Pulmonx (LUNG) Financial statements
Pulmonx reported revenue of $90M in fiscal 2025, up 24.1% a year over 7 years.
Key figures
Net income was -$54M and the operating margin -59.3%, against -75.2% in 2018. Free cash flow was -$33M. The diluted share count rose 2329% over the period (dilution).
- Revenue, FY2025
- $90M+8.0% on 2024
- Net income
- -$54M-4.2% on 2024
- Operating margin
- -59.3%
- Free cash flow
- -$33M-0.5% on 2024
Revenue and free cash flow
Fiscal years, from Pulmonx's 10-K filings.
Pulmonx revenue and free cash flow
FY2018–FY2025Margins
How much of each dollar of revenue is left after the cost of sales, after operating costs, and at the bottom line.
Pulmonx margins
FY2018–FY2025Financial statements
Fiscal 2018–2025.
Pulmonx income statement, fiscal 2018–2025
| USD | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $20M | $33M | $33M | $48M | $54M | $69M | $84M | $90M |
| Cost of revenue | $8M | $10M | $12M | $13M | $14M | $18M | $22M | $23M |
| Gross profit | $12M | $22M | $21M | $36M | $40M | $51M | $62M | $67M |
| Research and development | $7M | $6M | $7M | $13M | $15M | $18M | $18M | $19M |
| Selling, general and admin | $20M | $34M | $46M | $70M | $83M | $95M | $102M | $101M |
| Operating income | -$15M | -$18M | -$32M | -$47M | -$59M | -$62M | -$58M | -$54M |
| Interest expense | $3M | $2M | $3M | $829,000 | $1M | $3M | $4M | $3M |
| Pre-tax income | -$18M | -$20M | -$32M | -$48M | -$59M | -$60M | -$56M | -$53M |
| Income tax | $12,000 | $363,000 | $213,000 | $343,000 | $353,000 | $571,000 | $500,000 | $626,000 |
| Net income | -$18M | -$21M | -$32M | -$49M | -$59M | -$61M | -$56M | -$54M |
| EPS (diluted) | -$11.03 | -$11.66 | -$3.16 | -$1.35 | -$1.59 | -$1.60 | -$1.44 | -$1.33 |
| Diluted shares | 2M | 2M | 10M | 36M | 37M | 38M | 39M | 41M |
| Gross margin | 61.4% | 68.8% | 64.8% | 73.6% | 74.3% | 73.9% | 74.0% | 74.2% |
| Operating margin | -75.2% | -54.7% | -98.8% | -97.7% | -109.3% | -90.2% | -68.9% | -59.3% |
| Net margin | -92.4% | -63.5% | -98.5% | -100.5% | -109.8% | -88.6% | -67.3% | -59.7% |
Pulmonx balance sheet, fiscal 2018–2025
| USD | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4M | $28M | $232M | $180M | $141M | $84M | $71M | $70M |
| Receivables | — | $6M | $4M | $7M | $9M | $12M | $13M | $12M |
| Inventory | — | $6M | $11M | $16M | $15M | $17M | $17M | $16M |
| Total current assets | — | $41M | $250M | $208M | $169M | $150M | $136M | $102M |
| Property, plant and equipment | — | $902,000 | $1M | $5M | $5M | $4M | $3M | $2M |
| Goodwill | — | $2M | $2M | $2M | $2M | $2M | $2M | $2M |
| Total assets | — | $54M | $264M | $235M | $194M | $178M | $163M | $129M |
| Total current liabilities | — | $14M | $13M | $18M | $18M | $23M | $24M | $20M |
| Long-term debt | — | $0 | $17M | $17M | $17M | $35M | $34M | $37M |
| Total liabilities | — | $36M | $38M | $42M | $40M | $59M | $77M | $75M |
| Shareholders' equity | -$167M | -$187M | $226M | $193M | $154M | $118M | $86M | $54M |
| Net debt | -$4M | -$15M | -$214M | -$131M | -$84M | -$46M | -$34M | -$33M |
Pulmonx cash flow, fiscal 2018–2025
| USD | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$18M | -$21M | -$31M | -$41M | -$45M | -$38M | -$32M | -$32M |
| Capital spending | $316,000 | $720,000 | $911,000 | $4M | $1M | $807,000 | $1M | $452,000 |
| Free cash flow | -$19M | -$21M | -$32M | -$45M | -$46M | -$38M | -$33M | -$33M |
| Stock-based compensation | $366,000 | $364,000 | $3M | $11M | $16M | $22M | $23M | $21M |
| Share buybacks (net) | $0 | -$12,000 | -$21,000 | -$26,000 | -$27,000 | $0 | — | — |
| Net borrowing | — | — | — | — | $0 | $20M | $0 | — |
| Free cash flow margin | -93.5% | -65.9% | -96.4% | -93.1% | -86.5% | -55.9% | -39.4% | -36.3% |
How Pulmonx compares
Pulmonx's operating margin is higher than 30% of Healthcare companies and 11% of the 2,820 companies with an operating margin figure.
| Higher than | Healthcare | All stocks |
|---|---|---|
| Operating margin | 30% | 11% |
| Net margin | 29% | 9% |
| Gross margin | 73% | 89% |
| Revenue growth | 23% | 16% |
| ROE | 8% | 3% |
Questions about Pulmonx
What was Pulmonx's revenue in 2025?
$90M in fiscal 2025, from its 10-K filing.
How much free cash flow does Pulmonx generate?
-$33M in fiscal 2025 (operating cash flow minus capital spending).
From Pulmonx's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.