Pulmonx Corp Financials
This page shows Pulmonx Corp (LUNG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Pulmonx’s high gross margins are funding a slow march toward break-even, but cash burn still reshapes the balance sheet.
From FY2021 to FY2025, revenue nearly doubled from$48.4M to$90.5M , giving the company more scale against a cost base built ahead of demand. Because gross margin stayed near74.0% even as operating margin improved to-59.3% , the progress looks like fixed-cost absorption rather than a change in core product economics.
The cash burn is operational, not capex-driven: free cash flow of
Near-term liquidity still looks comfortable, with cash of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Pulmonx Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Pulmonx Corp scores -5.06, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($62.1M) relative to total liabilities ($75.2M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Pulmonx Corp passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Pulmonx Corp generates $0.60 in operating cash flow (-$32.4M OCF vs -$54.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Pulmonx Corp earns $-17.0 in operating income for every $1 of interest expense (-$53.7M vs $3.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Pulmonx Corp generated $90.5M in revenue in fiscal year 2025. This represents an increase of 8.0% from the prior year.
Pulmonx Corp's EBITDA was -$52.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.0% from the prior year.
Pulmonx Corp reported -$54.0M in net income in fiscal year 2025. This represents an increase of 4.2% from the prior year.
Pulmonx Corp earned $-1.33 per diluted share (EPS) in fiscal year 2025. This represents an increase of 7.6% from the prior year.
Cash & Balance Sheet
Pulmonx Corp generated -$32.8M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 0.5% from the prior year.
Pulmonx Corp held $69.8M in cash against $37.0M in long-term debt as of fiscal year 2025.
Pulmonx Corp had 42M shares outstanding in fiscal year 2025. This represents an increase of 4.7% from the prior year.
Margins & Returns
Pulmonx Corp's gross margin was 74.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.2 percentage points from the prior year.
Pulmonx Corp's operating margin was -59.3% in fiscal year 2025, reflecting core business profitability. This is up 9.6 percentage points from the prior year.
Pulmonx Corp's net profit margin was -59.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 7.6 percentage points from the prior year.
Pulmonx Corp's ROE was -99.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 34.1 percentage points from the prior year.
Capital Allocation
Pulmonx Corp invested $19.5M in research and development in fiscal year 2025. This represents an increase of 10.9% from the prior year.
Pulmonx Corp invested $452K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 68.8% from the prior year.
LUNG Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $20.6M-8.9% | $22.6M+5.1% | $21.5M-9.9% | $23.9M+5.9% | $22.5M-5.2% | $23.8M+16.6% | $20.4M-1.9% | $20.8M |
| Cost of Revenue | $4.5M-10.2% | $5.1M-7.2% | $5.5M-18.1% | $6.7M+7.4% | $6.2M+0.3% | $6.2M+15.2% | $5.4M-2.1% | $5.5M |
| Gross Profit | $16.0M-8.5% | $17.5M+9.3% | $16.1M-6.7% | $17.2M+5.3% | $16.3M-7.1% | $17.6M+17.1% | $15.0M-1.8% | $15.3M |
| R&D Expenses | $4.9M+6.9% | $4.6M-5.4% | $4.8M-8.7% | $5.3M+11.6% | $4.8M+18.9% | $4.0M+6.9% | $3.7M-33.3% | $5.6M |
| SG&A Expenses | $24.1M+5.4% | $22.9M-10.7% | $25.6M-4.1% | $26.7M+2.1% | $26.1M-3.2% | $27.0M+6.3% | $25.4M+0.4% | $25.3M |
| Operating Income | -$13.0M-30.8% | -$9.9M+31.2% | -$14.4M+2.8% | -$14.8M-1.7% | -$14.6M-8.5% | -$13.4M+5.0% | -$14.1M+9.6% | -$15.6M |
| Interest Expense | $976K+26.8% | $770K-4.3% | $805K+0.8% | $799K+2.3% | $781K-7.2% | $842K-5.5% | $891K0.0% | $891K |
| Income Tax | $149K-19.9% | $186K+45.3% | $128K-27.7% | $177K+31.1% | $135K+255.3% | $38K-80.2% | $192K+128.6% | $84K |
| Net Income | -$13.7M-31.0% | -$10.4M+25.3% | -$14.0M+8.0% | -$15.2M-5.0% | -$14.4M-9.7% | -$13.2M+6.9% | -$14.1M+7.7% | -$15.3M |
| EPS (Diluted) | $-0.33 | N/A | $-0.34+10.5% | $-0.38-5.6% | $-0.36 | N/A | $-0.36+7.7% | $-0.39 |
LUNG Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $120.0M-7.2% | $129.3M-6.5% | $138.3M-6.1% | $147.2M-2.4% | $150.7M-7.4% | $162.8M-2.7% | $167.4M-3.0% | $172.6M |
| Current Assets | $92.7M-8.8% | $101.7M-8.6% | $111.2M-7.3% | $120.0M-3.2% | $123.9M-9.0% | $136.2M-3.3% | $140.9M-3.6% | $146.2M |
| Cash & Equivalents | $61.6M-11.7% | $69.8M-8.9% | $76.5M+1.4% | $75.5M+1.2% | $74.6M+5.1% | $70.9M+12.0% | $63.3M-0.2% | $63.5M |
| Inventory | $16.3M+2.9% | $15.8M-2.5% | $16.2M+0.5% | $16.2M-3.8% | $16.8M-0.6% | $16.9M-0.3% | $17.0M-0.1% | $17.0M |
| Accounts Receivable | $10.8M-10.3% | $12.1M-12.5% | $13.8M-13.2% | $15.9M+13.8% | $14.0M+6.5% | $13.1M+12.4% | $11.7M+5.3% | $11.1M |
| Goodwill | $2.3M0.0% | $2.3M0.0% | $2.3M0.0% | $2.3M0.0% | $2.3M0.0% | $2.3M0.0% | $2.3M0.0% | $2.3M |
| Total Liabilities | $74.2M-1.3% | $75.2M-3.9% | $78.2M+0.2% | $78.1M+6.9% | $73.1M-5.2% | $77.0M+4.9% | $73.5M+2.8% | $71.4M |
| Current Liabilities | $18.9M-5.7% | $20.1M-12.3% | $22.9M+1.9% | $22.4M-10.0% | $24.9M+2.1% | $24.4M+33.5% | $18.3M+12.3% | $16.3M |
| Long-Term Debt | $37.2M+0.6% | $37.0M-0.1% | $37.0M0.0% | $37.0M+25.9% | $29.4M-13.6% | $34.0M-8.4% | $37.1M+0.1% | $37.1M |
| Total Equity | $45.8M-15.4% | $54.1M-9.9% | $60.0M-13.1% | $69.1M-11.0% | $77.7M-9.5% | $85.8M-8.6% | $93.9M-7.2% | $101.2M |
| Retained Earnings | -$535.2M-2.6% | -$521.6M-2.0% | -$511.1M-2.8% | -$497.2M-3.1% | -$482.0M-3.1% | -$467.6M-2.9% | -$454.4M-3.2% | -$440.2M |
LUNG Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$10.1M-42.5% | -$7.1M+13.2% | -$8.2M-108.9% | -$3.9M+70.4% | -$13.2M-96.5% | -$6.7M+7.1% | -$7.2M-25.5% | -$5.8M |
| Capital Expenditures | $9K-30.8% | $13K-85.4% | $89K+81.6% | $49K-83.7% | $301K+171.2% | $111K-73.3% | $416K-11.3% | $469K |
| Free Cash Flow | -$10.1M-42.4% | -$7.1M+14.0% | -$8.3M-108.5% | -$4.0M+70.7% | -$13.5M-97.7% | -$6.8M+10.7% | -$7.7M-22.7% | -$6.2M |
| Investing Cash Flow | -$9K+30.8% | -$13K-100.1% | $8.7M+59.2% | $5.5M-66.5% | $16.3M+16.0% | $14.1M+108.4% | $6.8M+908.5% | -$835K |
| Financing Cash Flow | $2.0M+3583.6% | $55K-69.6% | $181K+370.1% | -$67K-110.1% | $664K+971.0% | $62K-86.5% | $459K+2186.4% | -$22K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
LUNG Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.9%+0.3pp | 77.6%+3.0pp | 74.7%+2.5pp | 72.1%-0.4pp | 72.5%-1.5pp | 74.0%+0.3pp | 73.7%+0.0pp | 73.7% |
| Operating Margin | -62.9%-19.1pp | -43.8%+23.1pp | -66.9%-4.9pp | -62.1%+2.6pp | -64.6%-8.2pp | -56.5%+12.8pp | -69.3%+5.9pp | -75.2% |
| Net Margin | -66.3%-20.2pp | -46.1%+18.8pp | -64.9%-1.3pp | -63.6%+0.5pp | -64.1%-8.7pp | -55.4%+14.0pp | -69.4%+4.4pp | -73.7% |
| Return on Equity | -29.8%-10.6pp | -19.3%+4.0pp | -23.3%-1.3pp | -22.0%-3.4pp | -18.6%-3.3pp | -15.3%-0.3pp | -15.1%+0.1pp | -15.2% |
| Return on Assets | -11.4%-3.3pp | -8.1%+2.0pp | -10.1%+0.2pp | -10.3%-0.7pp | -9.6%-1.5pp | -8.1%+0.4pp | -8.5%+0.4pp | -8.9% |
| Current Ratio | 4.91-0.2 | 5.07+0.2 | 4.86-0.5 | 5.35+0.4 | 4.97-0.6 | 5.58-2.1 | 7.70-1.3 | 8.97 |
| Debt-to-Equity | 0.81+0.1 | 0.68+0.1 | 0.62+0.1 | 0.54+0.2 | 0.38-0.0 | 0.400.0 | 0.40+0.0 | 0.37 |
| FCF Margin | -49.1%-17.7pp | -31.4%+7.0pp | -38.4%-21.8pp | -16.6%+43.4pp | -60.0%-31.2pp | -28.8%+8.8pp | -37.6%-7.5pp | -30.0% |
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Frequently Asked Questions
What is Pulmonx Corp's annual revenue?
Pulmonx Corp (LUNG) reported $90.5M in total revenue for fiscal year 2025. This represents a 8.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Pulmonx Corp's revenue growing?
Pulmonx Corp (LUNG) revenue grew by 8% year-over-year, from $83.8M to $90.5M in fiscal year 2025.
Is Pulmonx Corp profitable?
No, Pulmonx Corp (LUNG) reported a net income of -$54.0M in fiscal year 2025, with a net profit margin of -59.7%.
What is Pulmonx Corp's EBITDA?
Pulmonx Corp (LUNG) had EBITDA of -$52.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Pulmonx Corp have?
As of fiscal year 2025, Pulmonx Corp (LUNG) had $69.8M in cash and equivalents against $37.0M in long-term debt.
What is Pulmonx Corp's gross margin?
Pulmonx Corp (LUNG) had a gross margin of 74.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Pulmonx Corp's operating margin?
Pulmonx Corp (LUNG) had an operating margin of -59.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Pulmonx Corp's net profit margin?
Pulmonx Corp (LUNG) had a net profit margin of -59.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Pulmonx Corp's return on equity (ROE)?
Pulmonx Corp (LUNG) has a return on equity of -99.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Pulmonx Corp's free cash flow?
Pulmonx Corp (LUNG) generated -$32.8M in free cash flow during fiscal year 2025. This represents a 0.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Pulmonx Corp's operating cash flow?
Pulmonx Corp (LUNG) generated -$32.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Pulmonx Corp's total assets?
Pulmonx Corp (LUNG) had $129.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Pulmonx Corp's capital expenditures?
Pulmonx Corp (LUNG) invested $452K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Pulmonx Corp spend on research and development?
Pulmonx Corp (LUNG) invested $19.5M in research and development during fiscal year 2025.
What is Pulmonx Corp's current ratio?
Pulmonx Corp (LUNG) had a current ratio of 5.07 as of fiscal year 2025, which is generally considered healthy.
What is Pulmonx Corp's debt-to-equity ratio?
Pulmonx Corp (LUNG) had a debt-to-equity ratio of 0.68 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Pulmonx Corp's return on assets (ROA)?
Pulmonx Corp (LUNG) had a return on assets of -41.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Pulmonx Corp's cash runway?
Based on fiscal year 2025 data, Pulmonx Corp (LUNG) had $69.8M in cash against an annual operating cash burn of $32.4M. This gives an estimated cash runway of approximately 26 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Pulmonx Corp's Altman Z-Score?
Pulmonx Corp (LUNG) has an Altman Z-Score of -5.06, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Pulmonx Corp's Piotroski F-Score?
Pulmonx Corp (LUNG) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Pulmonx Corp's earnings high quality?
Pulmonx Corp (LUNG) has an earnings quality ratio of 0.60x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Pulmonx Corp cover its interest payments?
Pulmonx Corp (LUNG) has an interest coverage ratio of -17.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Pulmonx Corp?
Pulmonx Corp (LUNG) scores 59 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.