Strong Revenue Growth
Revenue increased 105% year-over-year to $2.2 million for the quarter ended December 31, 2025 (from $1.1 million), representing a 21% sequential increase versus the prior quarter.
Gross Profit Turnaround
Gross profit shifted to a $300,000 gain this quarter versus a $200,000 gross loss in the same period last year and a $300,000 gross loss in the prior quarter, demonstrating margin improvement.
Meaningful Operating Expense Reductions and Improved Net Loss
Total operating expenses were reduced to approximately $6.9 million (down from $10.7 million a year ago), a 36% year-over-year decline and more than a 60% reduction from the $17 million peak. Net loss attributable to common stockholders improved to $7.3 million (loss per share $0.85) from $13.0 million (loss per share $2.96), a roughly 44% reduction in absolute net loss.
Improved Cash Flow and Runway
Net cash burn for the quarter was $4.3 million, a reduction of over 40% versus a year ago. As of December 31, 2025 the company reported $17.8 million in cash, cash equivalents, restricted cash and marketable securities, and completed an equity financing in January 2026 (management cited a $4.5 million net raise and referenced a $5 million financing), giving management confidence in a cash runway into calendar 2027, contingent on hitting revenue and cost targets.
Commercial Traction and Global Expansion
Beyond Air now supports more than 45 hospitals (U.S. and international) using LungFit PH, with customer retention exceeding 90% and over half of customers under multiyear agreements. The company has GPO agreements with Premier and Vizient (collective access to nearly 3,000 U.S. hospitals), completed its first sale to a VA Medical Center, and expanded distribution to bring total international coverage to 40 countries; repeat accessory orders have already been seen in several countries.
Progress Toward Gen II Launch with Product Enhancements
Management expects FDA review of the second-generation LungFit PH before the end of calendar 2026 (subject to review). Gen II is designed for reduced size/weight, simplified operation, extended service intervals (testing has passed 3,000+ hours vs Gen I 1,000-hour interval), improved backup functionality and compatibility with air/ground transport — features expected to expand addressable market and support higher long-term gross margins (management targets ~60–70% gross margin for Gen II).
NeuroNOS Transaction to De-Risk and Create Potential Value
Entered a binding letter of intent for XTL Biopharmaceuticals to acquire NeuroNOS (Beyond Air's ~85% ownership) in exchange for a 19.9% stake in XTL, $1 million cash and contingent milestone payments (management cited up to approximately $31.5M–$32.5M in milestones). Management views the deal as enabling NeuroNOS to advance with dedicated funding while preserving upside value for Beyond Air shareholders.