Beyond Air — Q3 2026 Earnings Summary

Financial Performance:

• Reported revenue of $2.3 million for the quarter ended September 30, 2026, representing approximately 28% year-over-year growth and 31% growth compared to the quarter ended June 30, 2026.
• Revenue for the six months ended September 30, 2026, was $4.1 million, compared to $3.6 million for the same period in 2025.
• Net loss attributable to common stockholders was $7.8 million ($3.76 per share) for the quarter, compared to a net loss of $7.9 million ($24.98 per share) in the prior year period.
• Research and development expenses decreased to $1.6 million from $2.5 million in the prior year, attributed to lower costs for the second-generation LungFit PH as development is largely complete.
• Selling, general and administrative expenses decreased to $4.6 million from $4.9 million in the prior year, driven by lower stock-based compensation costs, partially offset by increased sales salaries.
• Other expense increased to $2.2 million from $0.6 million in the prior year, primarily due to higher debt and interest expense and a charge for scrapped materials.
• As of September 30, 2026, the Company held $18.5 million in cash, cash equivalents, restricted cash, and marketable securities, including $4.8 million in restricted cash.
• Long-term debt, net, stood at $22.0 million as of September 30, 2026, compared to $21.6 million as of March 31, 2026.

Guidance and Future Outlook:

• Reaffirmed revenue guidance of $8 million for calendar year 2026, excluding revenue from the second-generation LungFit PH system.
• Reaffirmed revenue guidance of $16 million to $18 million for calendar year 2027, which includes anticipated revenue from the second-generation system pending FDA approval.
• Expects to complete the audit-readiness process for the second-generation LungFit PH system in mid-December 2026, subject to FDA inspections and final approval.
• Transitioning fiscal year-end from March 31 to December 31, effective December 31, 2026, with financial results for the nine-month transition period expected to be reported on a Form 10-K/T.

Business Segments and Product Lines:

• Executed an enhanced commercial strategy for the first-generation LungFit PH system, supporting increased adoption of its cylinder-free nitric oxide technology.
• Advanced preparations for the potential U.S. commercial launch of the second-generation LungFit PH system, which seeks FDA labeling for patient transport by air and ground.
• Received FDA Breakthrough Device Designation for LungFit GO for the treatment of nontuberculous mycobacterial pulmonary disease (NTM-PD); no resources will be allocated to LungFit GO development until the second-generation LungFit PH is established.
• The second-generation system is designed to offer a smaller footprint, reduced weight, simplified operation, longer service intervals, and expanded operational flexibility.

Market and Competitive Landscape:

• The U.S. pipeline is experiencing unprecedented expansion with acceleration in demand for the first-generation system and high receptivity to its operational efficiencies.
• The Company reports a high level of customer satisfaction evidenced by the pace of new account wins and renewal rates.
• Pending FDA approval, the addition of transport capability to the second-generation system is expected to enable Beyond Air to serve as a single-source nitric oxide provider for hospitals and health systems.

Risks and Challenges:

• The PMA supplement for the second-generation LungFit PH system, submitted in June 2025, remains under FDA review with no guarantee of approval or timing.
• The Company has a history of losses and faces substantial doubt regarding its ability to continue as a going concern.
• Risks include the ability to secure financing to fund operations and satisfy debt obligations, potential dilution from equity financing, and the ability to maintain Nasdaq listing.
• The Company relies on third-party contract manufacturers, and delays in commercial launch or regulatory approval could materially impact results.

Management Commentary and Tone:

• CEO Robert Goodman stated that the second-generation system has the potential to substantially expand the market opportunity and accelerate growth pending FDA approval.
• Management expressed encouragement regarding active discussions with the FDA and progress toward completing the review process.
• Management noted that the high receptivity to the technology and operational efficiencies creates natural demand for the next-generation product.

Other Key Points:

• Announced a definitive agreement for UNIVO Pharmaceutical Industries Ltd. to acquire Beyond Air's controlling interest in NeuroNOS Israel Ltd., intended to provide NeuroNOS with dedicated resources and funding.
• The Company is evaluating potential development partnerships and strategic arrangements for its Beyond Cancer pipeline while maintaining focus on LungFit PH commercialization.
• A one-for-twenty reverse stock split occurred in July 2026, with prior period results adjusted to reflect this change.
• The Company reported a loss on contract manufacturer's inventory obsolescence of $0.6 million for the quarter ended September 30, 2026.