AIRS · AirSculpt Technologies, Inc.

AirSculpt’s Q1 FY2026 results reflect early signs of operational stabilization following its 2025 transformation, though profitability remains elusive. Revenue held flat year-over-year at $39.4 million, driven by a 0.2% increase in case volume (3,082 vs. 3,076) and a 1% gain in same-center sales — the first positive same-center growth since prior periods, per Exhibit 99.1. However, revenue per case dipped slightly to $12,780, suggesting pricing discipline or mix shifts rather than inflationary uplift. Net loss improved by $0.45 million to $2.4 million, aided by lower operating expenses and interest expense ($1.2M vs. $1.6M), but Adjusted EBITDA declined 12% to $3.3 million, with margin compressing to 8.4% from 9.5%, pointing to persistent SG&A pressure (up $0.8M YoY) and elevated depreciation. Management attributed progress to enhanced marketing initiatives and GLP-1 opportunity capture, calling Q1 a 'key turning point' and reaffirming full-year guidance — a notable signal of confidence given prior volatility in earnings performance. The balance sheet strengthened materially: cash nearly doubled to $16.7 million, gross debt fell to $45.6 million after $11.4 million repayment, and the Company retained $5.0 million of undrawn revolver capacity. With 31 facilities (down from 32) and continued focus on operational efficiency, AirSculpt is positioning for scalable growth in the seasonally stronger Q2, though execution against the $15–$17M Adjusted EBITDA target will require sustained margin improvement and case volume acceleration beyond current low-single-digit trends.