Filing Flows › Pulmonx (LUNG) › Q4 2025
Pulmonx (LUNG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 10, 2026
Pulmonx (LUNG) reported revenue of $22.6M for the fourth quarter 2025 (Q4 2025), -5% from a year earlier and +5% from the quarter before. Operating margin was -43.8%, net loss $10.4M (46.1% of revenue).
Pulmonx, Q4 2025: revenue $22.6M (-5% year over year), operating margin -43.8%, net loss $10.4M, operating cash flow −$7.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $22.6M | +5% | -5% |
| Operating profit | −$9.9M | — | — |
| Net earnings | −$10.4M | — | — |
| Operating cash flow | −$7.1M | — | — |
What changed
Revenue was $22.6M in Q4 2025, down 5% year over year and up 5% from the previous quarter.
Gross margin was 77.6%, up 3.6 points from a year earlier. Operating costs exceeded revenue by $9.9M, an operating margin of -43.8%. Operating expenses fell 11% while revenue fell 5%. The fastest-growing cost line was Research & development (+15%). The quarter ended with a net loss of $10.4M, narrower than the previous quarter's $14.0M loss.
Operating cash flow was −$7.1M. Non-cash charges added back $300K of depreciation and $4.2M of share-based compensation. Working capital and other items used $1.2M. Capital expenditures of $13K exceeded it, leaving free cash flow of −$7.1M.
Questions
What was Pulmonx's revenue in the fourth quarter 2025?
Pulmonx (LUNG) reported revenue of $22.6M for the fourth quarter 2025 (Q4 2025), -5% from a year earlier and +5% from the quarter before.
Was Pulmonx profitable in the fourth quarter 2025?
Operating loss was $9.9M (-43.8% of revenue) and net loss $10.4M.
Source: Pulmonx 10-K on SEC EDGAR.