0001127537-26-000015
SEC filingPulmonx Corporation reported revenue of $90.5 million for fiscal year 2025, generating gross profit of $67.1 million. The company incurred a net loss of $54.0 million, with operating expenses totaling $120.8 million, primarily driven by selling, general and administrative expenses of $101.3 million. Cash and cash equivalents stood at $69.8 million, with total assets of $129.3 million and total liabilities of $75.2 million. The company used $32.4 million in cash from operating activities but generated $30.5 million from investing activities, primarily from maturities of investments. With an accumulated deficit of $521.6 million, the company continues to operate at a loss while maintaining liquidity through its cash reserves and investment activities.
Pulmonx Corporation reported revenue of $90.5 million for fiscal year 2025, with cost of goods sold of $23.4 million resulting in gross profit of $67.1 million. The company incurred significant operating expenses totaling $120.8 million, comprising research and development expenses of $19.5 million and selling, general and administrative expenses of $101.3 million. This led to a loss from operations of $53.7 million. After accounting for interest income of $2.7 million, interest expense of $3.2 million, other income of $790,000, and income tax expense of $626,000, the company reported a net loss of $54.0 million. The comprehensive loss was $53.8 million, including other comprehensive income of $247,000. Basic and diluted net loss per share was $1.00, based on weighted-average shares of 40.7 million.
The filing does not provide segment breakdown, geographic mix, or specific growth drivers for revenue. The total revenue of $90.5 million represents the company's consolidated performance without further disaggregation by product line, geography, or customer type. No information is provided about revenue concentration, customer relationships, or specific products contributing to revenue generation. The absence of segment disclosure suggests the company operates as a single reporting segment or that segment information is not material for understanding the business.
The company achieved a gross margin of 74.1% based on revenue of $90.5 million and gross profit of $67.1 million. Operating expenses significantly exceeded gross profit, resulting in negative operating margin. Selling, general and administrative expenses represented the largest cost component at $101.3 million, substantially higher than research and development expenses of $19.5 million. Stock-based compensation expense was $21.2 million, representing a significant non-cash component of operating expenses. The cost structure shows high operating leverage with fixed costs exceeding revenue generation capacity.
Net cash used in operating activities was $32.4 million, primarily driven by the net loss of $54.0 million, partially offset by non-cash adjustments including stock-based compensation of $21.2 million. Investing activities provided $30.5 million in cash, mainly from maturities of investments of $36.6 million, partially offset by purchases of investments of $5.7 million. Financing activities provided $833,000 from stock option exercises and employee stock purchases. Cash and cash equivalents totaled $69.8 million, with total current assets of $101.7 million. Total liabilities were $75.2 million, including long-term debt of $37.0 million and lease liabilities of $19.3 million. Stockholders' equity was $54.1 million with accumulated deficit of $521.6 million.
The filing does not provide specific management guidance, forward-looking statements, or explicit strategic priorities for future periods. No information is disclosed regarding revenue projections, expense targets, profitability goals, or capital allocation plans. The document does not contain risk factor disclosures or management discussion of future opportunities. The absence of outlook information suggests the company may not have provided specific guidance or that such information is not included in the financial statement sections provided.