Beyond Air (XAIR) AI Stock Analysis

• Market Cap: $7.64M
• Dividend Yield: N/A
• Average Volume (3M): 6.04M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.45
• Revenue Growth: 147.74%
• EPS Growth: 73.23%
• Country: US
• Employees: 107
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -1.25
• Shares Outstanding: 8,009,488
• 10 Day Avg. Volume: 277,876
• 30 Day Avg. Volume: 6,042,452
• PEG Ratio: <0.01
• Price to Book (P/B): 1.36
• Price to Sales (P/S): 4.98
• P/FCF Ratio: -0.42
• Enterprise Value/Market Cap: 0.00
• Enterprise Value/Revenue: 0.00
• Enterprise Value/Gross Profit: 0.00
• Enterprise Value/Ebitda: 0.00
• 1Y Price Target: $6.00
• Price Target Upside: 531.58% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 44 Neutral
• Price Target: $0.93 ▼(-2.63% Downside)

Overall score is pressured primarily by very weak profitability and cash flow metrics, alongside a still-bearish technical trend (price well below key moving averages). The earnings call provides some offset through strong year-over-year revenue growth, cost reductions, and funding actions, but near-term fundamentals and momentum remain challenging.

Positive Factors

Strong Revenue Growth and Guidance

Sustained high YoY revenue growth and multi-month guidance indicate emerging commercial traction for LungFit products. This growth suggests increasing adoption by hospitals and distributors, creating a firmer revenue base that can support scale economies and a path toward improved margins over the medium term.

Expanding Global Distribution Network

Rapid expansion into diverse international markets reduces reliance on a single geography and supports more stable, diversified revenue streams. Broader distribution can accelerate unit volumes, improve bargaining with suppliers, and increase the odds of durable commercial adoption across hospital and home care settings.

Secured Financing to Support Commercialization

Committed financing extends the company’s cash runway and funds commercialization and a Gen II product launch. Having access to both debt and an equity line reduces immediate liquidity risk, enabling investment in sales, clinical work and product upgrades that are essential for sustained commercial scaling.

Negative Factors

Deep Negative Profitability

Persistently negative gross and net margins reflect structural cost or pricing deficits tied to device production, upgrade costs and inventory provisions. Without durable margin improvement from better manufacturing economics, pricing, or higher volumes, the company cannot sustainably convert revenue into profits.

Weak Operating Cash Flow and FCF Trends

Declining free cash flow and poor conversion of accounting losses into operating cash underscore a dependence on external funding. This structural cash-generation shortfall raises the likelihood of ongoing financing needs and constrains investment in commercialization absent material margin or working capital improvements.

Commercial Leadership Turnover

Turnover in commercial leadership during the critical commercialization phase can disrupt distributor relationships, sales execution and U.S. capital-purchase model rollout. Prolonged instability risks slowing durable revenue expansion and delays in achieving consistent commercial operations.

Beyond Air Business Overview & Revenue Model

Company Description

Beyond Air, Inc. operates as a commercial medical device and biopharmaceutical company. The company engages in the development of LungFit platform, a nitric oxide generator and delivery system. It offers LungFit PH for the treatment of persistent pulmonary hypertension of the newborn. The company is also developing LungFit PRO for the treatment of viral lung infections, such as community-acquired viral pneumonia, including COVID-19, as well as bronchiolitis in hospitalized patients; and LungFit GO for the treatment of nontuberculous mycobacteria. The company was formerly known as AIT Therapeutics, Inc. and changed its name to Beyond Air, Inc. in June 2019. Beyond Air, Inc. is based in Garden City, New York.

How the Company Makes Money

Beyond Air generates revenue through the commercialization of its LungFit product line, which is designed to deliver inhaled nitric oxide for therapeutic use. The company monetizes its offerings through direct sales to healthcare providers and institutions, as well as potential licensing agreements for its technology. Key revenue streams include sales from the LungFit system and associated disposables, as well as partnerships with pharmaceutical companies for collaborative development efforts. Additionally, Beyond Air may benefit from reimbursement arrangements with insurance providers, which can enhance the accessibility of its products in the market.

Beyond Air Financial Statement Overview

Summary

Beyond Air faces significant financial challenges with negative profitability, high leverage, and concerning cash flow trends. Despite revenue growth, the company's financial health is weak, necessitating improvements in operational efficiency and financial leverage.

Income Statement

Beyond Air's income statement reflects significant challenges in profitability. The TTM data shows a negative gross profit margin of -24.57% and a net profit margin of -880.70%, indicating substantial losses relative to revenue. While there is a positive revenue growth rate of 21.33% in the TTM, the EBIT and EBITDA margins remain deeply negative, suggesting ongoing operational inefficiencies. The company has shown some revenue growth, but profitability remains a major concern.

Balance Sheet

The balance sheet reveals a high debt-to-equity ratio of 1.18 in the TTM, indicating significant leverage. The return on equity is negative at -243.16%, reflecting the company's inability to generate profits from shareholders' equity. The equity ratio is not explicitly calculated, but the high leverage and negative ROE suggest financial instability. The company needs to address its leverage and improve its equity position to enhance financial stability.

Cash Flow

Cash flow analysis shows a concerning trend with negative free cash flow growth of -27.31% in the TTM. The operating cash flow to net income ratio is -7.04, indicating that the company is not generating sufficient operating cash flow relative to its net losses. The free cash flow to net income ratio is slightly positive at 1.10, but overall cash flow management remains a significant challenge. The company needs to improve its cash flow generation to support its operations and growth.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	5.80M	3.71M	1.16M	0.00	0.00	873.00K
Gross Profit	-389.00K	-1.66M	-1.31M	-555.00K	0.00	873.00K
EBITDA	-31.87M	-41.89M	-59.03M	-58.20M	-42.70M	-22.02M
Net Income	-36.70M	-46.63M	-60.24M	-55.82M	-43.18M	-22.88M
Balance Sheet
Total Assets	30.96M	30.06M	56.96M	68.75M	99.20M	40.52M
Cash, Cash Equivalents and Short-Term Investments	10.70M	6.92M	34.47M	45.88M	80.24M	34.63M
Total Debt	11.80M	11.69M	17.84M	3.59M	3.49M	6.93M
Total Liabilities	17.87M	15.72M	29.77M	26.72M	20.99M	10.06M
Stockholders Equity	12.73M	13.58M	25.05M	37.91M	72.70M	30.46M
Cash Flow
Free Cash Flow	-26.15M	-44.10M	-61.76M	-36.89M	-24.51M	-20.53M
Operating Cash Flow	-23.67M	-38.22M	-56.02M	-33.01M	-23.13M	-19.64M
Investing Cash Flow	-3.54M	14.90M	-12.23M	-20.59M	-1.45M	-890.00K
Financing Cash Flow	8.27M	16.65M	43.17M	2.70M	79.45M	30.33M

Beyond Air Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.95
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XAIR, the sentiment is Neutral. The current price of 0.95 is above the 20-day moving average (MA) of 0.88, below the 50-day MA of 1.25, and below the 200-day MA of 2.83, indicating a neutral trend. The MACD of -0.13 indicates Negative momentum. The RSI at 47.27 is Neutral, neither overbought nor oversold. The STOCH value of 73.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for XAIR.

Beyond Air Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TLSI	54 Neutral	$306.78M	-3.05	―	―	49.52%	19.34%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
LUNG	51 Neutral	$86.62M	-1.49	-73.73%	―	15.59%	4.13%
HYPR	50 Neutral	$96.33M	-1.89	-94.03%	―	-20.10%	7.87%
XAIR	44 Neutral	$7.64M	-0.13	-179.63%	―	147.74%	73.23%
COCH	43 Neutral	$19.99M	-0.52	―	―	-25.18%	-9.71%
IINN	42 Neutral	$33.57M	-2.04	―	―	―	―

Beyond Air Corporate Events

Beyond Air Appoints Dan Moorhead as New CFO

On December 24, 2025, Beyond Air’s board approved the appointment of veteran finance executive Daniel (Dan) Moorhead as Chief Financial Officer, principal financial officer and principal accounting officer, effective January 5, 2026, replacing interim CFO and controller Duke Dewrell, who will return to his controller role. Moorhead, formerly CFO of Zynex and Evolving Systems, joined under an employment agreement that includes a $325,000 annual salary, eligibility for a discretionary bonus and equity incentives, and an inducement stock option for 70,000 shares vesting over four years, signaling the company’s effort to strengthen its financial leadership as it scales commercially and prepares for the next phase of LungFit PH’s rollout and broader nitric oxide-based product development.

The most recent analyst rating on (XAIR) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Beyond Air stock, see the XAIR Stock Forecast page.

Beyond Air Appoints New Financial Officer

Beyond Air, Inc. appointed Denton “Duke” Dewrell as its principal financial officer and principal accounting officer on December 8, 2025. Mr. Dewrell has been with the company since August 2023, holding various roles including Global Controller and U.S. Controller, and has extensive experience in finance and accounting from his previous roles at Updater Inc. and Ernst & Young LLP.

The most recent analyst rating on (XAIR) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Beyond Air stock, see the XAIR Stock Forecast page.

Beyond Air CFO Doug Larson Announces Resignation

On November 21, 2025, Doug Larson, the Chief Financial Officer of Beyond Air, Inc., announced his resignation effective December 5, 2025, to pursue another opportunity. His departure was amicable and not due to any disagreements with the company. During his tenure, Larson played a significant role in transitioning Beyond Air to a commercial business, notably with the launch of LungFit PH and the establishment of subsidiaries Beyond Cancer and NeuroNOS. The company has initiated a search for a permanent successor, with Duke Drewell, the current Controller, stepping in as interim CFO. Larson will remain in an advisory role until the end of 2025 to ensure a smooth transition.

The most recent analyst rating on (XAIR) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Beyond Air stock, see the XAIR Stock Forecast page.

Beyond Air Secures $32 Million Financing Agreement

On November 4, 2025, Beyond Air, Inc. entered into financing agreements with Streeterville Capital, securing up to $32 million in potential proceeds. This includes a $12 million promissory note and a $20 million equity line of credit. The financing aims to accelerate the company’s commercial expansion, particularly for its LungFit PH product, and potentially achieve profitability. The agreements provide flexibility for Beyond Air to enhance its operations and strategic initiatives, extending its cash runway into 2027.

The most recent analyst rating on (XAIR) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Beyond Air stock, see the XAIR Stock Forecast page.