Pulmonx Reports Fourth Quarter and Full Year 2025 Financial Results
Rhea-AI Summary
Pulmonx (Nasdaq: LUNG) reported fourth quarter and full year 2025 results on March 4, 2026. Total 2025 revenue was $90.5M, up 8% year-over-year; Q4 revenue was $22.6M, down 5% year-over-year. Gross margin was 78% in Q4 and 74% for 2025. The company refinanced debt, securing up to $60M under a new five-year interest-only credit facility and implemented cost restructuring. Cash and marketable securities were $69.8M at year-end, down about $32M year-over-year. 2026 guidance calls for revenue of $90M–$92M, ~75% gross margin, and operating expenses of $113M–$115M.
Positive
- International revenue +23% year-over-year for full year 2025
- Q4 gross margin improved to 78% (+400 basis points)
- Secured up to $60M five-year interest-only credit facility
Negative
- Cash, cash equivalents, and marketable securities down ~$32M year-over-year
- Company expects cash to decrease by approximately $23M in 2026
Key Figures
Market Reality Check
Peers on Argus
LUNG is modestly up about 0.33% while the only peer in the momentum list, VNRX, is moving down, and other close peers show mixed performance. This points to a stock-specific reaction to the earnings release rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 12 | Q3 2025 earnings | Negative | -18.9% | Moderate growth but lowered 2025 guidance and ongoing losses. |
| Jul 30 | Q2 2025 earnings | Negative | -41.6% | Strong revenue growth but significant guidance cut and continued losses. |
| Apr 30 | Q1 2025 earnings | Positive | -21.9% | Strong revenue growth with reaffirmed 2025 guidance and solid margin. |
| Feb 19 | FY 2024 earnings | Positive | +32.2% | Record 2024 revenue and upbeat 2025 guidance drove optimism. |
| Oct 30 | Q3 2024 earnings | Positive | -8.0% | Solid growth and steady margin but market reacted negatively. |
Earnings releases have often led to negative moves (average -11.63%), especially when guidance was reduced, with occasional strong rallies on upbeat outlooks.
Over the past five earnings cycles from Q3 2024 through Q3 2025, Pulmonx showed consistent double‑digit revenue growth but also recurring net losses and shifting guidance. Positive FY2024 results and 2025 guidance on Feb 19, 2025 triggered a strong gain, while later in 2025, guidance cuts in Q2 and Q3 coincided with sharp declines. Today’s Q4 2025 and full‑year 2025 report, with slower growth and detailed 2026 guidance, follows this arc of decelerating expectations and tighter cost focus.
Historical Comparison
Earnings headlines over the last five quarters saw an average move of -11.63%, showing that results and guidance updates have often been treated cautiously by the market.
Across FY2024 and 2025, Pulmonx moved from strong double‑digit growth and ambitious 2025 guidance to trimmed forecasts and then tighter cost controls, culminating in today’s full‑year 2025 results and 2026 outlook.
Regulatory & Risk Context
An effective Form S-3/A shelf filed on 2025-11-24 allows Pulmonx to issue up to $200,000,000 of various securities over time for working capital, R&D, capex and general purposes. No usage has been recorded so far, but the capacity provides flexibility for future financings.
Market Pulse Summary
This announcement details Q4 and full‑year 2025 performance, showing $90.5M in revenue, stronger gross margins of up to 78%, and a narrowed net loss of $54.0M. Guidance for 2026 targets $90–92M revenue, ~75% gross margin, and operating expenses of $113–115M, implying ongoing but reduced cash use versus the ~$32M 2025 decline to $69.8M. Investors may track execution on cost restructuring, revenue reacceleration, and any capital raised under the $200M shelf and new credit facility.
Key Terms
constant currency financial
adjusted ebitda financial
non-gaap financial measures financial
stock-based compensation financial
credit facility financial
AI-generated analysis. Not financial advice.
REDWOOD CITY, Calif., March 04, 2026 (GLOBE NEWSWIRE) -- Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx” or the "Company"), a global leader in minimally invasive treatments for lung disease, today reported financial results for the fourth quarter and full year ended December 31, 2025.
Recent Highlights
- Delivered
$90.5 million in worldwide revenue for the full year of 2025, an8% increase over the prior year and an increase of7% on a constant currency basis - Achieved worldwide revenue of
$22.6 million for the fourth quarter of 2025, a5% decrease over the same period last year and a decrease of7% on a constant currency basis - Realized gross margin of
78% in the fourth quarter of 2025 and74% for the full year of 2025 - Refinanced existing debt, securing up to
$60 million in committed capital under a new 5-year interest-only credit facility that extends the debt maturity out to 2031 - Executed cost restructuring initiative to reduce operating expenses while maintaining key commercial and clinical investments in growth
"While our recent performance reflects a period of transition, we see a substantial opportunity to rebuild momentum through a clear operating plan focused on our highest-impact initiatives, including reaccelerating commercial growth and advancing our clinical pipeline," said Glen French, President and Chief Executive Officer of Pulmonx. "We have strengthened our balance sheet and are executing with increased focus and financial discipline to align investments with growth expectations to support a sustainable path to profitability."
Fourth Quarter 2025 Financial Results
Total worldwide revenue in the fourth quarter of 2025 was
Gross profit in the fourth quarter of 2025 was
Operating expenses in the fourth quarter of 2025 were
Net loss in the fourth quarter of 2025 was
Full Year 2025 Financial Results
Total worldwide revenue for the full year of 2025 was
Gross profit for the full year of 2025 was
Operating expenses for the full year of 2025 were
Net loss for the full year of 2025 was
Cash, cash equivalents, and marketable securities totaled
Full Year 2026 Financial Guidance
Pulmonx expects revenue for the full year 2026 to be in the range of
The Company expects gross margin for the full year 2026 to be approximately
Pulmonx expects total operating expenses for the full year 2026 to fall within the range of
The Company expects cash, cash equivalents, and marketable securities to decrease by approximately
Webcast and Conference Call Details
Pulmonx will host a conference call today, March 4, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its fourth quarter and full year 2025 financial results and to discuss its full year 2026 financial guidance. A live webcast of the conference call will be available on the Investor Relations section of the Company's website at https://investors.pulmonx.com/. The webcast will be archived on the website following the completion of the call.
Use of Non-GAAP Financial Measures
To supplement Pulmonx’s condensed consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America, or GAAP, Pulmonx provides certain non-GAAP financial measures in this release as supplemental financial metrics. Non-GAAP financial measures reflect an additional way of viewing aspects of the Company's operations that, when viewed with GAAP results, may provide a more complete understanding of factors and trends affecting Pulmonx’s business.
Constant currency calculations show reported current period revenues as if the foreign exchange rates remain the same as those in effect in the comparable prior year period. Pulmonx uses results on a constant currency basis as one measure to evaluate its performance. Pulmonx calculates constant currency by calculating current-year results using foreign currency exchange rates from the applicable comparable period in the prior year. Pulmonx generally refers to such amounts calculated on a constant currency basis as excluding the impact of foreign exchange or being on a constant currency basis. Pulmonx believes the presentation of results on a constant currency basis in addition to reported results helps improve investors’ ability to understand its operating results and evaluate its performance in comparison to prior periods. Pulmonx generally uses constant currency to facilitate management's financial and operational decision-making, including evaluation of Pulmonx’s historical operating results.
The Company defines Adjusted EBITDA as earnings before interest income or expense, taxes, depreciation and amortization and stock-based compensation and may also exclude certain non-recurring, irregular or one-time items not reflective of our ongoing core business operations. Management believes in order to properly understand short-term and long-term financial trends, investors may wish to consider the impact of these excluded items in addition to GAAP measures. Further, management uses adjusted EBITDA for strategic and annual operating planning. We believe these non-GAAP financial measures are useful as a supplement in evaluating our ongoing operational performance and enhancing an overall understanding of our past financial performance.
Reconciliation of non-GAAP financial measures to the most comparable GAAP measures for the fourth quarter and full year ended December 31, 2025 and 2024 is set forth in the tables below.
The non-GAAP financial measures used by Pulmonx should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. Because non-GAAP financial measures exclude the effect of items that increase or decrease the Company's reported results of operations, management strongly encourages investors to review, when they become available, the Company's consolidated financial statements and publicly filed reports in their entirety. The Company's definition of non-GAAP measures may differ from similarly titled measures used by others.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect our strategy, operations or financial performance, and actual results may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. These forward-looking statements include, but are not limited to, statements regarding our opportunities and strategy, our operating plan and future financial performance, our expectations regarding demand and ongoing momentum, our ability to advance our clinical pipeline, our ability to drive growth in 2026 and beyond, our possible or assumed future results of operations, including long-term outlook, descriptions of our revenues, total operating expenses, gross margin, and cash usage guidance for full year 2026. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results to differ materially from those contemplated in this press release can be found in the Risk Factors section of our filings with the Securities and Exchange Commission (“SEC”), including our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the SEC on November 12, 2025, available at www.sec.gov. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. All statements other than statements of historical fact are forward-looking statements. Except to the extent required by law, we undertake no obligation to update or review any estimate, projection, or forward-looking statement. Actual results may differ from those set forth in this press release due to the risks and uncertainties inherent in our business.
About Pulmonx Corporation
Pulmonx Corporation (Nasdaq: LUNG) is a global leader in minimally invasive treatments for chronic obstructive pulmonary disease (COPD). Pulmonx’s Zephyr® Endobronchial Valve, Chartis® Pulmonary Assessment System, LungTraX™ Platform, and StratX® Lung Analysis Reports are designed to assess and treat patients with severe emphysema/COPD who despite medical management are still profoundly symptomatic. Pulmonx received FDA pre-market approval to commercialize the Zephyr Valve following its designation as a “breakthrough device.” The Zephyr Valve is commercially available in more than 25 countries, is included in global treatment guidelines and is widely considered a standard of care treatment option for improving breathing, activity and quality of life in patients with severe emphysema. For more information on the Zephyr Valves and the company, please visit www.Pulmonx.com.
Pulmonx®, AeriSeal®, Chartis®, StratX®, and Zephyr® are registered trademarks and LungTraX™ is a trademark of Pulmonx Corporation.
Investor Contact
Brian Johnston
Laine Morgan
Gilmartin Group
investors@pulmonx.com
| Pulmonx Corporation Consolidated Statements of Operations (in thousands, except share and per share data) (Unaudited) | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | $ | 22,598 | $ | 23,765 | $ | 90,497 | $ | 83,789 | |||||||
| Cost of goods sold | 5,057 | 6,175 | 23,358 | 21,788 | |||||||||||
| Gross profit | 17,541 | 17,590 | 67,139 | 62,001 | |||||||||||
| Operating expenses | |||||||||||||||
| Research and development | 4,583 | 4,001 | 19,491 | 17,570 | |||||||||||
| Selling, general and administrative | 22,861 | 27,006 | 101,311 | 102,135 | |||||||||||
| Total operating expenses | 27,444 | 31,007 | 120,802 | 119,705 | |||||||||||
| Loss from operations | (9,903 | ) | (13,417 | ) | (53,663 | ) | (57,704 | ) | |||||||
| Interest income | 453 | 1,045 | 2,651 | 5,061 | |||||||||||
| Interest expense | (770 | ) | (842 | ) | (3,155 | ) | (3,507 | ) | |||||||
| Other income (expense), net | (19 | ) | 77 | 790 | 256 | ||||||||||
| Net loss before tax | (10,239 | ) | (13,137 | ) | (53,377 | ) | (55,894 | ) | |||||||
| Income tax expense | 186 | 38 | 626 | 500 | |||||||||||
| Net loss | $ | (10,425 | ) | $ | (13,175 | ) | $ | (54,003 | ) | $ | (56,394 | ) | |||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.25 | ) | $ | (0.33 | ) | $ | (1.33 | ) | $ | (1.44 | ) | |||
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 41,403,844 | 39,581,760 | 40,685,934 | 39,111,073 | |||||||||||
| Pulmonx Corporation Condensed Consolidated Balance Sheets (in thousands) (Unaudited) | |||||||
| December 31, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 69,751 | $ | 70,905 | |||
| Restricted cash | 258 | 257 | |||||
| Short-term marketable securities | — | 30,577 | |||||
| Accounts receivable, net | 12,072 | 13,120 | |||||
| Inventory | 15,845 | 16,915 | |||||
| Prepaid expenses and other current assets | 3,758 | 4,474 | |||||
| Total current assets | 101,684 | 136,248 | |||||
| Long-term inventory | 3,604 | 1,681 | |||||
| Property and equipment, net | 2,220 | 2,907 | |||||
| Goodwill | 2,333 | 2,333 | |||||
| Right of use assets | 18,028 | 18,545 | |||||
| Other long-term assets | 1,422 | 1,136 | |||||
| Total assets | $ | 129,291 | $ | 162,850 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 3,905 | $ | 3,827 | |||
| Accrued liabilities | 14,556 | 16,472 | |||||
| Income taxes payable | 263 | 49 | |||||
| Deferred revenue | 18 | 135 | |||||
| Short-term debt | 106 | 3,176 | |||||
| Current lease liabilities | 1,210 | 778 | |||||
| Total current liabilities | 20,058 | 24,437 | |||||
| Deferred tax liability | 69 | 87 | |||||
| Long-term lease liabilities | 18,059 | 18,515 | |||||
| Long-term debt | 36,989 | 34,002 | |||||
| Total liabilities | 75,175 | 77,041 | |||||
| Stockholders' equity | |||||||
| Common stock | 42 | 40 | |||||
| Additional paid-in capital | 573,272 | 551,211 | |||||
| Accumulated other comprehensive income | 2,360 | 2,113 | |||||
| Accumulated deficit | (521,558 | ) | (467,555 | ) | |||
| Total stockholders' equity | 54,116 | 85,809 | |||||
| Total liabilities and stockholders' equity | $ | 129,291 | $ | 162,850 | |||
| Pulmonx Corporation Reconciliation of Reported Revenue % Change to Constant Currency Revenue % Change (in thousands) (Unaudited) | ||||||||||||||
| Three Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | % Change | FX Impact % | Constant Currency % Change | ||||||||||
| United States | $ | 14,105 | $ | 15,879 | (11.2 | )% | — | % | (11.2 | )% | ||||
| International | 8,493 | 7,886 | 7.7 | % | 6.2 | % | 1.5 | % | ||||||
| Total | $ | 22,598 | $ | 23,765 | (4.9 | )% | 2.1 | % | (7.0 | )% | ||||
| Twelve Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | % Change | FX Impact % | Constant Currency % Change | ||||||||||
| United States | $ | 57,023 | $ | 56,465 | 1.0 | % | — | % | 1.0 | % | ||||
| International | 33,474 | 27,324 | 22.5 | % | 3.6 | % | 18.9 | % | ||||||
| Total | $ | 90,497 | $ | 83,789 | 8.0 | % | 1.2 | % | 6.8 | % | ||||
| Pulmonx Corporation Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA (in thousands) (Unaudited) | ||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| GAAP Net loss | $ | (10,425 | ) | $ | (13,175 | ) | $ | (54,003 | ) | $ | (56,394 | ) |
| Depreciation and amortization | 231 | 294 | 1,054 | 1,493 | ||||||||
| Stock-based compensation | 4,241 | 5,523 | 21,233 | 22,955 | ||||||||
| Impairment of capitalized software development costs | — | — | — | 1,717 | ||||||||
| Interest expense (income), net | 317 | (203 | ) | 504 | (1,554 | ) | ||||||
| Provision for income taxes | 186 | 38 | 626 | 500 | ||||||||
| Adjusted EBITDA | $ | (5,450 | ) | $ | (7,523 | ) | $ | (30,586 | ) | $ | (31,283 | ) |
FAQ
What did Pulmonx (LUNG) report for full year 2025 revenue on March 4, 2026?
How did Pulmonx (LUNG) perform in Q4 2025 and what affected profitability?
What financing action did Pulmonx (LUNG) take in March 2026 to strengthen its balance sheet?
What guidance did Pulmonx (LUNG) provide for full year 2026 on March 4, 2026?
How much cash did Pulmonx (LUNG) report at December 31, 2025 and what is the expected cash trend?
