Harvard Apparatus Regenerative Technology Inc. reported third quarter 2025 revenue of $20.6 million, compared to $22.0 million in the same period last year. Gross margin was $12.0 million or 58.4% of revenue, up from 58.1% a year earlier. Adjusted EBITDA rose to $2.0 million from $1.3 million in the prior year quarter. The company recorded operating income of $0.2 million, compared to an operating loss of $1.9 million last year. Cash provided by operations reached $6.8 million, an increase from negative $0.3 million in the same period of 2024. The company cited strong demand, the highest backlog in nearly two years, and ongoing discussions regarding refinancing or repayment of its existing credit agreement. Fourth quarter 2025 guidance projects revenue between $22.5 million and $24.5 million, with gross margin expected between 58% and 60%.