Start here if you're new
what it is
It makes medical nitric-oxide devices that use ambient air, and its first device won FDA approval in 2022.
how it gets paid
Last year Beyond Air made $4M in revenue.
why it's growing
Revenue grew 219.7% last year. 2.7% was the real problem, because sales grew fast while profits stayed negative.
what just happened
$6M revenue rose 163%, but EPS was still -$3.44.
At a glance
C+ balance sheet — struggling to keep the lights on
45/100 earnings predictability — expect surprises
-$13.80 fy2024 eps est
$2B fy2026 rev est
n/a operating margin
xvary composite: 30/100 — weak
What they do
It makes medical nitric-oxide devices that use ambient air, and its first device won FDA approval in 2022.
LungFit PH cleared FDA approval in 2022. That is the gate. With 61 employees, this is not a scale story. Your edge is regulation and workflow, not a giant sales army.
How they make money
$4M
annual revenue · their business grew +219.7% last year
total revenue
$4M
+219.7%
The products that matter
nitric oxide delivery platform
LungFit PH
fiscal 2026 launch target
This is the growth bet. Management says the Gen 2 system is on track for approval and launch in fiscal 2026, which matters because the current revenue base is too small to carry a $7.3M quarterly loss for long.
commercial test
Key numbers
$23M
long-term debt
That is 2.6x the about $9M market cap, so lenders have the louder voice.
$4M
annual revenue
The business made less in a year than it owes in long-term debt.
2.7%
gross margin
For every $100 of sales, only $2.70 is left before overhead.
61
employees
A 61-person company has little room for waste.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $23M (73% of capital)
C+ — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for XAIR right now.
source: institutional data · return history unavailable
What just happened
missed estimates
$6M revenue rose 163%, but EPS was still -$3.44.
Revenue jumped, but gross margin was only 2.7%. That left the quarter deep in the red despite the top-line growth.
$6M
revenue
-$3.44
eps
2.7%
gross margin
gross margin
2.7% was the real problem, because sales grew fast while profits stayed negative.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is commercial traction arriving too slowly to cover the cash burn. Beyond Air is trying to scale a hospital device business while losing $7.3M in a quarter and carrying a market cap of roughly $9M.
med
cash burn and dilution
A company worth about $9M lost $7.3M in one quarter. That is not a typo-level mismatch. It is financing risk in plain sight.
If capital has to be raised before revenue scales, existing shareholders can get diluted from a position of weakness.
med
revenue target miss
Management is aiming for an $8–10M fiscal 2026 revenue run while the latest quarter was $2.2M. That leaves very little room for hospital sales cycles to slip.
Missing that target would make the current commercialization story look delayed rather than early.
med
margin still too thin
Gross margin is 31%. Even with the latest quarter turning to a $0.3M gross profit, the business still does not produce enough contribution margin to support operating costs.
If margin stalls here, higher revenue alone may not fix the earnings problem.
med
single-product concentration
The story still revolves around LungFit and the planned fiscal 2026 Gen 2 launch. One platform carries most of the hope and most of the execution risk.
Any delay in approval, launch, or hospital adoption would directly pressure the already-small revenue base.
The combined risk picture is blunt: quarterly losses of $7.3M versus $2.2M of revenue mean the company needs commercial progress fast, not eventually.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
quarterly revenue versus the $8–10M annual target
At $2.2M in the latest quarter, the company needs the next few prints to show real acceleration. This is the cleanest scoreboard on the page.
calendar
LungFit PH Gen 2 approval and launch timing
Management says fiscal 2026 is still on track. If that slips, the growth story slips with it.
risk
cash needs versus the current market cap
A $9M equity value does not leave much room for expensive financing mistakes. Any raise matters here.
trend
gross margin after the move to $0.3M gross profit
The company finally posted positive gross profit in the quarter. You want to see that become a trend, not a one-off.
Analyst rankings
earnings predictability
45 / 100
Low predictability means the next few quarters can swing around more than you want. In human-speak, analysts do not trust this earnings path yet.
beta
1.1
Beta measures how much a stock tends to move with the market. At 1.1, XAIR is slightly more volatile than the index, which is saying something given the 5 / 100 price stability score.
source: institutional data
Institutional activity
institutional ownership data for XAIR is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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