Accuray(ARAY) - 2026 Q2 - Quarterly Results

Financial Performance - Total net revenue for Q2 fiscal 2026 was $102.2 million, a decrease of 12% from $116.2 million in Q2 fiscal 2025[5] - Product revenue decreased by 26% to $45.0 million, down from $61.2 million in the prior year, while service revenue increased by 4% to $57.2 million[5] - Total gross profit was $24.1 million, representing 23.5% of total net revenue, down from 36.1% in the prior year[6] - Net loss for Q2 fiscal 2026 was $13.8 million, or a diluted net loss of $0.11 per share, compared to a net income of $2.5 million in Q2 fiscal 2025[9] - Total net revenue for the three months ended December 31, 2025, was $102,241,000, a decrease of 12% compared to $116,174,000 for the same period in 2024[30] - Net income (loss) for the three months ended December 31, 2025, was $(13,770,000), compared to a net income of $2,537,000 for the same period in 2024[30] - Adjusted EBITDA for the three months ended December 31, 2025, was $(1,936,000), compared to $9,634,000 for the same period in 2024[36] Revenue Guidance and Projections - Total net revenue guidance for fiscal year 2026 is projected to be between $440 million and $450 million[18] - Adjusted EBITDA is expected to be in the range of $22 million to $25 million for fiscal year 2026[18] - Projected GAAP net loss for the twelve months ending June 30, 2026, is estimated to be between $(39,000,000) and $(36,000,000)[39] Operating Expenses - Operating expenses for Q2 fiscal 2026 were $35.6 million, a decrease of 4% from $37.2 million in the prior year, including $6.1 million in restructuring charges[7] - Total operating expenses for the six months ended December 31, 2025, were $73,962,000, slightly up from $73,803,000 in the same period of 2024[30] Orders and Backlog - Gross product orders were $66.1 million, down from $76.8 million in the prior year, with a book to bill ratio of 1.5[10] - Gross orders for the three months ended December 31, 2025, were $66,064,000, down 14% from $76,762,000 in the prior year[34] - The company reported a book to bill ratio of 1.5 for the three months ended December 31, 2025, compared to 1.3 in the previous year[34] - The order backlog as of December 31, 2025, was $383,332,000, unchanged from the previous year[34] Cash Position - Cash, cash equivalents, and short-term restricted cash were $41.9 million as of December 31, 2025, a decrease of $16.1 million from June 30, 2025[11] - Cash and cash equivalents as of December 31, 2025, were $41,295,000, down from $57,416,000 as of June 30, 2025[32] Research and Development - Research and development expenses for the three months ended December 31, 2025, were $10,650,000, a decrease from $13,644,000 in the same period of 2024[30]