AirSculpt Technologies (AIRS) Q4 2025 earnings summary

Executive summary

• Achieved sequential improvement in same-store sales and higher adjusted EBITDA in Q4 2025 compared to earlier quarters, with positive same-store sales growth beginning in February 2026.

• 2025 was a year of transformation: added talent, improved processes, launched new services, and exited non-core international operations.

• Entered 2026 with enhanced financial flexibility and strengthened balance sheet through equity issuance and net debt reduction.

Financial highlights

• Q4 2025 revenue was $33.4 million, down 14.6% year-over-year; same-store revenue declined 16%; case volume was 2,604, down 15%.

• Gross margin expanded by 2% to 59% due to an 18% decrease in cost of services.

• Q4 2025 net loss was $1.3 million, improved from $5.0 million net loss in Q4 2024; Adjusted EBITDA for Q4 was $2.5 million (7.4% margin), up $0.6 million year-over-year.

• Full-year 2025 revenue was $151.8 million, down 15.8% from 2024; adjusted EBITDA was $12.5 million (8.2% margin); net loss was $11.7 million.

• Cash at year-end was $8.4 million; gross debt outstanding was $56 million, reduced to $45 million after Q1 2026 paydown.

Outlook and guidance

• 2026 revenue expected between $151 million and $157 million, with ~3% comparable growth at midpoint (excluding London center); Adjusted EBITDA guidance for 2026 is $15–$17 million.

• Q1 2026 revenue expected at $38.5–$39.5 million, with same-store revenue approximately flat at midpoint.

• No new center openings planned for 2026; focus remains on driving growth in existing locations.