NYXH · Nyxoah S.A.

Nyxoah's Q1 2026 results demonstrate robust U.S. commercialization momentum post-FDA approval in August 2025, with U.S. net revenue surging to €4.3 million, a 25% sequential increase driven by 62 new surgeons trained (total 207), 34 new accounts activated (total 91), and 241 prior authorization submissions. Global net revenue reached €6.4 million, up 13% sequentially and nearly 6x year-over-year, reflecting Genio system expansion in key markets like Germany (€1.2 million). Gross margin dipped to 57% from 62% YoY due to lower yields from higher U.S. volumes, though management notes this has been addressed. SG&A expenses rose 24% to €15.4 million from U.S. commercial build-out, while R&D held steady at €8.8 million with reduced clinical costs. Operating loss remained stable at €20.5 million, cushioned by €4.9 million net financial income from convertible bond fair value gains. Cash stood at €25.9 million, with €13.8 million EIB loan tranche expected in Q2. Guidance signals confidence: Q2 U.S. revenue growth of 25-30%, FY2026 worldwide revenue €36-40 million, gross margin 60-62%, and operating expenses €97-99 million. The filing also details June 10, 2026, annual and extraordinary meetings to approve 2025 financials, grant director discharges, reappoint/re-elect board members including four independents until 2027, ratify €22.5 million convertible bonds issued December 2025 with change-of-control put rights, and renew 5-year authorized capital equal to current capital amount. These steps support ongoing U.S. growth and capital flexibility amid €321.7 million accumulated losses.