LENSAR (LNSR) swings to Q2 2026 profit as revenue and ALLY usage climb
Rhea-AI Filing Summary
LENSAR, Inc. reported strong results for the quarter ended June 30, 2026, with total revenue of $16.5 million, up 18% from the prior-year quarter. Recurring revenue reached $13.7 million, a 20% increase, and accounted for 83% of total revenue.
Procedure revenue rose 23% to $10.2 million on procedure volume of 58,682, up 13% year over year. The total laser installed base grew to 445 systems, including 215 ALLY Robotic Cataract Laser Systems, with 10 new ALLY placements in the quarter and a backlog of 13 systems.
The company generated net income of $3.5 million versus a $1.8 million loss a year earlier, and delivered its strongest Adjusted EBITDA to date at $3.6 million, compared with a $0.3 million loss. Management cited higher revenue, lower operating expenses, and a $1.1 million tariff refund as key drivers, while noting reduced non-cash income from warrant liability revaluation. Cash, cash equivalents and investments totaled $13.6 million at June 30, 2026, down from $18.0 million at December 31, 2025.
Positive
- Revenue and recurring revenue grew strongly, with total revenue up 18% to $16.5 million and recurring revenue up 20% to $13.7 million versus Q2 2025.
- Profitability improved materially, as net income swung to $3.5 million from a $1.8 million loss and Adjusted EBITDA rose to $3.6 million from a $0.3 million loss.
- High-growth, recurring procedure activity supported results, with procedure revenue up 23% to $10.2 million and procedure volume up 13% to 58,682.
- Installed base and ALLY adoption expanded, as total lasers increased to 445 systems and the ALLY installed base grew 30% year over year to 215, supported by a backlog of 13 ALLY systems.
- Balance sheet equity strengthened, with total stockholders’ equity improving from a deficit of $(26.0) million at December 31, 2025 to positive equity of $14.9 million at June 30, 2026.
Negative
- Liquidity decreased, as cash, cash equivalents and investments declined to $13.6 million at June 30, 2026 from $18.0 million at December 31, 2025.
Filing Explained
The higher 12,282-share count means existing holders own a smaller percentage absent offsetting changes.
This Form 8-K furnishes the company’s completed-quarter results for the period ended
Common shares issued and outstanding were 12,282 at June 30, versus 11,993 at December 31, 2025; the higher share count reduces an existing holder’s percentage ownership absent offsetting changes.
The balance sheet also reports 20 issued and outstanding Series A redeemable convertible preferred shares with a
As a backward-looking liquidity reference, first-quarter cash and equivalents of
Sources and calculations
- LENSAR Form 8-K and Exhibit 99.1 (2026-08-13)
- Form 8-K purpose (current)
- Dilution definition (current)
- LENSAR first-quarter 2026 fundamentals (2026-03-31)
- Cash and equivalents vs quarterly operating cash outflow, in days of cash use $12,494,000 / ($4,271,000 / 90) = [object Object]
8-K Event Classification
Key Figures
Key Terms
recurring revenue financial
procedure volume financial
Adjusted EBITDA financial
warrant liabilities financial
equipment under lease financial
Earnings Snapshot
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did LENSAR (LNSR) perform financially in Q2 2026?
What were LENSAR (LNSR)’s recurring and procedure revenues in Q2 2026?
Did LENSAR (LNSR) achieve profitability in Q2 2026?
How is LENSAR’s (LNSR) ALLY System adoption and backlog trending?
What were LENSAR (LNSR)’s procedure volumes for Q2 2026?
What does LENSAR’s (LNSR) balance sheet look like after Q2 2026?
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 13, 2026, LENSAR, Inc. (the “Company”) issued a press release announcing financial results for the fiscal quarter ended June 30, 2026. A copy of the Company’s press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
Description |
99.1 |
Press Release of LENSAR, Inc., dated August 13, 2026 |
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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LENSAR, Inc. |
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Date: |
August 13, 2026 |
By: |
/s/ Nicholas T. Curtis |
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Name: Title: |
Nicholas T. Curtis |
Exhibit 99.1
LENSAR® Reports Second Quarter 2026 Results and Provides Business Update
10 ALLY Robotic Cataract Laser Systems® (“ALLY System”) Placements in Second Quarter 2026; Backlog of 13 ALLY Systems as of June 30, 2026
Second Quarter Recurring Revenue was $13.7 million
Total Laser Installed Base Climbs to 445 Systems, Driven by 30% Growth in ALLY Placements
ORLANDO, Fla. (Aug 13, 2026) - LENSAR, Inc. (Nasdaq: LNSR) (“LENSAR” or the “Company”), a global medical technology company focused on advanced robotic laser solutions for the treatment of cataracts, today announced financial results for the quarter ended June 30, 2026 and provided an update on key operational initiatives.
“In all metrics we delivered a significant second quarter, highlighted by 18% total revenue growth and 20% recurring revenue growth over the second quarter of 2025, and our strongest Adjusted EBITDA performance to date along with positive Net Income. These results reflect the continued strength of our business model, increasing utilization across our installed base, and sustained demand for the ALLY System,” said Nick Curtis, President and CEO of LENSAR. “Importantly, procedure revenue grew 23% over the second quarter last year as surgeons continued to increase the number of procedures performed using ALLY, reinforcing our belief in the solid health of our underlying business in realizing the long-term potential of our recurring revenue model. The growth we achieved during the second quarter gives us continued confidence in the trajectory of the business. Our increasing installed base, expanding recurring revenue and healthy backlog of pending installations exiting the second quarter position us well as we continue executing on our commercial strategy, LENSAR maintains a sharp focus on driving long-term value for our shareholders, as well as our surgeon partners and the patients they serve.”
LENSAR Q2 2026 Financial Summary
Metric |
Q2 2026 |
Q2 2025 |
% Change |
Revenue |
$16.5M |
$13.9M |
+18% |
Recurring revenue |
$13.7M |
$11.4M |
+20% |
Procedure revenue |
$10.2M |
$8.3M |
+23% |
Procedure volume |
58,682 |
52,100 |
+13% |
Recurring revenue % |
83% |
82% |
+1% |
Total Laser Installed Base |
445 |
410 |
+9% |
Total ALLY Installed Base |
215 |
165 |
+30% |
Net Income (Loss) |
$3.5M |
$(1.8)M |
N/M |
Adjusted EBITDA |
$3.6M |
$(0.3)M |
N/M |
*N/M = Not meaningful due to change from a loss to positive earnings.
Second Quarter 2026 Financial Results
In addition to the revenue growth summarized above, during the three months ended June 30, 2026, the Company placed 10 ALLY Systems, bringing the total installed ALLY base to approximately 215 at quarter end. As of June 30, 2026, the Company had a backlog of 13 ALLY Systems pending installation.
The following table provides information about revenue and recurring revenue, which we consider to be all components of our revenue except for the sales of our systems:
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Three Months Ended |
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Six Months Ended |
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(Dollars in thousands) |
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2026 |
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2025 |
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2026 |
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2025 |
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System |
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$ |
2,809 |
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$ |
2,576 |
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$ |
3,645 |
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$ |
5,208 |
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Recurring revenue: |
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Procedure |
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10,233 |
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8,334 |
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19,473 |
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16,620 |
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Lease |
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1,772 |
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1,645 |
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3,453 |
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3,529 |
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Service |
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1,681 |
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1,380 |
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3,352 |
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2,737 |
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Total recurring revenue |
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13,686 |
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11,359 |
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26,278 |
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22,886 |
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Total revenue |
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$ |
16,495 |
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$ |
13,935 |
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$ |
29,923 |
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$ |
28,094 |
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Recurring revenue % |
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83 |
% |
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82 |
% |
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88 |
% |
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81 |
% |
The following table provides information about procedure volume:
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2026 |
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2025 |
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2024 |
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Q1 |
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54,094 |
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52,347 |
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39,486 |
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Q2 |
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58,682 |
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52,100 |
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42,203 |
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Total |
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112,776 |
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104,447 |
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81,689 |
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Net income and Adjusted EBITDA increased due to improved revenue, lower operating expenses, and a $1.1 million tariff refund. Net income growth was offset by lower non-cash income related to the change in fair value of warrant liabilities.
Cash, cash equivalents, and investments totaled $13.6 million as of June 30, 2026, compared to $18.0 million at December 31, 2025.
Conference Call
LENSAR management will host a conference call and live webcast to discuss the results and provide an update on the Company’s go-forward strategy today, August 13, 2026, at 8:30 a.m. ET.
To participate by telephone, please use this registration link. All participants must use the link to complete the online registration process in advance of the conference call. The live webcast can be accessed under “Events & Presentations” in the Investor Relations section of the company’s website at https://ir.lensar.com. The call and webcast replay will be available for 30 days.
About LENSAR
LENSAR is a commercial-stage medical device company focused on designing, developing, and marketing advanced systems for the treatment of cataracts and the management of astigmatism as an integral aspect of the procedure. LENSAR has developed its ALLY Robotic Cataract Laser System® as a compact, highly ergonomic system utilizing an extremely fast dual-modality laser and proprietary imaging and software. ALLY is designed to transform premium cataract surgery by utilizing LENSAR’s advanced robotic technologies with the ability to perform the entire procedure in a sterile operating room or in-office surgical suite, delivering operational efficiencies and reduced overhead. ALLY includes LENSAR’s proprietary Streamline® software technology, designed to guide surgeons to achieve better outcomes.
Forward-looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding trends in worldwide procedure volume, ALLY’s
commercialization and the Company’s operational and financial performance and long-term strategic goals. In some cases, you can identify forward-looking statements by terms such as “aim,” “anticipate,” “approach,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “goal,” “intend,” “look,” “may,” “mission,” “plan,” “possible,” “potential,” “predict,” “project,” “pursue,” “should,” “target,” “will,” “would,” or the negative thereof and similar words and expressions.
Forward-looking statements are based on management’s current expectations, beliefs and assumptions and on information currently available to us. Such statements are subject to a number of known and unknown risks, uncertainties and assumptions, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various important factors, including, but not limited to: any anticipated effects of the termination of the agreement governing the merger on the value of our common stock; the outcome of any legal proceedings that may be instituted against us and others relating to the merger; our history of operating losses and ability to achieve or sustain profitability; our ability to develop, receive and maintain regulatory clearance or certification of and successfully commercialize the ALLY System and to maintain our LENSAR Laser System; the impact to our business, financial condition, results of operations and our suppliers and distributors as a result of global macroeconomic conditions; the willingness of patients to pay the price difference for our products compared to a standard cataract procedure covered by Medicare or other insurance; our ability to grow our U.S. sales and marketing organization or maintain or grow an effective network of international distributors; our future capital needs and our ability to raise additional funds on acceptable terms, or at all; the impact to our business, financial condition and results of operations as a result of a material disruption to the supply or manufacture of our systems or necessary component parts for such system or material inflationary pressures or enacted tariffs affecting pricing of component parts; our ability to compete against competitors that have longer operating histories, more established products and greater resources than we do; our ability to address the numerous risks associated with marketing, selling and leasing our products in markets outside the United States; the impact to our business, financial condition and results of operations as a result of exposure to the credit risk of our customers; our ability to accurately forecast customer demand and manage our inventory levels; the impact to our business, financial condition and results of operations if we are unable to secure adequate coverage or reimbursement by government or other third-party payors for procedures using our ALLY System or our other products, or changes in such coverage or reimbursement; the impact to our business, financial condition and results of operations of product liability suits brought against us; risks related to government regulation applicable to our products and operations; and risks related to our intellectual property and other intellectual property matters. In addition, a number of other important factors could cause the Company’s actual future results and other future circumstances to differ materially from those expressed in any forward-looking statements, including but not limited to the other important factors that are disclosed under the heading “Risk Factors” contained in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in its other filings with the SEC, including the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026, to be filed with the SEC, each accessible on the SEC’s website at www.sec.gov and the Investor Relations section of the Company’s website at https://ir.lensar.com.
All forward-looking statements are expressly qualified in their entirety by such factors. Except as required by law, the Company undertakes no obligation to publicly update or review any forward-looking statement, whether because of new information, future developments or otherwise. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.
Contacts: |
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Lee Roth |
Mike Rossi, Interim CFO |
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Burns McClellan for LENSAR |
ir.contact@lensar.com |
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lroth@burnsmc.com |
Non-GAAP Financial Measures: The Company prepares and analyzes operating and financial data and non-GAAP measures to assess the performance of its business, make strategic and offering decisions and build its financial projections. The key non-GAAP measures it uses are EBITDA and Adjusted EBITDA. EBITDA is defined as net loss before interest expense, interest income, income tax expense, depreciation and amortization expenses. EBITDA is a non-GAAP financial measure. EBITDA is included in this filing because we believe that EBITDA provides meaningful supplemental information for investors regarding the performance of our business and facilitates a meaningful evaluation of actual results on a comparable basis with historical results. Adjusted EBITDA is also a non-GAAP financial measure. We believe Adjusted EBITDA, which is defined as EBITDA and further excluding stock-based compensation expense, change in fair value of warrant liabilities, and acquisition-related income and costs provides meaningful supplemental information for investors when evaluating our results and comparing us to peer companies as stock-based compensation expense and change in fair value of warrant liabilities are significant non-cash charges, and acquisition-related income and costs are not recurring. We use these non-GAAP financial measures in order to have comparable financial results to analyze changes in our underlying business from quarter to quarter. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance and, therefore, any non-GAAP measures we use may not be directly comparable to similarly titled measures of other companies. Investors should not consider our non-GAAP financial measures in isolation or as a substitute for an analysis of our results as reported under GAAP.
Reconciliations of EBITDA and Adjusted EBITDA to their most comparable GAAP financial measure are set forth below.
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Three Months Ended |
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Six Months Ended |
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(Dollars in thousands) |
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2026 |
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2025 |
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2026 |
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2025 |
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Net income (loss) |
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$ |
3,535 |
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$ |
(1,764 |
) |
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$ |
39,867 |
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$ |
(29,109 |
) |
Less: Interest income |
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(171 |
) |
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(193 |
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(316 |
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(352 |
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Add: Depreciation expense |
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878 |
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865 |
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1,782 |
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1,709 |
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Add: Amortization expense |
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228 |
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230 |
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457 |
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462 |
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EBITDA |
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4,470 |
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(862 |
) |
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41,790 |
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(27,290 |
) |
Add: Stock-based compensation expense |
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347 |
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766 |
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1,037 |
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1,420 |
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Add: Change in fair value of warrant liabilities |
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(1,230 |
) |
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(4,332 |
) |
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(25,178 |
) |
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17,382 |
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Add: Acquisition-related costs |
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— |
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4,174 |
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(4,373 |
) |
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8,399 |
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Less: Acquisition-related income |
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— |
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— |
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(10,000 |
) |
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— |
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Adjusted EBITDA |
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$ |
3,587 |
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$ |
(254 |
) |
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$ |
3,276 |
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$ |
(89 |
) |
LENSAR, Inc.
STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
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Three Months Ended |
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Six Months Ended |
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2026 |
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2025 |
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2026 |
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2025 |
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Revenue |
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Product |
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$ |
13,042 |
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$ |
10,910 |
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$ |
23,118 |
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$ |
21,828 |
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Lease |
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1,772 |
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1,645 |
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3,453 |
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3,529 |
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Service |
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1,681 |
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1,380 |
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3,352 |
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2,737 |
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Total revenue |
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16,495 |
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13,935 |
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29,923 |
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28,094 |
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Cost of revenue (exclusive of amortization) |
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Product |
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3,839 |
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4,315 |
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7,786 |
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8,781 |
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Lease |
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851 |
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859 |
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1,740 |
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1,689 |
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Service |
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2,029 |
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1,737 |
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4,239 |
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3,475 |
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Total cost of revenue |
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6,719 |
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6,911 |
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13,765 |
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13,945 |
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Operating expenses |
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Selling, general and administrative expenses |
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6,141 |
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11,658 |
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8,670 |
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22,807 |
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Research and development expenses |
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1,273 |
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1,425 |
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2,658 |
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2,959 |
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Amortization of intangible assets |
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228 |
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230 |
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457 |
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462 |
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Total operating expenses |
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7,642 |
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13,313 |
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11,785 |
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26,228 |
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Operating income (loss) |
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2,134 |
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(6,289 |
) |
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4,373 |
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(12,079 |
) |
Other income (expense) |
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Change in fair value of warrant liabilities |
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1,230 |
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4,332 |
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25,178 |
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(17,382 |
) |
Acquisition-related income |
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— |
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|
|
— |
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10,000 |
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|
|
— |
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Other income, net |
|
|
171 |
|
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|
193 |
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|
|
316 |
|
|
|
352 |
|
Net income (loss) |
|
|
3,535 |
|
|
|
(1,764 |
) |
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|
39,867 |
|
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|
(29,109 |
) |
Other comprehensive income (loss) |
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|
|
|
|
|
|
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|
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|
||||
Change in unrealized loss on investments |
|
|
— |
|
|
|
(6 |
) |
|
|
(4 |
) |
|
|
(9 |
) |
Net income (loss) and comprehensive income (loss) |
|
$ |
3,535 |
|
|
$ |
(1,770 |
) |
|
$ |
39,863 |
|
|
$ |
(29,118 |
) |
Income (loss) per common share: |
|
|
|
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||||
Basic |
|
$ |
0.14 |
|
|
$ |
(0.15 |
) |
|
$ |
1.62 |
|
|
$ |
(2.46 |
) |
Diluted |
|
$ |
0.10 |
|
|
$ |
(0.15 |
) |
|
$ |
0.61 |
|
|
$ |
(2.46 |
) |
Weighted-average number of common shares used in calculation of net income (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
12,297 |
|
|
|
11,937 |
|
|
|
12,230 |
|
|
|
11,856 |
|
Diluted |
|
|
23,027 |
|
|
|
11,937 |
|
|
|
24,024 |
|
|
|
11,856 |
|
LENSAR, Inc.
BALANCE SHEETS
(In thousands, except per share amounts)
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June 30, 2026 |
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December 31, 2025 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
|
$ |
13,565 |
|
|
$ |
12,974 |
|
Short-term investments |
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|
— |
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|
|
5,004 |
|
Accounts receivable, net of allowance of $79 and $62, respectively |
|
|
6,170 |
|
|
|
6,377 |
|
Notes receivable, net of allowance of $10 and $6, respectively |
|
|
501 |
|
|
|
295 |
|
Inventories |
|
|
24,871 |
|
|
|
21,520 |
|
Prepaid and other current assets |
|
|
1,919 |
|
|
|
601 |
|
Total current assets |
|
|
47,026 |
|
|
|
46,771 |
|
Property and equipment, net |
|
|
445 |
|
|
|
505 |
|
Equipment under lease, net |
|
|
14,414 |
|
|
|
15,485 |
|
Notes and other receivables, long-term, net of allowance of $12 and $15, respectively |
|
|
582 |
|
|
|
731 |
|
Intangible assets, net |
|
|
4,734 |
|
|
|
5,191 |
|
Other assets |
|
|
2,357 |
|
|
|
2,747 |
|
Total assets |
|
$ |
69,558 |
|
|
$ |
71,430 |
|
Liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit) |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
11,193 |
|
|
$ |
18,982 |
|
Accrued liabilities |
|
|
4,728 |
|
|
|
7,771 |
|
Deferred revenue |
|
|
2,927 |
|
|
|
3,074 |
|
Operating lease liabilities |
|
|
792 |
|
|
|
747 |
|
Acquisition-related deposit |
|
|
— |
|
|
|
10,000 |
|
Total current liabilities |
|
|
19,640 |
|
|
|
40,574 |
|
Long-term accounts payable |
|
|
3,750 |
|
|
|
— |
|
Long-term operating lease liabilities |
|
|
1,589 |
|
|
|
1,988 |
|
Warrant liabilities |
|
|
15,016 |
|
|
|
40,194 |
|
Other long-term liabilities |
|
|
874 |
|
|
|
909 |
|
Total liabilities |
|
|
40,869 |
|
|
|
83,665 |
|
Series A Redeemable Convertible Preferred Stock, par value $0.01 per share, 20 shares authorized at June 30, 2026 and December 31, 2025; 20 shares issued and outstanding at June 30, 2026 and December 31, 2025; aggregate liquidation preference of $20,000 at June 30, 2026 and December 31, 2025 |
|
|
13,784 |
|
|
|
13,784 |
|
Stockholders’ equity (deficit): |
|
|
|
|
|
|
||
Preferred stock, par value $0.01 per share, 9,980 shares authorized at June 30, 2026 and December 31, 2025; no shares issued and outstanding at June 30, 2026 and December 31, 2025 |
|
|
— |
|
|
|
— |
|
Common stock, par value $0.01 per share, 150,000 shares authorized at June 30, 2026 and December 31, 2025; 12,282 and 11,993 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively |
|
|
123 |
|
|
|
120 |
|
Additional paid-in capital |
|
|
152,490 |
|
|
|
151,432 |
|
Accumulated other comprehensive income |
|
|
— |
|
|
|
4 |
|
Accumulated deficit |
|
|
(137,708 |
) |
|
|
(177,575 |
) |
Total stockholders’ equity (deficit) |
|
|
14,905 |
|
|
|
(26,019 |
) |
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit) |
|
$ |
69,558 |
|
|
$ |
71,430 |
|