NASDAQ$LUNG
Pulmonx Corporation · Q4 2025 earnings
Q4 2025 earnings · · After market close · Investor relations
Briefing
Pulmonx reported Q4 2025 worldwide revenue of $22.6 million, down 5% year over year, with a net loss of $10.4 million ($0.25 per share).
Pulmonx posted Q4 2025 worldwide revenue of $22.6 million (-5% YoY, -7% constant currency) with U.S. revenue $14.1 million (-11%) and international $8.5 million (+8%). Gross margin was 78%; net loss was $10.4 million ($0.25 per share) vs $13.2 million ($0.33) prior year. Full-year revenue was $90.5 million (+8%). The company refinanced debt for up to $60 million and guides 2026 revenue of $90–92 million with ~75% gross margin.
- Q4 revenue $22.6M (-5% YoY); gross margin 78%.
- Net loss improved to $10.4M; adjusted EBITDA loss $5.5M.
- New $60M credit facility extends maturity to 2031.
- 2026 revenue guidance $90–92M; opex $113–115M.
Headline financials
Revenue & EPS history
Pulmonx · Revenue · Quarterly
$22.6M
Forward guidance
For 2026, Pulmonx guides revenue of $90–92 million, gross margin ~75%, operating expenses $113–115 million, and cash burn of ~$23 million absent additional credit draws.
Tailwinds
- International revenue growth and cost restructuring.
- Improved adjusted EBITDA loss vs prior-year Q4.
- Balance-sheet extension via refinancing.
Headwinds
- U.S. revenue decline and transition-year commercial headwinds.
- Continued operating losses and cash consumption.
- Procedure volume sensitivity in COPD/emphysema interventions.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
-3.4%
Avg return
Earnings day
-4.1%
Avg return
5 days after
-5.3%
Avg return
30 days after
42%
10 / 24 earnings
Positive
+32.2%
Q4 2024
Best reaction
-64.7%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.5% | -6.7% | +12.6% | |
| Q4 2025 | +0.6% | -6.1% | -28.2% | |
| Q3 2025 | -18.9% | -28.6% | +29.1% | |
| Q1 2025 | -21.9% | -28.8% | -29.6% | |
| Q4 2024 | +32.2% | +30.7% | +17.0% | |
| Q3 2024 | -7.7% | +5.2% | -4.7% | |
| Q2 2024 | -8.1% | -15.4% | +3.7% | |
| Q1 2024 | +23.3% | +21.9% | -4.7% | |
| Q4 2023 | -17.7% | -27.9% | -36.1% | |
| Q3 2023 | +6.9% | +20.7% | +34.2% | |
| Q2 2023 | -4.1% | -8.0% | -26.0% | |
| Q1 2023 | +1.1% | -0.2% | -1.5% | |
| Q4 2022 | +20.8% | +26.0% | +27.1% | |
| Q3 2022 | -64.7% | -61.1% | -52.3% | |
| Q2 2022 | +9.2% | +19.9% | +5.7% | |
| Q1 2022 | +0.6% | -23.6% | -23.9% | |
| Q4 2021 | -6.9% | -2.5% | -12.5% | |
| Q3 2021 | +7.1% | +12.6% | -23.7% | |
| Q2 2020 | -7.6% | -10.9% | -1.6% | |
| Q2 2021 | +0.1% | +6.0% | +3.3% | |
| Q1 2020 | -5.8% | -5.3% | +9.9% | |
| Q1 2021 | -8.7% | -9.6% | -10.3% | |
| Q4 2020 | -4.1% | -3.4% | -20.2% | |
| Q3 2020 | -4.9% | -3.4% | +5.6% | |
| Q4 2019 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — |
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