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Aug 10, 2026, 6:09 AM ETHealthcare

AirSculpt Technologies — Second Quarter Fiscal 2026 Earnings Summary

AIRSAIRSCULPT TECHNOLOGIES INC
Source

Financial Performance

  • Q2 2026 revenue was $42.9 million, a 3% decline from $44.0 million in Q2 2025; YTD revenue was $82.3 million, a 1.3% decline from $83.4 million in the first six months of 2025.
  • Q2 2026 net loss was $1.1 million compared to $0.6 million in Q2 2025; YTD net loss was $3.5 million compared to $3.4 million in the first six months of 2025.
  • Q2 2026 Adjusted EBITDA was $4.9 million (11.5% margin) compared to $5.8 million (13.3% margin) in Q2 2025; YTD Adjusted EBITDA was $8.2 million (10.0% margin) compared to $9.6 million (11.5% margin) in the first six months of 2025.
  • Q2 2026 operating loss was $29 thousand compared to operating income of $786 thousand in Q2 2025; YTD operating loss was $1.8 million compared to an operating loss of $803 thousand in the first six months of 2025.
  • Cash and cash equivalents increased to $18.8 million as of June 30, 2026, from $8.4 million as of December 31, 2025.
  • Gross debt decreased to approximately $44.2 million as of June 30, 2026, from approximately $74.2 million at the start of 2025 (reduction of ~$30 million).
  • Deferred revenue and patient deposits increased to $3.1 million as of June 30, 2026, from $1.9 million as of December 31, 2025.
  • Net cash provided by operating activities was $4.0 million for the first six months of 2026, compared to $5.9 million in the same period of 2025; Q2 2026 net cash used in operating activities was $1.2 million compared to $5.0 million provided in Q2 2025.

Guidance and Future Outlook

  • The Company reaffirmed full-year 2026 revenue guidance at the lower end of the range, approximately $151 million to $157 million.
  • The Company reduced its full-year 2026 Adjusted EBITDA outlook to a range of approximately $12 million to $14 million.

Business Segments and Product Lines

  • Same-center case volume grew 1.0% in Q2 2026 and 1.1% YTD compared to the prior year.
  • Same-center sales remained stable in Q2 2026 and flat YTD compared to the prior year.
  • Revenue per case for same-center operations declined 2.0% in Q2 2026 and 1.1% YTD compared to the prior year.
  • The Company entered an exclusive partnership with AlloClae to introduce an innovative injectable adipose matrix, broadening its treatment offering and addressable patient population.
  • The Company operates 31 facilities with 65 total procedure rooms as of June 30, 2026, down from 32 facilities and 67 rooms in the prior year periods (London facility excluded).

Market and Competitive Landscape

  • The Company noted increased competition in the weight loss and obesity solutions market, including the impact of recent regulatory approvals and market acceptance of weight-loss drugs.
  • The addressable market is described as larger, and the procedure mix is broader compared to twelve months ago.

Risks and Challenges

  • Risks include the inability to stabilize same-store performance, failure to optimize marketing investment or sales processes, and inability to expand consumer financing options.
  • Potential risks involve rising operating expenses due to inflation, shortages or quality control issues with third-party manufacturers, and competition for surgeons.
  • Regulatory risks include changes in laws governing the corporate practice of medicine or fee-splitting, and potential litigation or medical malpractice claims.

Management Commentary and Tone

  • CEO Yogi Jashnani stated the company delivered a "second quarter of stability" and advanced key priorities including increased marketing investment and new procedure introductions.
  • Management described the company as "fundamentally stronger" entering the second half of the year with a disciplined operating platform, broader procedure mix, and larger addressable market.

Other Key Points

  • During Q2 2026, the Company raised $5.0 million from an at-the-market offering program and paid down $1.4 million of debt.
  • On August 7, 2026, the Company amended its term loan agreement to extend maturity to November 2027.
  • The amended term loan agreement required a $2.5 million payment at signing and mandates an additional $2.5 million payment by September 30, 2026.
  • The amendment requires that 50% of net proceeds from future equity issuances (excluding equity incentive plans) be applied to prepay term loans.
  • The Company has $5.0 million of borrowing capacity available under its revolving credit facility as of June 30, 2026.