Nyxoah (NYXH) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached EUR 9.2 million, up 365% YoY and 19% sequentially, as U.S. commercialization drove growth.

• Focus is shifting toward commercial execution and converting trained surgeons and active accounts into greater utilization and procedure volumes.

• CEO Liam Kelly named U.S. penetration, international growth, gross-margin expansion and prudent expense management as priorities.

Financial highlights

• Q3 gross margin was 63.1%, up from 60.5% in Q3 2025; operating loss narrowed to EUR 21.9 million from EUR 24.4 million.

• Nine-month revenue was EUR 23.217 million versus EUR 4.376 million; nine-month net loss was EUR 66.737 million versus EUR 66.572 million.

• Q3 net loss narrowed to EUR 17.830 million from EUR 23.580 million YoY.

• Nine-month SG&A rose 31.4% to EUR 47.0 million, driven by U.S. commercialization costs and IP litigation; R&D expense decreased 5.7% to EUR 30.1 million.

• Cash equivalents and financial assets totaled EUR 77.1 million at September 30, 2026.

Outlook and guidance

• FY2026 global net revenue guidance is EUR 33 million-EUR 35 million and gross-margin guidance is 60%-62%; revenue assumptions were reset to reflect historical ramps as physicians and centers build Genio experience.

• Priorities include training physicians, activating accounts, driving U.S. utilization and advancing review of the CCC indication.

• FY2027 guidance is planned with Q4 results; management expects sales to continue ramping, primarily in the U.S., while international growth depends on favorable reimbursement.

• Available liquidity was assessed as sufficient to fund capital needs and operations for at least 12 months from the financial statements’ authorization date.