NYXH · Nyxoah S.A.

Summary

Nyxoah reported fourth quarter 2025 net revenue of €5.6 million, representing 347% year-over-year growth, and full year 2025 net revenue of €10.0 million, up 122% year-over-year, driven by the first full quarter of U.S. commercialization following FDA approval in August 2025. The company had €48.0 million in cash, cash equivalents and financial assets at December 31, 2025, and expects U.S. net revenue to grow approximately 25% sequentially in Q1 and Q2 2026.

Key takeaways

• Q4 2025 net revenue €5.6 million (+347% YoY)
• FY 2025 net revenue €10.0 million (+122% YoY)
• Q4 2025 gross margin approximately 64%
• 145 surgeons trained and 57 U.S. accounts activated since August 2025 launch
• Cash, cash equivalents and financial assets €48.0 million as of December 31, 2025
• U.S. net revenue guidance: ~25% growth Q1 2026 over Q4 2025 and ~25% growth Q2 2026 over Q1 2026