INSPIRE VETERINARY PARTNERS, INC.: Inspire Veterinary Partners Announces Third Quarter 2025 Financial Results

Total revenues increase 7%; net losses decrease 27% compared to prior year period; comparable clinic revenues increase 9.2% vs prior year period

VIRGINIA BEACH, VA / ACCESS Newswire / November 12, 2025 / Inspire Veterinary Partners, Inc. (Nasdaq:IVP) ("Inspire" or the "Company"), an owner and provider of pet health care services throughout the U.S., today reported financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Financial Highlights Compared to Prior Periods

• Total revenue of $4.3 million, a sequential increase of 1% from Q2 2025 and an increase of 7% from the prior year period.

• Service revenue of $3.13 million, a sequential increase of 1% from Q2 2025 and an increase of 6% from the prior year period.

• Product revenue of $1.17 million, a sequential increase of 8.2% from Q2 2025 and an increase of 9% from the prior year period.

• Comparable clinic revenues increased 9.2% from the prior year period.

• General and Administrative expenses decreased 19% from the prior year period.

• Net loss of $2.5 million, a decrease of 27% from the prior year period.

Third Quarter 2025 Operational Highlights

• Announced launch of online pet pharmacy beginning Q1 2026.

• Regained compliance with Nasdaq requirement for a minimum of $2.5 million in stockholders' equity.

• Presented corporate update at the H.C. Wainwright 27^th Annual Global Investment Conference and met with institutional investors.

Executive Commentary

"The third quarter of 2025 was a solid quarter of continued progress for IVP and continues our trend of growth compared to the third quarter of 2024 as well as the second quarter of 2025," said Kimball Carr, Inspire's Chairman, President and Chief Executive Officer. "Our team has brought innovative solutions to every aspect of our operations this year and we have celebrated significant clinical hiring that continues to propel our business forward. We continue to control costs and improve efficiency resulting in a 19% decrease in G&A expenses, and we narrowed net losses by 27% from $3.4 million to $2.5 million as compared to last year's third quarter. After several successive quarters of improved earnings, we are incredibly focused on operations excellence as we continue to grow and move steadily toward profitability.

"We are also extremely excited about new growth levers and look forward to the Q1 2026 launch of our online pet pharmacy. This planned new business vertical expands our offerings and differentiates our company in the evolving veterinary medicine industry," concluded Mr. Carr.

Third Quarter 2025 Financial Overview Compared to Prior Year Period

• Total revenues for the third quarter of 2025 were $4.3 million, an increase of $267,107 or 7%, compared to $4.0 million for the third quarter of 2024.The year-over-year growth was primarily driven by improved appointment utilization and more consistent veterinarian staffing coverage across core hospitals.

• Service revenues for the third quarter of 2025 were $3.13 million, an increase of $168,922 or 6%, compared to $2.96 million for the third quarter of 2024. Service revenue increased modestly, supported by higher appointment volume and stronger capture of wellness and preventive care services. The increase in service revenue is mainly attributed to the general increase in spend, specifically per visit spend.

• Product revenues for the third quarter 2025 were $1.2 million, an increase of $98,000, or 9%, compared to $1.1 million for the third quarter of 2024. Product revenue remained seasonally consistent, reflecting ongoing demand for parasite-prevention and chronic medication refills. Margin performance benefited from strengthened in-clinic pricing discipline and increased pharmacy refill retention through preferred fulfillment channels. The overall increase was a result of customers purchasing more products per visit.

• General and administrative expenses for the third quarter of 2025 were $2.4 million, a decrease of $564,415 or 19% compared to $2.98 million for the third quarter of 2024. The decrease is primary due to decreased consulting agreements relating to customer outreach and credit card processing fees.

• Net loss for the third quarter of 2025 was $2.5 million, a decrease of $1 million or 27% compared to $3.5 million for the third quarter of 2024. The reduction of the net loss is primarily attributable to the decline in interest expense and the exclusion of the operating expenses associated with KVC, which was sold during the third quarter of 2024.

Balance Sheet

As of September 30, 2025, the Company had cash and cash equivalents of approximately $341,746.

About Inspire Veterinary Partners, Inc.
Inspire Veterinary Partners is an owner and provider of pet health care services throughout the US. As the Company expands, it expects to acquire additional veterinary hospitals, including general practice, mixed animal facilities, and critical and emergency care. For more information, please visit: www.inspirevet.com.

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Forward-Looking Statements
This press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding plans to launch an online pet pharmacy and management's expectations of future financial and operational performance and expected growth and business outlook. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond our control including, without limitation, risks associated with our limited operating history and history of losses; our ability to continue operating as a going concern; our ability to raise additional capital; our ability to complete additional acquisitions; our ability to recruit and retain skilled veterinarians; our ability to retain existing customers and add new customers; the continued growth of the market in which we operate; our ability to manage our growth effectively over the long-term to maintain our high level of service; the price volatility of our Class A common stock; our ability to continue to have our Class A common stock listed on the Nasdaq Stock Market; the impact of geopolitical conflicts, inflation, and macroeconomic instability on our business, the broader economy, and our ability to forecast our future financial performance; and other risks set forth under the caption "Risk Factors" in our SEC filings. We assume no obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.

Investor Contact
CORE IR
516-386-0430
[e-mail]

Press Contact
CORE PR
Matthew Cossel
[e-mail]

General Inquires
Morgan Wood
[e-mail]

Inspire Veterinary Partners, Inc. and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets

		September 30,				December 31,
		2025				2024
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	341,746			$	523,690
Accounts receivable, net			28,704				40,675
Inventory			497,614				516,650
Investments - equity securities			2,571,429				-
Prepaid expenses and other current assets			385,055				942,456
Total current assets			3,824,548				2,023,471
Restricted cash - non-current			234,500				200,000
Property and equipment, net			6,889,958				6,382,788
Right-of-use assets			1,695,171				1,879,729
Intangibles assets			1,175,099				1,633,927
Goodwill			9,088,263				8,022,082
Deferred financing costs			1,000,000				-
Other assets			48,227				53,997
Total assets		$	23,955,766			$	20,195,994
Liabilities and Stockholder's Deficit
Current liabilities:
Accounts payable		$	1,700,265				1,979,503
Accrued expenses			969,940				285,770
Operating lease liabilities			170,774				183,981
Loans payable, net of discount			2,057,740				2,340,020
Convertible notes payable			274,908				-
Promissory note			1,120,623				-
Notes payable, net of discount			3,424,599				3,410,465
Total current liabilities			9,718,849				8,199,739
Operating lease liabilities, non-current			1,813,828				1,943,487
Notes payable - noncurrent			8,254,408				8,490,763
Total liabilities			19,787,085				18,633,989
Commitments and Contingencies (Note 15)
Stockholder's Equity (Deficit)
Common stock - Class A, $0.0001 par value, 100 million shares authorized, 3,609,285 and 1,176,059 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.			360				117
Common stock - Class B, $0.0001 par value, 20 million shares authorized, 3,020,750 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.			302				302
Preferred stock - Convertible Series B, $0.0001 par value, 10,000 and 0 shares authorized as of September 30, 2025 and December 31, 2024, respectively, and 7,593 and 0 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively.			1				-
Additional paid in capital			48,494,176				37,911,867
Accumulated deficit			(44,326,158	)			(36,350,281	)
Total stockholder's equity (deficit)			4,168,681				1,562,005
Total liabilities and stockholder's equity (deficit)		$	23,955,766			$	20,195,994

Inspire Veterinary Partners, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations

		For the Three Months Ended September 30,								For the Nine Months Ended September 30,
		2025				2024				2025				2024
Service revenue		$	3,138,670			$	2,969,748			$	9,055,548			$	9,735,585
Product revenue			1,177,462				1,079,277				3,183,327				3,535,388
Total revenue			4,316,132				4,049,025				12,238,875				13,270,973
Operating expenses
Cost of service revenue (exclusive of depreciation and amortization, shown separately below)			2,678,940				2,568,085				7,253,536				7,705,972
Cost of product revenue (exclusive of depreciation and amortization, shown separately below)			850,153				854,921				2,507,227				2,807,025
General and administrative expenses			2,423,707				2,988,122				7,514,420				8,080,199
Debt extinguishment loss			-				-				689,411				1,587,862
Depreciation and amortization			330,498				340,167				864,293				1,048,290
Gain on sale of business			-				(467,049	)			-				(467,049	)
Total operating expenses			6,283,298				6,284,246				18,828,887				20,762,299
Loss from operations			(1,967,166	)			(2,235,221	)			(6,590,012	)			(7,491,326	)
Other income (expenses):
Interest income			4				44				25				46
Interest expense			(559,111	)			(1,254,149	)			(1,385,891	)			(2,801,491	)
Other income (expenses)			-				-				-				(4,768	)
Total other expenses			(559,108	)			(1,254,105	)			(1,3785,866	)			(2,806,213	)
Loss before income taxes			(2,526,273	)			(3,489,326	)			(7,975,878	)			(10,297,539	)
Benefit for income taxes			-				-				-				-
Net loss			(2,526,273	)			(3,489,326	)			(7,975,878	)			(10,297,539	)
Dividend on convertible series A preferred stock			-				-				-				(220,850	)
Net loss attributable to class A and B common stockholders		$	(2,526,273	)		$	(3,489,326	)		$	(7,975,878	)		$	(10,518,389	)
Net loss per Class A and B common shares:
Basic and diluted		$	(0.41	)		$	(0.85	)		$	(1.55	)		$	(2.64	)
Weighted average shares outstanding per Class A and B common shares:
Basic and diluted			6,091,057				4,112,531				5,154,703				3,989,3443

SOURCE: INSPIRE VETERINARY PARTNERS, INC.

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