Nyxoah (NYXH) Q2 2026 earnings summary

Executive summary

• Achieved strong Q2 2026 performance with 21% sequential worldwide revenue growth, driven by U.S. commercial launch and international expansion.

• U.S. net revenue grew 22% sequentially to EUR 5.2 million; international revenue up 19% to EUR 2.5 million.

• Doubled active U.S. account base to 180, with 89 new accounts activated and 55 new surgeons trained in Q2, signaling robust adoption.

• Secured $110 million in financing in Q2 2026, eliminating near-term financial overhang and supporting growth initiatives; cash and equivalents at EUR 97.8 million as of June 30, 2026.

• 427 patients under prior authorization entering Q3, up 77% sequentially.

Financial highlights

• Q2 2026 worldwide net revenue: EUR 7.7 million, up from EUR 1.3 million in Q2 2025; H1 2026: EUR 14.0 million (H1 2025: EUR 2.4 million).

• Gross margin improved to 60% in Q2 2026 (Q2 2025: 63%; Q1 2026: 57%).

• R&D expenses decreased to EUR 9.5 million; SGA expenses increased to EUR 15.6 million due to U.S. commercial build-out.

• Operating loss was EUR 20.6 million in Q2 2026, flat year-over-year.

• One-time non-cash share-based compensation charge of EUR 900,000 in Q2 2026.

Outlook and guidance

• Full-year 2026 revenue guidance unchanged at EUR 36–40 million; gross margin expected at 60–62%.

• Total operating expenses for 2026 now expected at EUR 99–102 million, reflecting a one-time charge.

• Non-GAAP cash OpEx guidance: EUR 88–90 million.

• Sequential U.S. revenue growth expected in Q3 and Q4; international revenue to remain consistent.

• Targeting long-term gross margins above 80% and breakeven below EUR 150 million in revenue.