Beyond Air (XAIR) AI Stock Analysis

• Market Cap: $8.95M
• Dividend Yield: N/A
• Average Volume (3M): 326.08K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.29
• Revenue Growth: 147.74%
• EPS Growth: 73.23%
• Country: US
• Employees: 107
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.85
• Shares Outstanding: 10,529,344
• 10 Day Avg. Volume: 212,223
• 30 Day Avg. Volume: 326,081
• 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: 1.81
• Enterprise Value/Revenue: 2.34
• Enterprise Value/Gross Profit: 128.50
• Enterprise Value/Ebitda: -0.63
• 1Y Price Target: $3.50
• Price Target Upside: 321.69% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -3.88
• Revenue Forecast (FY): $8.06M

• Rating: 45 Neutral
• Price Target: $0.83 ▼(-0.12% Downside)
• Action: Reiterated Date: 02/15/26
• Date: Action: Reiterated 02/15/26

The score is held down primarily by weak financial performance (heavy cash burn, ongoing losses, and a pressured balance sheet with higher debt and lower equity). Technicals also reflect a sustained downtrend with negative momentum. Offsetting these, the earnings call highlighted meaningful operational improvement (rapid revenue growth, gross profit turning positive, reduced cash burn, and funding actions extending runway), but execution and regulatory timing risks remain material.

Positive Factors

Revenue Growth

Sustained double‑digit revenue growth and a rising TTM base indicate the LungFit platform is gaining clinical adoption. Durable top‑line scaling improves operating leverage potential, supports recurring accessory sales, and provides a clearer path to cover fixed costs if growth persists.

Margin Improvement & Product Roadmap

A recent gross profit turnaround plus Gen II design targets (longer service intervals, smaller device) suggest sustainable margin expansion if regulatory timing holds. Higher device efficiency and consumable attach rates support structurally higher gross margins long term.

Commercial Traction and Contractual Coverage

Broad distribution, high retention and GPO agreements create recurring consumable demand and sales channel scale. Multiyear contracts and VA/GPO access increase sales predictability and lower customer acquisition friction over time, supporting repeatable revenue.

Negative Factors

Cash Burn & Weakened Balance Sheet

Persistent large negative operating and free cash flow and a materially weakened equity base raise financing and dilution risk. Elevated debt relative to a small equity cushion reduces flexibility to invest in commercialization and increases sensitivity to future capital markets access.

Regulatory / Manufacturer Gating Risk

Dependence on an external contract manufacturer inspection and FDA timing is a structural bottleneck: delays would postpone Gen II rollout, defer targeted higher margins and larger addressable market capture, and could extend the company’s need for external funding.

Low Absolute Revenue & Lengthy Sales Cycles

Despite strong growth rates, current revenue scale is low and long, variable hospital sales cycles slow predictable expansion. This structural pace constraint makes profitability and cash‑flow sustainability contingent on sustained multiquarter adoption and continued financing capacity.

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

Revenue is scaling (TTM ~$6.9M) with improving gross profit, but profitability remains very weak with large operating/net losses. Cash flow is a major constraint (TTM operating cash flow ~-$20.2M; free cash flow ~-$22.1M), and the balance sheet has weakened as debt rose (~$24.8M) while equity declined (~$8.1M), increasing financing risk.

Income Statement

Revenue has begun to scale, with TTM (Trailing-Twelve-Months) revenue of ~$6.9M and strong growth versus the prior annual period, but profitability remains very weak. Gross profit is only slightly positive in TTM after multiple years of negative gross profit, while operating losses and net losses are still large (TTM net margin deeply negative). The trajectory is improving on revenue and gross profit, but the company is still far from breakeven and shows high earnings volatility.

Balance Sheet

Leverage has increased materially over time: total debt rose to ~$24.8M in TTM while equity declined to ~$8.1M, leaving debt roughly near equity (debt-to-equity just under 1). Total assets have also trended down versus prior years, indicating balance sheet shrinkage. Return on equity remains sharply negative due to ongoing losses, and the reduced equity cushion increases financial risk, partially offset by the fact that leverage is not yet extreme versus some distressed profiles.

Cash Flow

Cash generation remains a key pressure point, with TTM (Trailing-Twelve-Months) operating cash flow around -$20.2M and free cash flow around -$22.1M, reflecting continued heavy cash burn. Free cash flow has deteriorated versus the prior period, and cash outflows remain large relative to the company’s revenue base. A modest positive is that cash flow burn is generally in line with reported losses (free cash flow roughly tracks net loss), but overall funding needs appear persistent.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	6.92M	3.71M	1.16M	0.00	0.00	873.00K
Gross Profit	126.00K	-1.66M	-1.31M	-555.00K	0.00	873.00K
EBITDA	-25.65M	-41.89M	-59.03M	-58.20M	-42.70M	-22.02M
Net Income	-31.00M	-46.63M	-60.24M	-55.82M	-43.18M	-22.88M
Balance Sheet
Total Assets	36.77M	30.06M	56.96M	68.75M	99.20M	40.52M
Cash, Cash Equivalents and Short-Term Investments	17.85M	6.92M	34.47M	45.88M	80.24M	34.63M
Total Debt	24.82M	11.69M	17.84M	3.59M	3.49M	6.93M
Total Liabilities	28.49M	15.72M	29.77M	26.72M	20.99M	10.06M
Stockholders Equity	8.11M	13.58M	25.05M	37.91M	72.70M	30.46M
Cash Flow
Free Cash Flow	-22.13M	-44.10M	-61.76M	-36.89M	-24.51M	-20.53M
Operating Cash Flow	-20.16M	-38.22M	-56.02M	-33.01M	-23.13M	-19.64M
Investing Cash Flow	-646.00K	14.90M	-12.23M	-20.59M	-1.45M	-890.00K
Financing Cash Flow	28.69M	16.65M	43.17M	2.70M	79.45M	30.33M

Beyond Air Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.83
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 0.83 is below the 20-day moving average (MA) of 1.02, below the 50-day MA of 1.12, and below the 200-day MA of 2.23, indicating a bearish trend. The MACD of -0.09 indicates Positive momentum. The RSI at 36.31 is Neutral, neither overbought nor oversold. The STOCH value of 21.06 is Neutral, 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	$105.91M	-2.60	-94.03%	―	-20.10%	7.87%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
XAIR	45 Neutral	$8.95M	―	-240.75%	―	147.74%	73.23%
LUNG	45 Neutral	$66.41M	-1.67	-73.73%	―	15.59%	4.13%
TLSI	44 Neutral	$285.30M	-3.80	―	―	49.52%	19.34%
IINN	42 Neutral	$25.99M	-1.78	―	―	―	―
COCH	42 Neutral	$53.31M	-0.59	―	―	-25.18%	-9.71%

Beyond Air Corporate Events

Beyond Air Reports Strong Q3 Growth and Funding Extension

On February 13, 2026, Beyond Air reported fiscal third-quarter 2026 results for the period ended December 31, 2025, with revenue more than doubling year over year to $2.2 million, driven by growing demand for LungFit PH in the U.S. and abroad, including its first sale into a VA Medical Center. The company expanded its LungFit PH distribution network to 40 countries, tightened operating expenses, narrowed its net loss to $7.3 million, and ended the quarter with $17.8 million in cash and securities, augmented to a pro forma $22.3 million after a January private placement that management believes funds operations into 2027.

Beyond Air highlighted regulatory and strategic milestones, including pending FDA review of a second-generation LungFit PH system, international submissions, and clinical progress in its UNO solid tumor program, whose Phase 1a monotherapy data will be presented at the AACR 2026 meeting. The company also entered a binding deal under which XTL Biopharmaceuticals will acquire 85% of its NeuroNOS subsidiary, positioning NeuroNOS as XTL’s flagship neuro-oncology and autism platform and potentially delivering up to $32.5 million in consideration to Beyond Air, while recent leadership changes and balance-sheet moves aim to support its next phase of commercial and R&D growth.

The most recent analyst rating on (XAIR) stock is a Sell 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 Stockholders Approve Directors and Equity Plan

On January 30, 2026, Beyond Air, Inc. held its 2026 Annual Meeting of Stockholders, at which 52.70% of the 8,009,488 outstanding common shares as of the December 3, 2025 record date were represented, constituting a quorum. Shareholders elected six directors to serve until the next annual meeting, ratified the appointment of WithumSmith+Brown, PC as independent registered public accounting firm for the fiscal year ending March 31, 2026, and approved an amendment to the company’s 2013 Equity Incentive Plan to increase the shares reserved for issuance by 850,000, enhancing the firm’s capacity to grant equity-based compensation; a proposal to permit adjournment of the meeting if needed was also approved but ultimately not used because sufficient votes were obtained on all other items.

The most recent analyst rating on (XAIR) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Beyond Air stock, see the XAIR Stock Forecast page.

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.