Pulmonx (LUNG) Q4 2025 earnings summary

Executive summary

• Leadership conducted a comprehensive review, realigned cost structure, and prioritized high-return programs to balance growth and profitability.

• Full year 2025 worldwide revenue reached $90.5M, up 8% year-over-year; Q4 revenue was $22.6M, down 5% from Q4 2024.

• Net loss narrowed to $54.0M for 2025 ($1.33/share) from $56.4M in 2024 ($1.44/share).

• Cost restructuring and debt refinancing initiatives were executed to support future growth and profitability.

• Significant internal operational and executional challenges led to U.S. underperformance in 2025, including sales force turnover and suboptimal incentive structures.

Financial highlights

• Q4 2025 worldwide revenue: $22.6M, down 5% year-over-year; full year 2025 revenue: $90.5M, up 8% year-over-year.

• Q4 2025 U.S. revenue: $14.1M, down 11% year-over-year; full year U.S. revenue: $57M, up 1%.

• Q4 2025 international revenue: $8.5M, up 8% year-over-year; full year international revenue: $33.5M, up 23%.

• Q4 2025 gross margin: 78% (vs. 74% prior year); full year 2025 gross margin: 74%.

• Q4 2025 net loss: $10.4M ($0.25/share); full year net loss: $54M ($1.33/share).

• Q4 2025 adjusted EBITDA loss: $5.5M; full year adjusted EBITDA loss: $30.6M.

• Ended 2025 with $69.8M in cash equivalents and marketable securities.

Outlook and guidance

• 2026 revenue guidance: $90M–$92M, with growth expected to resume in both U.S. and international markets in the back half of the year.

• Gross margin for 2026 expected at ~75%, trending higher in H1 and lower in H2 due to distributor sales mix.

• 2026 operating expenses projected at $113M–$115M, including ~$21M in stock-based compensation; excluding this, a 7–9% decrease from 2025.

• Annual cash burn expected to decrease from $32M in 2025 to $23M in 2026.

• Double-digit global growth anticipated by Q4 2026.