Accuray Reports Fiscal 2026 Second Quarter Financial Results

Rhea-AI Summary

Accuray (NASDAQ: ARAY) reported fiscal Q2 (ended Dec 31, 2025) results with $102.2M revenue, a 12% decline year-over-year, and a $13.8M net loss (diluted loss $0.11). Product revenue fell 26% to $45.0M while service revenue rose 4% to $57.2M.

Gross margin contracted to 23.5% from 36.1% and adjusted EBITDA was - $1.9M. The company recorded $6.1M of Q2 restructuring charges and expects ~$13M total FY2026 restructuring costs. Guidance was updated to $440–450M revenue and $22–25M adjusted EBITDA for FY2026.

Positive

• Updated FY2026 guidance: $440–450M revenue
• Updated FY2026 $22–25M adjusted EBITDA target
• Book-to-bill of 1.5 in Q2 indicates stronger orders than shipments
• Service revenue growth of 4% (Q2) and 5% (six months)
• Transformation plan targeting $25M annualized operating profit improvement

Negative

• Total net revenue down 12% QoQ YoY in Q2 to $102.2M
• Product revenue declined 26% in Q2 to $45.0M
• Gross margin fell to 23.5% from 36.1%, a >1200bps decline
• Net loss of $13.8M in Q2 and $35.4M for six months
• Cash and equivalents decreased to $41.9M, down $16.1M since June 30, 2025
• Order backlog down ~17% vs prior-year quarter

Market Reaction

-13.80% $0.65 1.7x vol

15m delay 8 alerts

-13.80% Since News

-21.5% Trough in 17 min

$0.65 Last Price

$0.56 $0.77 Day Range

-$14M Valuation Impact

$86M Market Cap

1.7x Rel. Volume

Following this news, ARAY has declined 13.80%, reflecting a significant negative market reaction. Argus tracked a trough of -21.5% from its starting point during tracking. Our momentum scanner has triggered 8 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $0.65. This price movement has removed approximately $14M from the company's valuation. Trading volume is above average at 1.7x the average, suggesting increased trading activity.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Silver for real-time data.

Key Figures

Q2 2026 total net revenue: $102.2M Q2 2026 product revenue: $45.0M Q2 2026 service revenue: $57.2M +5 more

8 metrics

Q2 2026 total net revenue $102.2M Second quarter fiscal 2026, down 12% vs $116.2M prior-year quarter

Q2 2026 product revenue $45.0M Second quarter fiscal 2026, down 26% vs $61.2M prior-year quarter

Q2 2026 service revenue $57.2M Second quarter fiscal 2026, up 4% vs $55.0M prior-year quarter

Q2 2026 net loss $13.8M ($0.11/share) Second quarter fiscal 2026 vs net income $2.5M ($0.02/share) prior year

Q2 2026 adjusted EBITDA -$1.9M Second quarter fiscal 2026 vs +$9.6M prior-year quarter

Restructuring charges Q2 2026 $6.1M Includes $4.1M severance, $0.7M implementation and other, $1.2M impairments

FY26 revenue guidance $440–$450M Updated fiscal 2026 total net revenue outlook

FY26 adjusted EBITDA guidance $22–$25M Updated fiscal 2026 adjusted EBITDA outlook

Market Reality Check

Price: $0.7566 Vol: Volume 1,230,238 is 1.91x...

high vol

$0.7566 Last Close

Volume Volume 1,230,238 is 1.91x the 20-day average of 643,216, indicating elevated trading interest ahead of and around the earnings release. high

Technical Shares at 0.7517 trade below the 200-day MA of 1.33 and sit 74.52% below the 52-week high, hovering only 3.84% above the 52-week low.

Peers on Argus

ARAY fell 6.2% while peers showed mixed moves: BSGM rose 39.91%, MASS gained 3.0...

ARAY fell 6.2% while peers showed mixed moves: BSGM rose 39.91%, MASS gained 3.04%, SGHT rose 0.94%, and LNSR and QTRX declined modestly. With no peers in the momentum scanner and no same-day peer headlines, the move appears stock-specific rather than a sector-wide reaction.

Previous Earnings Reports

5 past events · Latest: Nov 05 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 05	Q1 2026 earnings	Negative	+5.1%	Revenue and margins declined, losses widened, but guidance was reaffirmed.
Aug 13	FY25 results	Neutral	-2.0%	Mixed Q4 and full-year performance with modest growth and small net income.
Apr 30	Q3 2025 earnings	Positive	-12.9%	Double-digit revenue growth and improved EBITDA but lower backlog.
Feb 05	Q2 2025 earnings	Positive	+8.0%	Strong revenue growth, net income, higher margins, and raised guidance.
Nov 06	Q1 2025 earnings	Neutral	+3.0%	Slight revenue decline but service growth and modestly higher net loss.

Pattern Detected

Earnings releases have produced mixed reactions, with notable selloffs even on strong quarters and occasional rallies despite weaker results, indicating inconsistent alignment between fundamentals and near-term price moves.

Recent Company History

Over the last year, Accuray’s earnings reports have shown a transition from growth and improving profitability to revenue declines and larger losses. Positive quarters such as Q2 2025 and parts of fiscal 2025 featured revenue growth, net income, and raised guidance, while more recent results, including Q1 2026, highlighted falling product revenue, lower margins, and wider net losses. Today’s fiscal Q2 2026 update continues that pressure, with higher restructuring charges and reduced profitability compared with prior-year periods.

Historical Comparison

earnings

+0.2 %

Average Historical Move

Historical Analysis

In the past 5 earnings releases, ARAY’s average move was 0.23%, with both rallies and sharp selloffs. Today’s -6.2% reaction to weaker Q2 2026 results and lowered profitability guidance sits at the more negative end of its recent earnings responses.

Typical Pattern

Earnings have progressed from strong FY2025 growth and raised guidance to FY2026 quarters marked by declining product revenue, lower margins, larger losses, and restructuring actions under a new CEO.

Regulatory & Risk Context

Active S-3 Shelf

Shelf Active

Active S-3 Shelf Registration 2025-07-28

The company has an active S-3 shelf registration filed on 2025-07-28 that remains effective through 2028-07-28. The filing is marked as not yet effective for use and shows no recorded usage to date in the provided data.

Market Pulse Summary

The stock is dropping -13.8% following this news. A negative reaction despite detailed guidance fits...

Analysis

The stock is dropping -13.8% following this news. A negative reaction despite detailed guidance fits a history where earnings have sometimes led to sizable selloffs, particularly when margins compress or losses widen. The latest quarter showed lower revenue, weaker gross margin, and a $13.8M net loss with $6.1M in restructuring charges. With an active transformation plan and updated targets of $440–$450M revenue and $22–$25M adjusted EBITDA, execution risk has previously contributed to post-earnings pressure.

Key Terms

adjusted EBITDA, non-gaap, book to bill ratio, backlog, +4 more

8 terms

adjusted EBITDA financial

"Adjusted EBITDA was a negative $1.9 million in the second quarter of fiscal 2026"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial

"Guidance for non-GAAP financial measures excludes depreciation and amortization"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

book to bill ratio financial

"The book to bill ratio was 1.5 in the second quarter of fiscal 2026"

The book-to-bill ratio compares new orders received (bookings) to goods or services actually billed (revenue) over the same period; a ratio above 1 means a company is taking in more orders than it is filling, while below 1 means it is billing more than it is receiving in new orders. Investors use it like a pipeline gauge—high ratios suggest future revenue growth and possible capacity strain, while low ratios can signal weakening demand or excess capacity, helping anticipate earnings and operational pressure.

backlog financial

"Order backlog as of December 31, 2025 was $383.3 million"

A backlog is the amount of work or orders that a company has received but hasn't completed yet. It’s like a restaurant with many dishes to serve; the backlog shows how many orders are still waiting to be finished. It matters because a large backlog can indicate strong demand or potential delays in delivering products or services.

cash equivalents financial

"Cash, cash equivalents, and short-term restricted cash were $41.9 million"

Cash equivalents are short-term, highly safe investments that a company can quickly turn into cash, such as Treasury bills, money-market accounts or very short-term bank deposits. Think of them like a spare set of ready cash in a high-quality savings jar that can be tapped immediately. Investors watch this balance because it shows how easily a company can cover bills, weather shocks, or seize sudden opportunities without selling long-term assets.

short-term restricted cash financial

"cash equivalents, and short-term restricted cash were $41.9 million"

Cash that a company holds but cannot use for general purposes because it is set aside for a specific short-term obligation or purpose, and is expected to be available or released within one year. Think of it as money in a locked jar earmarked for a bill or deposit; for investors it matters because it reduces the funds available to meet everyday expenses and affects measures of liquidity and short-term financial strength.

warrant liability financial

"provision for income taxes, (gain) loss from change in fair value of warrant liability"

Warrant liability is the financial obligation a company records when it grants warrants—special options giving the holder the right to buy company shares at a set price in the future. It matters to investors because changes in this liability can affect a company's reported earnings and overall financial health, similar to how a pending contract can influence a company's future value.

gaap financial

"Accuray reports its financial results in accordance with generally accepted accounting principles in the United States ("GAAP")"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

AI-generated analysis. Not financial advice.

MADISON, Wis., Feb. 4, 2026 /PRNewswire/ -- Accuray Incorporated (NASDAQ: ARAY) today reported financial results for the second quarter ended December 31, 2025.

Key Highlights 

• On December 15, 2025 the Company announced the first phase of comprehensive, strategic, operational, and organizational transformational plan, which is expected to improve annualized operating profitability by approximately $25 million and set the stage for revenue growth:
  • Plan includes organizational realignment, rightsizing of cost structure, outsourcing, and sales enablement in order to enhance competitiveness and support long-term strategy.
  • Workforce optimization actions will affect approximately 15% of the company's employees globally.
  • Of the expected $25 million in annualized operating profit improvement, approximately $12 million is expected to be realized in fiscal year 2026.
• During the second quarter of fiscal 2026, in connection with the transformational plan, the Company initiated a restructuring plan aimed at reducing costs, aligning resources with strategic priorities, and streamlining operations. The Company recorded $6.1 million in restructuring charges, which included $4.1 million in severance related costs, $0.7 million in implementation and other costs, and $1.2 million in impairments that were directly related to the restructuring plan. We expect total restructuring charges to be approximately $13 million for fiscal year 2026.

"Over the past 90 days, I've met extensively with Accuray teams and customers across all major regions. Their insights have directly informed the decisive actions we've already taken — from reorganizing our commercial structure to refining our near‑term product and service investment priorities. We moved quickly and with discipline across the four pillars we outlined publicly: commercial simplification, global functional alignment, elevation of service and product development, and cost‑structure and footprint optimization," said CEO Steve La Neve.

"While this transformation is in its early stages, the pace of execution, the alignment across the organization, and the level of accountability give me confidence that we are on the right trajectory. Our objectives remain clear: accelerate top‑line growth, enhance our competitive position, expand profitability, and deliver sustainable long‑term value for all of our stakeholders, building a stronger Accuray, and the momentum we are seeing reinforces the impact of the steps taken to date," added La Neve.

Fiscal Second Quarter Results

Total net revenue was $102.2 million in the second quarter of fiscal 2026, or a decrease of 12 percent, as compared to $116.2 million in the prior fiscal year second quarter. Product revenue was $45.0 million in the second quarter of fiscal 2026, or a decrease of 26 percent, as compared to $61.2 million in the prior fiscal year second quarter. Service revenue was $57.2 million in the second quarter of fiscal 2026, or an increase of 4 percent, as compared to $55.0 million in the prior fiscal year second quarter.

Total gross profit was $24.1 million in the second quarter of fiscal 2026, or 23.5 percent of total net revenue, as compared to a total gross profit of $41.9 million, or 36.1 percent of total net revenue, in the prior fiscal year second quarter. The decrease in the gross profit and gross margin rate was primarily due to geographical sales mix and the China joint venture delivering less systems to its end customers in the second quarter of fiscal year 2026 as compared to the prior fiscal year second quarter.

Operating expenses was $35.6 million in the second quarter of fiscal 2026, or a decrease of 4 percent, as compared to $37.2 million in the prior fiscal year second quarter. Operating expenses in the second quarter of fiscal 2026 include $6.1 million in restructuring charges. Excluding restructuring charges, operating expenses would have decreased by $7.6 million, or 20 percent, as compared to the prior fiscal year second quarter.

Net loss was $13.8 million in the second quarter of fiscal 2026, or a diluted net loss of $0.11 per share, as compared to a net income of $2.5 million, or a diluted net income of $0.02 per share, in the prior fiscal year second quarter. Adjusted EBITDA was a negative $1.9 million in the second quarter of fiscal 2026, as compared to a positive adjusted EBITDA of $9.6 million in the prior fiscal year second quarter.

Gross product orders were $66.1 million in the second quarter of fiscal 2026 as compared to $76.8 million in the prior fiscal year second quarter. The book to bill ratio was 1.5 in the second quarter of fiscal 2026, as compared to 1.3 the prior fiscal year second quarter. Order backlog as of December 31, 2025 was $383.3 million, which is approximately 17% percent lower than at the end of the prior fiscal year second quarter.

Cash, cash equivalents, and short-term restricted cash were $41.9 million as of December 31, 2025, a decrease of $16.1 million from June 30, 2025.

Fiscal Six Months Results

Total net revenue was $196.2 million in the first six months of fiscal 2026, or a decrease of 10 percent, as compared to $217.7 million in the prior fiscal year period. Product revenue was $82.2 million in the first six months of fiscal 2026, or a decrease of 25 percent, as compared to $109.6 million in the prior fiscal year period. Service revenue was $114.0 million in the first six months of fiscal 2026, or an increase of 5 percent, as compared to $108.2 million in the prior fiscal year period.

Total gross profit was $51.1 million in the first six months of fiscal 2026, or 26.0 percent of total net revenue, as compared to a total gross profit of $76.4 million, or 35.1 percent of total net revenue, in the prior fiscal year period.

Operating expenses was $74.0 million in the first six months of fiscal 2026, as compared to $73.8 million in the prior fiscal year period. Operating expenses in the first six months of fiscal 2026 include $8.9 million in restructuring charges. Excluding restructuring charges, operating expenses would have decreased by $8.7 million, or 12% percent as compared to the prior fiscal year period.

Net loss was $35.4 million in the first six months of fiscal 2026, or a diluted net loss of $0.30 per share, as compared to a net loss of $1.4 million, or a diluted net loss of $0.01 per share, in the prior fiscal year period. Adjusted EBITDA was negative at $6.0 million in the first six months of fiscal 2026, as compared to a positive adjusted EBITDA of $12.8 million in the prior fiscal year period.

Gross product orders was $105.6 million in the first six months of fiscal 2026 as compared to $132.1 million in the prior fiscal year period. The book to bill ratio was 1.3 in the first six months of fiscal 2026, as compared to 1.2 in the prior fiscal year period. 

Fiscal Year 2026 Financial Guidance

The Company is updating its guidance for fiscal year 2026 as follows:

• Total net revenue is expected in the range of $440 million to $450 million.
• Adjusted EBITDA is expected in the range of $22 million to $25 million.

Guidance for non-GAAP financial measures excludes depreciation and amortization, stock-based compensation, interest expense, provision for income taxes, (gain) loss from change in fair value of warrant liability, and certain non-recurring, irregular and one-time items. For more information regarding the non-GAAP financial measures discussed in this press release, please see "Use of Non-GAAP Financial Measures" below.

Conference Call Information

Accuray will host a conference call beginning at 1:30 p.m. PT/4:30 p.m. ET today to discuss results for the second quarter of fiscal 2026 as well as recent corporate developments. Conference call dial-in information is as follows:

• U.S. callers: (833) 316-0563
• International callers: (412) 317-5747

Individuals interested in listening to the live conference call via the Internet may do so by logging on to the Investor Relations section of Accuray's website, www.accuray.com. There will be a slide presentation accompanying today's event which can also be accessed on the company's Investor Relations page at www.accuray.com.

In addition, a taped replay of the conference call will be available beginning approximately one hour after the call's conclusion and will be available for seven days. The replay number is (855) 669-9658 (USA), or (412) 317-0088 (International), Conference ID: 8587254. An archived webcast will also be available on Accuray's website until Accuray announces its results for the third quarter of fiscal 2026.

Use of Non-GAAP Financial Measures

Accuray reports its financial results in accordance with generally accepted accounting principles in the United States ("GAAP") and the rules of the SEC. To supplement its financial statements prepared and presented in accordance with GAAP, Accuray uses certain non-GAAP financial measures, such as adjusted EBITDA.

Accuray has supplemented its GAAP net income (loss) with a non-GAAP measure of adjusted earnings before interest, taxes, depreciation, amortization, stock-based compensation, and (gain) loss from change in fair value of warrant liability ("adjusted EBITDA"). The calculation of adjusted EBITDA also excludes certain non-recurring, irregular and one-time items. Management believes that this non-GAAP financial measure provides useful supplemental information to management and investors regarding the performance of the company and facilitates a meaningful comparison of results for current periods with previous operating results. A reconciliation of GAAP net loss (the most directly comparable GAAP measure) to non-GAAP adjusted EBITDA is provided in the schedules below.

There are limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Investors and potential investors should consider non-GAAP financial measures only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP.

About Accuray

Accuray Incorporated (Nasdaq: ARAY) is committed to expanding the powerful potential of radiation therapy to improve as many lives as possible. We invent unique, market-changing solutions that are designed to deliver radiation treatments for even the most complex cases—while making commonly treatable cases even easier—to meet the full spectrum of patient needs. We are dedicated to continuous innovation in radiation therapy for oncology, neuro-radiosurgery, and beyond, as we partner with clinicians and administrators, empowering them to help patients get back to their lives, faster. Accuray is headquartered in Madison, Wisconsin, with facilities worldwide.

Safe Harbor Statement

Statements made in this press release that are not statements of historical fact are forward-looking statements and are subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release relate, but are not limited, to the company's guidance and future results of operations, including expectations regarding: total net revenue and adjusted EBITDA; the expected benefits from the transformation plan, including expected improvement in annualized operating profit; the ability to achieve the objectives of the transformation plan; expected restructuring charges for fiscal year 2026; the company's ability to deliver sustained performance and execute on its strategies and objectives, including related to its transformation efforts and restructuring plans; the company's ability to expand adjusted EBITDA margins as a percentage of revenue; expectations regarding the company's adjusted EBITDA margin run-rate; opportunities to accelerate top-line growth and expand profitability; the appointment of a new global chief commercial officer; expectations regarding the impact of tariffs as well as mitigation efforts by the company; the company's ability to navigate supply chain, logistics, macroeconomic, and foreign exchange challenges; expectations regarding the company's China joint venture; expectations related to the amount and timing of realizing deferred margin from the company's China joint venture; expectations with respect to strategic partnerships and collaborations; expectations related to the markets and regions in which the company operates; expectations regarding new product introductions and innovations; expectations regarding installed base growth; and the company's ability to drive sustainable, profitable growth, while creating long-term value for patients, providers and shareholders. These forward-looking statements involve risks and uncertainties. If any of these risks or uncertainties materialize, or if any of the company's assumptions prove incorrect, actual results could differ materially from the results expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the effect of the global macroeconomic environment on the operations of the company and those of its customers and suppliers; disruptions to our supply chain, including increased logistics costs; the company's ability to achieve widespread market acceptance of its products; substantial outstanding indebtedness and its ability to maintain compliance with financial covenants related to its debt; the effect of enhanced international tariffs on the company; the company's ability to realize the expected benefits of the China joint venture and other partnerships; risks inherent in international operations; the company's ability to maintain or increase its gross margins on product sales and services; delays in regulatory approvals or the development or release of new offerings; the company's ability to meet the covenants under its credit facilities; the company's ability to convert backlog to revenue; and such other risks identified under the heading "Risk Factors" in the company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (the "SEC") on November 5, 2025, and as updated periodically with the company's other filings with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to the company at the time those statements are made and/or management's good faith belief as of that time with respect to future events. The company assumes no obligation to update forward-looking statements to reflect actual performance or results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. Accordingly, investors should not put undue reliance on any forward-looking statements.

Aman Patel, CFA	Steve Monroe
Investor Relations, ICR-Westwicke	Vice President, Financial Planning & Analysis - Accuray
aman.patel@westwicke.com	smonroe@accuray.com

 

Financial Tables to Follow

 

Accuray Incorporated Condensed Consolidated Statements of Operations (in thousands, except per share data) (Unaudited)
		Three Months Ended								Six Months Ended
		December 31,								December 31,
		2025				2024				2025				2024
Net revenue:
Products		$	45,005			$	61,189			$	82,166			$	109,558
Services			57,236				54,985				114,017				108,161
Total net revenue			102,241				116,174				196,183				217,719
Cost of revenue:
Cost of products			36,151				34,553				65,573				67,014
Cost of services			42,018				39,729				79,527				74,344
Total cost of revenue			78,169				74,282				145,100				141,358
Gross profit			24,072				41,892				51,083				76,361
Operating expenses:
Research and development			10,650				13,644				21,868				25,760
Selling and marketing			8,848				11,114				20,547				22,796
General and administrative			10,065				12,427				22,661				25,247
Restructuring			6,075				—				8,886				—
Total operating expenses			35,638				37,185				73,962				73,803
Income (loss) from operations			(11,566)				4,707				(22,879)				2,558
Income from equity method investment, net			471				1,604				910				1,532
Interest expense			(7,709)				(2,883)				(15,761)				(5,838)
Gain from change in fair value of warrant liability			5,713				—				3,839
Other (expense) income, net			(106)				(196)				(513)				1,651
Income (loss) before provision for income taxes			(13,197)				3,232				(34,404)				(97)
Provision for income taxes			573				695				1,044				1,320
Net income (loss)		$	(13,770)			$	2,537			$	(35,448)			$	(1,417)
Net income (loss) per share - basic		$	(0.11)			$	0.03			$	(0.30)			$	(0.01)
Net income (loss) per share - diluted		$	(0.11)			$	0.02			$	(0.30)			$	(0.01)
Weighted average common shares used in computing net loss per share:
Basic			120,973				101,405				119,968				100,796
Diluted			120,973				103,746				119,968				100,796

 

Accuray Incorporated Condensed Consolidated Balance Sheets (in thousands) (Unaudited)
		December 31, 2025				June 30, 2025
Assets
Current assets:
Cash and cash equivalents			41,295			$	57,416
Restricted cash			575				574
Accounts receivable, net			60,962				83,192
Inventories, net			150,962				141,020
Prepaid expenses and other current assets			36,968				33,501
Deferred cost of revenue			1,626				1,762
Total current assets			292,388				317,465
Property and equipment, net			29,256				28,658
Investment in joint venture			5,804				4,612
Operating lease right-of-use assets, net			30,807				33,115
Goodwill			57,849				57,802
Long-term restricted cash			5,999				4,144
Other assets			25,906				24,443
Total assets		$	448,009			$	470,239
Liabilities and stockholders' equity
Current liabilities:
Accounts payable		$	43,519			$	34,033
Accrued compensation			14,925				14,573
Operating lease liabilities, current			8,155				7,375
Other accrued liabilities			30,902				29,361
Customer advances			11,850				12,197
Deferred revenue			78,978				82,306
Short-term debt			11,110				12,734
Total current liabilities			199,439				192,579
Operating lease liabilities, non-current			30,184				32,482
Long-term other liabilities			6,101				5,160
Warrant liability			6,478				8,497
Deferred revenue, non-current			27,610				26,566
Long-term debt			124,777				123,786
Total liabilities			394,589				389,070
Stockholders' equity:
Common stock			119				113
Additional paid-in capital			609,409				602,165
Accumulated other comprehensive loss			(1,388)				(1,837)
Accumulated deficit			(554,720)				(519,272)
Total stockholders' equity			53,420				81,169
Total liabilities and stockholders' equity		$	448,009			$	470,239

 

Accuray Incorporated Summary of Orders and Backlog (in thousands, except book to bill ratio) (Unaudited)
		Three Months Ended								Six Months Ended
		December 31,								December 31,
		2025				2024				2025				2024
Gross orders		$	66,064			$	76,762			$	105,634			$	132,127
Net orders			32,611				55,639				38,526				85,295
Order backlog			383,332				463,056				383,332				463,056
Book to bill ratio (a)			1.5				1.3				1.3				1.2

(a) Book to bill ratio is defined as gross orders for the period divided by product revenue for the period.

 

Accuray Incorporated Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA (in thousands) (Unaudited)
		Three Months Ended								Six Months Ended
		December 31,								December 31,
		2025				2024				2025				2024
GAAP net income (loss)		$	(13,770)			$	2,537			$	(35,448)			$	(1,417)
Depreciation and amortization (a)			2,163				1,513				3,839				2,977
Stock-based compensation			882				2,284				3,397				4,638
Interest expense, net (b)			7,463				2,605				15,243				5,257
Provision for income taxes			573				695				1,044				1,320
(Gain) from change in fair value of warrant liability			(5,713)				—				(3,839)				—
Restructuring charges			6,075				—				8,886				—
Post-financing costs			391				—				832				—
Adjusted EBITDA		$	(1,936)			$	9,634			$	(6,046)			$	12,775

(a) Consists of depreciation on property and equipment and amortization of capitalized software and intangibles.

(b) Consists of interest expense net of interest income.

 

Accuray Incorporated Forward-Looking Guidance Reconciliation of Projected GAAP Net Loss to Projected Adjusted EBITDA (in thousands) (Unaudited)
		Twelve Months Ending
		June 30, 2026
		From				To
GAAP net loss		$	(39,000)			$	(36,000)
Depreciation and amortization (a)			8,500				8,500
Stock-based compensation			9,250				9,250
Interest expense, net (b)			30,000				30,000
Provision for income taxes			2,500				2,500
(Gain) from change in fair value of warrant liability			(4,000)				(4,000)
Restructuring charges			13,000				13,000
Post-financing costs			1,750				1,750
Adjusted EBITDA		$	22,000			$	25,000

(a) Consists of depreciation on property and equipment and amortization of capitalized software and intangibles.

(b) Consists of interest expense net of interest income.

 

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SOURCE Accuray Incorporated

FAQ

What did Accuray (ARAY) report for fiscal Q2 2026 revenue and net income on Feb 4, 2026?

Accuray reported $102.2M in total net revenue and a $13.8M net loss for Q2 fiscal 2026. According to the company, product revenue fell 26% while service revenue rose 4% versus prior-year.

How did Accuray (ARAY) update fiscal year 2026 guidance on Feb 4, 2026?

The company expects fiscal 2026 total net revenue of $440–450M and $22–25M adjusted EBITDA. According to the company, guidance excludes certain non-GAAP adjustments and one-time items.

What restructuring actions did Accuray (ARAY) announce and what is the expected savings impact?

Accuray initiated a transformation affecting ~15% of employees and expects ~$25M annualized operating profit improvement. According to the company, ~$12M of that improvement is expected in fiscal 2026.

What drove the gross margin decline for Accuray (ARAY) in Q2 fiscal 2026?

Gross margin declined to 23.5%, primarily from unfavorable geographical sales mix and fewer systems delivered by its China joint venture. According to the company, those factors reduced product margins versus prior year.

What is Accuray's (ARAY) cash position and backlog as reported on Feb 4, 2026?

Cash, cash equivalents, and short-term restricted cash were $41.9M as of Dec 31, 2025, down $16.1M since June 30, 2025. According to the company, order backlog was $383.3M, about 17% lower year-over-year.