Here are 1-3 brief analogies for HeartBeam (BEAT):

• It's like **Apple Health** (or Apple Watch's health features) but for doctors to remotely diagnose and manage serious heart conditions.
• Imagine **Teladoc Health** for your heart, specifically using a smart device to continuously monitor and send data to your cardiologist.
• Think of it as a **Fitbit** that provides clinical-grade ECGs directly to doctors for remote heart disease management.

• Credit Card Sized Electrocardiogram (ECG) Machine: A portable device for remote detection and monitoring of cardiac activity outside a healthcare facility.
• Cloud-based Diagnostic Software System: A software platform that processes and analyzes patient data from the ECG machine, providing diagnostic information to physicians.

Major Customers of HeartBeam (BEAT)

HeartBeam, Inc. primarily sells its telemedicine solutions to other companies, specifically healthcare providers and organizations. Due to the company's early stage of commercialization, specific individual "major customers" (i.e., named companies that account for a significant portion of revenue) are not publicly disclosed in their financial filings. However, their commercialization strategy indicates they target the following categories of healthcare entities:

• Cardiology Groups: Medical practices specializing in the diagnosis and treatment of heart conditions.
• Electrophysiology Groups: Specialists focused on the electrical activities of the heart, often dealing with arrhythmias.
• Primary Care Physicians: General practitioners who would use HeartBeam's technology for initial screening, monitoring, and referral of patients with potential cardiac issues.

HeartBeam intends to sell its devices and provide its monitoring services to these healthcare providers, who will then offer the solutions to their patients for remote cardiac monitoring and data collection.

Key Business Risks for HeartBeam (BEAT)

The following are key risks to HeartBeam's business:

1. Regulatory Approvals and Reimbursement Challenges: As a medical technology company offering diagnostic devices and software, HeartBeam faces significant risks related to obtaining and maintaining necessary regulatory approvals (e.g., FDA clearance) for its products. Failure to secure or sustain these approvals would prevent the company from commercializing its solutions. Furthermore, widespread adoption and revenue generation are heavily dependent on securing adequate reimbursement policies from government and private insurance payers for its remote cardiac monitoring and diagnostic services. Uncertainty or unfavorable decisions regarding reimbursement could severely impact the company's financial viability and market penetration.
2. Market Adoption and Competition: HeartBeam's success hinges on the adoption of its credit card-sized electrocardiogram machine and cloud-based diagnostic software system by healthcare providers and patients for remote patient monitoring. There is inherent risk in convincing a skeptical medical community and general public to integrate new technology into existing care pathways. The company also operates in a competitive landscape with established medical device companies and other telehealth providers, some of whom may have greater resources, existing market share, or more comprehensive offerings. Slow adoption rates or intense competition could limit market penetration and growth.
3. Data Security and Privacy: HeartBeam's business model involves collecting, storing, and transmitting sensitive patient health information through its cloud-based diagnostic software system. This exposes the company to substantial risks related to data security breaches, cyberattacks, and non-compliance with data privacy regulations (e.g., HIPAA). Any security incident could lead to significant financial penalties, reputational damage, loss of patient and physician trust, and potential legal liabilities, severely impacting the business.

The increasing capability and widespread adoption of multi-purpose consumer wearables, such as smartwatches from major technology companies (e.g., Apple, Google, Samsung), that integrate FDA-cleared cardiac monitoring features (like ECG). As these devices become more sophisticated in their medical-grade capabilities and achieve deeper integration into formal healthcare remote patient monitoring workflows, they pose a significant emerging threat by offering a more comprehensive, convenient, and often already-owned alternative to dedicated, single-function medical devices for cardiac monitoring.

• The global remote cardiac monitoring market was estimated at USD 3.80 billion in 2024 and is projected to reach approximately USD 10.66 billion by 2034, growing at a CAGR of 10.87% from 2025 to 2034.
• The U.S. remote cardiac monitoring market size was estimated at USD 1.22 billion in 2024 and is predicted to be worth around USD 3.46 billion by 2034. North America held the largest market share in the remote cardiac monitoring market in 2024.
• The global telecardiology market was valued at USD 23.60 billion in 2024 and is anticipated to reach USD 112.92 billion by 2033, growing at a CAGR of 19% from 2024 to 2033. North America dominated the telecardiology market with an 11.68% share in 2025.
• The global cardiovascular digital solutions market was valued at USD 8.5 billion in 2024 and is projected to reach an estimated USD 22.5 billion by 2030, growing at a robust CAGR of 13.5%. This market was valued at $84.4 billion in 2022 and is estimated to reach $154.1 billion by 2032, growing at a CAGR of 6.2% from 2023 to 2032. North America had the highest cardiovascular digital solutions market share in 2022. Remote Patient Monitoring (RPM) is expected to be the largest application segment, comprising around 50% of the market share in 2024.

• The global mobile ECG devices market size was valued at USD 2.9 billion in 2024 and is expected to reach USD 7.51 billion by 2032, growing at a CAGR of 11.17% from 2025 to 2032. Another estimate places the global mobile ECG devices market at USD 4.53 billion in 2025, projected to grow to USD 10.87 billion by 2034.
• The U.S. mobile ECG devices market was valued at USD 1.20 billion in 2024 and is expected to reach USD 2.77 billion by 2032. North America dominated the global mobile ECG devices market in 2022, accounting for 48.5% of the total market share.
• The global portable ECG monitoring devices market was valued at USD 2.483 billion in 2024 and is projected to grow to USD 5.306 billion by 2032, exhibiting a CAGR of 11.6% during the forecast period.

HeartBeam, Inc. (BEAT) is positioned for future revenue growth over the next 2-3 years through several key drivers, primarily stemming from the commercialization and expansion of its innovative cardiac monitoring technologies.

1. Commercial Launch and Market Adoption of FDA-Cleared Products: A significant driver of revenue growth is the ongoing commercialization and market adoption of HeartBeam's recently FDA-cleared technologies. The company received 510(k) clearance for its HeartBeam System (3D ECG technology for arrhythmia assessment) in December 2024 and for its 12-lead ECG synthesis software in December 2025. HeartBeam has initiated a limited market release, initially targeting concierge and preventive cardiology groups, and has secured its first commercial partnership with ClearCardio™.
2. Expansion to New Market Segments and Partnerships: Beyond its initial limited launch, expanding into broader market segments and forging additional commercial partnerships are expected to fuel revenue growth. The company's strategy aligns with the burgeoning mobile ECG devices market, which is projected to grow significantly, suggesting ample opportunity for market penetration with its remote patient monitoring solutions.
3. Future FDA Indication Expansion for Heart Attack Detection: A crucial long-term growth driver is the potential expansion of FDA indications to include heart attack detection. HeartBeam has commenced patient enrollment for the ALIGN ACS European pilot study, which aims to compare its ECG technology with conventional 12-lead ECGs for detecting heart attacks in emergency room settings, with results anticipated by the end of 2026. Successful expansion of this indication would significantly broaden the addressable market for HeartBeam's technology.
4. Introduction of Extended-Wear 12-Lead ECG Patch: The development and subsequent commercialization of an extended-wear 12-lead ECG patch represent another potential revenue stream. HeartBeam has completed the first working prototype of this device, indicating an expansion of its product portfolio designed to cater to continuous cardiac monitoring needs.
5. Leveraging AI-Powered ECG Algorithms through Strategic Collaborations: HeartBeam's strategic collaboration with the Icahn School of Medicine at Mount Sinai to accelerate the development of next-generation AI-ECG algorithms using its 3D signal technology is expected to enhance the capabilities and market appeal of its offerings. The integration of advanced artificial intelligence could provide superior diagnostic insights, differentiate its products, and attract a larger customer base, contributing to revenue growth.

Share Issuance

• HeartBeam filed a shelf registration statement on Form S-3 in February 2026, authorizing the offer and sale of up to $100,000,000 of various securities over time, with approximately $78,844,988 of previously registered securities remaining unsold.
• In February 2025, the company raised a net of $10.25 million through a public offering and an additional $0.49 million via its At-the-Market (ATM) program.
• HeartBeam completed a sale of Common Stock in May 2023, generating gross proceeds of $26.5 million.

Capital Expenditures

• HeartBeam invested $82,000 in capital expenditures in Q3 2025, primarily for funding long-term assets and infrastructure.
• Over the last 12 months leading up to Q3 2025, capital expenditures amounted to $184,000.
• Net cash used in investing activities was approximately $600,000 for the full year 2025.