Beyond Air, Inc. (XAIR) 10-Year Financial Performance & Capital Metrics

XAIR • • Industrial / General

HealthcareMedical DevicesRespiratory & Pulmonary DevicesAirway & Pulmonary Therapy

AboutBeyond Air, Inc. operates as a commercial medical device and biopharmaceutical company. The company engages in the development of LungFit platform, a nitric oxide generator and delivery system. It offers LungFit PH for the treatment of persistent pulmonary hypertension of the newborn. The company is also developing LungFit PRO for the treatment of viral lung infections, such as community-acquired viral pneumonia, including COVID-19, as well as bronchiolitis in hospitalized patients; and LungFit GO for the treatment of nontuberculous mycobacteria. The company was formerly known as AIT Therapeutics, Inc. and changed its name to Beyond Air, Inc. in June 2019. Beyond Air, Inc. is based in Garden City, New York.Show more

Revenue $4M +219.7%
EBITDA -$41M +32.5%
Net Income -$47M +22.6%
EPS (Diluted) -13.77 +62.1%
Gross Margin -44.89% +60.2%
EBITDA Margin -1105.7% +78.9%
Operating Margin -1202.08% +77.9%
Net Margin -1258.43% +75.8%
ROE -224.55% -29.0%
ROIC -121.44% +35.6%
Debt/Equity 0.82 +24.2%
Interest Coverage -14.75 +31.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 21.7%
✓Trading at only 0.2x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Weak momentum: RS Rating 3 (bottom 3%)
✗Shares diluted 100.0% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y21.66%

3Y-

TTM147.74%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM33.86%

EPS CAGR

10Y-

5Y-

3Y-

TTM73.22%

ROCE

10Y Avg-134.37%

5Y Avg-95.13%

3Y Avg-111.9%

Latest-126.43%

Peer Comparison

Airway & Pulmonary Therapy

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ELMDElectromed, Inc.	239.29M	28.69	33.36	16.97%	12.38%	18.32%	4.63%	0.00
XAIRBeyond Air, Inc.	7.02M	0.88	-0.06	219.67%	-6.32%	-280.24%		0.82
LUNGPulmonx Corporation	82.08M	1.99	-1.38	22.01%	-61.91%	-94.54%		0.66
AVNSAvanos Medical, Inc.	555.63M	11.97	-1.40	2.15%	-67%	-60.27%	14.92%	0.21
INGNInogen, Inc.	168.59M	6.21	-4.09	6.35%	-7.31%	-12.87%		0.11
QIPTQuipt Home Medical Corp.	156.3M	3.55	-14.79	-0.23%	-4.11%	-10.06%	16.21%	0.16
IINNInspira Technologies Oxy B.H.N. Ltd.	34.51M	0.96	-1600			-190.28%		0.58

Profit & Loss

	Jun 2016	Dec 2016	Dec 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	0	0	0	7.72M	1.39M	873K	0	0	1.16M	3.71M
Revenue Growth %	-	-	-	-	-0.82%	-0.37%	-1%	-	-	2.2%
Cost of Goods Sold+	0	0	38K	0	0	0	0	555K	2.47M	5.37M
COGS % of Revenue	-	-	-	-	-	-	-	-	2.13%	1.45%
Gross Profit+	0	0	-38K	7.72M	1.39M	873K	0	-555K	-1.31M	-1.66M
Gross Margin %	-	-	-	1%	1%	1%	-	-	-1.13%	-0.45%
Gross Profit Growth %	-	-	-	204.26%	-0.82%	-0.37%	-1%	-	-1.35%	-0.27%
Operating Expenses+	29.29K	2.33M	11.07M	10.78M	19.53M	23.09M	40.71M	51.5M	61.7M	42.87M
OpEx % of Revenue	-	-	-	1.4%	14.05%	26.45%	-	-	53.23%	11.57%
Selling, General & Admin	29.29K	1.66M	6.63M	6.85M	8.88M	10.47M	18.41M	34.69M	37.34M	26.02M
SG&A % of Revenue	-	-	-	0.89%	6.39%	11.99%	-	-	32.21%	7.02%
Research & Development	1.62M	673K	4.44M	3.93M	10.65M	12.62M	11.8M	16.81M	24.36M	16.86M
R&D % of Revenue	-	-	-	0.51%	7.66%	14.45%	-	-	21.02%	4.55%
Other Operating Expenses	0	0	0	-3.03K	0	1K	10.5M	0	-1K	0
Operating Income+	-29.29K	-2.33M	-11.07M	-3.06M	-18.14M	-22.21M	-40.71M	-52.06M	-63.01M	-44.54M
Operating Margin %	-	-	-	-0.4%	-13.05%	-25.45%	-	-	-54.36%	-12.02%
Operating Income Growth %	0.99%	-78.66%	-3.74%	0.72%	-4.93%	-0.22%	-0.83%	-0.28%	-0.21%	0.29%
EBITDA+	-3.29K	-2.31M	-11.03M	-2.99M	-17.98M	-22M	-40.12M	-50.89M	-60.65M	-40.97M
EBITDA Margin %	-	-	-	-0.39%	-12.94%	-25.2%	-	-	-52.33%	-11.06%
EBITDA Growth %	1%	-701.37%	-3.78%	0.73%	-5.01%	-0.22%	-0.82%	-0.27%	-0.19%	0.32%
D&A (Non-Cash Add-back)	26K	25K	38K	64.79K	159.4K	211K	588K	1.17M	2.35M	3.57M
EBIT	-2.21M	-1.71M	-16.95M	-6.56M	-20.07M	-22.23M	-43.28M	-59.37M	-61.38M	-45.46M
Net Interest Income+	0	0	0	-1.51K	-30.54K	-642K	-775K	-30K	-2.91M	-3.02M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	462	286K	1.06M	1.51K	30.54K	642K	775K	30K	2.91M	3.02M
Other Income/Expense	-462	-1.36M	-6.98M	-3.5M	-1.95M	-661K	-3.35M	-7.34M	-1.29M	-3.94M
Pretax Income+	-29.75K	-3.69M	-18.04M	-6.56M	-20.1M	-22.88M	-44.06M	-59.4M	-64.3M	-48.48M
Pretax Margin %	-	-	-	-0.85%	-14.46%	-26.2%	-	-	-55.47%	-13.08%
Income Tax+	127K	27K	0	-1.53K	-154.3K	0	0	0	0	0
Effective Tax Rate %	1%	1.01%	1%	1%	0.99%	1%	0.98%	0.94%	0.94%	0.96%
Net Income+	-29.75K	-3.72M	-18.04M	-6.56M	-19.94M	-22.88M	-43.18M	-55.82M	-60.24M	-46.63M
Net Margin %	-	-	-	-0.85%	-14.35%	-26.2%	-	-	-51.98%	-12.58%
Net Income Growth %	0.99%	-124.05%	-3.85%	0.64%	-2.04%	-0.15%	-0.89%	-0.29%	-0.08%	0.23%
Net Income (Continuing)	-3.48M	-3.72M	-18.04M	-6.56M	-19.94M	-22.88M	-44.06M	-59.4M	-64.3M	-48.48M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	5.5M	4.11M	2.14M	758K
EPS (Diluted)+	-0.01	-1.29	-60.20	-15.43	-35.57	-25.41	-33.64	-37.24	-36.33	-13.77
EPS Growth %	0.99%	-123.76%	-45.85%	0.74%	-1.3%	0.29%	-0.32%	-0.11%	0.02%	0.62%
EPS (Basic)	-0.01	-1.29	-60.20	-15.43	-35.57	-25.41	-33.64	-37.24	-36.33	-13.77
Diluted Shares Outstanding	2.9M	2.9M	300.1K	424.93K	575.31K	900.26K	1.28M	1.5M	1.66M	3.39M
Basic Shares Outstanding	2.9M	2.9M	300.1K	424.93K	575.31K	900.26K	1.28M	1.5M	1.66M	3.39M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Dec 2016	Dec 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	5.94K	85K	9.1M	8.69M	26.61M	37.22M	92.94M	59.41M	43.94M	16.02M
Cash & Short-Term Investments	5.92K	7K	9.04M	7.88M	19.83M	34.63M	80.24M	45.88M	34.47M	6.92M
Cash Only	5.92K	7K	732.54K	1.34M	19.83M	34.63M	80.24M	29.16M	11.38M	4.67M
Short-Term Investments	0	0	8.3M	6.54M	0	0	0	16.72M	23.09M	2.25M
Accounts Receivable	0	78K	0	0	0	425K	604K	651K	548K	860K
Days Sales Outstanding	-	-	-	-	-	177.69	-	-	172.58	84.72
Inventory	0	-26	0	638.94K	6.53M	1.88M	350K	1.13M	2.13M	2.42M
Days Inventory Outstanding	-	-	-	-	-	-	-	742.5	314.82	164.35
Other Current Assets	26	0	5.69K	388.89K	-503.31K	-930K	10.5M	7.95M	507K	434K
Total Non-Current Assets+	445K	151K	253.18K	739.87K	819.83K	3.3M	6.25M	9.34M	13.03M	14.04M
Property, Plant & Equipment	93K	61K	253.18K	244.87K	407.06K	2.79M	4.21M	7.5M	11.48M	12.72M
Fixed Asset Turnover	-	-	-	31.54x	3.41x	0.31x	-	-	0.10x	0.29x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	495K	412.76K	375K	1.84M	1.63M	1.43M	1.22M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	352K	90K	0	0	0	138K	207K	212K	113K	103K
Total Assets+	5.94K	236K	9.36M	9.43M	27.43M	40.52M	99.2M	68.75M	56.96M	30.06M
Asset Turnover	-	-	-	0.82x	0.05x	0.02x	-	-	0.02x	0.12x
Asset Growth %	-0.99%	38.7%	38.64%	0.01%	1.91%	0.48%	1.45%	-0.31%	-0.17%	-0.47%
Total Current Liabilities+	31.1K	2.04M	2.13M	5.4M	4.87M	3.8M	10.71M	19.78M	11.57M	5M
Accounts Payable	634	528K	842.04K	1.16M	2.26M	1.32M	1.13M	2.02M	1.95M	1.95M
Days Payables Outstanding	-	-	8.09K	-	-	-	-	1.33K	288.33	132.59
Short-Term Debt	30K	418K	33.12K	263.6K	335.36K	557K	927K	775K	800K	609K
Deferred Revenue (Current)	0	1000K	0	1000K	873.19K	0	1000K	1000K	138K	0
Other Current Liabilities	0	0	154.3K	240.62K	1.27M	0	-408K	-986K	755K	223K
Current Ratio	0.19x	0.04x	4.27x	1.61x	5.46x	9.80x	8.68x	3.00x	3.80x	3.20x
Quick Ratio	0.19x	0.04x	4.27x	1.49x	4.12x	9.30x	8.64x	2.95x	3.61x	2.72x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	199.07	116.48
Total Non-Current Liabilities+	1.55M	2.9M	5.68M	0	4.47M	6.26M	10.28M	6.94M	18.21M	10.72M
Long-Term Debt	0	2.9M	0	0	4.34M	4.47M	200K	120K	14.72M	9.2M
Capital Lease Obligations	0	0	0	0	131.58K	1.79M	2.08M	2.32M	1.9M	1.49M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	5.68M	0	0	1K	8M	4.5M	1.59M	38K
Total Liabilities	31.1K	4.93M	7.81M	5.4M	9.34M	10.06M	20.99M	26.72M	29.77M	15.72M
Total Debt+	30K	3.31M	33.12K	263.6K	4.88M	6.93M	3.49M	3.59M	17.84M	11.69M
Net Debt	24.08K	3.31M	-699.42K	-1.08M	-14.95M	-27.7M	-76.75M	-25.57M	6.46M	7.02M
Debt / Equity	-	-	0.02x	0.07x	0.27x	0.23x	0.04x	0.09x	0.66x	0.82x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-63.39x	-8.16x	-10.44x	-2030.91x	-593.98x	-34.60x	-52.53x	-1735.30x	-21.64x	-14.75x
Total Equity+	-25.16K	-4.7M	1.54M	4.02M	18.09M	30.46M	78.21M	42.03M	27.19M	14.34M
Equity Growth %	0.98%	-185.72%	1.33%	1.61%	3.5%	0.68%	1.57%	-0.46%	-0.35%	-0.47%
Book Value per Share	-0.01	-1.62	5.15	9.47	31.45	33.84	60.94	28.04	16.40	4.24
Total Shareholders' Equity	-25.16K	-4.7M	1.54M	4.02M	18.09M	30.46M	72.7M	37.91M	25.05M	13.58M
Common Stock	1.03K	1K	840	871	1.61K	2K	3K	3K	5K	8K
Retained Earnings	-30.26K	-13.57M	-30.57M	-37.64M	-57.59M	-80.46M	-123.64M	-179.46M	-239.7M	-286.32M
Treasury Stock	0	0	-25K	-25K	-25K	-25K	-25K	-25K	-25K	-25K
Accumulated OCI	-16K	0	-2.99K	0	0	0	96K	53K	-15K	-60K
Minority Interest	0	0	0	0	0	0	5.5M	4.11M	2.14M	758K

Cash Flow

	Jun 2016	Dec 2016	Dec 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	-28.68K	-692K	-7.12M	1.34M	-15.25M	-19.64M	-23.13M	-33.01M	-56.02M	-38.22M
Operating CF Margin %	-	-	-	0.17%	-10.97%	-22.5%	-	-	-48.33%	-10.32%
Operating CF Growth %	0.98%	-23.13%	-9.29%	1.19%	-12.37%	-0.29%	-0.18%	-0.43%	-0.7%	0.32%
Net Income	-29.75K	-3.72M	-18.04M	-6.56M	-19.94M	-22.88M	-43.18M	-59.4M	-60.24M	-48.48M
Depreciation & Amortization	26K	25K	38K	64.79K	159.4K	211K	588K	1.17M	2.35M	3.57M
Stock-Based Compensation	447K	365K	4.38M	2.4M	3.58M	4.89M	0	19.56M	0	9.15M
Deferred Taxes	0	5K	5.41M	3.5M	2.08M	37K	0	0	0	0
Other Non-Cash Items	1.15M	1.66M	6.97M	-197.01K	9.85K	-703K	7.62M	271K	17.91M	3.7M
Working Capital Changes	1.07K	980K	-464K	2.13M	-1.13M	-1.2M	11.84M	5.39M	-16.04M	-6.15M
Change in Receivables	38K	-67K	-31K	0	0	0	103K	-98K	101K	-390K
Change in Inventory	0	291K	0	0	0	0	0	-781K	-998K	-466K
Change in Payables	634	404K	141K	322.63K	1.09M	-967.75K	-327K	838K	-467K	399K
Cash from Investing+	-7K	14K	-1.15M	-1.79M	4.42M	-890K	-1.45M	-20.59M	-12.23M	14.9M
Capital Expenditures	-7K	0	-244K	-56.48K	-43.63K	-890K	-1.38M	-3.88M	-5.75M	-5.88M
CapEx % of Revenue	-	-	-	0.01%	0.03%	1.02%	-	-	4.96%	1.59%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	14K	-301K	-1.74M	4.47M	0	-70K	1K	0	10K
Cash from Financing+	20K	556K	9.46M	1.07M	34.93M	30.33M	79.45M	2.7M	43.17M	16.65M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.22M	372K	1K	807.89K	-70.62K	6.67M	35K	0	0	365K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-35.68K	-692K	-7.36M	1.28M	-15.29M	-20.53M	-24.51M	-36.89M	-61.76M	-44.1M
FCF Margin %	-	-	-	0.17%	-11%	-23.52%	-	-	-53.29%	-11.9%
FCF Growth %	0.98%	-18.4%	-9.64%	1.17%	-12.91%	-0.34%	-0.19%	-0.5%	-0.67%	0.29%
FCF per Share	-0.01	-0.24	-24.53	3.02	-26.58	-22.80	-19.10	-24.61	-37.25	-13.03
FCF Conversion (FCF/Net Income)	0.96x	0.19x	0.39x	-0.20x	0.76x	0.86x	0.54x	0.59x	0.93x	0.82x
Interest Paid	0	0	0	0	0	0	0	36K	0	1.2M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-	-1168.5%	-235.53%	-180.33%	-94.22%	-79.46%	-92.84%	-174.07%	-224.55%
Return on Invested Capital (ROIC)	-	-	-	-120.95%	-447.08%	-564.62%	-1448.07%	-435.86%	-188.61%	-121.44%
Gross Margin	-	-	-	100%	100%	100%	-	-	-112.77%	-44.89%
Net Margin	-	-	-	-84.91%	-1434.61%	-2620.27%	-	-	-5197.76%	-1258.43%
Debt / Equity	-	-	0.02x	0.07x	0.27x	0.23x	0.04x	0.09x	0.66x	0.82x
Interest Coverage	-63.39x	-8.16x	-10.44x	-2030.91x	-593.98x	-34.60x	-52.53x	-1735.30x	-21.64x	-14.75x
FCF Conversion	0.96x	0.19x	0.39x	-0.20x	0.76x	0.86x	0.54x	0.59x	0.93x	0.82x
Revenue Growth	-	-	-	-	-82%	-37.2%	-100%	-	-	219.67%

Revenue by Segment

	2024	2025
Business	1.16M	5.37M
Business Growth	-	363.16%

Frequently Asked Questions

Growth & Financials

Beyond Air, Inc. (XAIR) reported $5.8M in revenue for fiscal year 2025.

Beyond Air, Inc. (XAIR) grew revenue by 219.7% over the past year. This is strong growth.

Beyond Air, Inc. (XAIR) reported a net loss of $36.7M for fiscal year 2025.

Dividend & Returns

Beyond Air, Inc. (XAIR) has a return on equity (ROE) of -224.6%. Negative ROE indicates the company is unprofitable.

Beyond Air, Inc. (XAIR) had negative free cash flow of $26.1M in fiscal year 2025, likely due to heavy capital investments.

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Beyond Air, Inc. (XAIR) 10-Year Financial Performance & Capital Metrics

XAIR • • Industrial / General

HealthcareMedical DevicesRespiratory & Pulmonary DevicesAirway & Pulmonary Therapy

Revenue $4M +219.7%
EBITDA -$41M +32.5%
Net Income -$47M +22.6%
EPS (Diluted) -13.77 +62.1%
Gross Margin -44.89% +60.2%
EBITDA Margin -1105.7% +78.9%
Operating Margin -1202.08% +77.9%
Net Margin -1258.43% +75.8%
ROE -224.55% -29.0%
ROIC -121.44% +35.6%
Debt/Equity 0.82 +24.2%
Interest Coverage -14.75 +31.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y sales CAGR of 21.7%
✓Trading at only 0.2x book value

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Weak momentum: RS Rating 3 (bottom 3%)
✗Shares diluted 100.0% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y21.66%

3Y-

TTM147.74%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM33.86%

EPS CAGR

10Y-

5Y-

3Y-

TTM73.22%

ROCE

10Y Avg-134.37%

5Y Avg-95.13%

3Y Avg-111.9%

Latest-126.43%

Peer Comparison

Airway & Pulmonary Therapy

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ELMDElectromed, Inc.	239.29M	28.69	33.36	16.97%	12.38%	18.32%	4.63%	0.00
XAIRBeyond Air, Inc.	7.02M	0.88	-0.06	219.67%	-6.32%	-280.24%		0.82
LUNGPulmonx Corporation	82.08M	1.99	-1.38	22.01%	-61.91%	-94.54%		0.66
AVNSAvanos Medical, Inc.	555.63M	11.97	-1.40	2.15%	-67%	-60.27%	14.92%	0.21
INGNInogen, Inc.	168.59M	6.21	-4.09	6.35%	-7.31%	-12.87%		0.11
QIPTQuipt Home Medical Corp.	156.3M	3.55	-14.79	-0.23%	-4.11%	-10.06%	16.21%	0.16
IINNInspira Technologies Oxy B.H.N. Ltd.	34.51M	0.96	-1600			-190.28%		0.58

Profit & Loss

	Jun 2016	Dec 2016	Dec 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	0	0	0	7.72M	1.39M	873K	0	0	1.16M	3.71M
Revenue Growth %	-	-	-	-	-0.82%	-0.37%	-1%	-	-	2.2%
Cost of Goods Sold+	0	0	38K	0	0	0	0	555K	2.47M	5.37M
COGS % of Revenue	-	-	-	-	-	-	-	-	2.13%	1.45%
Gross Profit+	0	0	-38K	7.72M	1.39M	873K	0	-555K	-1.31M	-1.66M
Gross Margin %	-	-	-	1%	1%	1%	-	-	-1.13%	-0.45%
Gross Profit Growth %	-	-	-	204.26%	-0.82%	-0.37%	-1%	-	-1.35%	-0.27%
Operating Expenses+	29.29K	2.33M	11.07M	10.78M	19.53M	23.09M	40.71M	51.5M	61.7M	42.87M
OpEx % of Revenue	-	-	-	1.4%	14.05%	26.45%	-	-	53.23%	11.57%
Selling, General & Admin	29.29K	1.66M	6.63M	6.85M	8.88M	10.47M	18.41M	34.69M	37.34M	26.02M
SG&A % of Revenue	-	-	-	0.89%	6.39%	11.99%	-	-	32.21%	7.02%
Research & Development	1.62M	673K	4.44M	3.93M	10.65M	12.62M	11.8M	16.81M	24.36M	16.86M
R&D % of Revenue	-	-	-	0.51%	7.66%	14.45%	-	-	21.02%	4.55%
Other Operating Expenses	0	0	0	-3.03K	0	1K	10.5M	0	-1K	0
Operating Income+	-29.29K	-2.33M	-11.07M	-3.06M	-18.14M	-22.21M	-40.71M	-52.06M	-63.01M	-44.54M
Operating Margin %	-	-	-	-0.4%	-13.05%	-25.45%	-	-	-54.36%	-12.02%
Operating Income Growth %	0.99%	-78.66%	-3.74%	0.72%	-4.93%	-0.22%	-0.83%	-0.28%	-0.21%	0.29%
EBITDA+	-3.29K	-2.31M	-11.03M	-2.99M	-17.98M	-22M	-40.12M	-50.89M	-60.65M	-40.97M
EBITDA Margin %	-	-	-	-0.39%	-12.94%	-25.2%	-	-	-52.33%	-11.06%
EBITDA Growth %	1%	-701.37%	-3.78%	0.73%	-5.01%	-0.22%	-0.82%	-0.27%	-0.19%	0.32%
D&A (Non-Cash Add-back)	26K	25K	38K	64.79K	159.4K	211K	588K	1.17M	2.35M	3.57M
EBIT	-2.21M	-1.71M	-16.95M	-6.56M	-20.07M	-22.23M	-43.28M	-59.37M	-61.38M	-45.46M
Net Interest Income+	0	0	0	-1.51K	-30.54K	-642K	-775K	-30K	-2.91M	-3.02M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	462	286K	1.06M	1.51K	30.54K	642K	775K	30K	2.91M	3.02M
Other Income/Expense	-462	-1.36M	-6.98M	-3.5M	-1.95M	-661K	-3.35M	-7.34M	-1.29M	-3.94M
Pretax Income+	-29.75K	-3.69M	-18.04M	-6.56M	-20.1M	-22.88M	-44.06M	-59.4M	-64.3M	-48.48M
Pretax Margin %	-	-	-	-0.85%	-14.46%	-26.2%	-	-	-55.47%	-13.08%
Income Tax+	127K	27K	0	-1.53K	-154.3K	0	0	0	0	0
Effective Tax Rate %	1%	1.01%	1%	1%	0.99%	1%	0.98%	0.94%	0.94%	0.96%
Net Income+	-29.75K	-3.72M	-18.04M	-6.56M	-19.94M	-22.88M	-43.18M	-55.82M	-60.24M	-46.63M
Net Margin %	-	-	-	-0.85%	-14.35%	-26.2%	-	-	-51.98%	-12.58%
Net Income Growth %	0.99%	-124.05%	-3.85%	0.64%	-2.04%	-0.15%	-0.89%	-0.29%	-0.08%	0.23%
Net Income (Continuing)	-3.48M	-3.72M	-18.04M	-6.56M	-19.94M	-22.88M	-44.06M	-59.4M	-64.3M	-48.48M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	5.5M	4.11M	2.14M	758K
EPS (Diluted)+	-0.01	-1.29	-60.20	-15.43	-35.57	-25.41	-33.64	-37.24	-36.33	-13.77
EPS Growth %	0.99%	-123.76%	-45.85%	0.74%	-1.3%	0.29%	-0.32%	-0.11%	0.02%	0.62%
EPS (Basic)	-0.01	-1.29	-60.20	-15.43	-35.57	-25.41	-33.64	-37.24	-36.33	-13.77
Diluted Shares Outstanding	2.9M	2.9M	300.1K	424.93K	575.31K	900.26K	1.28M	1.5M	1.66M	3.39M
Basic Shares Outstanding	2.9M	2.9M	300.1K	424.93K	575.31K	900.26K	1.28M	1.5M	1.66M	3.39M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Jun 2016	Dec 2016	Dec 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	5.94K	85K	9.1M	8.69M	26.61M	37.22M	92.94M	59.41M	43.94M	16.02M
Cash & Short-Term Investments	5.92K	7K	9.04M	7.88M	19.83M	34.63M	80.24M	45.88M	34.47M	6.92M
Cash Only	5.92K	7K	732.54K	1.34M	19.83M	34.63M	80.24M	29.16M	11.38M	4.67M
Short-Term Investments	0	0	8.3M	6.54M	0	0	0	16.72M	23.09M	2.25M
Accounts Receivable	0	78K	0	0	0	425K	604K	651K	548K	860K
Days Sales Outstanding	-	-	-	-	-	177.69	-	-	172.58	84.72
Inventory	0	-26	0	638.94K	6.53M	1.88M	350K	1.13M	2.13M	2.42M
Days Inventory Outstanding	-	-	-	-	-	-	-	742.5	314.82	164.35
Other Current Assets	26	0	5.69K	388.89K	-503.31K	-930K	10.5M	7.95M	507K	434K
Total Non-Current Assets+	445K	151K	253.18K	739.87K	819.83K	3.3M	6.25M	9.34M	13.03M	14.04M
Property, Plant & Equipment	93K	61K	253.18K	244.87K	407.06K	2.79M	4.21M	7.5M	11.48M	12.72M
Fixed Asset Turnover	-	-	-	31.54x	3.41x	0.31x	-	-	0.10x	0.29x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	495K	412.76K	375K	1.84M	1.63M	1.43M	1.22M
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	352K	90K	0	0	0	138K	207K	212K	113K	103K
Total Assets+	5.94K	236K	9.36M	9.43M	27.43M	40.52M	99.2M	68.75M	56.96M	30.06M
Asset Turnover	-	-	-	0.82x	0.05x	0.02x	-	-	0.02x	0.12x
Asset Growth %	-0.99%	38.7%	38.64%	0.01%	1.91%	0.48%	1.45%	-0.31%	-0.17%	-0.47%
Total Current Liabilities+	31.1K	2.04M	2.13M	5.4M	4.87M	3.8M	10.71M	19.78M	11.57M	5M
Accounts Payable	634	528K	842.04K	1.16M	2.26M	1.32M	1.13M	2.02M	1.95M	1.95M
Days Payables Outstanding	-	-	8.09K	-	-	-	-	1.33K	288.33	132.59
Short-Term Debt	30K	418K	33.12K	263.6K	335.36K	557K	927K	775K	800K	609K
Deferred Revenue (Current)	0	1000K	0	1000K	873.19K	0	1000K	1000K	138K	0
Other Current Liabilities	0	0	154.3K	240.62K	1.27M	0	-408K	-986K	755K	223K
Current Ratio	0.19x	0.04x	4.27x	1.61x	5.46x	9.80x	8.68x	3.00x	3.80x	3.20x
Quick Ratio	0.19x	0.04x	4.27x	1.49x	4.12x	9.30x	8.64x	2.95x	3.61x	2.72x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	199.07	116.48
Total Non-Current Liabilities+	1.55M	2.9M	5.68M	0	4.47M	6.26M	10.28M	6.94M	18.21M	10.72M
Long-Term Debt	0	2.9M	0	0	4.34M	4.47M	200K	120K	14.72M	9.2M
Capital Lease Obligations	0	0	0	0	131.58K	1.79M	2.08M	2.32M	1.9M	1.49M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	5.68M	0	0	1K	8M	4.5M	1.59M	38K
Total Liabilities	31.1K	4.93M	7.81M	5.4M	9.34M	10.06M	20.99M	26.72M	29.77M	15.72M
Total Debt+	30K	3.31M	33.12K	263.6K	4.88M	6.93M	3.49M	3.59M	17.84M	11.69M
Net Debt	24.08K	3.31M	-699.42K	-1.08M	-14.95M	-27.7M	-76.75M	-25.57M	6.46M	7.02M
Debt / Equity	-	-	0.02x	0.07x	0.27x	0.23x	0.04x	0.09x	0.66x	0.82x
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Interest Coverage	-63.39x	-8.16x	-10.44x	-2030.91x	-593.98x	-34.60x	-52.53x	-1735.30x	-21.64x	-14.75x
Total Equity+	-25.16K	-4.7M	1.54M	4.02M	18.09M	30.46M	78.21M	42.03M	27.19M	14.34M
Equity Growth %	0.98%	-185.72%	1.33%	1.61%	3.5%	0.68%	1.57%	-0.46%	-0.35%	-0.47%
Book Value per Share	-0.01	-1.62	5.15	9.47	31.45	33.84	60.94	28.04	16.40	4.24
Total Shareholders' Equity	-25.16K	-4.7M	1.54M	4.02M	18.09M	30.46M	72.7M	37.91M	25.05M	13.58M
Common Stock	1.03K	1K	840	871	1.61K	2K	3K	3K	5K	8K
Retained Earnings	-30.26K	-13.57M	-30.57M	-37.64M	-57.59M	-80.46M	-123.64M	-179.46M	-239.7M	-286.32M
Treasury Stock	0	0	-25K	-25K	-25K	-25K	-25K	-25K	-25K	-25K
Accumulated OCI	-16K	0	-2.99K	0	0	0	96K	53K	-15K	-60K
Minority Interest	0	0	0	0	0	0	5.5M	4.11M	2.14M	758K

Cash Flow

	Jun 2016	Dec 2016	Dec 2017	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	-28.68K	-692K	-7.12M	1.34M	-15.25M	-19.64M	-23.13M	-33.01M	-56.02M	-38.22M
Operating CF Margin %	-	-	-	0.17%	-10.97%	-22.5%	-	-	-48.33%	-10.32%
Operating CF Growth %	0.98%	-23.13%	-9.29%	1.19%	-12.37%	-0.29%	-0.18%	-0.43%	-0.7%	0.32%
Net Income	-29.75K	-3.72M	-18.04M	-6.56M	-19.94M	-22.88M	-43.18M	-59.4M	-60.24M	-48.48M
Depreciation & Amortization	26K	25K	38K	64.79K	159.4K	211K	588K	1.17M	2.35M	3.57M
Stock-Based Compensation	447K	365K	4.38M	2.4M	3.58M	4.89M	0	19.56M	0	9.15M
Deferred Taxes	0	5K	5.41M	3.5M	2.08M	37K	0	0	0	0
Other Non-Cash Items	1.15M	1.66M	6.97M	-197.01K	9.85K	-703K	7.62M	271K	17.91M	3.7M
Working Capital Changes	1.07K	980K	-464K	2.13M	-1.13M	-1.2M	11.84M	5.39M	-16.04M	-6.15M
Change in Receivables	38K	-67K	-31K	0	0	0	103K	-98K	101K	-390K
Change in Inventory	0	291K	0	0	0	0	0	-781K	-998K	-466K
Change in Payables	634	404K	141K	322.63K	1.09M	-967.75K	-327K	838K	-467K	399K
Cash from Investing+	-7K	14K	-1.15M	-1.79M	4.42M	-890K	-1.45M	-20.59M	-12.23M	14.9M
Capital Expenditures	-7K	0	-244K	-56.48K	-43.63K	-890K	-1.38M	-3.88M	-5.75M	-5.88M
CapEx % of Revenue	-	-	-	0.01%	0.03%	1.02%	-	-	4.96%	1.59%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	14K	-301K	-1.74M	4.47M	0	-70K	1K	0	10K
Cash from Financing+	20K	556K	9.46M	1.07M	34.93M	30.33M	79.45M	2.7M	43.17M	16.65M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.22M	372K	1K	807.89K	-70.62K	6.67M	35K	0	0	365K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-35.68K	-692K	-7.36M	1.28M	-15.29M	-20.53M	-24.51M	-36.89M	-61.76M	-44.1M
FCF Margin %	-	-	-	0.17%	-11%	-23.52%	-	-	-53.29%	-11.9%
FCF Growth %	0.98%	-18.4%	-9.64%	1.17%	-12.91%	-0.34%	-0.19%	-0.5%	-0.67%	0.29%
FCF per Share	-0.01	-0.24	-24.53	3.02	-26.58	-22.80	-19.10	-24.61	-37.25	-13.03
FCF Conversion (FCF/Net Income)	0.96x	0.19x	0.39x	-0.20x	0.76x	0.86x	0.54x	0.59x	0.93x	0.82x
Interest Paid	0	0	0	0	0	0	0	36K	0	1.2M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-	-1168.5%	-235.53%	-180.33%	-94.22%	-79.46%	-92.84%	-174.07%	-224.55%
Return on Invested Capital (ROIC)	-	-	-	-120.95%	-447.08%	-564.62%	-1448.07%	-435.86%	-188.61%	-121.44%
Gross Margin	-	-	-	100%	100%	100%	-	-	-112.77%	-44.89%
Net Margin	-	-	-	-84.91%	-1434.61%	-2620.27%	-	-	-5197.76%	-1258.43%
Debt / Equity	-	-	0.02x	0.07x	0.27x	0.23x	0.04x	0.09x	0.66x	0.82x
Interest Coverage	-63.39x	-8.16x	-10.44x	-2030.91x	-593.98x	-34.60x	-52.53x	-1735.30x	-21.64x	-14.75x
FCF Conversion	0.96x	0.19x	0.39x	-0.20x	0.76x	0.86x	0.54x	0.59x	0.93x	0.82x
Revenue Growth	-	-	-	-	-82%	-37.2%	-100%	-	-	219.67%

Revenue by Segment

	2024	2025
Business	1.16M	5.37M
Business Growth	-	363.16%

Frequently Asked Questions

Growth & Financials

Beyond Air, Inc. (XAIR) reported $5.8M in revenue for fiscal year 2025.

Beyond Air, Inc. (XAIR) grew revenue by 219.7% over the past year. This is strong growth.

Beyond Air, Inc. (XAIR) reported a net loss of $36.7M for fiscal year 2025.

Dividend & Returns

Beyond Air, Inc. (XAIR) has a return on equity (ROE) of -224.6%. Negative ROE indicates the company is unprofitable.

Beyond Air, Inc. (XAIR) had negative free cash flow of $26.1M in fiscal year 2025, likely due to heavy capital investments.