AirSculpt Technologies (AIRS) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was $151.8 million, down 15.8% from $180.4 million in 2024, primarily due to lower case volume despite a slight increase in revenue per case.

• Net loss widened to $11.7 million in 2025 from $8.0 million in 2024, reflecting lower revenues and higher impairment and closure costs.

• Adjusted EBITDA was $15.1 million (9.9% margin), down from $21.0 million (11.6% margin) in 2024.

• The company closed its London facility, incurring $2.2 million in related costs, and recorded a $4.5 million impairment on a Salesforce implementation project.

Financial highlights

• Cases performed declined 15.6% to 11,852 in 2025; revenue per case was $12,809, nearly flat year-over-year.

• Same-center case volume dropped 22.1% in 2025; same-center revenue per case was up 0.1%.

• Cost of service decreased 13.3% to $61.7 million, but as a percentage of revenue increased to 40.6%.

• Selling, general, and administrative expenses fell 16.9% to $82.2 million, with advertising costs down $5.6 million.

• Interest expense remained stable at $6.1 million.

• Effective tax rate was (33.8)% in 2025, mainly due to non-deductible executive compensation.

Outlook and guidance

• Management is focused on returning to revenue growth through optimized marketing, improved sales strategies, expanded consumer financing, and new product innovation, especially in skin tightening.

• No new center openings are planned in the near term; focus remains on liquidity and operational efficiency.

• The company believes cash from operations and available credit will be sufficient for at least the next 12 months.