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Edge14 Nov 2025
Ball: The King of Cans
From a 19th-century glass-jar legacy to a global plant network, Ball is now a pure-play aluminum can partner to the world's biggest beverage brands.
Accuray (ARAY) investor relations material
Accuray Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary5 Nov, 2025
Executive summary
Q1 FY26 net revenue was $93.9 million, down 7% year-over-year, with product revenue declining 23% and service revenue growing 7%.
Net loss widened to $21.7 million from $4.0 million in the prior year, with EPS at $(0.18) compared to $(0.04) year-over-year.
Gross margin declined to 28.3% from 33.9% last year, impacted by lower revenues, unfavorable sales mix, tariffs, and supply chain challenges; excluding China margin deferral, gross margin was 29.4%.
Leadership transition occurred with Steve La Neve appointed CEO and a transformation plan announced, supported by board member Steven Mayer.
The company launched the Stellar product, signed a memorandum with the University of Wisconsin for radiotherapy advancement, and treated first patients in Australia with the CyberKnife system.
Financial highlights
Product revenue was $37.2 million, down 23% year-over-year, mainly due to lower shipments to China and regional slowdowns.
Service revenue rose to $56.8 million, up 7% year-over-year, driven by a larger installed base and contract revenue growth.
Gross profit was $26.5 million, down from $34.5 million year-over-year.
Operating loss was $11.3 million, compared to a $2.1 million loss last year; adjusted EBITDA was a loss of $4.1 million, compared to income of $3.1 million in the prior year.
Cash, cash equivalents, and short-term restricted cash totaled $63.9 million as of September 30, 2025, up from $57 million last quarter.
Outlook and guidance
FY26 revenue guidance reaffirmed at $471–$485 million (+3% to +6% year-over-year), with adjusted EBITDA guidance of $31–$35 million (+10% to +25% year-over-year).
First half revenue expected to be 40% of full-year guidance, with 60% in the second half due to order timing.
Transformation plan aims for high single-digit adjusted EBITDA margin within 12 months and double digits longer term.
Guidance excludes depreciation, amortization, stock-based compensation, interest, taxes, warrant liability changes, and certain non-recurring items.
Management believes current liquidity is sufficient for at least the next 12 months, but ongoing review of capital requirements continues.
Path to meet FY26 guidance after Q1?
China JV margin deferral impact on future GM?
Strategy to reverse 16% backlog decline?
CEO's assessment of FY26 guidance timing?
Confidence in H2 product revenue recovery?
Tariff and mix impact on future product margins?
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Frequently asked questions
Accuray Incorporated designs, manufactures, and sells radiation therapy systems for cancer treatment. Its product portfolio includes robotic and image-guided radiotherapy systems used by hospitals and healthcare providers worldwide. The company is headquartered in Madison, Wisconsin, and its shares are listed on the NASDAQ.
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