Pulmonx (NASDAQ: LUNG) Q1 revenue falls 9% but 2026 outlook reaffirmed
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Pulmonx Corporation reported first-quarter 2026 results with lower revenue but improved margins and a slightly smaller loss. Revenue was $20.6 million, down 9% from $22.5 million a year earlier, with U.S. revenue of $13.3 million and international revenue of $7.3 million. International sales were hurt by a lack of sales into China while the company awaits renewal of its registration certificate; excluding China, international revenue grew 22%.
Gross profit was $16.0 million and gross margin improved to 78% from 73% in 2025. Operating expenses fell 6% to $29.0 million. Net loss narrowed to $13.7 million, or $0.33 per share, from $14.4 million, or $0.36 per share. Adjusted EBITDA loss was $8.5 million, and cash and cash equivalents totaled $61.6 million as of March 31, 2026.
Pulmonx reaffirmed its 2026 outlook, continuing to expect full-year revenue of $90–$92 million, gross margin of about 75%, and total operating expenses of $113–$115 million, including roughly $19 million of stock-based compensation. Management highlighted refreshed U.S. commercial strategies, a fully staffed global sales organization, and a recently refinanced 5-year interest-only credit facility maturing in 2031.
Positive
- None.
Negative
- None.
Insights
Revenue declined near-term, but margins, cost discipline and 2026 guidance held steady.
Pulmonx posted Q1 2026 revenue of $20.6 million, down 9% year over year, with constant-currency decline of 12.2%. The main drag was China, where registration renewal halted sales; international revenue excluding China grew 21.7%, suggesting underlying procedure demand remains intact in other markets.
Profitability metrics improved despite lower revenue. Gross margin rose to 78% from 73%, and operating expenses fell 6% to $29.0 million, narrowing net loss to $13.7 million or $0.33 per share. Adjusted EBITDA loss was roughly flat at $8.5 million, indicating early operating leverage from cost controls and pricing or mix benefits.
Management reaffirmed full-year 2026 guidance for revenue of $90–$92 million, gross margin around 75%, and operating expenses of $113–$115 million, and noted a 5‑year interest‑only credit facility maturing in 2031. Future filings will clarify progress on China registration renewal, execution of refreshed U.S. commercial strategies, and whether sequential revenue improvement and targeted operating leverage materialize through the rest of 2026.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 revenue: $20.6M
Q1 2026 gross margin: 78%
Q1 2026 net loss: $13.7M
+5 more
8 metrics
Q1 2026 revenue
$20.6M
Total revenue for quarter ended March 31, 2026; down 9% YoY
Q1 2026 gross margin
78%
Improved from 73% in Q1 2025
Q1 2026 net loss
$13.7M
Net loss for quarter; $0.33 per share vs $0.36 prior year
Q1 2026 Adjusted EBITDA
-$8.5M
Adjusted EBITDA loss for quarter ended March 31, 2026
Cash and cash equivalents
$61.6M
Balance as of March 31, 2026
2026 revenue guidance
$90–$92M
Full-year 2026 revenue outlook reaffirmed
2026 gross margin guidance
75%
Expected full-year 2026 gross margin
2026 operating expenses guidance
$113–$115M
Expected 2026 total operating expenses including ~$19M SBC
Key Terms
constant currency, Adjusted EBITDA, non-GAAP financial measures, credit facility, +2 more
6 terms
constant currency financial
"a decrease of 12% on a constant currency basis"
Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.
Adjusted EBITDA financial
"Adjusted EBITDA loss in the first quarter of 2026 was $8.5 million"
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 measures financial
"Pulmonx provides certain non-GAAP financial measures in this release"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
credit facility financial
"refinanced prior debt under a new 5-year interest-only credit facility"
A credit facility is a flexible loan arrangement that allows a borrower to access funds up to a set limit whenever needed, similar to a company having an overdraft option on a bank account. It matters to investors because it indicates how easily a business can secure cash when required, affecting its ability to manage expenses, invest, or respond to financial challenges.
forward-looking statements regulatory
"This press release contains forward-looking statements within the meaning"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
stock-based compensation financial
"inclusive of approximately $19 million of non-cash stock-based compensation"
Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.
Earnings Snapshot
Revenue: $20.6M · Guidance included
Q1 2026
Revenue
$20.6M
-9% YoY
Gross margin
78%
up from 73% in Q1 2025
Net loss
$13.7M
improved from $14.4M in Q1 2025
Adjusted EBITDA
-$8.5M
roughly flat vs -$8.5M in Q1 2025
Guidance
Pulmonx expects full-year 2026 revenue of $90–$92 million, gross margin of approximately 75%, and total operating expenses of $113–$115 million, including about $19 million of non-cash stock-based compensation, with cash, cash equivalents, and marketable securities decreasing by approximately $23 million.
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): April 29 2026
(Exact name of Registrant as Specified in Its Charter)
| (State or Other Jurisdiction | (Commission File Number) | (IRS Employer | |||||||||
| of Incorporation) | Identification No.) | ||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | ||||||||||
(650 )364-0400
Registrant's telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report.)
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 (see General Instructions A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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 April 29, 2026, Pulmonx Corporation (the “Company”) issued a press release announcing its financial results for the first fiscal quarter ended March 31, 2026. A copy of the Company’s press release dated April 29, 2026, titled “Pulmonx Reports First Quarter 2026 Financial Results” is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
The foregoing information (including the exhibit hereto) is being furnished under “Item 2.02 Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Press release dated April 29, 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, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Pulmonx Corporation
Dated: April 29, 2026
| By: | /s/ Derrick Sung | ||||
Derrick Sung, Ph.D. | |||||
| Chief Operating Officer and Chief Financial Officer | |||||
Exhibit 99.1
Pulmonx Reports First Quarter 2026 Financial Results
Redwood City, CA – April 29, 2026 – Pulmonx Corporation (Nasdaq: LUNG) (“Pulmonx” or the "Company"), a global leader in minimally invasive treatments for lung disease, today reported financial results for the first quarter of 2026 ended March 31, 2026.
Recent Highlights
•Achieved worldwide revenue of $20.6 million in the first quarter of 2026, a 9% decrease over the same period last year and a decrease of 12% on a constant currency basis
•Delivered $13.3 million in U.S. revenue in the first quarter of 2025, representing a 7% year-over-year decrease
•Delivered $7.3 million in international revenue in the first quarter of 2026, representing a 12% year-over-year decrease and a decrease of 21% on a constant currency basis; excluding China, year-over-year international revenue increased 22% and 9% on a constant currency basis
•Realized gross margin of 78% in the first quarter of 2026
•As previously reported, refinanced prior debt under a new 5-year interest-only credit facility that extends maturity out to 2031
“During the first quarter we initiated our refreshed U.S. commercial strategies and continued to execute in our direct international markets. We are encouraged by early signs of progress from the actions we have taken to refocus our U.S. sales organization and advance our clinical programs,” said Glen French, President and Chief Executive Officer of Pulmonx. “With a fully staffed global sales organization, we remain confident in our ability to drive sequential improvement in revenue growth, execute against our strategic priorities, and deliver meaningful operating leverage in 2026.”
First Quarter 2026 Financial Results
Total worldwide revenue in the first quarter of 2026 was $20.6 million, a 9% decrease from $22.5 million in the first quarter of 2025 and a decrease of 12% on a constant currency basis. U.S. revenue was $13.3 million, a 7% decrease from the first quarter of 2025. International revenue was $7.3 million, a 12% decrease compared to the first quarter of 2025, and a 21% decrease on a constant currency basis. The decrease in international revenue was attributable to a lack of sales into China as we await the renewal of our registration certificate. Excluding China, international revenue grew 22% and 9% on a constant currency basis.
Gross profit in the first quarter of 2026 was $16.0 million, compared to $16.3 million for the first quarter of 2025. Gross margin for the first quarter of 2026 was 78%, compared to 73% for the same period in 2025.
Operating expenses in the first quarter of 2026 were $29.0 million, compared to $30.9 million for the first quarter of 2025, representing a decrease of 6%.
Net loss in the first quarter of 2026 was $13.7 million, or $0.33 per share, compared to a net loss of $14.4 million, or $0.36 per share, for the same period in 2025.
Adjusted EBITDA loss in the first quarter of 2026 was $8.5 million.
Cash and cash equivalents totaled $61.6 million as of March 31, 2026.
2026 Financial Outlook
Pulmonx continues to expect revenue for the full year 2026 to be in the range of $90 million to $92 million.
The Company continues to expect gross margin for the full year 2026 to be approximately 75%.
Pulmonx continues to expect total operating expenses for the full year 2026 to fall within the range of $113 million to $115 million, inclusive of approximately $19 million of non-cash stock-based compensation.
The Company continues to expect cash, cash equivalents, and marketable securities to decrease by approximately $23 million for the full year 2026 assuming no additional drawdowns under the Company’s credit facility.
Webcast and Conference Call Details
Pulmonx will host a conference call today, April 29, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its first quarter financial results. 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, such as impairment charges. 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 these non-GAAP financial measures to the most comparable GAAP measures 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 commercial strategy to grow the adoption of our Zephyr Valve treatment and expand our global treatable market, our expectations regarding our ability to drive sequential improvements in U.S. revenue growth, executive against our strategic priorities, deliver meaningful operating leverage, our possible or assumed future results of operations, including long-term outlook, descriptions of our revenues, total operating expenses, gross margin, balances of
cash, cash equivalents, and marketable securities, profitability, guidance for full year 2026, commercial momentum, and overall business strategy. 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 Pulmonx’s public filings with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K filed with the SEC on March 10, 2026, 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, LungTraXTM 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 LungTraXTM is a trademark of Pulmonx Corporation.
Investor Contact
Brian Johnston
Gilmartin Group
investors@pulmonx.com
Pulmonx Corporation
Consolidated Statements of Operations
(in thousands, except share and per share data)
(Unaudited)
Three Months Ended March 31, | ||||||||||||||
2026 | 2025 | |||||||||||||
Revenue | $ | 20,586 | $ | 22,538 | ||||||||||
Cost of goods sold | 4,542 | 6,196 | ||||||||||||
Gross profit | 16,044 | 16,342 | ||||||||||||
Operating expenses | ||||||||||||||
Research and development | 4,899 | 4,756 | ||||||||||||
Selling, general and administrative | 24,101 | 26,149 | ||||||||||||
Total operating expenses | 29,000 | 30,905 | ||||||||||||
Loss from operations | (12,956) | (14,563) | ||||||||||||
Interest income | 350 | 864 | ||||||||||||
Interest expense | (976) | (781) | ||||||||||||
Other income, net | 77 | 167 | ||||||||||||
Net loss before tax | (13,505) | (14,313) | ||||||||||||
Income tax expense | 149 | 135 | ||||||||||||
Net loss | $ | (13,654) | $ | (14,448) | ||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.33) | $ | (0.36) | ||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 41,897,669 | 39,954,658 | ||||||||||||
Pulmonx Corporation
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
March 31, 2026 | December 31, 2025 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 61,572 | $ | 69,751 | |||||||
Restricted cash | 257 | 258 | |||||||||
Accounts receivable, net | 10,830 | 12,072 | |||||||||
Inventory | 16,310 | 15,845 | |||||||||
Prepaid expenses and other current assets | 3,777 | 3,758 | |||||||||
Total current assets | 92,746 | 101,684 | |||||||||
Long-term inventory | 3,819 | 3,604 | |||||||||
Property and equipment, net | 2,060 | 2,220 | |||||||||
Goodwill | 2,333 | 2,333 | |||||||||
Right of use assets | 17,654 | 18,028 | |||||||||
Other long-term assets | 1,354 | 1,422 | |||||||||
Total assets | $ | 119,966 | $ | 129,291 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 3,474 | $ | 3,905 | |||||||
Accrued liabilities | 13,728 | 14,556 | |||||||||
Income taxes payable | 329 | 263 | |||||||||
Deferred revenue | 32 | 18 | |||||||||
Short-term debt | 104 | 106 | |||||||||
Current lease liabilities | 1,239 | 1,210 | |||||||||
Total current liabilities | 18,906 | 20,058 | |||||||||
Deferred tax liability | 72 | 69 | |||||||||
Long-term lease liabilities | 17,741 | 18,059 | |||||||||
Long-term debt | 37,209 | 36,989 | |||||||||
Common stock warrant liability | 277 | — | |||||||||
Total liabilities | 74,205 | 75,175 | |||||||||
Stockholders' equity | |||||||||||
Common stock | 42 | 42 | |||||||||
Additional paid-in capital | 578,762 | 573,272 | |||||||||
Accumulated other comprehensive income | 2,169 | 2,360 | |||||||||
Accumulated deficit | (535,212) | (521,558) | |||||||||
Total stockholders' equity | 45,761 | 54,116 | |||||||||
Total liabilities and stockholders' equity | $ | 119,966 | $ | 129,291 | |||||||
Pulmonx Corporation
Reconciliation of Reported Revenue % Change to Constant Currency Revenue % Change
(in thousands, except percentages)
(Unaudited)
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2026 | 2025 | % Change | FX Impact % | Constant Currency % Change | |||||||||||||||||||||||||
United States | $ | 13,255 | $ | 14,221 | (6.8) | % | — | % | (6.8) | % | |||||||||||||||||||
International | 7,331 | 8,317 | (11.9) | % | 9.5 | % | (21.4) | % | |||||||||||||||||||||
Total | $ | 20,586 | $ | 22,538 | (8.7) | % | 3.5 | % | (12.2) | % | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||||||||
2026 | 2025 | % Change | FX Impact % | Constant Currency % Change | |||||||||||||||||||||||||
International | $ | 7,331 | $ | 8,317 | (11.9) | % | 9.5 | % | (21.4) | % | |||||||||||||||||||
less China | — | (2,295) | (100.0) | % | — | % | (100.0) | % | |||||||||||||||||||||
International excluding China | $ | 7,331 | $ | 6,022 | 21.7 | % | 13.1 | % | 8.6 | % | |||||||||||||||||||
Pulmonx Corporation
Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA
(in thousands)
(Unaudited)
Three Months Ended March 31, | |||||||||||
2026 | 2025 | ||||||||||
GAAP Net loss | $ | (13,654) | $ | (14,448) | |||||||
Depreciation and amortization | 220 | 278 | |||||||||
Stock-based compensation | 4,136 | 5,612 | |||||||||
Interest (income)/expense, net | 626 | (83) | |||||||||
Provision for income taxes | 149 | 135 | |||||||||
Adjusted EBITDA | $ | (8,523) | $ | (8,506) | |||||||
FAQ
How did Pulmonx (LUNG) perform financially in Q1 2026?
Pulmonx reported Q1 2026 revenue of $20.6 million, down from $22.5 million a year earlier. Net loss was $13.7 million, or $0.33 per share, slightly improved versus a $14.4 million, $0.36 per-share loss in Q1 2025.
What happened to Pulmonx’s international and China revenue in Q1 2026?
International revenue was $7.3 million, a 12% year-over-year decline and 21.4% decline on a constant currency basis. The drop was driven by no sales into China while Pulmonx awaits renewal of its registration certificate; international revenue excluding China grew 22%.
How did Pulmonx’s margins and expenses trend in Q1 2026?
Pulmonx’s Q1 2026 gross margin improved to 78%, up from 73% a year earlier, on gross profit of $16.0 million. Total operating expenses decreased 6% to $29.0 million, reflecting cost discipline while the company continues investing in research, selling, general, and administrative functions.
What guidance did Pulmonx (LUNG) provide for full-year 2026?
Pulmonx reaffirmed full-year 2026 revenue guidance of $90–$92 million. The company also expects gross margin around 75% and total operating expenses of $113–$115 million, including approximately $19 million of non-cash stock-based compensation, with cash and securities projected to decline by about $23 million.
What is Pulmonx’s cash position and debt profile after Q1 2026?
As of March 31, 2026, Pulmonx held $61.6 million in cash and cash equivalents. The company also refinanced prior debt with a 5‑year interest‑only credit facility extending debt maturity to 2031, providing longer-term balance sheet flexibility while it pursues growth initiatives.
How does Pulmonx measure Adjusted EBITDA and what was it in Q1 2026?
Pulmonx defines Adjusted EBITDA as net loss excluding interest, taxes, depreciation, amortization and stock-based compensation, and potentially certain non-recurring items. For Q1 2026, Adjusted EBITDA loss was $8.5 million, similar to the $8.5 million Adjusted EBITDA loss reported in Q1 2025.