Beyond Air Inc Financials
This page shows Beyond Air Inc (XAIR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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).
Beyond Air still operates like a cash-funded development company, with early commercial sales too small to cover delivery and overhead costs.
The latest year's smaller net loss still came with-$38.2M of operating cash burn on only$3.7M of revenue, so the headline improvement did not become self-funding. Cash fell to$4.7M even after$16.6M of financing inflow, which shows the company remains externally financed and that the recent progress is expense trimming, not cash conversion.
Commercial traction improved, but gross profit stayed negative: revenue reached
Cash dropped from
Financial Health Signals
Scored against emerging companies for FY2026. 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 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.
Beyond Air Inc scores -14.39, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($6.2M) relative to total liabilities ($29.2M). 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.
Beyond Air Inc passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Beyond Air Inc generates $0.55 in operating cash flow (-$18.1M OCF vs -$33.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Beyond Air Inc earns $-8.3 in operating income for every $1 of interest expense (-$29.0M vs $3.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Beyond Air Inc generated $7.7M in revenue in fiscal year 2026. This represents an increase of 107.3% from the prior year.
Beyond Air Inc's EBITDA was -$25.9M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 37.5% from the prior year.
Beyond Air Inc reported -$33.2M in net income in fiscal year 2026. This represents an increase of 28.7% from the prior year.
Beyond Air Inc earned $-4.01 per diluted share (EPS) in fiscal year 2026. This represents an increase of 70.9% from the prior year.
Cash & Balance Sheet
Beyond Air Inc generated -$19.2M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 56.5% from the prior year.
Beyond Air Inc held $6.7M in cash against $0 in long-term debt as of fiscal year 2026.
Beyond Air Inc had 12M shares outstanding in fiscal year 2026. This represents an increase of 185.6% from the prior year.
Margins & Returns
Beyond Air Inc's gross margin was 3.3% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 48.2 percentage points from the prior year.
Beyond Air Inc's operating margin was -378.2% in fiscal year 2026, reflecting core business profitability. This is up 823.8 percentage points from the prior year.
Beyond Air Inc's net profit margin was -433.0% in fiscal year 2026, showing the share of revenue converted to profit. This is up 825.4 percentage points from the prior year.
Beyond Air Inc's ROE was -542.8% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 199.5 percentage points from the prior year.
Capital Allocation
Beyond Air Inc invested $10.2M in research and development in fiscal year 2026. This represents a decrease of 39.2% from the prior year.
Beyond Air Inc invested $1.0M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents a decrease of 82.6% from the prior year.
XAIR Income Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.9M-13.1% | $2.2M+20.7% | $1.8M+3.3% | $1.8M+52.8% | $1.2M+7.5% | $1.1M+34.3% | $798K+16.8% | $683K |
| Cost of Revenue | $1.8M-4.3% | $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 |
| Gross Profit | $94K-68.7% | $300K+200.7% | -$298K-291.0% | $156K+587.5% | -$32K+85.1% | -$215K+80.2% | -$1.1M-226.5% | -$332K |
| R&D Expenses | $2.3M-6.3% | $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 |
| SG&A Expenses | $5.0M+11.7% | $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 |
| Operating Income | -$7.2M-8.7% | -$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 |
| Interest Expense | $1.2M+14.0% | $1.1M+70.3% | $639K+16.6% | $548K-5.4% | $579K+5.5% | $549K-40.8% | $927K-3.8% | $964K |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$10.3M-40.2% | -$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 |
| EPS (Diluted) | N/A | $-0.85+32.0% | $-1.25 | $-1.53 | N/A | $-2.96+47.8% | $-5.67-6.6% | $-5.32 |
XAIR Balance Sheet
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $35.4M-3.8% | $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 |
| Current Assets | $24.8M-3.1% | $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 |
| Cash & Equivalents | $6.7M+1.5% | $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 |
| Inventory | $1.4M-20.2% | $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 |
| Accounts Receivable | $1.1M-5.6% | $1.2M+29.0% | $892K+10.9% | $804K+13.2% | $710K+11.1% | $639K+14.9% | $556K+17.1% | $475K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $29.2M+2.4% | $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 |
| Current Liabilities | $6.5M+30.5% | $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 |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | $11.8M-5.3% | $12.5M-28.6% | $17.5M |
| Total Equity | $6.1M-24.5% | $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 |
| Retained Earnings | -$319.6M-3.3% | -$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 |
XAIR Cash Flow Statement
| Metric | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.9M-17.2% | -$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 |
| Capital Expenditures | $547K+1508.8% | $34K-86.2% | $246K+24.2% | $198K-86.8% | $1.5M+179.0% | $537K-54.3% | $1.2M-56.0% | $2.7M |
| Free Cash Flow | -$5.5M-29.2% | -$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 |
| Investing Cash Flow | -$447K+88.9% | -$4.0M-1784.6% | $240K-58.3% | $576K-77.7% | $2.6M+137.2% | -$6.9M-143.0% | $16.1M+418.5% | $3.1M |
| Financing Cash Flow | $4.9M-56.3% | $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 |
| 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 | Q4'26 | Q3'26 | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 4.9%-8.7pp | 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% |
| Operating Margin | -376.0%-75.3pp | -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% |
| Net Margin | -539.2%-204.8pp | -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% |
| Return on Equity | -167.8%-77.4pp | -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% |
| Return on Assets | -29.1%-9.1pp | -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% |
| Current Ratio | 3.80-1.3 | 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 |
| Debt-to-Equity | 4.76+1.3 | 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 |
| FCF Margin | -288.0%-94.2pp | -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% |
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Frequently Asked Questions
What is Beyond Air Inc's annual revenue?
Beyond Air Inc (XAIR) reported $7.7M in total revenue for fiscal year 2026. This represents a 107.3% 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 Beyond Air Inc's revenue growing?
Beyond Air Inc (XAIR) revenue grew by 107.3% year-over-year, from $3.7M to $7.7M in fiscal year 2026.
Is Beyond Air Inc profitable?
No, Beyond Air Inc (XAIR) reported a net income of -$33.2M in fiscal year 2026, with a net profit margin of -433.0%.
What is Beyond Air Inc's EBITDA?
Beyond Air Inc (XAIR) had EBITDA of -$25.9M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
What is Beyond Air Inc's gross margin?
Beyond Air Inc (XAIR) had a gross margin of 3.3% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.
What is Beyond Air Inc's operating margin?
Beyond Air Inc (XAIR) had an operating margin of -378.2% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.
What is Beyond Air Inc's net profit margin?
Beyond Air Inc (XAIR) had a net profit margin of -433.0% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.
What is Beyond Air Inc's return on equity (ROE)?
Beyond Air Inc (XAIR) has a return on equity of -542.8% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Beyond Air Inc's free cash flow?
Beyond Air Inc (XAIR) generated -$19.2M in free cash flow during fiscal year 2026. This represents a 56.5% 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 Beyond Air Inc's operating cash flow?
Beyond Air Inc (XAIR) generated -$18.1M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Beyond Air Inc's total assets?
Beyond Air Inc (XAIR) had $35.4M in total assets as of fiscal year 2026, including both current and long-term assets.
What are Beyond Air Inc's capital expenditures?
Beyond Air Inc (XAIR) invested $1.0M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
How much does Beyond Air Inc spend on research and development?
Beyond Air Inc (XAIR) invested $10.2M in research and development during fiscal year 2026.
What is Beyond Air Inc's current ratio?
Beyond Air Inc (XAIR) had a current ratio of 3.80 as of fiscal year 2026, which is generally considered healthy.
What is Beyond Air Inc's debt-to-equity ratio?
Beyond Air Inc (XAIR) had a debt-to-equity ratio of 4.76 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Beyond Air Inc's return on assets (ROA)?
Beyond Air Inc (XAIR) had a return on assets of -94.0% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Beyond Air Inc's cash runway?
Based on fiscal year 2026 data, Beyond Air Inc (XAIR) had $6.7M in cash against an annual operating cash burn of $18.1M. This gives an estimated cash runway of approximately 4 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 Beyond Air Inc's Altman Z-Score?
Beyond Air Inc (XAIR) has an Altman Z-Score of -14.39, 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 Beyond Air Inc's Piotroski F-Score?
Beyond Air Inc (XAIR) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Beyond Air Inc's earnings high quality?
Beyond Air Inc (XAIR) has an earnings quality ratio of 0.55x, 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 Beyond Air Inc cover its interest payments?
Beyond Air Inc (XAIR) has an interest coverage ratio of -8.3x, 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 Beyond Air Inc?
Beyond Air Inc (XAIR) scores 64 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.