apyx20250930

apyx20250930_10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

or

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 001-31885

APYX MEDICAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware			11-2644611
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

5115 Ulmerton Road, Clearwater, FL 33760

(Address of principal executive offices, zip code)

(727) 384-2323

(Registrant’s telephone number)

Securities Registered Pursuant to Section 12 (b) of the Act:

Title of each class			Trading symbol(s)			Name of each exchange on which registered
Common Stock			APYX			Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes: ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes: ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes: ☐ No ☒

As of November 5, 2025, 38,241,905 shares of the registrant’s $0.001 par value common stock were outstanding.

Table of Contents

APYX MEDICAL CORPORATION

INDEX TO QUARTERLY REPORT ON FORM 10-Q

For the quarterly period ended September 30, 2025

		Page
Part I.	Financial Information	2

Item 1.	Condensed Consolidated Financial Statements (Unaudited)	2
	Condensed Consolidated Balance Sheets at September 30, 2025 and December 31, 2024	2
	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024	3
	Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2025 and 2024	4
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	5
	Notes to Condensed Consolidated Financial Statements	6

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	23
Item 4.	Controls and Procedures	23

Part II.	Other Information	24

Item 1.	Legal Proceedings	24
Item 1A.	Risk Factors	24
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
Item 3.	Defaults Upon Senior Securities	24
Item 4.	Mine Safety Disclosures	24
Item 5.	Other Information	24
Item 6.	Exhibits	25
	Signatures	26

Table of Contents

PART I. Financial Information

ITEM 1. Condensed Consolidated Financial Statements

APYX MEDICAL CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

	*September 30, 2025*
	*(Unaudited)*			*December 31, 2024*
ASSETS
Current assets:
Cash and cash equivalents	$	25,135		$	31,741
Trade accounts receivable, net of allowance of $1,180 and $1,000		12,995			15,480
Inventories, net of provision for obsolescence of $1,134 and $1,032		9,145			7,564
Prepaid expenses and other current assets		1,513			1,655
Total current assets		48,788			56,440
Property and equipment, net of accumulated depreciation and amortization of $4,270 and $3,989		2,390			1,987
Operating lease right-of-use assets		4,342			4,703
Finance lease right-of-use assets		33			48
Other assets		1,812			1,664
Total assets	$	57,365		$	64,842
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	3,220		$	2,615
Accrued expenses and other current liabilities		7,344			7,751
Current portion of operating lease liabilities		393			335
Current portion of finance lease liabilities		21			20
Total current liabilities		10,978			10,721
Long-term debt, net of debt discounts and issuance costs		34,607			33,893
Long-term operating lease liabilities		4,173			4,483
Long-term finance lease liabilities		18			33
Long-term contract liabilities		1,216			1,118
Other liabilities		293			259
Total liabilities		51,285			50,507
EQUITY
Preferred stock, $0.001 par value; 10,000,000 shares authorized; 0 issued and outstanding as of September 30, 2025 and December 31, 2024		—			—
Common stock, $0.001 par value; 75,000,000 shares authorized; 37,819,478 issued and outstanding as of September 30, 2025, and 37,793,886 issued and outstanding as of December 31, 2024		38			38
Additional paid-in capital		93,633			92,083
Accumulated deficit		(87,823	)		(77,911	)
Total stockholders’ equity		5,848			14,210
Non-controlling interest		232			125
Total equity		6,080			14,335
Total liabilities and equity	$	57,365		$	64,842

The accompanying notes are an integral part of the condensed consolidated financial statements.

Table of Contents

APYX MEDICAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

	*Three Months Ended*						*Nine Months Ended*
	*September 30,*						*September 30,*
	*2025*			*2024*			*2025*			*2024*
Sales	$	12,877		$	11,487		$	33,680		$	33,880
Cost of sales		4,580			4,533			12,635			13,484
Gross profit		8,297			6,954			21,045			20,396
Other costs and expenses:
Research and development		801			1,142			2,429			3,963
Professional services		1,481			1,648			4,551			5,318
Salaries and related costs		3,191			3,508			9,344			12,886
Selling, general and administrative		3,656			4,291			11,178			14,026
Total other costs and expenses		9,129			10,589			27,502			36,193
Loss from operations		(832	)		(3,635	)		(6,457	)		(15,797	)
Interest income		292			378			874			1,312
Interest expense		(1,413	)		(1,431	)		(4,182	)		(4,254	)
Other income, net		76			24			76			2
Total other expense, net		(1,045	)		(1,029	)		(3,232	)		(2,940	)
Loss before income taxes		(1,877	)		(4,664	)		(9,689	)		(18,737	)
Income tax expense		78			60			176			163
Net loss		(1,955	)		(4,724	)		(9,865	)		(18,900	)
Net income (loss) attributable to non-controlling interest		29			(21	)		47			(65	)
Net loss attributable to stockholders	$	(1,984	)	$	(4,703	)	$	(9,912	)	$	(18,835	)

Loss per share:
Basic and diluted	$	(0.05	)	$	(0.14	)	$	(0.24	)	$	(0.54	)

The accompanying notes are an integral part of the condensed consolidated financial statements.

Table of Contents

APYX MEDICAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

(In thousands)

					*Additional*					*Non-*
	*Common Stock*				*Paid-In*		*Accumulated*			*controlling*			*Total*
	*Shares*		*Par Value*		*Capital*		*Deficit*			*Interest*			*Equity*
Balance at December 31, 2023		34,644	$	35	$	81,114	$	(54,448	)	$	221		$	26,922
Stock-based compensation		—		—		1,128		—			—			1,128
Net loss		—		—		—		(7,576	)		(14	)		(7,590	)
Balance at March 31, 2024		34,644	$	35	$	82,242	$	(62,024	)	$	207		$	20,460
Stock-based compensation		—		—		1,050		—			—			1,050
Net loss		—		—		—		(6,556	)		(30	)		(6,586	)
Balance at June 30, 2024		34,644	$	35	$	83,292	$	(68,580	)	$	177		$	14,924
Stock-based compensation		—		—		997		—			—			997
Net loss		—		—		—		(4,703	)		(21	)		(4,724	)
Balance at September 30, 2024		34,644	$	35	$	84,289	$	(73,283	)	$	156		$	11,197

					*Additional*					*Non-*
	*Common Stock*				*Paid-In*		*Accumulated*			*controlling*
	*Shares*		*Par Value*		*Capital*		*Deficit*			*Interest*			*Total*
Balance at December 31, 2024		37,794	$	38	$	92,083	$	(77,911	)	$	125		$	14,335
Contributions from non-controlling interest		—		—		—		—			30			30
Stock-based compensation		—		—		451		—			—			451
Net loss		—		—		—		(4,150	)		(22	)		(4,172	)
Balance at March 31, 2025		37,794	$	38	$	92,534	$	(82,061	)	$	133		$	10,644
Contributions from non-controlling interest		—		—		—		—			30			30
Stock-based compensation		—		—		520		—			—			520
Net (loss) income		—		—		—		(3,778	)		40			(3,738	)
Balance at June 30, 2025		37,794	$	38	$	93,054	$	(85,839	)	$	203		$	7,456
Shares issued on stock options exercised for cash		25		—		49		—			—			49
Stock-based compensation		—		—		530		—			—			530
Net (loss) income		—		—		—		(1,984	)		29			(1,955	)
Balance at September 30, 2025		37,819	$	38	$	93,633	$	(87,823	)	$	232		$	6,080

The accompanying notes are an integral part of the condensed consolidated financial statements.

Table of Contents

APYX MEDICAL CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

	*Nine Months Ended September 30,*
	*2025*			*2024*
Cash flows from operating activities
Net loss	$	(9,865	)	$	(18,900	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		434			457
Provision for inventory obsolescence		205			61
Loss on disposal of property and equipment

SEC Form 10-Q filed by Apyx Medical Corporation