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Beyond Air Inc Financials

XAIR
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE March

This page shows Beyond Air Inc (XAIR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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).

Rhea AI XAIR FY2025

Beyond Air is still financing commercialization with external capital because cash burn and liquidity needs remain far larger than current revenue.

FY2025’s revenue step-up improved gross economics: gross margin moved from -112.8% in FY2024 to -44.9% in FY2025, so each sale lost less money before overhead. But that operating improvement did not become self-funding; year-end cash was only $4.7M versus $38.2M of operating cash burn.

Cost discipline did more to narrow FY2025 operating losses than the still-negative gross margin. SG&A fell to $26.0M from $37.3M. R&D dropped to $16.9M from $24.4M, so the narrower operating loss reflects a leaner overhead base rather than finished product economics.

Balance-sheet posture has changed sharply since the cash-rich years, with debt-to-equity rising from 0.0x in FY2022 to 1.2x in FY2025. Interest expense stayed above $3.0M while revenue was only $3.7M, meaning financing costs now absorb a noticeable slice of the company’s commercial progress and leave less room for the operating ramp to fund itself.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 23 / 100
Financial Profile 23/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Beyond Air Inc'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.

Profitability
0

Beyond Air Inc has an operating margin of -1202.1%, meaning the company retains $-1202 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -5436.2% the prior year.

Leverage
78

Beyond Air Inc carries a low D/E ratio of 1.16, meaning only $1.16 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 78/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
62

Beyond Air Inc's current ratio of 3.20 indicates adequate short-term liquidity, earning a score of 62/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
0

While Beyond Air Inc generated -$38.2M in operating cash flow, capex of $5.9M consumed most of it, leaving -$44.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns
0

Beyond Air Inc generates a -343.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -240.5% the prior year.

Piotroski F-Score Neutral
5/9

Beyond Air Inc passes 5 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality
0.82x

For every $1 of reported earnings, Beyond Air Inc generates $0.82 in operating cash flow (-$38.2M OCF vs -$46.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk
-14.8x

Beyond Air Inc earns $-14.8 in operating income for every $1 of interest expense (-$44.5M vs $3.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$3.7M
YoY+219.7%
5Y CAGR+21.7%

Beyond Air Inc generated $3.7M in revenue in fiscal year 2025. This represents an increase of 219.7% from the prior year.

EBITDA
-$41.5M
YoY+32.1%

Beyond Air Inc's EBITDA was -$41.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 32.1% from the prior year.

Net Income
-$46.6M
YoY+22.6%

Beyond Air Inc reported -$46.6M in net income in fiscal year 2025. This represents an increase of 22.6% from the prior year.

EPS (Diluted)
$-0.69
YoY+62.1%

Beyond Air Inc earned $-0.69 per diluted share (EPS) in fiscal year 2025. This represents an increase of 62.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$44.1M
YoY+28.6%

Beyond Air Inc generated -$44.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 28.6% from the prior year.

Cash & Debt
$4.7M
YoY-59.0%
5Y CAGR-25.1%

Beyond Air Inc held $4.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
4M
YoY-91.0%
5Y CAGR-23.8%

Beyond Air Inc had 4M shares outstanding in fiscal year 2025. This represents a decrease of 91.0% from the prior year.

Margins & Returns

Gross Margin
-44.9%
YoY+67.9pp

Beyond Air Inc's gross margin was -44.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 67.9 percentage points from the prior year.

Operating Margin
-1202.1%
YoY+4234.2pp
5Y CAGR+103.0pp

Beyond Air Inc's operating margin was -1202.1% in fiscal year 2025, reflecting core business profitability. This is up 4234.2 percentage points from the prior year.

Net Margin
-1258.4%
YoY+3939.3pp
5Y CAGR+176.2pp

Beyond Air Inc's net profit margin was -1258.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3939.3 percentage points from the prior year.

Return on Equity
-343.3%
YoY-102.7pp
5Y CAGR-233.0pp

Beyond Air Inc's ROE was -343.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 102.7 percentage points from the prior year.

Capital Allocation

R&D Spending
$16.9M
YoY-30.8%
5Y CAGR+9.6%

Beyond Air Inc invested $16.9M in research and development in fiscal year 2025. This represents a decrease of 30.8% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$5.9M
YoY+2.4%
5Y CAGR+166.7%

Beyond Air Inc invested $5.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 2.4% from the prior year.

XAIR Income Statement

Metric Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Revenue $2.2M+20.7% $1.8M+3.3% $1.8M+52.8% $1.2M+7.5% $1.1M+34.3% $798K+16.8% $683K+45.3% $470K
Cost of Revenue $1.9M-10.5% $2.1M+31.9% $1.6M+35.6% $1.2M-8.1% $1.3M-31.6% $1.9M+85.2% $1.0M+3.4% $983K
Gross Profit $300K+200.7% -$298K-291.0% $156K+587.5% -$32K+85.1% -$215K+80.2% -$1.1M-226.5% -$332K+35.4% -$514K
R&D Expenses $2.4M-0.9% $2.5M-20.6% $3.1M-5.3% $3.3M+8.4% $3.0M-34.5% $4.6M-23.7% $6.0M+5.4% $5.7M
SG&A Expenses $4.5M-9.1% $4.9M+4.8% $4.7M+20.7% $3.9M-49.8% $7.7M+7.9% $7.2M-1.0% $7.2M+12.7% $6.4M
Operating Income -$6.6M+13.9% -$7.7M-0.6% -$7.6M-6.2% -$7.2M+34.5% -$11.0M+14.7% -$12.8M+5.5% -$13.6M-7.5% -$12.6M
Interest Expense $1.1M+70.3% $639K+16.6% $548K-5.4% $579K+5.5% $549K-40.8% $927K-3.8% $964K+4.7% $921K
Income Tax N/A N/A N/A N/A N/A N/A N/A N/A
Net Income -$7.3M+7.6% -$7.9M-3.2% -$7.7M+4.3% -$8.0M+38.4% -$13.0M+2.4% -$13.4M-9.5% -$12.2M+11.0% -$13.7M
EPS (Diluted) $-0.85+32.0% $-1.25 $-1.53 N/A $-2.96+47.8% $-5.67-6.6% $-5.32 N/A

XAIR Balance Sheet

Metric Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Total Assets $36.8M+18.8% $31.0M+10.1% $28.1M-6.5% $30.1M-12.0% $34.1M-35.6% $53.0M+14.0% $46.5M-18.4% $57.0M
Current Assets $25.6M+37.5% $18.6M+24.0% $15.0M-6.4% $16.0M-17.2% $19.3M-49.1% $38.0M+23.2% $30.9M-29.7% $43.9M
Cash & Equivalents $6.6M-31.5% $9.7M+94.9% $5.0M+6.7% $4.7M+1.4% $4.6M-83.8% $28.4M+583.7% $4.2M-63.4% $11.4M
Inventory $1.8M-21.0% $2.2M-8.4% $2.4M+0.7% $2.4M+1.6% $2.4M-5.9% $2.5M+5.7% $2.4M+12.4% $2.1M
Accounts Receivable $1.2M+29.0% $892K+10.9% $804K+13.2% $710K+11.1% $639K+14.9% $556K+17.1% $475K+48.9% $319K
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $28.5M+59.4% $17.9M+0.9% $17.7M+12.6% $15.7M-0.3% $15.8M-33.5% $23.7M-17.7% $28.8M-3.3% $29.8M
Current Liabilities $5.0M+13.8% $4.4M-5.3% $4.6M-7.5% $5.0M-7.9% $5.4M-17.7% $6.6M-43.9% $11.8M+1.6% $11.6M
Long-Term Debt N/A N/A N/A N/A $11.8M-5.3% $12.5M-28.6% $17.5M0.0% $17.5M
Total Equity $8.1M-36.3% $12.7M+28.3% $9.9M-26.9% $13.6M-23.0% $17.6M-37.3% $28.1M+74.4% $16.1M-35.6% $25.0M
Retained Earnings -$309.3M-2.4% -$302.0M-2.7% -$294.0M-2.7% -$286.3M-2.9% -$278.3M-4.9% -$265.3M-5.3% -$251.9M-5.1% -$239.7M

XAIR Cash Flow Statement

Metric Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Operating Cash Flow -$4.2M+5.3% -$4.5M+1.6% -$4.5M+34.9% -$7.0M+10.0% -$7.7M+42.1% -$13.3M-31.1% -$10.2M+5.1% -$10.7M
Capital Expenditures $34K-86.2% $246K+24.2% $198K-86.8% $1.5M+179.0% $537K-54.3% $1.2M-56.0% $2.7M+38.4% $1.9M
Free Cash Flow -$4.3M+9.5% -$4.7M+0.5% -$4.7M+44.1% -$8.5M-2.2% -$8.3M+43.1% -$14.5M-13.0% -$12.9M-1.6% -$12.7M
Investing Cash Flow -$4.0M-1784.6% $240K-58.3% $576K-77.7% $2.6M+137.2% -$6.9M-143.0% $16.1M+418.5% $3.1M+286.8% -$1.7M
Financing Cash Flow $11.2M+25.6% $8.9M+119.3% $4.1M-9.6% $4.5M+148.8% -$9.2M-142.6% $21.6M+8290.9% -$264K-101.7% $15.9M
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

XAIR Financial Ratios

Metric Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24
Gross Margin 13.7%+30.1pp -16.4%-25.3pp 8.9%+11.6pp -2.8%+17.3pp -20.1%+115.8pp -135.8%-87.2pp -48.6%+60.7pp -109.4%
Operating Margin -300.6%+120.8pp -421.4%+11.4pp -432.8%+189.8pp -622.6%+399.1pp -1021.6%+586.5pp -1608.1%+380.1pp -1988.3%+699.6pp -2687.9%
Net Margin -334.4%+102.4pp -436.7%+0.3pp -437.0%+260.4pp -697.4%+518.3pp -1215.7%+458.3pp -1673.9%+112.5pp -1786.4%+1130.0pp -2916.4%
Return on Equity -90.5%-28.1pp -62.4%+15.1pp -77.5%-18.3pp -59.1%+14.7pp -73.9%-26.4pp -47.5%+28.1pp -75.6%-20.9pp -54.7%
Return on Assets -20.0%+5.7pp -25.6%+1.7pp -27.4%-0.6pp -26.7%+11.4pp -38.2%-13.0pp -25.2%+1.0pp -26.2%-2.2pp -24.1%
Current Ratio 5.12+0.9 4.24+1.0 3.24+0.0 3.20-0.4 3.56-2.2 5.76+3.1 2.63-1.2 3.80
Debt-to-Equity 3.51+2.1 1.40-0.4 1.78+0.6 1.16+0.5 0.67+0.2 0.44-0.6 1.08+0.4 0.70
FCF Margin -193.8%+64.6pp -258.5%+9.9pp -268.4%+465.5pp -733.9%+37.5pp -771.5%+1048.5pp -1819.9%+61.9pp -1881.8%+810.9pp -2692.8%

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Frequently Asked Questions

Beyond Air Inc (XAIR) reported $3.7M in total revenue for fiscal year 2025. This represents a 219.7% 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.

Beyond Air Inc (XAIR) revenue grew by 219.7% year-over-year, from $1.2M to $3.7M in fiscal year 2025.

No, Beyond Air Inc (XAIR) reported a net income of -$46.6M in fiscal year 2025, with a net profit margin of -1258.4%.

Beyond Air Inc (XAIR) reported diluted earnings per share of $-0.69 for fiscal year 2025. This represents a 62.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Beyond Air Inc (XAIR) had EBITDA of -$41.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Beyond Air Inc (XAIR) had a gross margin of -44.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Beyond Air Inc (XAIR) had an operating margin of -1202.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Beyond Air Inc (XAIR) had a net profit margin of -1258.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Beyond Air Inc (XAIR) has a return on equity of -343.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Beyond Air Inc (XAIR) generated -$44.1M in free cash flow during fiscal year 2025. This represents a 28.6% 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.

Beyond Air Inc (XAIR) generated -$38.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Beyond Air Inc (XAIR) had $30.1M in total assets as of fiscal year 2025, including both current and long-term assets.

Beyond Air Inc (XAIR) invested $5.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Beyond Air Inc (XAIR) invested $16.9M in research and development during fiscal year 2025.

Beyond Air Inc (XAIR) had 4M shares outstanding as of fiscal year 2025.

Beyond Air Inc (XAIR) had a current ratio of 3.20 as of fiscal year 2025, which is generally considered healthy.

Beyond Air Inc (XAIR) had a debt-to-equity ratio of 1.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Beyond Air Inc (XAIR) had a return on assets of -155.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Beyond Air Inc (XAIR) had $4.7M in cash against an annual operating cash burn of $38.2M. This gives an estimated cash runway of approximately 1 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.

Beyond Air Inc (XAIR) has a Piotroski F-Score of 5 out of 9, indicating neutral 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.

Beyond Air Inc (XAIR) has an earnings quality ratio of 0.82x, 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.

Beyond Air Inc (XAIR) has an interest coverage ratio of -14.8x, 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.

Beyond Air Inc (XAIR) scores 23 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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