XAIR

MKT CAP:$3M

Beyond Air, Inc.

Market Cap

$3M

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

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$0.54-$0.25 (-31.63%)

Apr 22, 2026

Company Details

Beyond Air, Inc. operates as a commercial medical device and biopharmaceutical company. The company engages in the development of LungFit platform, a nitric oxide generator and delivery system. It offers LungFit PH for the treatment of pers...

CEO

Daniel J. Moorhead

IPO Date

Jun 12, 2018

Website

www.beyondair.net

Key Metrics TTM

Revenue

$5M

+585.8% YoY

Net Income

-$41M

EPS (Diluted)

-$11.32

Free Cash Flow

-$34M

Revenue / Share

$0.74

Gross Margin

-18.6%

Operating Margin

-833.2%

Net Margin

-872.1%

FCF Margin

-725.4%

P/S

0.5x

P/E

—

Earnings Reports

Q2 2026

Nov 10, 2025

$2MEPS -$1.25

Q4 2025

Jun 20, 2025

$1MEPS -$1.79

Q3 2025

Feb 10, 2025

$1M+174.2%EPS -$2.96

Q1 2025

Aug 6, 2024

$683.0K+1057.6%EPS -$5.32

Q3 2024

Feb 12, 2024

$391.0KEPS -$9.99

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$229.2K	$229.2K	-$7M
Q2 21	$350.0K	$350.0K	-$5M
Q3 21	$149.0K	$149.0K	-$6M
Q4 21	$145.0K	$145.0K	-$5M
Q1 22	$0	$0	-$7M
Q2 22	$0	$0	-$6M
Q3 22	$0	$0	-$7M
Q4 22	$0	$0	-$20M
Q3 23	$0	-$68.0K	-$14M
Q1 24	$59.0K	-$244.0K	-$16M
Q2 24	$239.0K	-$193.0K	-$18M
Q3 24	$391.0K	-$357.0K	-$17M
Q1 25	$683.0K	-$333.0K	-$14M
Q3 25	$1M	-$215.0K	-$11M
Q4 25	$1M	-$32.0K	-$7M
Q2 26	$2M	-$298.0K	-$8M

Valuation

Quarter	P/S	P/E
Q1 21	116.8x	—
Q2 21	128.4x	—
Q3 21	172.0x	—
Q4 21	129.3x	—
Q1 22	240.2x	—
Q2 22	956.8x	—
Q3 22	1962.9x	—
Q4 22	—	—
Q3 23	—	—
Q1 24	2177.5x	—
Q2 24	232.0x	—
Q3 24	97.5x	—
Q1 25	21.8x	—
Q3 25	14.0x	—
Q4 25	7.4x	—
Q2 26	2.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	-$5M	-$6M
Q2 21	-$3M	-$4M
Q3 21	-$5M	-$5M
Q4 21	-$6M	-$6M
Q1 22	-$4M	-$4M
Q2 22	-$5M	-$6M
Q3 22	-$6M	-$7M
Q4 22	-$8M	-$8M
Q3 23	-$9M	-$9M
Q1 24	-$17M	-$18M
Q2 24	-$14M	-$16M
Q3 24	-$14M	-$15M
Q1 25	-$10M	-$13M
Q3 25	-$8M	-$8M
Q4 25	-$7M	-$8M
Q2 26	-$4M	-$5M

Capital Expenditures

Quarter	CapEx
Q1 21	$243.5K
Q2 21	$487.5K
Q3 21	$139.3K
Q4 21	$19.9K
Q1 22	$27.0K
Q2 22	$591.9K
Q3 22	$419.0K
Q4 22	$342.0K
Q3 23	$634.0K
Q1 24	$795.0K
Q2 24	$2M
Q3 24	$1M
Q1 25	$3M
Q3 25	$537.0K
Q4 25	$1M
Q2 26	$246.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	-63.5%	+51.5%
Q2 21	-45.8%	+8.2%
Q3 21	-52.6%	+14.1%
Q4 21	+173.5%	+2.4%
Q1 22	-100.0%	-3.4%
Q2 22	-100.0%	+16.6%
Q3 22	-100.0%	+29.9%
Q4 22	-100.0%	+294.5%
Q3 23	—	+112.6%
Q1 24	—	+157.0%
Q2 24	—	+137.4%
Q3 24	—	-15.1%
Q1 25	—	+1.8%
Q3 25	+1716.9%	-24.5%
Q4 25	+382.0%	-53.2%
Q2 26	+365.0%	-45.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$0	0.0%
Q2 21	$1M	337.0%
Q3 21	$0	0.0%
Q4 21	$838.8K	578.5%
Q1 22	$1M	—
Q2 22	$0	—
Q3 22	$0	—
Q4 22	$0	—
Q3 23	$0	—
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q1 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$158.0K	13.7%
Q2 26	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 21	$4M	$2M	—
Q2 21	$3M	$2M	—
Q3 21	$3M	$2M	—
Q4 21	$2M	$3M	—
Q1 22	$3M	$4M	—
Q2 22	$3M	$3M	—
Q3 22	$3M	$5M	—
Q4 22	$4M	$6M	$600.0K
Q3 23	$5M	$9M	—
Q1 24	$5M	$11M	—
Q2 24	$7M	$10M	—
Q3 24	$7M	$5M	$5M
Q1 25	$6M	$7M	—
Q3 25	$3M	$8M	—
Q4 25	$3M	$4M	—
Q2 26	$2M	$5M	—

Revenue Segments

Quarter	Business Segment
Q2 24	$239.0K
Q3 24	$391.0K
Q1 25	$683.0K
Q3 25	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 22	$80M	$0	$80M
Q1 23	$73M	$0	$73M
Q2 23	$30M	$33M	$62M
Q3 23	$25M	$28M	$53M
Q4 23	$29M	$17M	$46M
Q1 24	$31M	$26M	$57M
Q2 24	$13M	$25M	$39M
Q3 24	$8M	$23M	$31M
Q4 24	$11M	$23M	$34M
Q1 25	$4M	$17M	$21M
Q2 25	$28M	$0	$28M
Q3 25	$5M	$6M	$11M
Q4 25	$5M	$2M	$7M
Q1 26	$5M	$1M	$6M
Q2 26	$10M	$996.0K	$11M
Q3 26	$13M	$5M	$18M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	826K	+12.3%	+79.6%
Q2 21	856K	+3.6%	+60.0%
Q3 21	880K	+2.9%	+54.5%
Q4 21	1M	+24.9%	+49.5%
Q1 22	1M	-0.2%	+32.8%
Q2 22	1M	+10.1%	+41.1%
Q3 22	1M	+11.0%	+52.3%
Q4 22	1M	+11.3%	+35.8%
Q3 23	1M	+0.2%	+36.3%
Q1 24	2M	+4.9%	+29.9%
Q2 24	2M	+1.3%	+18.6%
Q3 24	2M	+2.1%	+8.7%
Q1 25	2M	+41.4%	+53.4%
Q3 25	4M	+91.9%	+180.6%
Q4 25	4M	+2.2%	+182.9%
Q2 26	6M	+41.3%	+291.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 21	$10.0K	23
Q2 21	$15.2K	23
Q3 21	$6.5K	23
Q4 21	$3.2K	45
Q1 22	$0	45
Q2 22	$0	45
Q3 22	$0	45
Q4 22	$0	70
Q3 23	$0	70
Q1 24	$602	98
Q2 24	$2.4K	98
Q3 24	$4.0K	98
Q1 25	$6.4K	107
Q3 25	$10.0K	107
Q4 25	$18.9K	61
Q2 26	$29.8K	61

Revenue / Employee