10-K · June 26, 2026
Beyond Air, Inc. reported revenues of $7.7 million for the year ended March 31, 2026, showing improvement from $3.7 million in the prior year. The company faced a significant net loss of $34.3 million, reflecting…
Earnings analysis · 10-Q
XAIR earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
The quarter showed year-over-year revenue improvement to $1.907 million and a positive 4.9% gross margin, but revenue missed the provided consensus estimate by 16.9% and EPS missed by 37.5%. Operating profitability…
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The quarter showed year-over-year revenue improvement to $1.907 million and a positive 4.9% gross margin, but revenue missed the provided consensus estimate by 16.9% and EPS missed by 37.5%. Operating profitability remained extremely weak at a -376.0% margin, with free cash flow of negative $5 million. The most material filing update is heightened Nasdaq listing risk following a 1-for-20 reverse split and a one-year discretionary monitor, while no new quantitative guidance was provided.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Reported figures
- Earnings per share
- $-0.77
What stood out
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Revenue grew year over year but missed estimates
Revenue was $1.907 million, approximately flat sequentially versus $2 million in 2026 Q3 and up from $1 million in 2025 Q4. The quarter nevertheless missed the provided $2.296 million consensus estimate by approximately 16.9%.
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Gross margin stayed positive
Gross margin remained positive at 4.9%, although it declined from 13.7% in 2026 Q3; gross margin was also better than the negative 2.8% reported in 2025 Q4.
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Operating losses remain severe
Diluted EPS was a loss of $0.77, versus the provided consensus loss estimate of $0.56, producing a 37.5% negative surprise. The operating margin remained deeply negative at -376.0%.
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Cash burn improved year over year
Free cash flow was negative $5 million, an improvement from negative $8 million in 2025 Q4 but worse than negative $4 million in 2026 Q3.
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No material control deficiencies reported
Management reported that disclosure controls were effective at the reasonable-assurance level as of June 30, 2026, and stated that there were no material changes to internal control over financial reporting during the three months ended June 30, 2026.
What to watch
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Heightened Nasdaq delisting risk
Nasdaq imposed a Discretionary Panel Monitor for one year from August 6, 2026, through August 6, 2027. A new deficiency during that period could lead to a delisting determination without an additional compliance plan or cure period.
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Repeated reverse splits constrain remedies
The company required a 1-for-20 reverse stock split on July 13, 2026 to regain compliance with Nasdaq's $1.00 minimum bid-price rule. The July 14, 2025 and July 13, 2026 splits represent a cumulative 400-to-1 ratio, limiting eligibility for another automatic compliance period.
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Potential $5 million MVLS requirement
A proposed Nasdaq requirement would require at least $5 million of market value of listed securities; if effective, securities below that threshold for 30 consecutive business days could be suspended immediately without a cure period. The SEC stay means the rule was not effective or enforced as of the filing.
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Continued cash burn and operating losses
The company generated negative $5 million of free cash flow in the quarter while reporting a -376.0% operating margin, underscoring continued dependence on external financing and the risk that operating losses could pressure liquidity.
Management's outlook
The 10-Q excerpt does not provide quantitative revenue or EPS guidance. The prior $8 million FY2026 revenue outlook was disclosed in the July 9, 2026 8-K, not this filing.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.