Accuray Incorporated reported Q3 2025 revenue of $113.243 million, up 11.98% year-over-year but down 2.52% quarter-over-quarter. The quarter delivered a gross profit of $31.627 million, a gross margin of 27.93%, and an operating income of $1.047 million (operating margin of 0.92%). Net income was a small loss of $1.297 million, an improvement on a year-over-year basis but a material sequential deterioration. The company generated positive operating cash flow of $18.061 million and free cash flow of $15.63 million, strengthening its liquidity profile to approximately $80.244 million in cash at period-end. Balance sheet metrics show a leveraged profile with total debt of $214.368 million and net debt of $136.544 million, against total assets of $484.291 million and total stockholders’ equity of $49.583 million. Relative to the prior year period, Accuray benefited from higher revenue, aided by improved gross profitability, yet profitability remains constrained by relatively high fixed costs and a lean operating scale. The QoQ decline in gross profit and EBITDA-driven metrics suggests near-term pressure from product mix and utilization of installed base, even as cash generation supports near-term liquidity. Investors should monitor trajectory of product cycles (e.g., Radixact/TomoTherapy platforms), service revenue contribution, and ongoing efforts to optimize operating expense and working capital. No management call transcripts were provided in the dataset, so quotes are not corroborated by a verbatim management transcript in this analysis.