Profound Medical (PROF) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $2.5 million, up 12% year-over-year, with $1.6 million from recurring revenue and $871,000 from capital equipment sales.

• $3.1 million in TULSA shipments expected in Q2 were recognized in July, which would have brought Q2 revenue to $5.6 million and 153% year-over-year growth if included.

• Net loss for Q2 2026 was $9.5 million ($0.26 per share), a 39% improvement from $15.7 million ($0.52 per share) in Q2 2025.

• Cash balance as of June 30, 2026, was $38.3 million, down from $59.7 million at year-end 2025.

• Revenue for the first half of 2026 rose 62% year-over-year to $7.82 million, driven by higher capital equipment and recurring sales.

Financial highlights

• Gross margin in Q2 2026 was 78%, up from 73% in Q2 2025, and six-month gross margin was 74%, up from 72% year-over-year.

• Operating expenses for Q2 2026 declined 16% year-over-year to $13.0 million.

• Q2 marked a record for new purchase orders in dollar terms, totaling $7.0 million.

• Net cash used in operating activities for H1 2026 was $19.9 million.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $25 million, representing 56% growth over 2025, with gross margin expected at or above 70%.

• Qualified sales pipeline for TULSA-PRO and Sonalleve is about $70 million, with 90% attributed to TULSA-PRO.

• Management expects existing cash and product sales to fund operations for at least the next 12 months.

• Anticipates FDA clearance for TULSA integration with Siemens MAGNETOM Free.Max by early 2027.