AirSculpt Technologies(AIRS) - 2025 Q2 - Quarterly Results

Report Overview and Highlights Q2 and First Six Months 2025 Performance Summary AirSculpt Technologies narrowed revenue decline and achieved record lead growth in Q2 and H1 FY2025, launching new services and reducing debt - The company advanced its transformation in a dynamic environment, narrowing the year-over-year revenue decline and achieving record lead growth and a significant increase in consultations[4] - Piloted two new services: skin tightening (addressing GLP-1s-related skin laxity) and expanded consumer financing options to enhance growth strategy[4] - Successfully reduced $16 million debt through a June common stock offering, strengthening the balance sheet[4] Key Financial Data for Q2 and First Six Months FY2025 | Metric | Q2 2025 | Q2 2024 | Change (YoY) | H1 2025 | H1 2024 | Change (YoY) | | :------------------- | :------- | :------- | :--------- | :----------- | :----------- | :--------- | | Operating Data: | | | | | | | | Case Volume | 3,392 | 3,949 | -14.1% | 6,468 | 7,695 | -15.9% | | Financial Data (Millions USD): | | | | | | | | Revenue | $44.0 | $51.0 | -13.7% | $83.4 | $98.6 | -15.5% | | Net Loss/Net Income | $(0.6) | $(3.2) | 81.3% | $(3.4) | $2.8 | -221.4% | | Adjusted EBITDA | $5.8 | $6.9 | -15.9% | $9.6 | $14.2 | -32.4% | 2025 Financial Outlook The company reaffirmed its FY2025 full-year revenue and Adjusted EBITDA guidance, projecting revenue of $160-170 million FY2025 Full-Year Guidance | Metric | FY2025 Full-Year Guidance | | :------------- | :------------------- | | Revenue | Approx. $160 - $170 Million USD | | Adjusted EBITDA | Approx. $16 - $18 Million USD | Liquidity Position As of June 30, 2025, the company held $8.2 million cash and $5 million revolving credit capacity, meeting bank covenants - As of June 30, 2025, the company held $8.2 million cash and cash equivalents and had $5 million revolving credit facility borrowing capacity[6] - Cash flow from operating activities for H1 2025 was $5.9 million, lower than $6.8 million in the same period of 2024[6] - The company met its bank covenant requirements at the end of Q2 FY2025[6] CFO Retirement Announcement CFO Dennis Dean's retirement was announced, with CEO Yogi Jashnani acknowledging his pivotal role in financial framework and capital market activities - Dennis Dean plans to retire from the Chief Financial Officer position, remaining until a permanent successor is in place[3][8] - CEO Yogi Jashnani acknowledged Dennis Dean's important contributions in implementing financial frameworks, leading a successful IPO, and recent common stock offering[8] Company Information About AirSculpt Technologies AirSculpt offers next-generation body contouring treatments focused on comfort and precision, exclusively available in AirSculpt offices for minimal invasiveness and rapid recovery - AirSculpt offers next-generation body contouring treatment, focusing on comfort and precision, exclusively available in AirSculpt offices[11] - This minimally invasive procedure aims to remove fat, tighten skin, and sculpt target areas for rapid healing, minimal bruising, and precise results[11] Investor Relations Information The company will host a conference call on August 1, 2025, with webcast access and replay, providing investor information via its website and ICR, Inc - The company will hold a August 1, 2025 conference call, offering dial-in and webcast access, with webcast replay available for approximately 90 days[9] - AirSculpt publishes important company information via its investor relations website (https://investors.airsculpt.com)[10](index=10&type=chunk) - Investors can contact Allison Malkin of ICR, Inc. for investor information[35] Detailed Financial Results (GAAP) Consolidated Statements of Operations In Q2 FY2025, revenue declined 13.7% to $44.01 million, with net loss narrowing to $0.59 million; H1 revenue decreased 15.5% to $83.38 million, resulting in a $3.44 million net loss Consolidated Statements of Operations Summary (Thousands USD) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------------- | :------- | :------- | :----------- | :----------- | | Revenue | $44,012 | $51,004 | $83,383 | $98,624 | | Selling, General and Administrative Expenses | $22,671 | $34,274 | $44,439 | $50,030 | | Operating Income/(Loss) | $786 | $(4,981) | $(803) | $6,031 | | Net Loss/(Income) | $(591) | $(3,206) | $(3,438) | $2,823 | | Basic Loss/(Income) Per Share (USD) | $(0.01) | $(0.06) | $(0.06) | $0.05 | | Diluted Loss/(Income) Per Share (USD) | $(0.01) | $(0.06) | $(0.06) | $0.05 | Consolidated Balance Sheet Data As of June 30, 2025, cash and equivalents stood at $8.19 million, total assets at $198.37 million, with total liabilities decreasing to $107.21 million and equity rising to $91.16 million Consolidated Balance Sheet Data Summary (Thousands USD) | Metric | June 30, 2025 | December 31, 2024 | | :-------------------- | :------------- | :--------------- | | Cash and Cash Equivalents | $8,189 | $8,235 | | Total Assets | $198,367 | $209,996 | | Long-Term Debt, Net | $53,188 | $65,456 | | Total Liabilities | $107,210 | $130,706 | | Total Stockholders' Equity | $91,157 | $79,290 | Consolidated Cash Flow Data Q2 FY2025 saw $4.98 million in operating cash flow, $0.27 million in investing outflow, and $2.08 million in financing outflow; H1 operating cash flow was $5.85 million Consolidated Cash Flow Data Summary (Thousands USD) | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :-------------------- | :------- | :------- | :----------- | :----------- | | Net Cash Provided by Operating Activities | $4,984 | $3,442 | $5,852 | $6,807 | | Net Cash Used in Investing Activities | $(265) | $(4,018) | $(2,166) | $(5,580) | | Net Cash Used in Financing Activities | $(2,083) | $(527) | $(3,732) | $(1,623) | Operational and Supplemental Data Key Operating Metrics In Q2 FY2025, case volume decreased 14.1% to 3,392, while revenue per case slightly increased to $12,975; facilities expanded to 32 with 67 operating rooms Key Operating Metrics Summary | Metric | Q2 2025 | Q2 2024 | H1 2025 | H1 2024 | | :----------------- | :------- | :------- | :----------- | :----------- | | Number of Facilities | 32 | 27 | 32 | 27 | | Total Operating Rooms | 67 | 57 | 67 | 57 | | Case Volume | 3,392 | 3,949 | 6,468 | 7,695 | | Revenue Per Case (USD) | $12,975 | $12,916 | $12,892 | $12,817 | [Same-Center Performance