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Sep 30, 2025
Pulmonx Q3 2025 Earnings Report
Pulmonx delivered modest revenue growth and maintained strong gross margins, but continued to operate at a loss in Q3 2025.
Key Takeaways
Pulmonx reported a 5% year-over-year increase in revenue to $21.5 million in Q3 2025, driven by international growth. Gross margin improved slightly to 75%, though the company remained unprofitable with a net loss of $14.0 million and an adjusted EBITDA loss of $8.2 million.
Revenue reached $21.5 million, up 5% from Q3 2024.
International revenue rose 15% YoY, outpacing the 1% U.S. growth.
Gross margin improved to 75%, reflecting operational efficiency.
Net loss narrowed slightly to $14.0 million; adjusted EBITDA loss was $8.2 million.
Revenue by Geographic Location
Forward Guidance
Pulmonx expects full-year 2025 revenue to be between $89 million and $90 million, with gross margin around 73%.
Positive Outlook
- Full-year revenue guidance raised to $89–90 million.
- Gross margin expected to remain strong at ~73%.
- Continued growth in international markets.
- Reaffirmed commitment to expanding Zephyr Valve volumes.
- Strong liquidity position with $76.5 million in cash.
Challenges Ahead
- Continued net losses anticipated.
- Adjusted EBITDA remains negative.
- Flat U.S. revenue growth poses challenges.
- Operating expenses increased YoY.
- No visibility on timing to profitability.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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