Beyond Air (NASDAQ: XAIR) doubles FY 2026 revenue and sets 2026–27 outlook
Rhea-AI Filing Summary
Beyond Air, Inc. reported strong growth for its fiscal year ended March 31, 2026 and announced a change in fiscal year-end to December 31. Full-year revenue rose 107% to $7.7 million, while net loss narrowed to $33.2 million, or $4.01 per share, from $46.6 million.
For the March quarter, revenue increased 66% to $1.9 million and gross margin turned positive, but the company still recorded a quarterly net loss of $10.3 million. Operating expenses fell sharply year-over-year as research and development and general and administrative costs declined.
Beyond Air ended March 31, 2026 with $17.3 million in cash, cash equivalents, restricted cash and marketable securities and $21.6 million of total long-term debt. The company issued revenue guidance of $8 million for calendar 2026 and $16–$18 million for 2027, assuming commercial launch of its second-generation LungFit PH system.
Positive
- Revenue more than doubled: Full-year revenue grew 107% to $7.7 million, with gross profit improving from a $1.7 million loss to a $0.3 million profit as operating expenses declined significantly.
- Outlook implies continued rapid growth: Management issued revenue guidance of $8 million for calendar 2026 and $16–$18 million for 2027, indicating expectations for strong expansion alongside the second-generation LungFit PH launch.
Negative
- Business remains loss-making and cash-burning: Net loss was $33.2 million for the year with $19.1 million of net cash burn, and long-term debt of $21.6 million exceeded $17.3 million of cash, equivalents, restricted cash and marketable securities.
Insights
Revenue more than doubled and losses shrank, but the business remains cash-burning and leveraged.
Beyond Air delivered revenue of $7.7 million for the year ended March 31, 2026, up 107%, with quarterly revenue up 66%. Cost cuts reduced research and development and general and administrative expenses, narrowing net loss to $33.2 million from $46.6 million.
Despite this progress, the company still posted operating loss of $29.0 million and net cash burn of $19.1 million for the year. Liquidity stood at $17.3 million against long-term debt of $21.6 million, partly offset by an $18.2 million remaining equity line of credit.
The announced shift to a December 31 year-end and revenue guidance of $8 million for calendar 2026 and $16–$18 million for 2027 signal expectations of continued growth tied to LungFit PH, including its second-generation system. Actual performance will depend on regulatory outcomes, commercial uptake and continued cost discipline.
8-K Event Classification
Key Figures
Key Terms
transition period financial
Form 10-K/T regulatory
derivative liability financial
equity line of credit financial
PMA supplement regulatory
hypoxic respiratory failure medical
Earnings Snapshot
Revenue guidance of $8 million for calendar 2026 and $16–$18 million for calendar 2027, representing 15% growth for 2026 and more than 110% year-over-year growth at the midpoint for 2027.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
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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 June 26, 2026, Beyond Air, Inc. (the “Company”) issued a press release announcing financial results for its fiscal quarter and year ended March 31, 2026, and certain recent corporate developments. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
This information, including the Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 5.03. Amendments to Articles of Incorporation or Bylaws; Changes in Fiscal Year.
On June 25, 2026, the Board of Directors of the Company approved a change in the Company’s fiscal year-end from March 31 to December 31, effective December 31, 2026. The Company plans to report its financial results for the nine-month transition period of April 1, 2026 through December 31, 2026 on an Annual Report on Form 10-K/T and to thereafter file reports for the twelve-month period ending December 31 of each year beginning with the twelve-month period ending December 31, 2027. Prior to filing the transition report, the Company will file its Annual Report on Form 10-K for the fiscal year ended March 31, 2026, its Quarterly Report on Form 10-Q for the quarter ending June 30, 2026 and its Quarterly Report on Form 10-Q for the quarter ending September 30, 2026.
Item 7.01. Regulation FD Disclosure.
The information under Item 2.02 above is incorporated herein by reference.
By filing this Current Report on Form 8-K and furnishing the information contained herein, the Company makes no admission as to the materiality of any information in this report that is required to be disclosed solely by reason of Regulation FD. The information in this Item 7.01 disclosure, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that section. In addition, the information in this Item 7.01 disclosure, including Exhibit 99.1, shall not be incorporated by reference into the filings of the Company 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.
(d) Exhibits.
Exhibit No. |
Description | |
| 99.1 | Press Release from Beyond Air, Inc., dated as of June 26, 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.
| BEYOND AIR, Inc. | ||
| Date: June 26, 2026 | By: | /s/ Daniel Moorhead |
| Name: | Daniel Moorhead | |
| Title | Chief Financial Officer | |
Exhibit 99.1
Beyond Air® Reports Fourth Quarter and Full Year 2026 Financial Results and Provides Corporate Update
Revenue increased by 107% year-over-year to $7.7 million in the full fiscal year 2026; increased revenue by 66% YoY in the fiscal fourth quarter 2026
The Company is transitioning its year-end from March 31st to December 31st
Announced revenue guidance of $8 million for the year ending December 31, 2026 which represents approximately 15% growth; and $16-$18 million or more than 110% growth for the year ending December 31, 2027
Conference call at 8:00 a.m. ET today, June 26th
Garden City, NY, June 26, 2026 – Beyond Air, Inc. (NASDAQ: XAIR) (“Beyond Air” or the “Company”), a commercial-stage medical device and biopharmaceutical company focused on harnessing the power of nitric oxide (NO) to improve patients’ lives, today announced its financial results for the fiscal fourth quarter and year ended March 31, 2026, and provided a corporate update.
“Fiscal 2026 was a year of meaningful transition for Beyond Air, marked by significant progress in strengthening the foundation of our LungFit PH commercial program,” said Robert Goodman, Chief Executive Officer of Beyond Air. “Since being appointed CEO, I have focused on sharpening our commercial execution while aligning our R&D efforts and operating resources with the opportunities we believe can create the greatest shareholder value. Our fiscal 2026 performance, including the 107% revenue growth, strong customer retention of over 90% and new hospital customer wins, reflect that focus and positions us for what we believe could be an important inflection point for the business.”
“We are encouraged by the market interest in the second-generation LungFit PH system, which is currently under FDA review,” continued Mr. Goodman. “Subject to FDA approval, the system is designed to provide a smaller footprint, reduced weight, simplified operation, longer service intervals and expanded operational flexibility. The PMA supplement seeks expanded FDA labeling that would permit use during patient transport by air and ground. If approved, we believe the addressable market opportunity for the LungFit platform could increase by 4X in the United States to approximately $400 million, and to more than $1 billion worldwide,” concluded Mr. Goodman.
Recent Financial and Operating Highlights:
| ● | Revenue increased 107% to $7.7 million for the fiscal year ended March 31, 2026, compared with $3.7 million for the fiscal year ended March 31, 2025. The growth was driven by increased demand for LungFit PH in both the U.S. and international markets. |
| ● | Revenue increased 66% to $1.9 million for the fiscal quarter ended March 31, 2026, compared with $1.2 million for the same period last year. |
| ● | Awarded a national group purchasing agreement for inhaled nitric oxide therapy with a leading U.S. group purchasing organization (GPO), marking the third major U.S. GPO to engage Beyond Air and significantly expanding the Company’s access to a broad network of healthcare providers. |
| ● | Expanded the global distribution network for LungFit PH throughout fiscal year 2026, which now covers more than 45 countries positioning the Company for continued international commercial expansion, subject to applicable regulatory approvals. |
| ● | Robert Goodman was appointed as Chief Executive Officer in March 2026 and will continue to serve on the Company’s board of directors. Mr. Goodman is a seasoned healthcare executive and board member with a distinguished track record of leadership across the life sciences industry. |
| ● | Dan Moorhead was appointed as Chief Financial Officer in January 2026. Mr. Moorhead has more than 20 years of finance leadership experience across both public and private companies. |
| ● | Bob Carey assumed the role of Chairman of the Board, reflecting the Board’s continued focus on strengthening governance and supporting the Company’s next phase of commercial and strategic growth. |
| ● | Nasdaq granted the Company’s request to continue listing on The Nasdaq Stock Market, subject to regaining compliance with Nasdaq Stock Market LLC’s Listing Rule 5550(a)(2) (the “Bid Price Rule”) by July 31, 2026. Following stockholder approval at the Company’s June 18 special meeting, the Board approved a 1-for-20 reverse stock split, which is expected to enable the Company to regain compliance ahead of the deadline. |
Pending Regulatory Milestones
| ● | Awaiting approval of the PMA supplement for the second-generation LungFit PH, which was submitted to the U.S. FDA in June 2025. |
| ○ | With a broader label, including use during patient transport by air and ground, the second-generation system is expected to increase the total addressable U.S. market for the LungFit platform to approximately $400 million and to more than $1 billion worldwide. |
| ● | International submissions for LungFit PH remain on track with local partners. |
Fiscal Quarter Ended March 31, 2026 Financial Results
Revenues for the fiscal quarter ended March 31, 2026 increased 66% to $1.9 million, compared with $1.2 million for the fiscal quarter ended March 31, 2025. Gross profit increased to $94,000 for the quarter ended March 31, 2026, compared with a gross loss of $32,000 for the quarter ended March 31, 2025. The increase in gross profit was primarily attributed to sales growth.
Research and development expenses for the fiscal quarter ended March 31, 2026 decreased 30% to $2.3 million, compared with $3.3 million for the fiscal quarter ended March 31, 2025.
Selling, general and administrative expenses for the fiscal quarter ended March 31, 2026 increased 28% to $5.0 million, compared with $3.9 million for the fiscal quarter ended March 31, 2025. The increase was primarily attributed to one-time severance and related charges.
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Other expense for the quarter ended March 31, 2026 was $3.2 million compared with other expense of $0.9 million for the quarter ended March 31, 2025.
Net loss attributed to common stockholders of Beyond Air, Inc. for the quarter ended March 31, 2026 was ($10.3) million or a loss of ($0.77) per share, basic and diluted, compared with ($8.0) million or a loss of ($1.79) per share, basic and diluted, for the fiscal quarter ended March 31, 2025.
Net cash burn, excluding inflows from financing activities, was $5.4 million for the fiscal quarter ended March 31, 2026.
Fiscal Year Ended March 31, 2026 Financial Results
Revenues for the fiscal year ended March 31, 2026 increased 107% to $7.7 million, compared with $3.7 million for the fiscal year ended March 31, 2025. Gross profit increased to $0.3 million for the fiscal year ended March 31, 2026, compared with a gross loss of $1.7 million for the fiscal year ended March 31, 2025. The increase in gross profit was primarily attributed to sales growth.
Research and development expenses for the fiscal year ended March 31, 2026 decreased 39% to $10.2 million compared with $16.9 million for the fiscal year ended March 31, 2025. The reduction was primarily driven by decreased employee expenses as a result of prior restructuring activities and lower development costs associated with our Gen 2 device and PMA supplement, which was submitted to the FDA in June 2025.
Selling, general and administrative expenses for the fiscal years ended March 31, 2026 and 2025 were $19.1 million and $26.0 million, respectively. The decrease of 27% or approximately $6.9 million was primarily attributed to a reduction in employee-related costs.
Other expense for the fiscal year ended March 31, 2026 increased to $5.3 million, compared with $3.9 million for the fiscal year ended March 31, 2025. The increase in expense of approximately $1.4 million was primarily attributed to the change in fair value of derivative liability, partially offset by a reduction in the prior period loss associated with the extinguishment of debt.
Net loss attributed to common stockholders of Beyond Air, Inc. was ($33.2) million, or a loss of ($4.01) per basic and diluted share, for the fiscal year ended March 31, 2026, compared with ($46.6) million, or a loss of ($13.77) per basic and diluted share, for the fiscal year ended March 31, 2025.
Net cash burn, excluding inflows from financing activities, was $19.1 million for the fiscal year ended March 31, 2026.
As of March 31, 2026, the Company reported cash, cash equivalents, restricted cash and marketable securities of $17.3 million.
Total long-term debt outstanding was $21.6 million as of March 31, 2026. The Company has $18.2 million remaining available under its equity line of credit.
The Company is transitioning its fiscal year-end from March 31st to December 31st.
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Financial Guidance for Full Calendar Years 2026 and 2027
The Company announced revenue guidance of $8 million for calendar year 2026, representing 15% growth compared with calendar year 2025. For calendar year 2027, the Company announced revenue guidance of $16-$18 million, representing more than 110% year-over-year growth at the midpoint compared with 2026 guidance and including the commercial launch of the second-generation LungFit PH system. With expanding market access, growing customer adoption, international expansion and a significantly larger addressable market pending the commercial launch of the second-generation LungFit PH, the Company believes it is entering an important new phase of commercial execution and a potential inflection point for revenue growth.
Conference Call & Webcast
Friday, June 26th @ 8:00 AM ET
| Domestic: | 1-877-407-0784 |
| International: | 1-201-689-8560 |
| Conference | ID: 13761239 |
| Webcast: | A webcast of the live conference call can be accessed by visiting the Events section of the Company’s website (click here) or directly (click here). An online replay will be available on the Company’s website or via the direct link an hour after the call. |
About Beyond Air®, Inc.
Beyond Air is a commercial-stage medical device and biopharmaceutical company dedicated to harnessing the power of endogenous and exogenous nitric oxide (NO) to improve the lives of patients suffering from respiratory illnesses, neurological disorders, and solid tumors. The Company has received FDA approval and CE Mark for its first system, LungFit PH, for the treatment of term and near-term neonates with hypoxic respiratory failure. For more information, visit www.beyondair.net.
About LungFit *
Beyond Air’s LungFit is a cylinder-free, phasic flow generator and delivery system designated as a medical device by the U.S. Food and Drug Administration (FDA). The ventilator-compatible version of the device can generate NO from ambient air on demand for delivery to the lungs at concentrations ranging from 1 ppm to 80 ppm. The LungFit system could potentially replace large, high-pressure NO cylinders, providing significant advantages in the hospital setting, including greatly reducing inventory and storage requirements, improving overall safety by eliminating NO2 purging steps, and offering other operational benefits.
LungFit can also deliver NO at concentrations at or above 80 ppm for potentially treating severe acute lung infections in the hospital setting (e.g., COVID-19, bronchiolitis) and chronic, refractory lung infections in the home setting (e.g., NTM). With the elimination of cylinders, Beyond Air intends to offer NO treatment in the home setting.
*Beyond Air’s LungFit PH is approved for commercial use in the United States, European Union, and many other countries around the world. Beyond Air’s other LungFit systems are not approved for commercial use and are for investigational use only. Beyond Air is not suggesting NO use over 80 ppm or use at home.
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About Nitric Oxide
Nitric Oxide (NO) is a potent molecule, naturally synthesized in the human body, proven to play a critical role in a broad array of biological functions. In the airways, NO targets the vascular smooth muscle cells that surround the small resistance arteries in the lungs. Currently, exogenous inhaled NO is used in adult respiratory distress syndrome, post certain cardiac surgeries and persistent pulmonary hypertension of the newborn to treat hypoxemia. Additionally, NO is believed to play a key role in the innate immune system and in vitro studies suggest that NO possesses anti-microbial activity not only against common bacteria, including both gram-positive and gram-negative, but also against other diverse pathogens.
Forward Looking Statements
This press release contains “forward-looking statements” concerning the potential safety and efficacy of inhaled nitric oxide and the ultra-high concentration nitric oxide product candidate, as well as its therapeutic potential in a number of indications; and the potential impact on patients and anticipated benefits associated with inhaled nitric oxide and the ultra-high concentration nitric oxide product candidate. Forward-looking statements include statements about expectations, beliefs, or intentions regarding product offerings, business, results of operations, strategies or prospects. You can identify such forward-looking statements by the words “appears,” “expects,” “plans,” “anticipates,” “believes” “expects,” “intends,” “looks,” “projects,” “goal,” “assumes,” “targets” and similar expressions and/or the use of future tense or conditional constructions (such as “will,” “may,” “could,” “should” and the like) and by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from any future results expressed or implied by the forward-looking statements. These forward-looking statements are only predictions and reflect views as of the date they are made with respect to future events and financial performance. Many factors could cause actual activities or results to differ materially from the activities and results anticipated in forward-looking statements, including risks related to the ability to raise additional capital; the timing and results of future pre-clinical studies and clinical trials; the potential that regulatory authorities, including the FDA and comparable non-U.S. regulatory authorities, may not grant or may delay approval for our product candidates; the approach to discover and develop novel drugs, which is unproven and may never lead to efficacious or marketable products; the ability to fund and the results of further pre-clinical studies and clinical trials of our product candidates; obtaining, maintaining and protecting intellectual property utilized by products; obtaining regulatory approval for products; competition from others using similar technology and others developing products for similar uses; dependence on collaborators; and other risks, which may, in part, be identified and described in the “Risk Factors” section of Beyond Air’s most recent Annual Report on Form 10-K and other of its filings with the Securities and Exchange Commission, all of which are available on Beyond Air’s website. Beyond Air undertake no obligation to update, and have no policy of updating or revising, these forward-looking statements, except as required by applicable law.
CONTACTS:
Investor Relations contacts
Corey Davis, Ph.D.
LifeSci Advisors, LLC
Cdavis@lifesciadvisors.com
(212) 915-2577
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BEYOND AIR, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands)
March 31, 2026 | March 31, 2025 | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 6,740 | $ | 4,665 | ||||
| Marketable securities | 4,901 | 2,252 | ||||||
| Restricted cash | 5,622 | 231 | ||||||
| Accounts receivable, net | 1,086 | 710 | ||||||
| Inventory, net | 1,406 | 2,417 | ||||||
| Other current assets and prepaid expenses | 5,012 | 5,743 | ||||||
| Total current assets | 24,767 | 16,018 | ||||||
| Licensed right to use technology | 1,018 | 1,222 | ||||||
| Right-of-use lease assets | 1,193 | 1,706 | ||||||
| Property and equipment, net | 8,249 | 11,013 | ||||||
| Other assets | 158 | 103 | ||||||
| TOTAL ASSETS | $ | 35,385 | $ | 30,062 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities | ||||||||
| Accounts payable | $ | 2,417 | $ | 1,950 | ||||
| Accrued expenses and other current liabilities | 3,372 | 2,045 | ||||||
| Operating lease liabilities, current portion | 321 | 396 | ||||||
| Loans payable, current portion | 401 | 609 | ||||||
| Total current liabilities | 6,511 | 5,000 | ||||||
| Operating lease liabilities, net | 1,023 | 1,486 | ||||||
| Long-term debt, net | 21,639 | 9,197 | ||||||
| Warrant liability | 2 | 38 | ||||||
| Total liabilities | 29,175 | 15,721 | ||||||
| Stockholders’ equity | ||||||||
| Preferred Stock | - | - | ||||||
| Common Stock | 1 | - | ||||||
| Treasury stock | (25 | ) | (25 | ) | ||||
| Additional paid-in capital | 325,587 | 299,990 | ||||||
| Accumulated deficit | (319,571 | ) | (286,322 | ) | ||||
| Accumulated other comprehensive income/(loss) | 134 | (60 | ) | |||||
| Total stockholders’ equity attributable to Beyond Air, Inc. | 6,126 | 13,583 | ||||||
| Non-controlling interest | 84 | 758 | ||||||
| Total stockholders’ equity | 6,210 | 14,341 | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 35,385 | $ | 30,062 | ||||
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BEYOND AIR, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(amounts in thousands, except share and per share data)
For the Three Months ended March 31, | For the year ended March 31, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenue | $ | 1,907 | $ | 1,152 | $ | 7,679 | $ | 3,705 | ||||||||
| Cost of revenue | 1,813 | 1,184 | 7,427 | 5,368 | ||||||||||||
| Gross profit (loss) | 94 | (32 | ) | 252 | (1,663 | ) | ||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 2,276 | 3,258 | 10,241 | 16,857 | ||||||||||||
| General and administrative | 4,988 | 3,884 | 19,055 | 26,017 | ||||||||||||
| Total operating expenses | 7,264 | 7,142 | 29,296 | 42,874 | ||||||||||||
| Loss from operations | (7,170 | ) | (7,174 | ) | (29,044 | ) | (44,537 | ) | ||||||||
| Other income (expense) | ||||||||||||||||
| Dividend/Interest income | 114 | 68 | 303 | 705 | ||||||||||||
| Interest and finance expense | (1,240 | ) | (580 | ) | (3,515 | ) | (3,019 | ) | ||||||||
| Change in fair value of warrant liability | (1 | ) | 18 | 35 | 237 | |||||||||||
| Change in fair value of derivative liability | (1,878 | ) | - | (1,395 | ) | 1,314 | ||||||||||
| Foreign exchange loss | (19 | ) | 23 | (108 | ) | (3 | ) | |||||||||
| Loss on extinguishment of debt | (165 | ) | 87 | (165 | ) | (2,447 | ) | |||||||||
| Loss on disposal/impairment of fixed assets | (15 | ) | (505 | ) | (431 | ) | (738 | ) | ||||||||
| Other income / (expense) | 6 | (2 | ) | (14 | ) | 9 | ||||||||||
| Total other income (expense) | (3,198 | ) | (891 | ) | (5,290 | ) | (3,942 | ) | ||||||||
| Net loss | $ | (10,368 | ) | $ | (8,065 | ) | $ | (34,334 | ) | $ | (48,479 | ) | ||||
| Less: Net loss attributable to non-controlling interest | (86 | ) | (29 | ) | (1,085 | ) | (1,854 | ) | ||||||||
| Net loss attributable to Beyond Air, Inc. | $ | (10,282 | ) | $ | (8,036 | ) | $ | (33,249 | ) | $ | (46,625 | ) | ||||
| Other comprehensive income/loss, net of tax: | ||||||||||||||||
| Foreign currency translation adjustment | 24 | (8 | ) | 194 | (45 | ) | ||||||||||
| Comprehensive loss attributable to Beyond Air, Inc. | $ | (10,258 | ) | $ | (8,044 | ) | $ | (33,055 | ) | $ | (46,670 | ) | ||||
| Net basic and diluted loss per share attributable to Beyond Air, Inc. | $ | (0.77 | ) | $ | (1.79 | ) | $ | (4.01 | ) | $ | (13.77 | ) | ||||
| Weighted average number of shares outstanding, basic and diluted1 | 13,288,011 | 4,498,971 | 8,300,916 | 3,385,327 | ||||||||||||
| (1) | Prior period results have been adjusted to reflect the one-for-twenty stock split in July 2025. |
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