Pulmonx (LUNG) Q2 2026 earnings summary

Executive summary

• Q2 2026 worldwide revenue was $22.8 million, down 4.6–5% year-over-year, reflecting ongoing efforts to regain commercial traction and impacted by delayed China shipments pending regulatory renewal.

• Gross margin reached a record 78% in Q2 2026, up from 72% in Q2 2025, driven by favorable geographic mix and supply chain efficiencies.

• Net loss for Q2 2026 was $10.1 million ($0.24 per share), a 34% improvement year-over-year; adjusted EBITDA loss improved by nearly 40% to $5.1 million.

• Significant progress in rebuilding and stabilizing the U.S. sales force, with all leadership positions filled and improved team culture.

• The company continues to invest in R&D and sales expansion, expecting ongoing net losses and additional funding needs.

Financial highlights

• Q2 2026 revenue: $22.8 million (down 4.6–5% YoY); six-month revenue: $43.3 million (down 6.6% YoY).

• Net loss for Q2 2026: $10.1 million (improved from $15.2 million YoY); net loss per share: $0.24 (down from $0.38 YoY).

• Gross profit for Q2 2026 was $17.7 million, up from $17.2 million in Q2 2025.

• Operating expenses decreased 16% year-over-year to $26.8 million; excluding stock-based compensation, down 11%.

• Cash and cash equivalents at June 30, 2026: $55.8 million; outstanding term loans and credit agreements: $37.5 million.

Outlook and guidance

• Full-year 2026 revenue guidance reiterated at $90–$92 million.

• Gross margin for 2026 projected at approximately 76%.

• Full-year operating expenses forecasted at $109–$111 million, including ~$15 million in stock-based compensation.

• Cash, cash equivalents, and marketable securities expected to decrease by about $23 million in 2026, assuming no further credit facility drawdowns.

• Management expects continued net losses for several years and anticipates the need for substantial additional funding.