Beyond Air, Inc.

Revenue for the quarter ended June 30, 2026 was $1.8 million, unchanged from the quarter ended June 30, 2025 and effectively flat versus the March 2026 quarter. Gross margin was 13% versus 9% a year ago, and this was the third consecutive quarter of positive gross profit. R&D expense was $2 million versus $3.1 million last year; SG&A was $4.9 million versus $4.7 million; other expense was $1.5 million versus $500,000. Net loss attributable to common stockholders was $7.9 million, or $11 per basic and diluted share, versus a $7.7 million loss, or $30.67 per share, last year. Cash, cash equivalents, restricted cash, and marketable securities were $15.2 million as of June 30, 2026, before the recent financing. Management reaffirmed 2026 revenue guidance of $8 million, implying about 15% growth over 2025, and reaffirmed 2027 revenue guidance of $16 million to $18 million, which includes potential revenue from Gen II LungFit PH pending FDA approval.

Robert Goodman framed the quarter as part of a broader reset toward the company’s next growth phase, emphasizing a strengthened balance sheet, regained Nasdaq compliance, and a larger commercial foundation. He said priorities are expanding market access, deepening hospital and health system relationships, growing the commercial pipeline, and maintaining financial discipline. On the FDA process, he said the Gen II LungFit PH submission is progressing, that paperwork and pilot builds are underway, and that he still believes approval could come in the second half of this year, though timing remains up to the FDA.

Daniel Moorhead focused on the margin and cost profile, highlighting 13% gross margin versus 9% a year ago and a third consecutive quarter of positive gross profit. He noted R&D declined to $2 million from $3.1 million, while SG&A was $4.9 million versus $4.7 million and other expense rose to $1.5 million from $500,000. He also said the company had $15.2 million of cash, cash equivalents, restricted cash, and marketable securities at quarter-end, excluding the recent financing, and that the up to $30 million financing brought $10 million upfront with up to an additional $20 million possible from warrant exercises to support launch and international expansion.

Analysts focused on how the new financing will be used, whether contracting activity is improving, and the timing of the Gen II LungFit PH PMA supplement decision. Management said most of the new capital will fund operations and device build activity ahead of launch, while also absorbing some burn. Goodman said the commercial pipeline has doubled over the last five or six months and that there has been a pickup in contracting, and he described the FDA interaction as active and constructive, with paperwork largely in place and the process moving into audit preparation. When asked about timing, he said the decision is likely a Q4/H2 event, but stressed the company cannot give an exact date.