Pulmonx (NASDAQ: LUNG) details 2025 results and 2026 financial guidance
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Pulmonx Corporation reported mixed fourth quarter and full-year 2025 results while issuing cautious 2026 guidance. Full-year 2025 revenue reached $90.5 million, up 8% from 2024, driven by 23% international growth, while U.S. revenue grew 1%. Fourth quarter revenue was $22.6 million, down 5% year over year, as U.S. sales declined 11% but international revenue rose 8%.
Profitability metrics improved modestly. Full-year gross profit was $67.1 million with a 74% gross margin, and fourth quarter gross margin increased to 78%. The company narrowed its net loss to $54.0 million for 2025, or $1.33 per share, from a $56.4 million loss in 2024, and reduced its adjusted EBITDA loss to $30.6 million.
Pulmonx ended 2025 with $69.8 million in cash, cash equivalents, and marketable securities, down about $32 million over the year. It refinanced its debt with a new 5-year interest-only credit facility providing up to $60 million and extending maturity to 2031, and executed a cost restructuring to lower operating expenses. For 2026, the company guides revenue to $90–$92 million, gross margin around 75%, operating expenses of $113–$115 million (including about $21 million of stock-based compensation), and expects cash and investments to decline by roughly $23 million, assuming no further credit facility drawdowns.
Positive
- None.
Negative
- None.
Insights
Pulmonx shows modest growth, tighter costs, and flattish 2026 outlook.
Pulmonx delivered
Operating expenses increased only
The balance sheet shows
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): March 4, 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 March 4, 2026, Pulmonx Corporation (the “Company”) issued a press release announcing its financial results for the fourth fiscal quarter and year ended December 31, 2025. A copy of the Company’s press release dated March 4, 2026, titled “Pulmonx Reports Fourth Quarter and Full Year 2025 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 March 4, 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: March 4, 2026
| By: | /s/ Derrick Sung | ||||
| Derrick Sung, Ph. D. | |||||
| Chief Operating Officer and Chief Financial Officer | |||||
Exhibit 99.1
Pulmonx Reports Fourth Quarter and Full Year 2025 Financial Results
Redwood City, CA – March 4, 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 fourth quarter and full year ended December 31, 2025.
Recent Highlights
•Delivered $90.5 million in worldwide revenue for the full year of 2025, an 8% increase over the prior year and an increase of 7% on a constant currency basis
•Achieved worldwide revenue of $22.6 million for the fourth quarter of 2025, a 5% decrease over the same period last year and a decrease of 7% on a constant currency basis
•Realized gross margin of 78% in the fourth quarter of 2025 and 74% 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 $22.6 million, a 5% decrease from $23.8 million in the fourth quarter of 2024 and a decrease of 7% on a constant currency basis. U.S. revenue was $14.1 million, a 11% decrease from the fourth quarter of 2024. International revenue was $8.5 million, an 8% increase compared to the fourth quarter of 2024, and a 2% increase on a constant currency basis.
Gross profit in the fourth quarter of 2025 was $17.5 million, compared to $17.6 million for the fourth quarter of 2024. Gross margin for the fourth quarter of 2025 was 78%, compared to 74% for the same period in 2024.
Operating expenses in the fourth quarter of 2025 were $27.4 million, compared to $31.0 million for the fourth quarter of 2024, representing a decrease of 11%.
Net loss in the fourth quarter of 2025 was $10.4 million, or $0.25 per share, compared to a net loss of $13.2 million, or $0.33 per share, for the same period in 2024. Adjusted EBITDA loss in the fourth quarter of 2025 was $5.5 million compared to $7.5 million for the same period in 2024.
Full Year 2025 Financial Results
Total worldwide revenue for the full year of 2025 was $90.5 million, an 8% increase from $83.8 million for the full year of 2024 and an increase of 7% on a constant currency basis. U.S. revenue was $57.0 million, a 1% increase from $56.5 million for the full year of 2024. International revenue was $33.5 million, a 23% increase from $27.3 million for the full year of 2024, and a 19% increase on a constant currency basis.
Gross profit for the full year of 2025 was $67.1 million, an 8% increase compared to $62.0 million for the full year of 2024. Gross margin for the full year of 2025 was 74%, approximately in line with the prior year.
Operating expenses for the full year of 2025 were $120.8 million, compared to $119.7 million for the full year of 2024, representing an increase of 1%.
Net loss for the full year of 2025 was $54.0 million, or $1.33 per share, compared to a net loss of $56.4 million, or $1.44 per share, for the same period in 2024. Adjusted EBITDA loss for the full year of 2025 was $30.6 million compared to $31.3 million for the full year of 2024.
Cash, cash equivalents, and marketable securities totaled $69.8 million as of December 31, 2025, representing a decrease of approximately $32 million compared to December 31, 2024.
Full Year 2026 Financial Guidance
Pulmonx expects revenue for the full year 2026 to be in the range of $90 million to $92 million.
The Company expects gross margin for the full year 2026 to be approximately 75%.
Pulmonx expects total operating expenses for the full year 2026 to fall within the range of $113 million to $115 million, inclusive of approximately $21 million of non-cash stock-based compensation.
The Company expects 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 recently closed credit facility.
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 LungTraXTM 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
How did Pulmonx (LUNG) perform in the fourth quarter of 2025?
Pulmonx reported fourth quarter 2025 revenue of $22.6 million, a 5% decline year over year. U.S. revenue fell 11% to $14.1 million, while international revenue grew 8% to $8.5 million. Gross margin improved to 78%, and net loss narrowed to $10.4 million.
What were Pulmonx’s full-year 2025 financial results?
For 2025, Pulmonx generated $90.5 million in revenue, up 8% from 2024. U.S. revenue rose 1% to $57.0 million, and international revenue increased 23% to $33.5 million. Gross profit reached $67.1 million with a 74% margin, and net loss was $54.0 million, or $1.33 per share.
What financial guidance did Pulmonx provide for full-year 2026?
Pulmonx expects 2026 revenue between $90 million and $92 million. Management projects gross margin of roughly 75% and total operating expenses of $113–$115 million, including about $21 million of stock-based compensation. Cash, cash equivalents, and marketable securities are expected to decline by approximately $23 million in 2026.
How strong is Pulmonx’s balance sheet and liquidity at year-end 2025?
At December 31, 2025, Pulmonx held $69.8 million in cash, cash equivalents, and marketable securities, down about $32 million from a year earlier. The company also refinanced its debt, adding a new 5‑year interest‑only credit facility with up to $60 million of committed capital maturing in 2031.
How did Pulmonx’s profitability metrics change in 2025?
Pulmonx improved profitability metrics modestly in 2025. Gross margin held at 74% for the year and rose to 78% in the fourth quarter. Net loss narrowed to $54.0 million from $56.4 million in 2024, while adjusted EBITDA loss improved slightly to $30.6 million from $31.3 million.
What is driving Pulmonx’s geographic revenue mix and growth?
In 2025, U.S. revenue grew 1% to $57.0 million, while international revenue rose 23% to $33.5 million. This indicates stronger growth outside the United States, supported by broader adoption of Pulmonx’s minimally invasive lung disease treatments in more than 25 countries.
What non-GAAP metrics does Pulmonx report and why?
Pulmonx highlights non-GAAP measures such as constant currency revenue and adjusted EBITDA. Management believes these metrics help investors better understand underlying operational performance by excluding foreign exchange effects, stock-based compensation, interest, taxes, depreciation, amortization, and certain non-recurring items from GAAP results.
Filing Exhibits & Attachments
4 documents
Pulmonx Corp
NASDAQ:LUNG
LUNG Rankings
LUNG Latest News
Nov 12, 2025
Pulmonx Reports Third Quarter 2025 Financial Results
LUNG Latest SEC Filings
Mar 10, 2026
[10-K] Pulmonx Corp Files Annual Report
Mar 4, 2026
[8-K] Pulmonx Corp Reports Material Event
Mar 4, 2026
[Form 4] Pulmonx Corp Insider Trading Activity
Mar 4, 2026
[Form 4] Pulmonx Corp Insider Trading Activity
LUNG Stock Data
74.04M
36.81M
Medical Devices
Surgical & Medical Instruments & Apparatus
United States
REDWOOD CITY