Revenue growth has accelerated to 65.5% year-over-year as of 2026Q4, yet gross margins remain highly unstable, fluctuating from -135.8% in 2025Q2 to a modest 4.9% in the most recent quarter.
| Sales/Revenue | 7.68M | 3.71M | 1.16M | 0 | 0 | 873K | 1.39M | 7.72M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 107.26% | 219.67% | - | - | -100% | -37.2% | -82% | - | - | - | - | - | - |
| Cost of Goods Sold | 7.43M | 5.37M | 2.47M | 555K | 0 | 0 | 0 | 0 | 38K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | 96.72% | 144.89% | 212.77% | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 252K | -1.66M | -1.31M | -555K | 0 | 873K | 1.39M | 7.72M | -38K | 0 | 0 | 0 | 0 |
| Gross Margin % | 3.28% | -44.89% | -112.77% | - | - | 100% | 100% | 100% | - | - | - | - | - |
| Gross Profit Growth % | 115.15% | -27.24% | -135.5% | - | -100% | -37.2% | -82% | 20426.32% | - | - | - | - | - |
| Operating Expenses | 29.3M | 42.87M | 61.7M | 51.5M | 40.71M | 23.09M | 19.53M | 10.78M | 11.07M | 2.33M | 29.29K | 4.25M | 1.57M |
| OpEx % of Revenue | 381.51% | 1157.19% | 5323.47% | - | - | 2644.56% | 1405.08% | 139.6% | - | - | - | - | - |
| Selling, General & Admin | 19.05M | 26.02M | 37.34M | 34.69M | 18.91M | 10.47M | 8.88M | 6.85M | 6.63M | 1.66M | 29.29K | 989K | 486K |
| SG&A % of Revenue | 248.14% | 702.21% | 3221.48% | - | - | 1199.08% | 639.03% | 88.72% | - | - | - | - | - |
| Research & Development | 10.24M | 16.86M | 24.36M | 16.81M | 11.8M | 12.62M | 10.65M | 3.93M | 4.44M | 673K | 1.62M | 1.17M | 898K |
| R&D % of Revenue | 133.36% | 454.98% | 2102.07% | - | - | 1445.36% | 766.05% | 50.87% | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | -1K | 0 | 10M | 1K | 0 | -3.03K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -29.04M | -44.54M | -63.01M | -52.06M | -40.71M | -22.21M | -18.14M | -3.06M | -11.07M | -2.33M | -29.29K | -2.16M | -1.38M |
| Operating Margin % | -378.23% | -1202.08% | -5436.24% | - | - | -2544.56% | -1305.08% | -39.6% | - | - | - | - | - |
| Operating Income Growth % | 34.79% | 29.31% | -21.03% | -27.88% | -83.26% | -22.45% | -493.16% | 72.36% | -374.37% | -7866.26% | 98.64% | -55.78% | - |
| EBITDA | -25.39M | -40.97M | -60.65M | -50.89M | -40.12M | -22M | -17.98M | -2.99M | -11.03M | -2.31M | -3.29K | -2.14M | -1.37M |
| EBITDA Margin % | -330.71% | -1105.7% | -5233.3% | - | - | -2520.39% | -1293.61% | -38.76% | - | - | - | - | - |
| EBITDA Growth % | 38.01% | 32.46% | -19.19% | -26.84% | -82.35% | -22.36% | -500.67% | 72.86% | -377.86% | -70137.37% | 99.85% | -56.03% | - |
| D&A (Non-Cash Add-back) | 3.65M | 3.57M | 2.35M | 1.17M | 588K | 211K | 159.4K | 64.79K | 38K | 25K | 26K | 20K | 15K |
| EBIT | -29.04M | -45.46M | -61.38M | -59.37M | -43.28M | -22.23M | -20.07M | -6.56M | -16.95M | -1.71M | -2.21M | -2.16M | -1.38M |
| Net Interest Income | -3.52M | -3.02M | -2.91M | -30K | -775K | -642K | -30.54K | -1.51K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 376K | 5K |
| Interest Expense | 3.52M | 3.02M | 2.91M | 30K | 775K | 642K | 30.54K | 1.51K | 1.06M | 286K | 462 | 0 | 0 |
| Other Income/Expense | -5.29M | -3.94M | -1.29M | -7.34M | -3.35M | -661K | -1.95M | -3.5M | -6.98M | -1.36M | -462 | -2.47M | -190K |
| Pretax Income | -34.33M | -48.48M | -64.3M | -59.4M | -44.06M | -22.88M | -20.1M | -6.56M | -18.04M | -3.69M | -29.75K | -4.62M | -1.57M |
| Pretax Margin % | -447.12% | -1308.47% | -5547.45% | - | - | -2620.27% | -1445.71% | -84.91% | - | - | - | - | - |
| Income Tax | -1.08M | 0 | 0 | 0 | 0 | 0 | -154.3K | -1.53K | 0 | 27K | 127K | 0 | 71K |
| Effective Tax Rate % | 3.16% | 0% | 0% | 0% | 0% | 0% | 0.77% | 0.02% | 0% | -0.73% | -426.92% | 0% | -4.51% |
| Net Income | -33.25M | -46.63M | -60.24M | -55.82M | -43.18M | -22.88M | -19.94M | -6.56M | -18.04M | -3.72M | -29.75K | -4.81M | -1.65M |
| Net Margin % | -432.99% | -1258.43% | -5197.76% | - | - | -2620.27% | -1434.61% | -84.91% | - | - | - | - | - |
| Net Income Growth % | 28.69% | 22.6% | -7.93% | -29.27% | -88.75% | -14.7% | -204.07% | 63.65% | -385.05% | -12405.04% | 99.38% | -192.22% | - |
| Net Income (Continuing) | -34.33M | -48.48M | -64.3M | -59.4M | -44.06M | -22.88M | -19.94M | -6.56M | -18.04M | -3.72M | -3.48M | -4.62M | -1.65M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 84K | 758K | 2.14M | 4.11M | 5.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.01 | -13.77 | -36.33 | -37.24 | -33.64 | -25.41 | -35.57 | -15.43 | -60.20 | -1.29 | -0.01 | -1.66 | -0.57 |
| EPS Growth % | 70.88% | 62.1% | 2.44% | -10.7% | -32.39% | 28.56% | -130.46% | 74.36% | -4584.82% | -12375.73% | 99.38% | -191.23% | - |
| EPS (Basic) | -4.01 | -13.77 | -36.33 | -37.24 | -33.64 | -25.41 | -35.57 | -15.43 | -60.20 | -1.29 | -0.01 | -1.66 | -0.57 |
| Diluted Shares Outstanding | 8.3M | 3.39M | 1.66M | 1.5M | 1.28M | 900.26K | 575.31K | 424.93K | 300.1K | 2.9M | 2.9M | 2.9M | 2.9M |
| Basic Shares Outstanding | 8.3M | 3.39M | 1.66M | 1.5M | 1.28M | 900.26K | 575.31K | 424.93K | 300.1K | 2.9M | 2.9M | 2.9M | 2.9M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and dilution risk
According to the latest quarterly financial data, XAIR has demonstrated a robust revenue growth trajectory, with year-over-year figures reaching 65.5% in 2026Q4, signaling that the company is successfully transitioning from a pre-commercial phase into a period of active market penetration for its LungFit PH platform.
The consistent quarter-over-quarter revenue expansion suggests that the company is gaining traction within neonatal intensive care units. However, investors should monitor whether this growth is driven by sustainable recurring consumable sales or if it remains heavily reliant on initial device placements that may not repeat.
As reported in recent income statements, XAIR's gross margin has fluctuated significantly, swinging from a low of -135.8% in 2025Q2 to a positive 4.9% in 2026Q4, highlighting the inherent instability of a business model that has yet to achieve meaningful economies of scale in manufacturing.
The recent shift into positive gross margin territory appears to be a critical milestone, yet it remains fragile given the low absolute dollar volume of gross profit. This volatility suggests that the company's cost of goods sold is highly sensitive to production batch sizes and supply chain efficiencies.
Based on the provided financial figures, XAIR continues to operate with significant negative operating leverage, as SG&A expenses of $5.0M in 2026Q4 continue to dwarf the $94.0K in gross profit, indicating that the company is still in a heavy investment phase for its commercial infrastructure.
The inability of operating income to scale alongside revenue suggests that the current commercial sales force and administrative overhead are not yet optimized for the company's current revenue base. This structure implies that significant further revenue growth is required before the company can approach operational break-even.
Analysis of the income statement reveals that R&D spending remains a primary cost driver, with $2.3M allocated in 2026Q4, reflecting the company's strategic commitment to expanding its product pipeline beyond the current neonatal focus into broader respiratory applications like the LungFit GO system.
While this high R&D spend is necessary for long-term product differentiation, it places immense pressure on the company's limited cash reserves. Management's expense discipline appears focused on innovation, but this comes at the cost of immediate financial sustainability, warranting close scrutiny of the clinical development timeline.
Financial statements indicate that XAIR's cash burn remains aggressive, with net losses of $10.3M in 2026Q4, which, when compared to the reported cash position, suggests that the company faces a high probability of needing dilutive capital raises to fund its ongoing operations in the near term.
Short-term observers may focus on the disconnect between the company's revenue growth and its persistent net losses, which could imply that the current business model is not yet self-funding. Investors should monitor the cash-to-burn ratio, as any delay in reaching profitability may necessitate further equity issuance.
Quick answers to the most common questions about buying XAIR stock.
For fiscal year 2026, Beyond Air, Inc. (XAIR) reported total revenue of $7.7M.
Beyond Air, Inc. (XAIR) reported a net loss of $33.2M for the fiscal year ending 2026.
Beyond Air, Inc. (XAIR) reported an operating income of $-29.0M, resulting in an operating profit margin of -378.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Beyond Air, Inc. (XAIR) generated $0.3M in gross profit for the year, representing a gross profit margin of 3.3%. This demonstrates the company's core pricing power and production efficiency.