Pulmonx Corporation Reports $20.6 Million Revenue in Q1 2026, Down 8.7% Year-Over-Year

Pulmonx Corporation reported a revenue of $20.6 million for the first quarter of 2026, a decrease of 8.7% from $22.5 million in the same period of 2025. The decline in revenue was attributed primarily to a significant drop in sales in China, where the company is awaiting the renewal of its registration certificate. Despite the revenue drop, the company achieved a gross profit of $16.0 million, resulting in a gross margin of 77.9%, an increase from 72.5% in the prior year. The net loss for the quarter was $13.7 million, a slight improvement from a net loss of $14.4 million in the previous year.

Operating expenses for the quarter totaled $29.0 million, down from $30.9 million in the prior year, reflecting a reduction in selling, general, and administrative expenses, which decreased by 7.8% to $24.1 million. Research and development expenses increased slightly by 3.0% to $4.9 million, driven by higher payroll and clinical trial costs. The company reported a loss from operations of $12.9 million, an improvement from the $14.6 million loss recorded in the same quarter of 2025.

In terms of operational metrics, Pulmonx's cash and cash equivalents stood at $61.6 million as of March 31, 2026, down from $69.8 million at the end of 2025. The company has an accumulated deficit of $535.2 million. During the quarter, Pulmonx utilized $10.1 million in cash for operating activities, a decrease from $13.2 million in the same period last year. The company also repaid its entire obligation under the CIBC Loan, amounting to $37.2 million, and entered into a new $60 million loan facility with Perceptive Credit Holdings, borrowing an initial $40 million.

Looking ahead, Pulmonx plans to continue investing in its sales and marketing organization to drive growth in both domestic and international markets. The company aims to enhance awareness and adoption of its products, particularly the Zephyr Valve, which is already included in treatment guidelines for chronic obstructive pulmonary disease (COPD) worldwide. Management anticipates ongoing net losses as it invests in product development and market expansion, and it expects to require additional funding through equity and debt financing in the future.