Mobia Medical (MOBI) doubles Q2 revenue and issues strong 2026 outlook

Rhea-AI Filing Summary

Mobia Medical, Inc. reported second quarter 2026 results with revenue of $13.5 million, an increase of 102% from $6.7 million a year earlier, driven by higher adoption of the Vivistim System and more IPG units sold. Gross profit was $11.2 million, and gross margin was 83.2% compared with 82.3% in the prior-year quarter.

Operating expenses rose to $29.2 million, up 83% from $16.0 million, reflecting expanded commercial personnel, commissions, development, and administrative costs. Net loss was $21.0 million, or $1.10 per share, versus a net loss of $10.5 million, or $12.44 per share, mainly due to higher expenses and a change in fair value of convertible notes.

As of June 30, 2026, cash and cash equivalents totaled $177.1 million, including approximately $134.0 million in net proceeds from an initial public offering completed in May 2026. For full year 2026, the company expects revenue of $54.0 million to $56.0 million, representing growth of 69% to 75% over 2025.

Positive

• Revenue doubled year-over-year: Q2 2026 revenue reached $13.5 million, up 102% from $6.7 million, reflecting increased adoption of the Vivistim System and higher IPG unit sales.
• Strong gross margin profile: Q2 2026 gross margin was 83.2%, slightly higher than 82.3% a year earlier, indicating the business is generating high-margin revenue.
• Significant capital from IPO: The company raised approximately $134.0 million in net proceeds from its May 2026 IPO, contributing to $177.1 million in cash and cash equivalents at June 30, 2026.
• Robust 2026 revenue outlook: Management expects full year 2026 revenue of $54.0 million to $56.0 million, implying growth of 69% to 75% over 2025.

Negative

• Losses widened with growth investments: Q2 2026 net loss was $21.0 million versus $10.5 million a year earlier, and six-month net loss reached $38.8 million compared with $21.1 million.
• Operating expenses grew faster than revenue: Q2 2026 operating expenses increased 83% to $29.2 million from $16.0 million, driven by commercial, development, and administrative spending.
• Change in fair value of convertible notes: Q2 2026 other expense includes a $4.1 million loss from the change in fair value of convertible notes payable, adding to the net loss.

Filing Explained

The IPO and conversion of preferred stock and convertible notes into common stock are completed, increasing the common-share base; absent offsetting changes, this reduces existing holders’ percentage ownership.

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: $13.5 million Revenue Growth: 102% Q2 2026 Gross Margin: 83.2% +5 more

8 metrics

Q2 2026 Revenue $13.5 million Revenue for the quarter ended June 30, 2026

Revenue Growth 102% Year-over-year revenue increase for Q2 2026

Q2 2026 Gross Margin 83.2% Gross margin for the quarter ended June 30, 2026

Q2 2026 Operating Expenses $29.2 million Operating expenses for the quarter ended June 30, 2026

Q2 2026 Net Loss $21.0 million Net loss attributable to common stockholders in Q2 2026

Cash and Cash Equivalents $177.1 million Balance as of June 30, 2026

IPO Net Proceeds $134.0 million Net proceeds from initial public offering closed in May 2026

2026 Revenue Guidance $54.0 million to $56.0 million Expected full year 2026 revenue range

Key Terms

gross margin, redeemable convertible preferred stock, warrant liabilities, vagus nerve stimulation, +1 more

5 terms

gross margin financial

"Achieved gross margin of 83.2%"

Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.

redeemable convertible preferred stock financial

"conversion of its outstanding redeemable convertible preferred stock and convertible notes"

A redeemable convertible preferred stock is a special class of company shares that combines three features: it pays priority dividends like a safer, higher-ranking share; it can be converted into regular common shares so holders can join in upside; and it can be redeemed, meaning the company can buy it back for cash. For investors this matters because it offers a mix of downside protection and potential upside, but can change ownership stakes (dilution) and cash obligations depending on whether it’s converted or redeemed.

warrant liabilities financial

"Warrant liabilities | | | 134 | | | | 865"

Warrant liabilities are the financial obligations a company records when it grants warrants—special rights allowing someone to buy shares at a set price in the future. If the warrants are expected to be exercised, they are treated as a liability because the company might need to deliver shares or cash later. This matters to investors because it affects the company’s reported financial health and the potential dilution of existing shares.

vagus nerve stimulation medical

"Therapy with the Vivistim® Paired VNS™ System combines targeted vagus nerve stimulation"

Vagus nerve stimulation is a medical therapy that uses mild electrical pulses to activate the vagus nerve, a major nerve that helps control heart rate, digestion, mood and inflammation; think of it as a pacemaker that nudges the body’s internal communication lines. Investors care because the approach is delivered via devices or wearable systems that require regulatory approval, reimbursement and clinical evidence—factors that directly affect market size, revenue potential and company risk.

operating lease liabilities financial

"Operating lease liabilities, current | | | 358"

Long-term lease payments a company is legally committed to because it rents assets such as offices, factories, or equipment; under modern accounting rules these future rent obligations are recorded on the balance sheet as liabilities. Investors care because operating lease liabilities act like debt that drains future cash, affects measures of leverage and borrowing capacity, and can change profitability and valuation — think of them as a company’s large, ongoing rent payments that limit its financial flexibility.

Earnings Snapshot

Revenue: $13.5 million · Guidance included

quarter ended June 30, 2026

Revenue $13.5 million up 102% year-over-year

Gross Margin 83.2% from 82.3% in Q2 2025

Net Loss $21.0 million compared with $10.5 million in Q2 2025

Cash and Cash Equivalents $177.1 million

2026 Revenue Guidance $54.0 million to $56.0 million represents 69% to 75% growth over 2025

Guidance

The company expects full year 2026 revenue to be between $54.0 million and $56.0 million, representing growth of 69% to 75% over full year 2025.

FAQ

How did Mobia Medical (MOBI) perform financially in Q2 2026?

Mobia Medical reported Q2 2026 revenue of $13.5 million, up 102% from $6.7 million in Q2 2025. Gross margin was 83.2%, with a net loss of $21.0 million compared with $10.5 million a year earlier.

What revenue growth did Mobia Medical (MOBI) report year-over-year?

Revenue grew 102% year-over-year, reaching $13.5 million in Q2 2026 versus $6.7 million in Q2 2025. The company cited higher adoption of the Vivistim System and more IPG unit sales as key drivers of this growth.

What is Mobia Medical’s (MOBI) 2026 revenue outlook?

For full year 2026, Mobia Medical expects revenue of $54.0 million to $56.0 million. This guidance implies revenue growth of 69% to 75% over full year 2025, reflecting continued commercial expansion of the Vivistim System.

What was Mobia Medical’s (MOBI) cash position after its IPO?

As of June 30, 2026, Mobia Medical had $177.1 million in cash and cash equivalents. This includes approximately $134.0 million of net proceeds from its initial public offering completed in May 2026, after underwriting discounts and offering costs.

How profitable was Mobia Medical’s (MOBI) business in Q2 2026?

Mobia Medical generated $11.2 million in gross profit on $13.5 million of revenue in Q2 2026, resulting in an 83.2% gross margin. Despite this, higher operating expenses led to a net loss of $21.0 million for the quarter.

How fast are Mobia Medical’s (MOBI) operating expenses growing?

Operating expenses grew 83% year-over-year, rising to $29.2 million in Q2 2026 from $16.0 million in Q2 2025. The increase reflects higher commercial personnel and commissions, development spending, and general and administrative costs supporting the company’s growth.

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Understanding 8-K Material Events →

Available on EDGAR 08/11/2026 - 04:12 PM Accepted by SEC EDGAR 08/11/2026 - 04:12 PM Learn about SEC filing dates

0001489993false00014899932026-08-112026-08-11

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): August 11, 2026

Mobia Medical, Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-43275	20-8573833
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
2802 Flintrock Trace Suite 226
Austin, Texas				78738
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: 855 628-9375

N/A

(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:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.01 par value per share		MOBI		The Nasdaq Global Select Market

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 May 11, 2026, Mobia Medical, Inc. (the “Company”) issued a press release relating to its financial results for the quarter ended June 30, 2026. The full text of the press release is attached as Exhibit 99.1.

The information contained in this Current Report on Form 8-K and the Exhibit 99.1 attached hereto shall not be deemed to be “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 incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.		Description
99.1		Press release dated August 11, 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.

			MOBIA MEDICAL, INC.
Date:	August 11, 2026	By:	/s/ Bunker Curnes
			Bunker Curnes Chief Financial Officer

Exhibit 99.1

Mobia Medical Reports Second Quarter 2026 Financial Results

Austin, Texas, August 11, 2026 — Mobia Medical, Inc. (Nasdaq: MOBI), a medical device company redefining stroke recovery for survivors living with life-altering motor impairments, today reported financial results for the quarter ended June 30, 2026.

Second Quarter 2026 and Recent Highlights

•Reported revenue of $13.5 million, representing 102% growth over the prior year period

•Achieved gross margin of 83.2%

•Announced publication of two-year VNS-REHAB follow up data in Neurology®, demonstrating durable and clinically meaningful improvement in upper-limb motor function, activities of daily living, and quality of life

•Completed initial public offering, raising approximately $134.0 million in net proceeds

•Appointed Myriam Curet, M.D. and Reza Zadno, Ph.D. to the Board of Directors, adding strategic medtech operating experience and clinical leadership

“We delivered a strong second quarter, with revenue more than doubling year-over-year, reflecting consistent growth and increased momentum in our commercial organization,” said Richard Foust, President and CEO of Mobia Medical. “Following the completion of our IPO, we are well positioned to continue broadening our footprint and accelerating patient access to Vivistim® Paired VNS™ Therapy. We are committed to redefining what recovery looks like for millions of ischemic stroke survivors who are living with chronic upper extremity impairment, and we are still in the early stages of addressing this profound unmet clinical need.”

Second Quarter 2026 Financial Results

Revenue increased by 102%, to $13.5 million for the second quarter of 2026, compared to $6.7 million for the second quarter of 2025. The increase was driven primarily by higher adoption of the Vivistim System and an increased number of IPG units sold.

Gross profit increased by 105%, to $11.2 million for the second quarter of 2026, compared to $5.5 million for the second quarter of 2025. Gross margin was 83.2% for the second quarter of 2026, compared to 82.3% for the second quarter of 2025. The increase was primarily due to freight and tariff costs recognized in cost of goods sold during the period, partially offset by other changes in product and warranty costs.

Operating expenses increased 83% to $29.2 million for the second quarter of 2026, compared to $16.0 million for the second quarter of 2025. The increase was primarily due to higher personnel and commission expenses in the commercial organization to support the Company’s growth, as well as increased development costs and general and administrative expenses.

Net loss was $21.0 million, or $1.10 per share for the second quarter of 2026, compared to a net loss of $10.5 million, or $12.44 per share for the second quarter of 2025. The year-over-year decrease in net loss per share primarily reflects the significant increase in weighted-average common shares outstanding following the

Company’s IPO and the related conversion of its outstanding redeemable convertible preferred stock and convertible notes into common stock.

As of June 30, 2026, cash and cash equivalents totaled $177.1 million. The Company received approximately $134.0 million of net proceeds from its initial public offering, which closed in May 2026, after deducting the underwriters’ discounts and commissions, and offering costs.

2026 Outlook

The Company expects revenue for the full year 2026 to be in the range of $54.0 million to $56.0 million, representing growth of 69% to 75% over the full year 2025.

Conference Call and Webcast Details

The Company will host a conference call today, August 11, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its second quarter 2026 financial results. Those interested in listening to the conference call should register online using this link. Once registered, participants will receive dial-in numbers and a unique PIN to join the call. Participants are encouraged to register more than 15 minutes prior to the start of the call. A live and archived webcast can also be accessed via the News & Events page of the investor section of Mobia Medical’s website.

About Mobia Medical, Inc.

Mobia Medical, Inc. is a medical device company redefining stroke recovery for survivors living with life-altering motor impairments. The Company’s Vivistim® Paired VNS™ System is the first and only clinically validated, FDA-approved implantable solution designed to improve upper limb function in chronic ischemic stroke survivors with moderate to severe upper extremity impairments. Therapy with the Vivistim® Paired VNS™ System combines targeted vagus nerve stimulation with functional movement to promote neuroplasticity and drive meaningful improvements in motor function. Mobia Medical is mobilizing patients, providers, and care partners to establish a better way forward in stroke care.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding Mobia Medical’s full year 2026 revenue guidance and the assumptions underlying that guidance and Mobia Medical’s plans to broaden its commercial reach and accelerate patient access to the Vivistim System. Forward-looking statements can be identified by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,”

||

“predict,” “project,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms. Mobia Medical cannot assure you that the forward-looking statements in this press release will prove to be accurate. Information in this press release may also include statements relating to past performance, which should not be regarded as a reliable indicator of future performance. Forward-looking statements are based on current expectations and assumptions together with projections of the future, which are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied. These risks and uncertainties include, among others, those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in Mobia Medical’s filings with the U.S. Securities and Exchange Commission. These statements speak only as of the date of this press release, and Mobia Medical undertakes no obligation to update or revise any forward-looking statements except as required under applicable law. Mobia Medical may not actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements, and you should not place undue reliance on these forward-looking statements.

Investor Relations Contact

Louisa Smith

Gilmartin Group, LLC

investors@mobia.com

Media Inquiries Contact

Terri Clevenger

tclevenger@waterhousebrands.com

||

Mobia Medical, Inc.

Condensed Balance Sheets

(Unaudited)

(in thousands, except share and per share data)

		June 30,				December 31,
		2026				2025
Assets
Current assets
Cash and cash equivalents		$	177,090			$	33,587
Accounts receivable			5,664				4,435
Inventory			6,949				5,457
Deferred offering costs			—				935
Other current assets			2,446				1,943
Total current assets			192,149				46,357
Property and equipment, net			2,060				669
Right-of-use assets — operating leases			932				1,068
Other assets			143				55
Total assets		$	195,284			$	48,149
Liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)
Current liabilities
Accounts payable		$	2,359			$	2,223
Operating lease liabilities, current			358				358
Product warranty liability			1,263				844
Accrued payroll, commissions, and bonuses			4,997				4,854
Accrued offering costs			3,500				935
Accrued and other current liabilities			1,995				992
Total current liabilities			14,472				10,206
Warrant liabilities			134				865
Notes payable, net of discount and deferred financing costs			7,279				7,130
Operating lease liabilities, non-current			790				948
Total liabilities			22,675				19,149
Redeemable convertible preferred stock			—				179,773
Stockholders’ equity (deficit)
Common stock			333				9
Additional paid-in capital			368,848				7,007
Accumulated deficit			(196,572	)			(157,789	)
Total stockholders’ equity (deficit)			172,609				(150,773	)
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)		$	195,284			$	48,149

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Mobia Medical, Inc.

Condensed Statements of Operations

(Unaudited)

(in thousands, except share and per share data)

		Three Months Ended								Six Months Ended
		June 30,								June 30,
		2026				2025				2026				2025
Revenue		$	13,505			$	6,674			$	25,579			$	12,335
Cost of goods sold			2,267				1,184				4,400				2,199
Gross profit			11,238				5,490				21,179				10,136
Operating expenses
Research and development costs			2,278				1,418				3,970				2,772
Selling, general and administrative expenses			26,886				14,532				52,072				28,128
Total operating expenses			29,164				15,950				56,042				30,900
Loss from operations			(17,926	)			(10,460	)			(34,863	)			(20,764	)
Other income (expense)
Change in fair value of convertible notes payable			(4,142	)			—				(4,870	)			—
Interest expense			(254	)			(241	)			(611	)			(480	)
Other income (expense), net			1,281				213				1,563				104
Total other expense, net			(3,115	)			(28	)			(3,918	)			(376	)
Loss before provision for income tax			(21,041	)			(10,488	)			(38,781	)			(21,140	)
Provision for income tax			(2	)			(2	)			(2	)			(3	)
Net loss attributable to common stockholders		$	(21,043	)		$	(10,490	)		$	(38,783	)		$	(21,143	)
Net loss per share attributable to common stockholders
Basic		$	(1.10	)		$	(12.44	)		$	(3.86	)		$	(25.41	)
Diluted		$	(1.10	)		$	(12.44	)		$	(3.86	)		$	(25.41	)
Weighted average shares used to compute net loss per   share attributable to common stockholders
Basic			19,089,211				843,168				10,054,267				832,224
Diluted			19,089,211				843,168				10,054,267				832,224

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Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 273.9 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 26.3 KB