Beyond Air reported a modest sequential revenue uptick in QQ4 2024 driven by ongoing LungFit PH upgrades and the ramp of new hospital engagements, but the quarter remained loss-making on a gross and operating basis. Management emphasized capital preservation and a deliberate upgrade/testing cycle with existing customers prior to broader market expansion. The company disclosed plans to reduce operating costs and slow R&D spend to extend its cash runway, while signaling a near-term revenue ramp anchored in new hospital placements rather than renewals alone. Major catalysts discussed include the FDA PMA supplement for cardiac surgery (expected in calendar Q4 2024) and the CE Mark process for LungFit PH, which would unlock Getz Healthcare milestone payments and subsequent Asia Pacific commercialization. The fiscal 2025 revenue target was modestly revised to >$10 million, highlighting the challenge of near-term growth but the potential for a stronger second half if pipeline conversion improves. Together, these dynamics imply a staged but potentially meaningful re-acceleration in 2H FY2025 if regulatory, channel, and commercial execution milestones align.