Beyond Air Inc (XAIR) Q1 2025 Earnings Report

Beyond Air reported a modest quarterly revenue of $0.683 million in QQ1 2025 against a cost of revenue of $1.016 million, resulting in a gross loss of $0.333 million and a gross margin of -48.76%. The quarter featured steep operating expenses totaling $13.248 million (R&D $6.009 million and G&A $7.239 million), driving an EBITDA loss of $11.261 million and a net loss of $12.201 million or $0.135 per share on 91.8 million weighted average shares. Operating income was negative by $13.58 million, with a net loss margin of -17.86%. Cash flow from operations was deeply negative at -$10.18 million for the quarter, contributing to a net decrease in cash of $7.22 million and leaving cash and cash equivalents at $4.39 million at period end, while remaining investments totaled $21.37 million (cash and short-term investments). The company ended QQ1 2025 with a total asset base of $46.5 million against liabilities of $28.8 million and stockholders’ equity of $16.1 million, but with accumulated deficit of about $251.9 million. In short, the quarter marks continued investment-driven loss-making activity as Beyond Air advances its LungFit platform pipeline, underscoring a tight liquidity runway absent meaningful near-term revenue expansion or external capitalization. The path forward hinges on (1) successful monetization of LungFit through additional deployments or agreements, (2) continued reduction of unit cost of goods and operating leverage as revenue scales, and (3) prudent capital management to sustain liquidity while pursuing regulatory and reimbursement milestones. Management commentary, where available, emphasizes development and commercialization efforts, though explicit QQ1 2025 guidance was not provided in the supplied transcript dataset.