AirSculpt Technologies (AIRS) investor relations material

Executive summary

• Revenue and case volume declined year-over-year, with Q3 2025 revenue down 17.8% to $35 million and cases down 15.2% to 2,780, reflecting industry headwinds and timing issues rather than a change in business trajectory.

• Strategic initiatives include optimizing marketing, enhancing sales processes, expanding financing, piloting new services for GLP-1 users, and maintaining financial discipline.

• Cost reduction programs are underway, with annual savings estimated at $3 million, and de novo center and new procedure room openings paused.

• Closure of the unprofitable London center resulted in $2.3 million impairment and $1 million rent expense; focus shifted to North America.

• New CFO Michael Arthur to join in January 2026, bringing public market and growth experience.

Financial highlights

• Q3 2025 revenue was $35 million, down from $42.5 million in Q3 2024; nine-month revenue was $118.4 million, down from $141.2 million.

• Net loss for Q3 2025 was $9.5 million, compared to $6 million in Q3 2024; adjusted EBITDA was $3 million (8.7% margin), down from $4.7 million (11% margin).

• Adjusted net loss per share for Q3 2025 was $(0.04), compared to $(0.02) in Q3 2024.

• Cash and cash equivalents at September 30, 2025, were $5.4 million, with $5 million in available revolving credit.

• Cost of services decreased by $2.9 million, but as a percentage of revenue increased to 42.5%.

Outlook and guidance

• 2025 revenue outlook lowered to approximately $153 million, down from prior guidance of $160–$170 million.

• 2025 adjusted EBITDA expected at $16 million, the low end of previous guidance.

• Management expects to continue rolling out customer experience initiatives and new product offerings into 2026.

• Q4 guidance implies improving same-store sales and stronger margins both sequentially and year-over-year.

• Liquidity is expected to be sufficient for at least the next 12 months.