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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.
Pulmonx Corporation is asking stockholders to vote at its virtual 2026 Annual Meeting on June 4, 2026. Holders of 42,237,203 shares of common stock as of April 7, 2026 can attend online and vote on three items: electing three Class III directors, ratifying BDO USA as independent auditor for 2026, and approving a non-binding advisory “say‑on‑pay” vote on executive compensation.
The proxy describes a majority‑independent, staggered board with an independent chair and standard audit, compensation, and nominating committees. It highlights an insider trading and hedging policy, stock ownership guidelines, and a clawback policy. Executive pay mixes salary, annual bonuses and equity, including newly introduced performance stock units. For 2025, the corporate bonus plan paid out 20.6% of target after revenue fell below threshold while Adjusted EBITDA and limited strategic goals were partly achieved.
The Vanguard Group filed an amended Schedule 13G/A reporting that it beneficially owns 0 shares of Pulmonx Corp Common Stock (CUSIP 745848101). The filing states this follows an internal realignment effective January 12, 2026 under SEC Release No. 34-39538, which resulted in certain Vanguard subsidiaries reporting ownership separately. The filing lists the filer address as 100 Vanguard Blvd., Malvern, PA and is signed by Ashley Grim on 03/27/2026.
Pulmonx Corporation develops minimally invasive devices to treat severe emphysema, a form of COPD. Its core solution combines the Zephyr Endobronchial Valve, Chartis Pulmonary Assessment System and LungTraX imaging platform, aimed at patients who remain highly symptomatic despite medical therapy and are poor surgical candidates.
In the year ended December 31, 2025, Pulmonx generated revenue of $90.5 million, up from $83.8 million in 2024, with a gross margin of 74.2%. The company reported a net loss of $54.0 million versus $56.4 million in 2024 and had an accumulated deficit of $521.6 million.
The business is heavily dependent on the Zephyr Valve and faces significant risks, including ongoing net losses, procedure-related complications such as pneumothorax, reimbursement and adoption challenges, extensive global regulatory oversight, cybersecurity and data privacy obligations, and potential intellectual property litigation. As of March 3, 2026, there were 42,237,203 common shares outstanding, and non‑affiliate equity was valued at about $101.4 million based on the June 30, 2025 Nasdaq closing price.
Pulmonx Corporation: Soleus Capital Master Fund, L.P. and related entities report beneficial ownership of 2,665,100 shares of common stock, representing 6.5% of the outstanding shares based on October 31, 2025.
The filing shows shared voting and shared dispositive power over those 2,665,100 shares and includes a disclaimer that several affiliated entities and Guy Levy disclaim beneficial ownership except for Section 13(d) purposes.
Pulmonx Corporation entered into a new senior secured term loan facility of up to $60.0 million with Perceptive Credit Holdings V, LP. The company drew an initial $40.0 million on closing, with two additional $10.0 million tranches available if specified trailing twelve‑month revenue targets of $92.5 million and $100.0 million are met by September 30, 2027 and December 31, 2027, respectively.
The loan matures on March 2, 2031 and bears interest at one‑month term SOFR (floored at 3.75%) plus a 7.00% margin, with the option to pay up to 2.00% of the margin in kind for 36 months. Pulmonx must maintain at least $4.0 million in liquidity and meet ongoing revenue covenants, and its obligations are secured by a first‑priority lien on substantially all assets of the company and certain subsidiaries.
In connection with the financing, Pulmonx issued Perceptive a warrant to purchase 1,000,000 common shares at an exercise price of $1.92 per share, and will issue additional warrants tied to any future delayed‑draw loans. The company also fully repaid and terminated its prior credit facility with Canadian Imperial Bank of Commerce without early termination fees.
Pulmonx Corp’s Chief Science & Technology Officer, Radhakrishnan Srikanth, reported routine equity-related transactions in company common stock. On March 2, 2026, he sold a total of 10,483 shares at $1.43 per share solely to cover tax withholding obligations tied to the vesting of previously granted Restricted Stock Units (RSUs) from 2022–2025.
On the same date, he received a grant of 175,000 RSUs, payable solely in Pulmonx common stock, which will vest in equal quarterly installments over a four-year period starting on March 2, 2026. Following these transactions, his directly held common stock position is reported at 345,736 shares.
Pulmonx Corp President and CEO Glendon E. French III reported open-market sales of 67,813 shares of common stock. The sales occurred on March 2, 2026 at $1.43 per share in three transactions. Footnotes state the shares were sold to cover tax withholding obligations tied to vesting of restricted stock units granted in 2022 and 2023. After these sales, he directly held 1,409,511 shares, with an additional 742,998 shares held indirectly by a family trust.
Pulmonx Corp reported insider transactions by its Chief Commercial Officer, Geoffrey Beran. On March 2, 2026, he sold a total of 7,732 shares of common stock at $1.43 per share in open-market sales to cover tax withholding obligations tied to vesting restricted stock units granted in 2022, 2023, 2024, and 2025.
On the same date, he received a grant of 100,000 restricted stock units, payable solely in Pulmonx common stock, which vest in equal quarterly installments over four years from March 2, 2026. Following these transactions, his direct holdings increased to 465,734 shares of common stock.