Watch for execution on cost reduction and international growth to drive margin expansion, while monitoring cash burn which is expected to decrease by $23 million in 2026
Price Chart
Executive Summary
Pulmonx reported mixed financial results for Q4 and full year 2025, with full-year revenue up 8% to $90.5 million but Q4 revenue down 5% to $22.6 million. The company issued 2026 guidance projecting flat revenue of $90-92 million and reduced operating expenses, while improving gross margin to 78% in Q4 and refinancing debt to extend maturity to 2031.
Key Financial Metrics
Key Facts
- Full-year 2025 revenue increased 8% to $90.5 million, driven by 23% growth in international markets
- Q4 2025 revenue decreased 5% to $22.6 million with U.S. revenue down 11%
- Company guided 2026 revenue to $90-92 million, representing flat to slight growth
- Gross margin improved to 78% in Q4 2025 from 74% in Q4 2024
- Operating expenses reduced by 11% in Q4 and guidance calls for further reduction to $113-115 million in 2026
- Company refinanced debt securing up to $60 million with maturity extended to 2031
Financial Impact
Revenue expected to be flat in 2026 at $90-92 million with improved margins but continued losses
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| U.S. | $57.0M | +1.0% |
| International | $33.5M | +22.5% |
Risk Factors
- Q4 revenue decline, particularly in the U.S. market
- Continued net losses despite cost-cutting measures
- Dependence on international growth to offset U.S. weakness
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001127537-26-000003 |
| Document: lung-20260304.htm | 0001127537-26-000003 |
| Document: 0001127537-26-000003-index-headers.html | 0001127537-26-000003 |
| Document: 0001127537-26-000003-index.html | 0001127537-26-000003 |
| Document: 0001127537-26-000003.txt | 0001127537-26-000003 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 12d ago | Press Release | $1.78 | awaiting T+60 | — | $1.95 (+9.27%) |
Jun 3, 2026 20w ago | Insider Cluster | $1.62 $2.38 | ▲ +46.91% | ▲ +45.29% | $1.95 (+20.06%) |
Jun 3, 2026 20w ago | Insider Cluster | $1.62 $2.38 | ▲ +46.91% | ▲ +45.29% | $1.95 (+20.06%) |
Apr 22, 2026 26w ago | DEFA14A | $1.28 $1.36 | ▲ +5.86% | ▲ +0.84% | $1.95 (+51.95%) |
Apr 15, 2026 27w ago | Press Release | $1.46 $1.46 | · 0.00% | ▼ −7.05% | $1.95 (+33.22%) |
Mar 5, 2026 33w ago | 8-K | $1.61 $1.59 | ▲ +1.24% | ▲ +12.54% | $1.95 (−20.81%) |
Mar 4, 2026 33w ago | 8-K | $1.61 $1.59 | ▼ −1.24% | ▼ −12.54% | $1.95 (+20.81%) |
Mar 4, 2026 33w ago | Press Release | $1.61 $1.59 | ▼ −1.24% | ▼ −12.54% | $1.95 (+20.81%) |
Mar 2, 2026 34w ago | Insider Cluster | $1.53 $1.57 | ▲ +2.95% | ▼ −6.38% | $1.95 (+27.54%) |
US Market Status
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