Accuray (ARAY) margin improves but 2026 orders shrink
Rhea-AI Filing Summary
Accuray Incorporated (ARAY) reported fourth-quarter and fiscal 2026 results showing weaker top-line demand but notable cost and margin actions. For the June 30, 2026 quarter, net revenue was $100.9 million, a 21% decrease from $127.5 million a year earlier, driven by a 42% decline in product revenue to $40.8 million, partially offset by 6% growth in service revenue to $60.1 million. Quarterly gross profit was $35.1 million and gross margin improved to 34.8% from 30.6%, while operating expenses fell 15% to $29.6 million, including $0.7 million of restructuring charges. Adjusted EBITDA rose to $12.9 million from $9.4 million, but the quarter showed a net loss of $1.9 million.
For fiscal 2026, net revenue was $401.9 million, a 12% decrease from $458.5 million, with product revenue down 27% and service revenue up 4%. Full-year gross profit declined to $111.5 million and gross margin to 27.7%, while operating expenses were $137.9 million, including $16.2 million of restructuring; excluding these, operating expenses would have decreased 13% versus the prior year. Accuray recorded a GAAP net loss of $49.2 million ($0.40 per share) and Adjusted EBITDA of $10.6 million. Gross product orders fell to $191.9 million and order backlog to $312.5 million, about 27% lower than a year earlier. Cash, cash equivalents, and short-term restricted cash were $41.2 million at June 30, 2026.
Positive
- Quarterly gross margin improved to 34.8% from 30.6%, indicating better profitability on lower revenue.
- Fourth-quarter Adjusted EBITDA increased to $12.9 million from $9.4 million, showing stronger underlying earnings.
- Service revenue grew, with Q4 up 6% and fiscal 2026 up 4%, adding more recurring revenue.
- Excluding restructuring, fiscal 2026 operating expenses would have decreased 13%, reflecting cost-discipline progress.
Negative
- Fiscal 2026 net revenue declined 12% to $401.9 million, driven by a 27% drop in product revenue.
- Fiscal 2026 GAAP net loss widened to $49.2 million from a $1.6 million loss in the prior year.
- Order trends weakened, with gross product orders down to $191.9 million from $288.0 million and backlog down about 27%.
- Interest expense rose materially, totaling $32.9 million in fiscal 2026 versus $13.0 million a year earlier, pressuring earnings.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
book to bill ratio financial
order backlog financial
warrant liability financial
IEEPA refund financing Costs financial
Offering Details
FAQ
How did Accuray (ARAY) perform financially in the fourth quarter of fiscal 2026?
What were Accuray (ARAY)’s full-year fiscal 2026 revenue and net results?
How did Accuray’s (ARAY) product and service revenues trend in fiscal 2026?
What happened to Accuray (ARAY)’s orders and backlog in fiscal 2026?
How much Adjusted EBITDA did Accuray (ARAY) generate in fiscal 2026?
What is Accuray (ARAY)’s cash position and leverage outlook after fiscal 2026?
AI-generated analysis. How Rhea-AI works. Not financial advice.
SECURITIES AND EXCHANGE COMMISSION
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The
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Exhibit No.
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Description
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99.1
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Press release dated August 19, 2026, titled “Accuray Reports Fourth Quarter and Fiscal 2026 Financial Results”
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99.2
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Accuray Fourth Quarter and Fiscal 2026 Earnings Call Presentation
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document)
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ACCURAY INCORPORATED
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Date
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August 19, 2026
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By:
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/s/ Ali Pervaiz
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Ali Pervaiz
Senior Vice President & Chief Financial Officer |
Exhibit 99.1
Accuray Reports Fourth Quarter and Fiscal 2026 Financial Results
MADISON, Wisconsin, August 19, 2026 — Accuray Incorporated (NASDAQ: ARAY) today reported financial results for the fourth quarter and fiscal 2026, ended June 30, 2026.
Key Highlights
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The Company’s transformation plan delivered more than $20 million of cost and margin improvement during fiscal 2026, significantly exceeding the Company's original target of $12 million. |
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The Company announced a comprehensive financing transaction with TCW Asset Management that strengthens liquidity, reduces leverage, provides relief for certain covenants through December 2027, and enhances financial flexibility to support long-term strategic objectives. |
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Service revenue increased 6% year-over-year in the fourth quarter and 4% for the full fiscal year, reflecting continued momentum and a stable foundation for profitable growth in the Company’s recurring revenue business. |
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The Company has been expanding its strategic partnership ecosystem through collaborations with leading organizations across imaging, software, engineering, adaptive therapy, research, and customer support; accelerating innovation while enabling Accuray to remain focused on its core competencies. |
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Strong customer engagement at ESTRO 2026 reinforced growing market interest in Accuray's differentiated technologies and supported a meaningful increase in qualified commercial opportunities. |
“Fiscal 2026 was a transformational year for Accuray. Throughout the year, we strengthened our operational foundation, improved accountability and execution, expanded our ecosystem of strategic partnerships, advanced differentiated technology capabilities, and took important steps to enhance our financial position,” said Steve LaNeve, President and Chief Executive Officer. “Despite ongoing geopolitical uncertainty, tariff pressures, and market volatility, we remained focused on the factors within our control and successfully executed against the transformation initiatives we introduced earlier in the fiscal year. As a result, Accuray enters fiscal 2027 as a stronger company with greater financial flexibility, and a clear focus on driving sustainable revenue growth, margin expansion, and long-term shareholder value.”
Fiscal Fourth Quarter Results
Total net revenue was $100.9 million for the fourth quarter of fiscal 2026, or a decrease of 21 percent, as compared to $127.5 million in the prior fiscal year fourth quarter. Product revenue totaled $40.8 million, or a decrease of 42 percent, as compared to $70.7 million in the prior fiscal year fourth quarter, while service revenue totaled $60.1 million, or an increase of 6 percent, as compared to $56.8 million in the prior fiscal year fourth quarter.
Total gross profit in the fourth quarter of fiscal 2026 was $35.1 million, or 34.8 percent of net revenue, as compared to total gross profit of $39.0 million, or 30.6 percent of net revenue in the prior fiscal year fourth quarter.
Operating expenses were $29.6 million in the fourth quarter of fiscal 2026, or a decrease of 15 percent, as compared to $34.7 million in the prior fiscal year fourth quarter. Operating expenses in the fourth quarter of fiscal 2026 include $0.7 million of restructuring charges. Excluding restructuring charges, operating expenses would have decreased by $5.9 million or 17 percent, as compared to the prior fiscal year fourth quarter.
Net loss was $1.9 million, or $0.02 per share, in the fourth quarter of fiscal 2026, as compared to a net income of $1.1 million, or $0.01 per share, in the prior fiscal year fourth quarter. Adjusted EBITDA was $12.9 million in the fourth quarter of fiscal 2026 compared to $9.4 million in the prior fiscal year fourth quarter.
Gross product orders were $37.7 million in the fourth quarter of fiscal 2026 as compared to $84.7 million in the prior fiscal year fourth quarter. The book to bill ratio was 0.9 in the fourth quarter of fiscal 2026, as compared to 1.2 in the prior fiscal year fourth quarter. Order backlog as of June 30, 2026, was $312.5 million, approximately 27 percent lower than the end of the prior fiscal year fourth quarter.
Total cash, cash equivalents, and short-term restricted cash were $41.2 million as of June 30, 2026, an increase of $2.7 million from March 31, 2026.
Fiscal Year 2026 Highlights
Total net revenue was $401.9 million for fiscal 2026, or a decrease of 12 percent, as compared to $458.5 million in the prior fiscal year period. Product revenue totaled $172.7 million, or a decrease of 27 percent, as compared to $237.6 million in the prior fiscal year period. Service revenue totaled $229.2 million, or an increase of 4 percent, as compared to $220.9 million in the prior fiscal year period.
Total gross profit was $111.5 million for fiscal 2026, or 27.7 percent of net revenue, as compared to total gross profit of $147.0 million, or 32.1 percent of net revenue in the prior fiscal year period.
Operating expenses were $137.9 million for fiscal 2026, or a decrease of 1 percent, as compared to $139.1 million for the prior fiscal year period. Operating expenses in fiscal 2026 include $16.2 million of restructuring charges. Excluding restructuring charges, operating expenses would have decreased by $17.4 million or 13 percent, as compared to the prior fiscal year.
GAAP net loss was $49.2 million, or $0.40 per share, for the fiscal 2026, as compared to a net loss of $1.6 million, or $0.02 per share, in the prior fiscal year period. Adjusted EBITDA was $10.6 million for fiscal 2026, as compared to $28.3 million in the prior fiscal year period.
Gross product orders were $191.9 million for fiscal 2026 as compared to $288.0 million for the prior fiscal year period. The book to bill ratio was 1.1 in fiscal 2026, as compared to 1.2 in the prior fiscal year.
“Fiscal 2026 was a year of meaningful operational and structural change,” said Ali Pervaiz, Chief Financial Officer. “While product demand in certain regions remained impacted by geopolitical developments and tariff uncertainty, we continued to expand service revenue, improve operating efficiency, and execute our transformation initiatives ahead of expectations. We also announced a comprehensive transaction that enhances liquidity and reduces leverage as we enter the next phase of Accuray’s transformation.”
Fiscal Year 2027 Financial Guidance
As the Company enters fiscal 2027, management believes Accuray is operating from a position of greater strength than a year ago. The Company expects continued growth in service revenue, improved service margins driven by pricing optimization and operational efficiencies, ongoing operating expense discipline, and continued benefits from transformation initiatives. Strategic partnerships are also expected to play an increasingly important role in expanding capabilities while enabling the Company to remain focused on its core competencies.
Given ongoing uncertainty related to geopolitical developments, international trade policy, tariff impacts, conditions in China and the Middle East, and broader macroeconomic factors, the Company is not providing formal revenue or Adjusted EBITDA guidance for fiscal 2027 at this time. Management believes the actions taken during fiscal 2026 have strengthened the business and improved the Company’s ability to execute and create long-term value for shareholders.
Conference Call Information
Accuray will host a conference call beginning at 3:30 p.m. CT/4:30 p.m. ET today to discuss results for the fourth quarter of fiscal 2026 as well as recent corporate developments. Conference call dial-in information is as follows:
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U.S. callers: (888) 999-5318 |
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International callers: (848) 280-6460 |
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 (877) 344-7529 (USA), or (412) 317-0088 (International), Conference ID: 3326908. An archived webcast will also be available on Accuray’s website until Accuray announces its results for the first quarter of fiscal 2027.
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, changes to the fair value of warrant liability, and restructuring charges (“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 income (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 that 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 future results of operations and financial position, including expectations regarding: the company’s recently announced financing transaction; the company’s strategic partnerships and collaborations and ability to realize the expected benefits of those relationships; the ability to drive sustainable revenue growth, margin expansion, and long-term shareholder value; the effects of the global macroeconomic conditions on the company’s financial results and business as well as the business of the company’s customers and suppliers; the sufficiency of the company’s cash, cash equivalents and investments to meet the company’s anticipated cash needs for working capital and capital expenditures and the company’s business strategy, plans and objectives; the expected benefits from the transformation plan, including expected improvement in annualized operating profit and cost and margin improvements; the ability to achieve the objectives of the transformation plan; service revenue and service margin improvements; 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 improve sales and drive margin expansion; opportunities to accelerate top-line growth and expand profitability; the company’s ability to navigate supply chain, logistics, macroeconomic, and foreign exchange challenges; expectations related to the markets and regions in which the company operates; new product introductions and innovations; installed base growth; clinical outcomes; and the company’s ability to improve execution, drive sustainable, profitable growth, while creating long-term value for patients, providers and shareholders. Forward-looking statements generally can be identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “may,” “will be,” “will continue,” “will likely result,” and similar expressions. 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, risks related to the effect of the global macroeconomic environment on the operations of the company and those of its customers and suppliers; effects related to international tariffs; 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 company’s ability to realize the expected benefits of the China joint venture and other strategic partnerships; risks inherent in international operations; geopolitical uncertainty, including armed conflict or political instability in the Middle East or other regions in which the company or its customers operate, and the effect of such conditions on the timing of system installations, customer site readiness, service revenue recognition, and the ability to complete transactions in affected markets; 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 May 6, 2026, 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 place undue reliance on any forward-looking statements.
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Aman Patel, CFA |
Steve Monroe |
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Investor Relations, ICR-Westwicke |
Vice President, Financial Planning & Analysis - Accuray |
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investor.relations@accuray.com |
investor.relations@accuray.com |
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Financial Tables to Follow
Accuray Incorporated
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)
Three Months Ended June 30, |
Twelve Months Ended June 30, |
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2026 |
2025 |
2026 |
2025 |
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Net revenue: |
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Products |
$ | 40,832 | $ | 70,702 | $ | 172,712 | $ | 237,580 | ||||||||
Services |
60,087 | 56,841 | 229,235 | 220,925 | ||||||||||||
Total net revenue |
100,919 | 127,543 | 401,947 | 458,505 | ||||||||||||
Cost of revenue: |
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Cost of products |
27,895 | 51,254 | 132,297 | 162,569 | ||||||||||||
Cost of services |
37,947 | 37,310 | 158,196 | 148,969 | ||||||||||||
Total cost of revenue |
65,842 | 88,564 | 290,493 | 311,538 | ||||||||||||
Gross profit |
35,077 | 38,979 | 111,454 | 146,967 | ||||||||||||
Operating expenses: |
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Research and development |
7,707 | 11,470 | 37,753 | 47,942 | ||||||||||||
Selling and marketing |
9,587 | 11,409 | 38,573 | 43,315 | ||||||||||||
General and administrative |
11,512 | 11,866 | 45,398 | 47,871 | ||||||||||||
Restructuring |
747 | — | 16,172 | — | ||||||||||||
Total operating expenses |
29,553 | 34,745 | 137,896 | 139,128 | ||||||||||||
Income (loss) from operations |
5,524 | 4,234 | (26,442 | ) | 7,839 | |||||||||||
(Loss) income from equity method investment |
(194 | ) | 885 | 1,124 | 4,714 | |||||||||||
Interest expense |
(8,698 | ) | (4,226 | ) | (32,905 | ) | (12,954 | ) | ||||||||
Gain on extinguishment of debt |
— | 1,475 | — | 1,475 | ||||||||||||
IEEPA refund financing costs |
(2,405 | ) | — | (2,405 | ) | — | ||||||||||
Gain (loss) from change in fair value of warrant liability |
1,171 | (499 | ) | 8,369 | (499 | ) | ||||||||||
Other income, net |
3,095 | 202 | 5,011 | 559 | ||||||||||||
Income (loss) before provision for income taxes |
(1,507 | ) | 2,071 | (47,248 | ) | 1,134 | ||||||||||
Provision for income taxes |
434 | 948 | 1,946 | 2,725 | ||||||||||||
Net income (loss) |
$ | (1,941 | ) | $ | 1,123 | $ | (49,194 | ) | $ | (1,591 | ) | |||||
Net income (loss) per share - basic |
$ | (0.02 | ) | $ | 0.01 | $ | (0.40 | ) | $ | (0.02 | ) | |||||
Net income (loss) per share - diluted |
$ | (0.02 | ) | $ | 0.01 | $ | (0.40 | ) | $ | (0.02 | ) | |||||
Weighted average common shares used in computing income (loss) per share: |
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Basic |
126,390 | 106,702 | 122,635 | 102,768 | ||||||||||||
Diluted |
126,390 | 108,891 | 122,635 | 102,768 | ||||||||||||
Accuray Incorporated
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
June 30, |
June 30, |
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2026 |
2025 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ | 40,623 | $ | 57,416 | ||||
Restricted cash |
611 | 574 | ||||||
Accounts receivable, net |
67,409 | 83,192 | ||||||
Inventories, net |
147,075 | 141,020 | ||||||
Prepaid expenses and other current assets |
31,783 | 33,501 | ||||||
Deferred cost of revenue |
276 | 1,762 | ||||||
Total current assets |
287,777 | 317,465 | ||||||
Noncurrent assets: |
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Property and equipment, net |
27,316 | 28,658 | ||||||
Investment in joint venture |
5,024 | 4,612 | ||||||
Operating lease right-of-use assets |
27,512 | 33,115 | ||||||
Goodwill |
57,911 | 57,802 | ||||||
Restricted cash |
7,533 | 4,144 | ||||||
Other assets |
30,603 | 24,443 | ||||||
Total assets |
$ | 443,676 | $ | 470,239 | ||||
Liabilities and stockholders' equity |
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Current liabilities: |
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Accounts payable |
$ | 40,554 | $ | 34,033 | ||||
Accrued compensation |
15,666 | 14,573 | ||||||
Operating lease liabilities, current |
8,236 | 7,375 | ||||||
Other accrued liabilities |
32,235 | 29,361 | ||||||
Customer advances |
10,401 | 12,197 | ||||||
Deferred revenue, current |
82,813 | 82,306 | ||||||
Short-term debt, net |
1,500 | 12,734 | ||||||
Total current liabilities |
191,405 | 192,579 | ||||||
Operating lease liabilities, non-current |
27,768 | 32,482 | ||||||
Long-term other liabilities |
5,477 | 5,160 | ||||||
Warrant liability |
2,427 | 8,497 | ||||||
Deferred revenue, non-current |
28,530 | 26,566 | ||||||
Long-term debt, net |
146,370 | 123,786 | ||||||
Total liabilities |
401,977 | 389,070 | ||||||
Stockholders' Equity: |
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Common stock |
119 | 113 | ||||||
Additional paid-in capital |
613,559 | 602,165 | ||||||
Accumulated other comprehensive loss |
(3,513 | ) | (1,837 | ) | ||||
Accumulated deficit |
(568,466 | ) | (519,272 | ) | ||||
Total stockholders’ equity |
41,699 | 81,169 | ||||||
Total liabilities and stockholders’ equity |
$ | 443,676 | $ | 470,239 | ||||
Accuray Incorporated
Summary of Orders and Backlog
(in thousands)
(Unaudited)
Three Months Ended June 30, |
Twelve Months Ended June 30, |
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2026 |
2025 |
2026 |
2025 |
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Gross orders |
$ | 37,741 | $ | 84,741 | $ | 191,898 | $ | 288,035 | ||||||||
Net orders |
(2,927 | ) | 45,282 | 58,217 | 177,233 | |||||||||||
Order backlog |
312,549 | 426,972 | 312,549 | 426,972 | ||||||||||||
Book to bill ratio (a) |
0.9 | 1.2 | 1.1 | 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 Earnings Before Interest, Taxes, Depreciation,
Amortization, Stock-Based Compensation and Other (Adjusted EBITDA)
(in thousands)
Three Months Ended June 30, |
Twelve Months Ended June 30, |
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2026 |
2025 |
2026 |
2025 |
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GAAP net income (loss) |
$ | (1,941 | ) | $ | 1,123 | $ | (49,194 | ) | $ | (1,591 | ) | |||||
Depreciation and amortization (a) |
2,025 | 1,598 | 7,942 | $ | 6,150 | |||||||||||
Stock-based compensation |
1,680 | 2,818 | 6,455 | 10,201 | ||||||||||||
Interest expense, net (b) |
8,578 | 3,937 | 32,086 | 11,762 | ||||||||||||
Gain on extinguishment of debt |
— | (1,475 | ) | — | (1,475 | ) | ||||||||||
Provision for income taxes |
434 | 948 | 1,946 | 2,725 | ||||||||||||
(Gain) loss from change in fair value of warrant liability |
(1,171 | ) | 499 | (8,369 | ) | 499 | ||||||||||
IEEPA refund financing Costs |
2,405 | — | 2,405 | — | ||||||||||||
Restructuring charges |
747 | — | 16,172 | — | ||||||||||||
Post financing cost |
121 | — | 1,152 | — | ||||||||||||
Adjusted EBITDA |
$ | 12,878 | $ | 9,448 | $ | 10,595 | $ | 28,271 | ||||||||
(a) Consists of depreciation, primarily on property and equipment, as well as amortization of capitalized software and intangibles.
(b) Consists of interest expense net of interest income.
Exhibit 99.2
