Filing Flows › Pulmonx (LUNG) › Q3 2025
Pulmonx (LUNG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 12, 2025
Pulmonx (LUNG) reported revenue of $21.5M for the third quarter 2025 (Q3 2025), +5% from a year earlier and -10% from the quarter before. Operating margin was -66.9%, net loss $14.0M (64.9% of revenue).
Pulmonx, Q3 2025: revenue $21.5M (+6% year over year), operating margin -66.9%, net loss $14.0M, operating cash flow −$8.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $21.5M | -10% | +5% |
| Operating profit | −$14.4M | — | — |
| Net earnings | −$14.0M | — | — |
| Operating cash flow | −$8.2M | — | — |
What changed
Revenue was $21.5M in Q3 2025, up 5% year over year and down 10% from the previous quarter.
Gross margin was 74.7%, up 0.9 points from a year earlier. Operating costs exceeded revenue by $14.4M, an operating margin of -66.9%. Operating expenses grew 4% against revenue growth of 5%. The fastest-growing cost line was Research & development (+29%). The quarter ended with a net loss of $14.0M, narrower than the previous quarter's $15.2M loss.
Operating cash flow was −$8.2M. Non-cash charges added back $300K of depreciation and $5.2M of share-based compensation. Capital expenditures of $89K exceeded it, leaving free cash flow of −$8.3M.
Questions
What was Pulmonx's revenue in the third quarter 2025?
Pulmonx (LUNG) reported revenue of $21.5M for the third quarter 2025 (Q3 2025), +5% from a year earlier and -10% from the quarter before.
Was Pulmonx profitable in the third quarter 2025?
Operating loss was $14.4M (-66.9% of revenue) and net loss $14.0M.
Source: Pulmonx 10-Q on SEC EDGAR.