Revenue growth remains highly volatile, with quarterly performance swinging from a 176.9% increase in 2024Q1 to a 30.8% contraction by 2024Q4, while gross margins compressed to 30.2% in 2026Q1.
| Sales/Revenue | 16.32M | 10.02M | 4.52M | 4.35M | 3.08M | 852K | 69K | 0 | 0 | 0 |
| Revenue Growth % | 273.92% | 121.63% | 3.98% | 40.99% | 261.97% | 1134.78% | - | - | - | - |
| Cost of Goods Sold | 8.43M | 3.69M | 1.55M | 1.66M | 1.15M | 303K | 30K | 486.04K | 2.52M | 2.11M |
| COGS % of Revenue | - | 36.87% | 34.33% | 38.09% | 37.29% | 35.56% | 43.48% | - | - | - |
| Gross Profit | 7.89M | 6.33M | 2.97M | 2.69M | 1.93M | 549K | 39K | -486.04K | -2.52M | -2.11M |
| Gross Margin % | 48.34% | 63.13% | 65.67% | 61.91% | 62.71% | 64.44% | 56.52% | - | - | - |
| Gross Profit Growth % | - | 113.07% | 10.29% | 39.19% | 252.28% | 1307.69% | 108.02% | 80.74% | -19.57% | - |
| Operating Expenses | 93.92M | 89.27M | 61.78M | 47.79M | 34.43M | 26.79M | 11.26M | 8.03M | 8.45M | 10.14M |
| OpEx % of Revenue | - | 890.9% | 1366.47% | 1099.22% | 1116.5% | 3144.48% | 16323.19% | - | - | - |
| Selling, General & Admin | 51.66M | 46.44M | 28.46M | 20.64M | 18.86M | 11.11M | 11.35M | 6.39M | 4.35M | 4.12M |
| SG&A % of Revenue | - | 463.44% | 629.53% | 474.82% | 611.38% | 1304.34% | 16442.03% | - | - | - |
| Research & Development | 42.56M | 42.82M | 34.33M | 27.66M | 15.86M | 5.95M | 2.91M | 1.64M | 1.72M | 2M |
| R&D % of Revenue | - | 427.39% | 759.23% | 636.06% | 514.3% | 698.59% | 4217.39% | - | - | - |
| Other Operating Expenses | -296K | 7K | -1.01M | -507K | -283K | 9.73M | -2.99M | 0 | 2.81M | 4.58M |
| Operating Income | -86.04M | -82.94M | -58.81M | -45.1M | -32.5M | -26.24M | -11.22M | -8.52M | -8.45M | -10.14M |
| Operating Margin % | -527.24% | -827.76% | -1300.8% | -1037.3% | -1053.79% | -3080.05% | -16266.67% | - | - | - |
| Operating Income Growth % | - | -41.04% | -30.39% | -38.78% | -23.84% | -133.8% | -31.76% | -0.81% | 16.69% | - |
| EBITDA | -80.76M | -78.46M | -58.05M | -42.74M | -30.57M | -24.58M | -10.6M | -8.03M | -8.36M | -10.06M |
| EBITDA Margin % | -494.92% | -783.01% | -1283.9% | -983.03% | -991.15% | -2884.98% | -15368.12% | - | - | - |
| EBITDA Growth % | -24.01% | -35.17% | -35.8% | -39.83% | -24.36% | -131.8% | -32.01% | 3.86% | 16.92% | - |
| D&A (Non-Cash Add-back) | 5.27M | 4.48M | 764K | 2.36M | 1.93M | 1.66M | 620K | 486.04K | 95K | 87K |
| EBIT | -89.55M | -87.39M | -58.81M | -44.44M | -29.82M | -24.25M | -11.22M | -8.71M | -9.01M | -10.3M |
| Net Interest Income | -1.65M | 143K | 599K | 1.37M | 135K | -385K | -195K | -692.58K | -28K | -35K |
| Interest Income | 1.08M | 1.83M | 2.5M | 2.57M | 372K | 1K | 3K | 8.98K | 1K | 2K |
| Interest Expense | 2.74M | 1.69M | 1.9M | 1.21M | 237K | 386K | 198K | 701.56K | 29K | 37K |
| Other Income/Expense | 1.25M | -6.13M | 2.38M | 445K | 2.44M | 1.6M | -928K | -892.39K | -588K | -191K |
| Pretax Income | -84.79M | -89.08M | -56.43M | -44.66M | -30.06M | -24.64M | -12.15M | -9.41M | -9.04M | -10.33M |
| Pretax Margin % | -519.6% | -888.98% | -1248.22% | -1027.07% | -974.58% | -2891.9% | -17611.59% | - | - | - |
| Income Tax | 1.33M | 1.01M | 2.8M | -1.45M | 1.17M | 2.98M | 93K | 78.57K | 41K | 37K |
| Effective Tax Rate % | -1.57% | -1.13% | -4.97% | 3.24% | -3.89% | -12.09% | -0.77% | -0.83% | -0.45% | -0.36% |
| Net Income | -86.12M | -90.08M | -59.24M | -43.21M | -31.23M | -27.62M | -12.24M | -9.49M | -9.08M | -10.37M |
| Net Margin % | -527.77% | -899.05% | -1310.24% | -993.84% | -1012.48% | -3241.67% | -17746.38% | - | - | - |
| Net Income Growth % | -23.53% | -52.08% | -37.08% | -38.39% | -13.06% | -125.55% | -29.04% | -4.52% | 12.46% | - |
| Net Income (Continuing) | -86.12M | -90.08M | -59.24M | -43.21M | -31.23M | -27.62M | -12.24M | -9.49M | -9.08M | -10.37M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.99 | -2.37 | -1.81 | -1.55 | -1.21 | -1.16 | -0.68 | -0.34 | -0.43 | -0.50 |
| EPS Growth % | -7.54% | -30.94% | -16.77% | -28.1% | -4.31% | -70.59% | -100% | 20.93% | 14% | - |
| EPS (Basic) | - | -2.37 | -1.81 | -1.55 | -1.21 | -1.16 | -0.68 | -0.34 | -0.43 | -0.50 |
| Diluted Shares Outstanding | 43.21M | 38.11M | 32.74M | 27.97M | 25.82M | 23.79M | 18.1M | 21.42M | 20.89M | 20.89M |
| Basic Shares Outstanding | 43.21M | 38.11M | 32.74M | 27.97M | 25.82M | 23.79M | 18.1M | 21.42M | 20.89M | 20.89M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Capital runway and dilution
As reported in recent financial statements, Nyxoah's quarterly revenue growth has exhibited significant volatility, fluctuating from a 176.9% surge in 2024Q1 to a 30.8% contraction by 2024Q4, suggesting that the company's current commercial model remains highly sensitive to the timing of European hospital site onboarding.
The erratic revenue trajectory underscores the challenges of scaling a specialized medical device in a fragmented European market. Investors should monitor whether the recent 5.9% growth in 2026Q1 represents a stabilization of demand or merely a temporary recovery from previous lumpy shipment cycles.
According to the company's historical income statements, gross margins have fluctuated significantly, dropping to 30.2% in 2026Q1 from a peak of 73.5% in 2024Q4, which indicates potential instability in manufacturing yields or shifts in the geographic sales mix that warrant further investigation.
The compression of gross margins in the most recent quarter suggests that the company has yet to achieve the economies of scale necessary to support its premium product positioning. This margin instability complicates the path to profitability, as the current cost structure appears unable to absorb fluctuations in production volume.
Based on reported figures, Nyxoah continues to operate with a high fixed-cost base, as evidenced by an operating loss of $23.7 million in 2026Q1, which significantly outpaces the $2.2 million in gross profit generated during the same period, highlighting a lack of meaningful operating leverage.
The persistent gap between gross profit and operating expenses suggests that the company is prioritizing aggressive clinical and commercial investment over near-term margin expansion. Without a substantial increase in revenue scale, the current operating model appears unsustainable, leaving the firm highly dependent on external capital to fund ongoing operations.
As detailed in the income statement data, R&D and SG&A expenditures consistently dwarf gross profit, with R&D alone reaching $8.7 million in 2026Q1, reflecting a pre-scale phase where clinical trial requirements and commercial infrastructure build-out continue to consume the majority of the company's financial resources.
The company's expense discipline appears secondary to its regulatory and clinical objectives, as evidenced by the lack of a clear downward trend in operating costs. Investors should scrutinize whether these high expenditures are effectively translating into the necessary clinical data to secure U.S. market entry.
Given the reported $23.7 million operating loss in 2026Q1 and the absence of consistent revenue growth, the company's financial position appears increasingly precarious, suggesting that the current cash burn rate may necessitate further dilutive financing to support the transition toward a potential U.S. commercial launch.
Short-term observers may focus on the widening gap between cash outflows and revenue generation as a primary risk factor. The reliance on external funding to bridge the gap between clinical development and commercial viability remains the most significant threat to shareholder value in the near term.
Quick answers to the most common questions about buying NYXH stock.
For fiscal year 2025, Nyxoah S.A. (NYXH) reported total revenue of $10.0M.
Nyxoah S.A. (NYXH) reported a net loss of $90.1M for the fiscal year ending 2025.
Nyxoah S.A. (NYXH) reported an operating income of $-82.9M, resulting in an operating profit margin of -827.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Nyxoah S.A. (NYXH) generated $6.3M in gross profit for the year, representing a gross profit margin of 63.1%. This demonstrates the company's core pricing power and production efficiency.