LUNG

MKT CAP:$53M

Pulmonx Corporation

Market Cap

$53M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$1.38-$0.92 (-40.22%)

Apr 21, 2026

Company Details

Pulmonx Corporation, a medical technology company, provides minimally invasive devices for the treatment of chronic obstructive pulmonary diseases. It offers Zephyr Endobronchial Valve, a solution for the treatment of bronchoscopic in adult...

CEO

Glendon E. French

IPO Date

Oct 1, 2020

Website

pulmonx.com

Key Metrics TTM

Revenue

$90M

+8.0% YoY

Net Income

-$54M

EPS (Diluted)

-$1.33

Free Cash Flow

-$33M

Revenue / Share

$2.19

Gross Margin

74.2%

Operating Margin

-59.3%

Net Margin

-59.7%

FCF Margin

-36.3%

P/S

0.6x

P/E

—

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

FY 2025

Mar 10, 2026

$90M+8.0%EPS -$1.33

Q4 2025

Mar 10, 2026

$23M-4.9%EPS -$0.25

Q3 2025

Nov 12, 2025

$22M+5.5%EPS -$0.34

Q2 2025

Aug 1, 2025

$24M+14.8%EPS -$0.38

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$11M	$8M	-$16M
Q2 22	$14M	$10M	-$14M
Q3 22	$14M	$10M	-$14M
Q4 22	$15M	$11M	-$15M
Q1 23	$15M	$11M	-$16M
Q2 23	$17M	$13M	-$16M
Q3 23	$18M	$13M	-$15M
Q4 23	$19M	$14M	-$14M
Q1 24	$19M	$14M	-$15M
Q2 24	$21M	$15M	-$16M
Q3 24	$20M	$15M	-$14M
Q4 24	$24M	$18M	-$13M
Q1 25	$23M	$16M	-$15M
Q2 25	$24M	$17M	-$15M
Q3 25	$22M	$16M	-$14M
Q4 25	$23M	$18M	-$10M

Valuation

Quarter	P/S	P/E
Q1 22	1.1x	—
Q2 22	1.0x	—
Q3 22	1.0x	—
Q4 22	1.0x	—
Q1 23	0.9x	—
Q2 23	0.9x	—
Q3 23	0.8x	—
Q4 23	0.8x	—
Q1 24	0.7x	—
Q2 24	0.7x	—
Q3 24	0.7x	—
Q4 24	0.6x	—
Q1 25	0.6x	—
Q2 25	0.6x	—
Q3 25	0.6x	—
Q4 25	0.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$15M	-$16M
Q2 22	-$10M	-$10M
Q3 22	-$11M	-$11M
Q4 22	-$10M	-$10M
Q1 23	-$13M	-$13M
Q2 23	-$8M	-$8M
Q3 23	-$9M	-$9M
Q4 23	-$8M	-$9M
Q1 24	-$12M	-$12M
Q2 24	-$6M	-$6M
Q3 24	-$7M	-$8M
Q4 24	-$7M	-$7M
Q1 25	-$13M	-$14M
Q2 25	-$4M	-$4M
Q3 25	-$8M	-$8M
Q4 25	-$7M	-$7M

Capital Expenditures

Quarter	CapEx
Q1 22	$564.0K
Q2 22	$299.0K
Q3 22	$279.0K
Q4 22	$176.0K
Q1 23	$61.0K
Q2 23	$54.0K
Q3 23	$492.0K
Q4 23	$200.0K
Q1 24	$451.0K
Q2 24	$469.0K
Q3 24	$416.0K
Q4 24	$111.0K
Q1 25	$301.0K
Q2 25	$49.0K
Q3 25	$89.0K
Q4 25	$13.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+16.7%	+21.7%
Q2 22	+14.3%	+14.0%
Q3 22	+1.8%	+19.2%
Q4 22	+12.5%	+15.3%
Q1 23	+34.8%	+16.9%
Q2 23	+23.3%	+18.6%
Q3 23	+30.9%	+19.7%
Q4 23	+25.0%	+10.5%
Q1 24	+29.7%	+7.9%
Q2 24	+20.9%	+8.2%
Q3 24	+15.4%	+5.1%
Q4 24	+23.3%	+12.0%
Q1 25	+19.5%	+11.1%
Q2 25	+14.8%	+6.2%
Q3 25	+5.5%	+4.0%
Q4 25	-4.9%	-12.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$4M	32.6%
Q2 22	$4M	31.4%
Q3 22	$4M	31.9%
Q4 22	$0	0.0%
Q1 23	$5M	31.9%
Q2 23	$0	0.0%
Q3 23	$6M	34.0%
Q4 23	$0	0.0%
Q1 24	$6M	30.1%
Q2 24	$6M	28.5%
Q3 24	$6M	28.6%
Q4 24	$6M	23.2%
Q1 25	$6M	24.9%
Q2 25	$0	0.0%
Q3 25	$5M	24.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$4M	—	—	$20M
Q2 22	$4M	—	—	$21M
Q3 22	$4M	—	—	$20M
Q4 22	$4M	—	—	$22M
Q1 23	$4M	—	—	$23M
Q2 23	$6M	—	—	$23M
Q3 23	$4M	—	—	$24M
Q4 23	$4M	$20M	$5M	—
Q1 24	$4M	—	—	$24M
Q2 24	$6M	—	—	$25M
Q3 24	$4M	—	—	$25M
Q4 24	$4M	$19M	$8M	—
Q1 25	$5M	—	—	$26M
Q2 25	$5M	—	—	$27M
Q3 25	$5M	—	—	$26M
Q4 25	$5M	—	—	$23M

Revenue by Geography

Quarter	Asia Pacific	Emea	United States	Other International Geographical Areas
Q1 22	$719.0K	$4M	$6M	—
Q2 22	$724.0K	$5M	$9M	$40.0K
Q3 22	$637.0K	$4M	$8M	$58.0K
Q4 22	$786.0K	$5M	$9M	$57.0K
Q1 23	$596.0K	$5M	$9M	$71.0K
Q2 23	$792.0K	$5M	$11M	$68.0K
Q3 23	$814.0K	$5M	$12M	$164.0K
Q4 23	$821.0K	$5M	$14M	$96.0K
Q1 24	$698.0K	$5M	$13M	$171.0K
Q2 24	$802.0K	$6M	$14M	$139.0K
Q3 24	$1M	$5M	$14M	$145.0K
Q4 24	$2M	$6M	$16M	$101.0K
Q1 25	$3M	$5M	$14M	$38.0K
Q2 25	$2M	$7M	$15M	$102.0K
Q3 25	$842.0K	$7M	$14M	$68.0K
Q4 25	$565.0K	$8M	$14M	$52.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$129M	$41M	$170M
Q2 22	$122M	$40M	$162M
Q3 22	$113M	$44M	$157M
Q4 22	$102M	$39M	$141M
Q1 23	$111M	$42M	$153M
Q2 23	$102M	$34M	$136M
Q3 23	$95M	$22M	$117M
Q4 23	$84M	$34M	$117M
Q1 24	$70M	$46M	$116M
Q2 24	$63M	$51M	$115M
Q3 24	$63M	$44M	$108M
Q4 24	$71M	$31M	$101M
Q1 25	$75M	$14M	$89M
Q2 25	$75M	$9M	$84M
Q3 25	$77M	$0	$77M
Q4 25	$70M	$0	$70M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	37M	+0.5%	+4.1%
Q2 22	37M	+0.5%	+2.7%
Q3 22	37M	+0.5%	+2.0%
Q4 22	37M	+0.5%	+2.0%
Q1 23	38M	+0.5%	+2.1%
Q2 23	38M	+0.7%	+2.2%
Q3 23	38M	+0.8%	+2.5%
Q4 23	38M	+0.7%	+2.7%
Q1 24	39M	+0.7%	+2.8%
Q2 24	39M	+0.8%	+3.0%
Q3 24	39M	+0.9%	+3.0%
Q4 24	39M	-0.4%	+1.9%
Q1 25	40M	+2.2%	+3.4%
Q2 25	40M	+0.6%	+3.2%
Q3 25	41M	+1.8%	+4.2%
Q4 25	41M	+1.1%	+5.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$42.6K	253
Q2 22	$55.1K	253
Q3 22	$53.4K	253
Q4 22	$57.3K	269
Q1 23	$54.0K	269
Q2 23	$63.9K	269
Q3 23	$65.7K	269
Q4 23	$69.1K	279
Q1 24	$67.6K	279
Q2 24	$74.5K	279
Q3 24	$73.1K	279
Q4 24	$81.7K	291
Q1 25	$77.5K	291
Q2 25	$82.0K	291
Q3 25	$73.9K	291
Q4 25	$76.3K	296

Revenue / Employee