Beyond Air reported QQ2 2025 results ended September 30, 2024, delivering a modest quarterly revenue of $0.80 million alongside a continued net loss of $13.36 million and negative gross margin of $1.08 million. The quarter reflected the company’s ongoing transition from a R&D-forward positioning toward commercial scale, driven by a hardened U.S. and international commercial push, new partnerships, and strategic financing that extended cash runway to approximately 18 months. Management highlighted meaningful commercial momentum, including a tracked 60% increase in hospital clients, and outlined a clear roadmap toward turning gross margins positive in the March 2025 quarter as the company scales production and expands international distribution. The combination of aggressive cost controls, balance-sheet actions, and a multi-pronged regulatory and product-development agenda (PMA supplements for next-generation LungFit PH and cardiac surgery indication, CE Mark progress, and international expansion) underpins the company’s forward-looking thesis; however, execution risk remains elevated given the small quarterly revenue base, ongoing losses, and dependency on capital market activity to fund operations and growth initiatives. The near-term investment thesis centers on monetizing LungFit PH deployments, executing international distribution through BAC and partners, and achieving mid-term gross margin expansion as upgrades and cost rationalizations mature.