Pulmonx (LUNG) Q2 2026 revenue dips 5% as net loss shrinks 34%
Rhea-AI Filing Summary
Pulmonx Corporation reported second-quarter 2026 results with worldwide revenue of $22.8 million, a 5% year-over-year decline, including U.S. revenue of $14.2 million and international revenue of $8.6 million. International revenue excluding China grew 12% year over year.
Gross profit was $17.7 million, yielding a record 78% gross margin, up from 72% a year earlier. Operating expenses fell 16% to $26.8 million, helping reduce net loss to $10.1 million, or $0.24 per share, and cut Adjusted EBITDA loss to $5.1 million, a 39% reduction.
Cash and cash equivalents were $55.8 million as of June 30, 2026. For full-year 2026, the company continues to expect revenue of $90 million to $92 million, gross margin of about 76%, operating expenses of $109 million to $111 million, and an approximately $23 million decrease in cash, cash equivalents and marketable securities.
Positive
- Operating expenses decreased 16%, reducing net loss by 34% to $10.1 million and Adjusted EBITDA loss by 39%, demonstrating meaningful operating leverage from the company’s cost realignment efforts.
Negative
- None.
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
Q2 2026 Revenue: $22.8 million
Q2 2026 Gross Margin: 78%
Q2 2026 Net Loss: $10.1 million
+5 more
8 metrics
Q2 2026 Revenue
$22.8 million
Worldwide revenue for the quarter ended June 30, 2026, a 5% year-over-year decrease
Q2 2026 Gross Margin
78%
Record gross margin in Q2 2026, up from 72% in the prior-year quarter
Q2 2026 Net Loss
$10.1 million
Net loss for Q2 2026, or $0.24 per share, versus $15.2 million in Q2 2025
Q2 2026 Adjusted EBITDA Loss
$5.1 million
Adjusted EBITDA loss in Q2 2026, reduced 39% from $8.4 million a year earlier
Cash and Cash Equivalents
$55.8 million
Cash and cash equivalents balance as of June 30, 2026
2026 Revenue Guidance
$90 million to $92 million
Expected full-year 2026 revenue range
2026 Operating Expenses Guidance
$109 million to $111 million
Projected 2026 total operating expenses including about $15 million of stock-based compensation
Expected 2026 Cash Usage
$23 million
Approximate expected decrease in cash, cash equivalents and marketable securities during 2026
Key Terms
constant currency, Adjusted EBITDA, non-GAAP financial measures, Premarket Approval, +2 more
6 terms
constant currency financial
"a decrease of 6% 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 second quarter of 2026 was $5.1 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.
Premarket Approval medical
"received U.S. Food and Drug Administration (FDA) Premarket Approval (PMA)"
Premarket approval is the formal regulatory clearance required before certain medical devices can be sold, based on detailed evidence that the product is safe and effective. For investors, it’s a major milestone because receiving approval typically clears the way for commercial sales and reduces regulatory uncertainty, while failure or delays can block revenue and raise the risk profile; think of it like a safety certificate needed before a new car model can be sold.
breakthrough device medical
"following its designation as a “breakthrough device.”"
'Breakthrough device' is a regulatory designation for a medical device judged to offer a substantial improvement in diagnosing or treating a serious or life‑threatening condition, granting it priority review and more intensive interaction with regulators to accelerate approval. For investors, it matters because the label can shorten time to market and reduce regulatory uncertainty—like putting a product into the fast lane—potentially raising commercial value and lowering development risk.
deferred revenue financial
"Deferred revenue | 16"
Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.
Earnings Snapshot
Worldwide revenue: $22.8 million · Guidance included
Quarter ended June 30, 2026
Worldwide revenue
$22.8 million
5% decrease year over year
U.S. revenue
$14.2 million
4% decrease year over year
International revenue
$8.6 million
6% decrease year over year; 9% decrease on a constant currency basis
International revenue excluding China
$8.6 million
12% increase year over year; 9% increase on a constant currency basis
Gross margin
78%
Up from 72% in the prior-year quarter
Net loss
$10.1 million
34% reduction versus prior-year quarter net loss of $15.2 million
Adjusted EBITDA loss
$5.1 million
39% reduction versus $8.4 million loss in the prior-year quarter
Guidance
Expects full-year 2026 revenue of $90 million to $92 million, gross margin of approximately 76%, total operating expenses of $109 million to $111 million including about $15 million of stock-based compensation, and an approximately $23 million decrease in cash, cash equivalents and marketable securities.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Pulmonx (LUNG) Q2 2026 revenues and year-over-year trends?
Pulmonx reported $22.8 million in worldwide revenue for Q2 2026, a 5% decline year over year. U.S. revenue was $14.2 million, international revenue was $8.6 million, and international revenue excluding China grew 12% year over year.
How profitable was Pulmonx (LUNG) in the second quarter of 2026?
Pulmonx recorded a Q2 2026 net loss of $10.1 million, or $0.24 per share, compared with a $15.2 million loss a year earlier. Adjusted EBITDA loss improved to $5.1 million from $8.4 million, reflecting cost reductions and operating leverage.
What was Pulmonx (LUNG) gross margin in Q2 2026?
Pulmonx achieved a record Q2 2026 gross margin of 78%, up from 72% in the prior-year quarter. Gross profit was $17.7 million on revenue of $22.8 million, supported by lower cost of goods sold versus the previous year.
What full-year 2026 guidance did Pulmonx (LUNG) provide?
Pulmonx expects 2026 revenue of $90 million to $92 million and gross margin of approximately 76%. Total operating expenses are projected at $109 million to $111 million, including about $15 million of stock-based compensation, with cash and investments decreasing by roughly $23 million.
What is Pulmonx (LUNG) cash position as of June 30, 2026?
Pulmonx reported $55.8 million in cash and cash equivalents as of June 30, 2026, plus $259,000 of restricted cash. The company expects cash, cash equivalents and marketable securities to decline by approximately $23 million over full-year 2026, assuming no additional credit facility drawdowns.
How did Pulmonx (LUNG) international business perform in Q2 2026?
International revenue was $8.6 million, a 6% decline year over year and a 9% decline on a constant currency basis, mainly due to no sales into China. International revenue excluding China increased 12% year over year and 9% on a constant currency basis.
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): July 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 July 29, 2026, Pulmonx Corporation (the “Company”) issued a press release announcing its financial results for the second fiscal quarter ended June 30, 2026. A copy of the Company’s press release dated July 29, 2026, titled “Pulmonx Reports Second 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 July 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: July 29, 2026
| By: | /s/ Derrick Sung | ||||
| Derrick Sung, Ph.D. | |||||
| Chief Operating Officer and Chief Financial Officer | |||||
Exhibit 99.1
Pulmonx Reports Second Quarter 2026 Financial Results
Redwood City, CA - July 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 second quarter of 2026 ended June 30, 2026.
Recent Highlights
•Achieved worldwide revenue of $22.8 million in the second quarter of 2026, a 5% decrease over the same period last year and a decrease of 6% on a constant currency basis
•Delivered $14.2 million in U.S. revenue in the second quarter of 2026, representing a 4% year-over-year decrease
•Delivered $8.6 million in international revenue in the second quarter of 2026, representing a 6% year-over-year decrease and a decrease of 9% on a constant currency basis; excluding China, year-over-year international revenue increased 12% and 9% on a constant currency basis
•Achieved record gross margin of 78% in the second quarter of 2026
•Demonstrated operating leverage from cost realignment efforts, reducing net loss by 34% and adjusted EBITDA loss by 39% in the second quarter of 2026 as compared to the same period last year
“We are pleased with the progress we made in the second quarter executing our commercial strategy, advancing our clinical initiatives, and beginning to deliver the significant operating leverage we expected,” said Glen French, President and Chief Executive Officer of Pulmonx. “With a fully staffed US sales leadership team, a more focused global commercial team, and a realigned cost structure, we are confident in our ability to return to year-over-year revenue growth and drive meaningful operating leverage while advancing our longer-term strategic priorities.”
Second Quarter 2026 Financial Results
Total worldwide revenue in the second quarter of 2026 was $22.8 million, a 5% decrease from $23.9 million in the second quarter of 2025 and a decrease of 6% on a constant currency basis. U.S. revenue was $14.2 million, a 4% decrease from the second quarter of 2025. International revenue was $8.6 million, a 6% decrease compared to the second quarter of 2025, and a 9% decrease on a constant currency basis. The decrease in international revenue was attributable to a lack of sales into China as we awaited the renewal of our registration certificate. Excluding China, international revenue grew 12% year-over-year and 9% on a constant currency basis.
Gross profit in the second quarter of 2026 was $17.7 million, compared to $17.2 million for the second quarter of 2025. Gross margin for the second quarter of 2026 was 78%, compared to 72% for the same period in 2025.
Operating expenses in the second quarter of 2026 were $26.8 million, compared to $32.0 million for the second quarter of 2025, representing a decrease of 16%.
Net loss in the second quarter of 2026 was $10.1 million, or $0.24 per share, compared to a net loss of $15.2 million, or $0.38 per share, for the same period in 2025.
Adjusted EBITDA loss in the second quarter of 2026 was $5.1 million, a reduction of 39% as compared to adjusted EBITDA loss of $8.4 million for the same period in 2025.
Cash and cash equivalents totaled $55.8 million as of June 30, 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 now expects gross margin for the full year 2026 to be approximately 76%.
Pulmonx now expects total operating expenses for the full year 2026 to fall within the range of $109 million to $111 million, inclusive of approximately $15 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, July 29, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its second 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 ability to drive improvements in revenue growth, execute against our strategic priorities, and 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, 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 Quarterly Report on Form 10-Q filed with the SEC on May 4, 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, 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 U.S. Food and Drug Administration (FDA) Premarket Approval (PMA) to commercialize the Zephyr® Endobronchial 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®, LungTraX®, StratX®, and Zephyr® are registered trademarks of Pulmonx Corporation.
Investor Contact
Brian Johnston or Webb Campbell
Gilmartin Group
investors@pulmonx.com
Pulmonx Corporation
Consolidated Statements of Operations
(in thousands, except share and per share data)
(Unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
Revenue | $ | 22,756 | $ | 23,859 | $ | 43,342 | $ | 46,397 | ||||||||||||||||||
Cost of goods sold | 5,014 | 6,655 | 9,556 | 12,851 | ||||||||||||||||||||||
Gross profit | 17,742 | 17,204 | 33,786 | 33,546 | ||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Research and development | 5,034 | 5,306 | 9,933 | 10,062 | ||||||||||||||||||||||
Selling, general and administrative | 21,765 | 26,702 | 45,866 | 52,851 | ||||||||||||||||||||||
Total operating expenses | 26,799 | 32,008 | 55,799 | 62,913 | ||||||||||||||||||||||
Loss from operations | (9,057) | (14,804) | (22,013) | (29,367) | ||||||||||||||||||||||
Interest income | 329 | 723 | 679 | 1,587 | ||||||||||||||||||||||
Interest expense | (1,218) | (799) | (2,194) | (1,580) | ||||||||||||||||||||||
Other (expense) income, net | (1) | (116) | 76 | 51 | ||||||||||||||||||||||
Net loss before tax | (9,947) | (14,996) | (23,452) | (29,309) | ||||||||||||||||||||||
Income tax expense | 133 | 177 | 282 | 312 | ||||||||||||||||||||||
Net loss | $ | (10,080) | $ | (15,173) | $ | (23,734) | $ | (29,621) | ||||||||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.24) | $ | (0.38) | $ | (0.56) | $ | (0.74) | ||||||||||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 42,468,762 | 40,429,655 | 42,184,793 | 40,193,469 | ||||||||||||||||||||||
Pulmonx Corporation
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
June 30, 2026 | December 31, 2025 | ||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 55,843 | $ | 69,751 | |||||||
Restricted cash | 259 | 258 | |||||||||
Accounts receivable, net | 12,247 | 12,072 | |||||||||
Inventory | 16,390 | 15,845 | |||||||||
Prepaid expenses and other current assets | 3,394 | 3,758 | |||||||||
Total current assets | 88,133 | 101,684 | |||||||||
Long-term inventory | 3,803 | 3,604 | |||||||||
Property and equipment, net | 1,885 | 2,220 | |||||||||
Goodwill | 2,333 | 2,333 | |||||||||
Right of use assets | 17,267 | 18,028 | |||||||||
Other long-term assets | 1,311 | 1,422 | |||||||||
Total assets | $ | 114,732 | $ | 129,291 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 4,675 | $ | 3,905 | |||||||
Accrued liabilities | 14,070 | 14,556 | |||||||||
Income taxes payable | 264 | 263 | |||||||||
Deferred revenue | 16 | 18 | |||||||||
Short-term debt | 103 | 106 | |||||||||
Current lease liabilities | 1,277 | 1,210 | |||||||||
Total current liabilities | 20,405 | 20,058 | |||||||||
Deferred tax liability | 62 | 69 | |||||||||
Long-term lease liabilities | 17,403 | 18,059 | |||||||||
Long-term debt | 37,428 | 36,989 | |||||||||
Common stock warrant liability | 238 | — | |||||||||
Total liabilities | 75,536 | 75,175 | |||||||||
Stockholders' equity | |||||||||||
Common stock | 43 | 42 | |||||||||
Additional paid-in capital | 582,396 | 573,272 | |||||||||
Accumulated other comprehensive income | 2,049 | 2,360 | |||||||||
Accumulated deficit | (545,292) | (521,558) | |||||||||
Total stockholders' equity | 39,196 | 54,116 | |||||||||
Total liabilities and stockholders' equity | $ | 114,732 | $ | 129,291 | |||||||
Pulmonx Corporation
Reconciliation of Reported Revenue % Change to Constant Currency Revenue % Change
(in thousands, except percentages)
(Unaudited)
Three Months Ended June 30, | |||||||||||||||||||||||||||||
2026 | 2025 | % Change | FX Impact % | Constant Currency % Change | |||||||||||||||||||||||||
United States | $ | 14,176 | $ | 14,731 | (3.8) | % | — | % | (3.8) | % | |||||||||||||||||||
International | 8,580 | 9,128 | (6.0) | % | 3.0 | % | (9.0) | % | |||||||||||||||||||||
Total | $ | 22,756 | $ | 23,859 | (4.6) | % | 1.2 | % | (5.8) | % | |||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||
2026 | 2025 | % Change | FX Impact % | Constant Currency % Change | |||||||||||||||||||||||||
International | $ | 8,580 | $ | 9,128 | (6.0) | % | 3.0 | % | (9.0) | % | |||||||||||||||||||
less China | — | (1,484) | (100.0) | % | — | % | (100.0) | % | |||||||||||||||||||||
International excluding China | $ | 8,580 | $ | 7,644 | 12.2 | % | 3.6 | % | 8.6 | % | |||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||
2026 | 2025 | % Change | FX Impact % | Constant Currency % Change | |||||||||||||||||||||||||
United States | $ | 27,431 | $ | 28,952 | (5.3) | % | — | % | (5.3) | % | |||||||||||||||||||
International | 15,911 | 17,445 | (8.8) | % | 6.1 | % | (14.9) | % | |||||||||||||||||||||
Total | $ | 43,342 | $ | 46,397 | (6.6) | % | 2.3 | % | (8.9) | % | |||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||
2026 | 2025 | % Change | FX Impact % | Constant Currency % Change | |||||||||||||||||||||||||
International | $ | 15,911 | $ | 17,445 | (8.8) | % | 6.1 | % | (14.9) | % | |||||||||||||||||||
less China | — | (3,779) | (100.0) | % | — | % | (100.0) | % | |||||||||||||||||||||
International excluding China | $ | 15,911 | $ | 13,666 | 16.4 | % | 7.8 | % | 8.6 | % | |||||||||||||||||||
Pulmonx Corporation
Reconciliation of Net Loss to Non-GAAP Adjusted EBITDA
(in thousands)
(Unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
GAAP Net loss | $ | (10,080) | $ | (15,173) | $ | (23,734) | $ | (29,621) | |||||||||||||||
Depreciation and amortization | 222 | 299 | 442 | 577 | |||||||||||||||||||
Stock-based compensation | 3,698 | 6,214 | 7,834 | 11,826 | |||||||||||||||||||
Interest (income)/expense, net | 889 | 76 | 1,515 | (7) | |||||||||||||||||||
Provision for income taxes | 133 | 177 | 282 | 312 | |||||||||||||||||||
Adjusted EBITDA | $ | (5,138) | $ | (8,407) | $ | (13,661) | $ | (16,913) | |||||||||||||||