Accuray's QQ4 2025 results show a modest sequential revenue improvement but a year-on-year revenue decline of 5.02% to USD 127.54 million. The quarter delivered a positive operating profit of USD 4.23 million and EBITDA of USD 10.47 million, with net income of USD 1.12 million and basic/diluted EPS of USD 0.0105 / USD 0.0100, respectively. The company ended the quarter with a cash balance of USD 57.99 million and a net debt position of USD 118.39 million, underpinned by a solid current asset base (USD 317.47 million) and total assets of USD 470.24 million. The balance sheet reflects a mature negative retained earnings position (USD -519.27 million) and significant deferred revenue (USD 121.07 million total), suggesting a mix of services, maintenance contracts, and recurring revenue streams that can support ongoing cash flow. While gross margin stood at 30.56%, below typical peers in the medtech space, operating leverage and cost controls produced material EBITDA uplift QoQ. Management commentary (when available) will be critical to confirm sustainability of product mix dynamics and longer-term profitability given leverage and R&D investment levels.