Accuray reported robust top-line momentum in Q3 FY2025, with total net revenue of $113.2 million, up 12% year over year (YoY) and 14% on a constant currency basis. Product revenue rose 16% YoY, while service revenue increased 9% YoY, underscoring the company’s multi-channel growth and the strategic emphasis on services as a margin and cash-flow lever. The quarter featured a constructive mix, with services accounting for about 49% of revenue and 59% of gross margin, contributing to an adjusted EBITDA of $6.0 million, up from $1.1 million a year ago. Order activity remained healthy, as evidenced by a book-to-bill ratio of 1.2x and a backlog of approximately $452 million, which supports visible demand in the near term. However, gross margin declined modestly to 27.9% from 28.7% in the prior year, driven largely by a 1.3 percentage-point incremental China margin deferral tied to shipments to a joint venture rather than end customers, partially offset by higher service margins and broader volume growth.