Beyond Air (XAIR) AI Stock Analysis

• Market Cap: $9.53M
• Dividend Yield: N/A
• Average Volume (3M): 6.04M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.33
• 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: 0.85
• Enterprise Value/Revenue: 1.40
• Enterprise Value/Gross Profit: -20.90
• Enterprise Value/Ebitda: -0.26
• 1Y Price Target: $5.50
• Price Target Upside: 362.18% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 45 Neutral
• Price Target: $1.00 ▼(-15.97% Downside)

The score is primarily constrained by weak financial performance (deep losses, negative margins, leverage, and challenged cash flow). Technicals are mixed with only modest near-term momentum and a weak longer-term trend. Offsetting factors include improved operational discipline and strong year-over-year revenue growth with FY2026 guidance, plus liquidity-focused financings and leadership additions that extend runway.

Positive Factors

Strong Revenue Growth

A 128% YoY revenue increase signals meaningful commercial traction for LungFit products and early adoption by hospitals and distributors. Sustained top-line growth supports scaling of recurring disposables revenue, validates demand, and strengthens the case for investing in sales and reimbursement infrastructure over the next 2–6 months.

Expanded Global Distribution

A 35-country distribution footprint diversifies revenue sources and reduces single-market concentration risk. Durable international partnerships accelerate adoption, support volume scale for device and disposable sales, and improve access to reimbursement pathways—bolstering medium-term commercial resiliency and market position.

Improved Liquidity and Runway

Securing $12M debt plus a $20M equity line materially extends runway and funds commercialization activities and the Gen II LungFit PH launch. This financing flexibility reduces near-term funding pressure, enabling continued investment in sales, inventory, and clinical programs while management executes commercialization plans.

Negative Factors

Deep Negative Profitability

Severely negative margins indicate structural cost or pricing gaps; without durable margin improvement through lower production costs, higher pricing, or better reimbursement, the company will struggle to convert revenue growth into sustainable profits and long-term self-funded expansion.

High Leverage and Weak Equity Returns

A debt-to-equity ratio above 1.0 paired with deeply negative ROE constrains financial flexibility, raises interest and covenant risk, and limits the company's ability to absorb operational setbacks. High leverage increases the likelihood of future dilutive financing to support commercialization.

Ongoing Dilution Risk from Financing

Frequent financings, warrants and an active equity line create persistent dilution and share overhang. This structural capital-market dynamic can pressure management to prioritize short-term cash raises over margin-enhancing investments and may dilute long-term shareholder value as commercialization requires additional capital.

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

Financials remain weak: negative gross margin (-24.57%) and extremely negative net margin (-880.70%) point to major profitability issues. Leverage is elevated (debt-to-equity 1.18) with very negative ROE (-243.16%). Cash flow trends are also concerning with negative free cash flow growth (-27.31%) and weak operating cash flow relative to losses.

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: Negative
• Last Price: 1.19
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For XAIR, the sentiment is Negative. The current price of 1.19 is below the 20-day moving average (MA) of 1.35, above the 50-day MA of 1.18, and below the 200-day MA of 2.57, indicating a neutral trend. The MACD of 0.06 indicates Positive momentum. The RSI at 45.63 is Neutral, neither overbought nor oversold. The STOCH value of 1.27 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for XAIR.

Beyond Air Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HYPR	59 Neutral	$108.83M	-2.14	-94.03%	―	-20.10%	7.87%
TLSI	54 Neutral	$248.32M	-2.47	―	―	49.52%	19.34%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
LUNG	51 Neutral	$67.65M	-1.16	-73.73%	―	15.59%	4.13%
XAIR	45 Neutral	$9.53M	-0.16	-179.63%	―	147.74%	73.23%
IINN	42 Neutral	$26.79M	-1.63	―	―	―	―
COCH	42 Neutral	$18.80M	-0.49	―	―	-25.18%	-9.71%

Beyond Air Corporate Events

Beyond Air Announces $5 Million Private Placement Financing

On January 14, 2026, Beyond Air entered into a securities purchase agreement with an institutional investor for a $5 million private placement priced at-the-market under Nasdaq rules, comprising 524,990 shares of common stock, pre-funded warrants for up to 3,405,828 additional shares and common warrants for up to 3,930,818 shares, with the offering closing on January 16, 2026. The unregistered transaction, for which Rodman & Renshaw acted as placement agent, includes immediate exercisability of the warrants subject to ownership caps and anti-dilution adjustments, imposes near-term restrictions on additional equity issuance and variable-rate financings, and is supported by a registration rights agreement requiring Beyond Air to register the resale of the issued shares and warrant shares, with the company planning to use the net proceeds for working capital and general corporate purposes.

The most recent analyst rating on (XAIR) stock is a Buy with a $5.00 price target. To see the full list of analyst forecasts on Beyond Air stock, see the XAIR Stock Forecast page.

Beyond Air Sells Majority NeuroNOS Stake to XTL

On January 13, 2026, XTL Biopharmaceuticals announced a binding agreement to acquire Beyond Air’s 85% stake in NeuroNOS, a nitric oxide–focused biotech developing disease-modifying small-molecule therapeutics for Autism Spectrum Disorder and neuro-oncology, for consideration including a 19.9% equity stake in XTL, $1 million in cash and up to $32.5 million in development and commercial milestone payments. The deal elevates XTL into the fast-growing autism therapeutics market with NeuroNOS as its flagship platform, backed by scientific leadership from founder Prof. Haitham Amal and two Nobel laureates, and leverages NeuroNOS’s FDA Orphan Drug designations for Phelan-McDermid Syndrome and glioblastoma, while allowing Beyond Air to retain a significant strategic interest and potential upside as NeuroNOS advances with dedicated focus and funding.

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.

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.