund operations, Microbot Medical Inc. increased its authorized common shares to 120,000,000 in June 2025. Shares outstanding ballooned from 19,399,513 at the end of 2024 to 67,158,044 as of November 12, 2025. That's a huge increase, and it defintely puts pressure on the stock price.
• Liquidity Cushion: The good news is they have a substantial cash runway. As of September 30, 2025, total current assets (cash, equivalents, and marketable securities) were robust at approximately $80.8 million. Management believes this will fund operations for over a year.

Commercial and Market Uptake Risks

The FDA granted 510(k) clearance for the LIBERTY system in September 2025, and a limited market release commenced in November 2025. That's the green light, but it's not a guarantee of sales. The risk shifts from 'Will they get approved?' to 'Will hospitals buy it?'

• Competition in a Crowded Field: Microbot Medical Inc. is a small player facing a 'David versus Goliath battle' against large, established robotic surgery players. Their key mitigation strategy is the system's disposable, single-use model, which aims to lower the barrier to entry for hospitals by avoiding the multi-million dollar capital expenditure of traditional systems.
• Unpredictable Market Adoption: The estimated U.S. market for peripheral vascular procedures is about 2.5 million annually, which is the target. However, getting surgeons to change established protocols is tough. The market uptake for any new medical device is inherently unpredictable.

External and Operational Headwinds

You also have to consider the risks outside of the product itself. Microbot Medical Inc.'s location introduces a layer of geopolitical risk that can impact operations, plus the constant threat of a fast-moving industry.

To fully understand the potential for future dilution or strategic partnerships, you should be Exploring Microbot Medical Inc. (MBOT) Investor Profile: Who's Buying and Why?

The bottom line is that the company has successfully navigated the R&D and regulatory risks, but now it has to execute a commercial launch while managing a cash burn that was over $3.5 million per quarter in mid-2025.

Growth Opportunities

You're looking at Microbot Medical Inc. (MBOT) right now because the company is at an inflection point, moving from pure research and development to commercialization. The entire growth story hinges on one key product: the LIBERTY® Endovascular Robotic System.

This system is a massive growth driver because it's the world's first single-use, remotely operated robotic solution designed for peripheral endovascular procedures. That single-use model is a game-changer, defintely lowering the barrier to entry for hospitals that can't justify the multi-million dollar capital outlay and maintenance contracts of traditional robotic systems. It democratizes access to advanced robotic surgery. That's a huge market opportunity.

The company has a clear, near-term commercialization path. They secured a strategic partnership with a U.S. logistics company on October 14, 2025, to support the rollout. This partnership is critical for getting the system into hospitals efficiently. The limited market release is planned for Q4 2025, with the broader commercial launch anticipated in April 2026.

Here's the quick math on the expected revenue ramp-up, which shows the market's expectation for this launch:

To be fair, the $5.74 million revenue estimate for the 2025 fiscal year is still small, reflecting a pre-commercial stage company. But, the jump to an expected $69.36 million in 2026 implies a massive revenue growth rate of over 1,107.7% as the LIBERTY® system hits the market. That's the core of the bullish thesis.

The company's competitive advantage is simple: innovation and cost. The LIBERTY® system's remote operation capability is a key differentiator, potentially improving surgeon safety by reducing radiation exposure and enabling telesurgery. Plus, the company's financial foundation is surprisingly strong for a pre-revenue stage business. Their current ratio-a measure of short-term liquidity-was an incredibly strong 12.1 in August 2025, suggesting they have a solid cash cushion to fund the launch. Cash on hand was approximately $32.7 million at the end of June 2025, which management believes is enough to fund operations for over a year.

The strategic initiatives driving this growth are clear:

• Launch the FDA-cleared LIBERTY® System in the U.S. market.
• Expand the commercial team, including the addition of a head of Sales Operations & Analytics in June 2025.
• Utilize the U.S. logistics partnership for efficient product distribution.

For a deeper dive into who is betting on this growth, you should read Exploring Microbot Medical Inc. (MBOT) Investor Profile: Who's Buying and Why?

Your next step is to track the Q4 2025 limited market release data and the April 2026 broader launch to see if the actual revenue trajectory starts to align with that aggressive 1,107.7% forecast.