What is Beyond Air Inc's earnings per share (EPS)?

Beyond Air Inc (XAIR) reported diluted earnings per share of $-0.69 for fiscal year 2025. This represents a 62.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Beyond Air Inc Financials

XAIR

Source SEC Filings (10-K/10-Q) Updated Feb 13, 2026 Currency USD FYE March

This page shows Beyond Air Inc (XAIR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 40/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Beyond Air Inc has an operating margin of -1202.1%, meaning the company retains $-1202 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -5436.2% the prior year.

Growth

100

Beyond Air Inc's revenue surged 219.7% year-over-year to $3.7M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Beyond Air Inc carries a low D/E ratio of 1.16, meaning only $1.16 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 78/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Beyond Air Inc's current ratio of 3.20 indicates adequate short-term liquidity, earning a score of 62/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Beyond Air Inc generated -$38.2M in operating cash flow, capex of $5.9M consumed most of it, leaving -$44.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Beyond Air Inc generates a -343.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -240.5% the prior year.

Piotroski F-Score Neutral

5/9

Beyond Air Inc passes 5 of 9 financial strength tests. 1 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

0.82x

For every $1 of reported earnings, Beyond Air Inc generates $0.82 in operating cash flow (-$38.2M OCF vs -$46.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-14.8x

Beyond Air Inc earns $-14.8 in operating income for every $1 of interest expense (-$44.5M vs $3.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue

$3.7M

YoY+219.7%

5Y CAGR+21.7%

Beyond Air Inc generated $3.7M in revenue in fiscal year 2025. This represents an increase of 219.7% from the prior year.

EBITDA

-$41.5M

YoY+32.1%

Beyond Air Inc's EBITDA was -$41.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 32.1% from the prior year.

Net Income

-$46.6M

YoY+22.6%

Beyond Air Inc reported -$46.6M in net income in fiscal year 2025. This represents an increase of 22.6% from the prior year.

EPS (Diluted)

$-0.69

YoY+62.1%

Beyond Air Inc earned $-0.69 per diluted share (EPS) in fiscal year 2025. This represents an increase of 62.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$44.1M

YoY+28.6%

Beyond Air Inc generated -$44.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 28.6% from the prior year.

Cash & Debt

$4.7M

YoY-59.0%

5Y CAGR-25.1%

Beyond Air Inc held $4.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY-91.0%

5Y CAGR-23.8%

Beyond Air Inc had 4M shares outstanding in fiscal year 2025. This represents a decrease of 91.0% from the prior year.

Margins & Returns

Gross Margin

-44.9%

YoY+67.9pp

Beyond Air Inc's gross margin was -44.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 67.9 percentage points from the prior year.

Operating Margin

-1202.1%

YoY+4234.2pp

5Y CAGR+103.0pp

Beyond Air Inc's operating margin was -1202.1% in fiscal year 2025, reflecting core business profitability. This is up 4234.2 percentage points from the prior year.

Net Margin

-1258.4%

YoY+3939.3pp

5Y CAGR+176.2pp

Beyond Air Inc's net profit margin was -1258.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3939.3 percentage points from the prior year.

Return on Equity

-343.3%

YoY-102.7pp

5Y CAGR-233.0pp

Beyond Air Inc's ROE was -343.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 102.7 percentage points from the prior year.

Capital Allocation

R&D Spending

$16.9M

YoY-30.8%

5Y CAGR+9.6%

Beyond Air Inc invested $16.9M in research and development in fiscal year 2025. This represents a decrease of 30.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$5.9M

YoY+2.4%

5Y CAGR+166.7%

Beyond Air Inc invested $5.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 2.4% from the prior year.

XAIR Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$3.7M+219.7%	$1.2M	N/A	N/A	$873K-37.2%	$1.4M
Cost of Revenue	$5.4M+117.7%	$2.5M+344.3%	$555K	N/A	N/A	N/A
Gross Profit	-$1.7M-27.2%	-$1.3M-135.5%	-$555K	N/A	N/A	N/A
R&D Expenses	$16.9M-30.8%	$24.4M+44.9%	$16.8M+42.4%	$11.8M-6.5%	$12.6M+18.5%	$10.6M
SG&A Expenses	$26.0M-30.3%	$37.3M+7.6%	$34.7M+88.5%	$18.4M+75.9%	$10.5M+17.8%	$8.9M
Operating Income	-$44.5M+29.3%	-$63.0M-21.0%	-$52.1M-27.9%	-$40.7M-83.3%	-$22.2M-22.4%	-$18.1M
Interest Expense	$3.0M+3.7%	$2.9M+9606.7%	$30K-96.1%	$775K+20.7%	$642K+2002.0%	$31K
Income Tax	N/A	N/A	N/A	N/A	N/A	-$154K
Net Income	-$46.6M+22.6%	-$60.2M-7.9%	-$55.8M-29.3%	-$43.2M-88.8%	-$22.9M-14.7%	-$19.9M
EPS (Diluted)	$-0.69+62.1%	$-1.82+2.2%	$-1.86	N/A	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	$2K-99.9%	$2.2M+20.7%	$1.8M+3.3%	$1.8M+52.8%	$1.2M+7.5%	$1.1M+34.3%	$798K+16.8%	$683K
Cost of Revenue	$2K-99.9%	$1.9M-10.5%	$2.1M+31.9%	$1.6M+35.6%	$1.2M-8.1%	$1.3M-31.6%	$1.9M+85.2%	$1.0M
Gross Profit	$300-99.9%	$300K+200.7%	-$298K-291.0%	$156K+587.5%	-$32K+85.1%	-$215K+80.2%	-$1.1M-226.5%	-$332K
R&D Expenses	$2K-99.9%	$2.4M-0.9%	$2.5M-20.6%	$3.1M-5.3%	$3.3M+8.4%	$3.0M-34.5%	$4.6M-23.7%	$6.0M
SG&A Expenses	$4K-99.9%	$4.5M-9.1%	$4.9M+4.8%	$4.7M+20.7%	$3.9M-49.8%	$7.7M+7.9%	$7.2M-1.0%	$7.2M
Operating Income	$7K+100.1%	-$6.6M+13.9%	-$7.7M-0.6%	-$7.6M-6.2%	-$7.2M+34.5%	-$11.0M+14.7%	-$12.8M+5.5%	-$13.6M
Interest Expense	$1K-99.9%	$1.1M+70.3%	$639K+16.6%	$548K-5.4%	$579K+5.5%	$549K-40.8%	$927K-3.8%	$964K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$7K+100.1%	-$7.3M+7.6%	-$7.9M-3.2%	-$7.7M+4.3%	-$8.0M+38.4%	-$13.0M+2.4%	-$13.4M-9.5%	-$12.2M
EPS (Diluted)	$0.85+200.0%	$-0.85+32.0%	$-1.25	$-1.53	N/A	$-2.96+47.8%	$-5.67-6.6%	$-5.32

XAIR Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$30.1M-47.2%	$57.0M-17.1%	$68.7M-30.7%	$99.2M+144.8%	$40.5M+47.7%	$27.4M
Current Assets	$16.0M-63.5%	$43.9M-26.0%	$59.4M-36.1%	$92.9M+149.7%	$37.2M+39.5%	$26.7M
Cash & Equivalents	$4.7M-59.0%	$11.4M-61.0%	$29.2M-63.7%	$80.2M+131.7%	$34.6M+74.6%	$19.8M
Inventory	$2.4M+13.6%	$2.1M+88.4%	$1.1M+222.6%	$350K	N/A	N/A
Accounts Receivable	$710K+122.6%	$319K	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$15.7M-47.2%	$29.8M+11.4%	$26.7M+27.3%	$21.0M+108.6%	$10.1M+7.7%	$9.3M
Current Liabilities	$5.0M-56.8%	$11.6M-41.5%	$19.8M+84.7%	$10.7M+181.9%	$3.8M-22.0%	$4.9M
Long-Term Debt	N/A	$17.5M+8650.0%	$200K0.0%	$200K-95.5%	$4.5M	N/A
Total Equity	$13.6M-45.8%	$25.0M-33.9%	$37.9M-47.9%	$72.7M+138.7%	$30.5M+68.4%	$18.1M
Retained Earnings	-$286.3M-19.5%	-$239.7M-33.6%	-$179.5M-45.1%	-$123.6M-53.7%	-$80.5M-39.7%	-$57.6M

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Total Assets	$37K-99.9%	$36.8M+18.8%	$31.0M+10.1%	$28.1M-6.5%	$30.1M-12.0%	$34.1M-35.6%	$53.0M+14.0%	$46.5M
Current Assets	$26K-99.9%	$25.6M+37.5%	$18.6M+24.0%	$15.0M-6.4%	$16.0M-17.2%	$19.3M-49.1%	$38.0M+23.2%	$30.9M
Cash & Equivalents	$7K-99.9%	$6.6M-31.5%	$9.7M+94.9%	$5.0M+6.7%	$4.7M+1.4%	$4.6M-83.8%	$28.4M+583.7%	$4.2M
Inventory	$2K-99.9%	$1.8M-21.0%	$2.2M-8.4%	$2.4M+0.7%	$2.4M+1.6%	$2.4M-5.9%	$2.5M+5.7%	$2.4M
Accounts Receivable	$1K-99.9%	$1.2M+29.0%	$892K+10.9%	$804K+13.2%	$710K+11.1%	$639K+14.9%	$556K+17.1%	$475K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$28K-99.9%	$28.5M+59.4%	$17.9M+0.9%	$17.7M+12.6%	$15.7M-0.3%	$15.8M-33.5%	$23.7M-17.7%	$28.8M
Current Liabilities	$5K-99.9%	$5.0M+13.8%	$4.4M-5.3%	$4.6M-7.5%	$5.0M-7.9%	$5.4M-17.7%	$6.6M-43.9%	$11.8M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	$11.8M-5.3%	$12.5M-28.6%	$17.5M
Total Equity	$8K-99.9%	$8.1M-36.3%	$12.7M+28.3%	$9.9M-26.9%	$13.6M-23.0%	$17.6M-37.3%	$28.1M+74.4%	$16.1M
Retained Earnings	$309K+100.1%	-$309.3M-2.4%	-$302.0M-2.7%	-$294.0M-2.7%	-$286.3M-2.9%	-$278.3M-4.9%	-$265.3M-5.3%	-$251.9M

XAIR Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$38.2M+31.8%	-$56.0M-69.7%	-$33.0M-42.7%	-$23.1M-17.8%	-$19.6M-28.8%	-$15.3M
Capital Expenditures	$5.9M+2.4%	$5.7M+48.2%	$3.9M+180.9%	$1.4M+55.1%	$890K+1939.8%	$44K
Free Cash Flow	-$44.1M+28.6%	-$61.8M-67.4%	-$36.9M-50.5%	-$24.5M-19.4%	-$20.5M-34.2%	-$15.3M
Investing Cash Flow	$14.9M+221.8%	-$12.2M+40.6%	-$20.6M-1319.8%	-$1.4M-62.9%	-$890K-120.1%	$4.4M
Financing Cash Flow	$16.6M-61.4%	$43.2M+1501.1%	$2.7M-96.6%	$79.5M+161.9%	$30.3M-13.2%	$34.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Operating Cash Flow	$13K+100.3%	-$4.2M+5.3%	-$4.5M+1.6%	-$4.5M+34.9%	-$7.0M+10.0%	-$7.7M+42.1%	-$13.3M-31.1%	-$10.2M
Capital Expenditures	$478-98.6%	$34K-86.2%	$246K+24.2%	$198K-86.8%	$1.5M+179.0%	$537K-54.3%	$1.2M-56.0%	$2.7M
Free Cash Flow	$13K+100.3%	-$4.3M+9.5%	-$4.7M+0.5%	-$4.7M+44.1%	-$8.5M-2.2%	-$8.3M+43.1%	-$14.5M-13.0%	-$12.9M
Investing Cash Flow	$3K+100.1%	-$4.0M-1784.6%	$240K-58.3%	$576K-77.7%	$2.6M+137.2%	-$6.9M-143.0%	$16.1M+418.5%	$3.1M
Financing Cash Flow	$24K-99.8%	$11.2M+25.6%	$8.9M+119.3%	$4.1M-9.6%	$4.5M+148.8%	-$9.2M-142.6%	$21.6M+8290.9%	-$264K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$25K	N/A	N/A	N/A	N/A	N/A	N/A	N/A

XAIR Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	-44.9%+67.9pp	-112.8%	N/A	N/A	N/A	N/A
Operating Margin	-1202.1%+4234.2pp	-5436.2%	N/A	N/A	-2544.6%-1239.5pp	-1305.1%
Net Margin	-1258.4%+3939.3pp	-5197.8%	N/A	N/A	-2620.3%-1185.7pp	-1434.6%
Return on Equity	-343.3%-102.7pp	-240.5%-93.3pp	-147.2%-87.8pp	-59.4%+15.7pp	-75.1%+35.1pp	-110.2%
Return on Assets	-155.1%-49.3pp	-105.8%-24.6pp	-81.2%-37.7pp	-43.5%+12.9pp	-56.5%+16.2pp	-72.7%
Current Ratio	3.20-0.6	3.80+0.8	3.00-5.7	8.68-1.1	9.80+4.3	5.48
Debt-to-Equity	1.16+0.5	0.70+0.7	0.010.0	0.00-0.1	0.15-0.4	0.52
FCF Margin	-1190.3%+4138.3pp	-5328.6%	N/A	N/A	-2351.5%-1251.4pp	-1100.2%

Metric	Q4'26	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Gross Margin	13.7%0.0pp	13.7%+30.1pp	-16.4%-25.3pp	8.9%+11.6pp	-2.8%+17.3pp	-20.1%+115.8pp	-135.8%-87.2pp	-48.6%
Operating Margin	300.6%+601.3pp	-300.6%+120.8pp	-421.4%+11.4pp	-432.8%+189.8pp	-622.6%+399.1pp	-1021.6%+586.5pp	-1608.1%+380.1pp	-1988.3%
Net Margin	334.4%+668.7pp	-334.4%+102.4pp	-436.7%+0.3pp	-437.0%+260.4pp	-697.4%+518.3pp	-1215.7%+458.3pp	-1673.9%+112.5pp	-1786.4%
Return on Equity	90.5%+180.9pp	-90.5%-28.1pp	-62.4%+15.1pp	-77.5%-18.3pp	-59.2%+14.7pp	-73.9%-26.4pp	-47.5%+28.1pp	-75.6%
Return on Assets	20.0%+39.9pp	-20.0%+5.7pp	-25.6%+1.7pp	-27.4%-0.6pp	-26.7%+11.4pp	-38.2%-13.0pp	-25.2%+1.0pp	-26.2%
Current Ratio	5.120.0	5.12+0.9	4.24+1.0	3.24+0.0	3.20-0.4	3.56-2.2	5.76+3.1	2.63
Debt-to-Equity	3.510.0	3.51+2.1	1.40-0.4	1.78+0.6	1.16+0.5	0.67+0.2	0.44-0.6	1.08
FCF Margin	579.8%+773.6pp	-193.8%+64.6pp	-258.5%+9.9pp	-268.4%+465.5pp	-733.9%+37.5pp	-771.5%+1048.5pp	-1819.9%+61.9pp	-1881.8%

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Frequently Asked Questions

What is Beyond Air Inc's annual revenue?

Beyond Air Inc (XAIR) reported $3.7M in total revenue for fiscal year 2025. This represents a 219.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Beyond Air Inc's revenue growing?

Beyond Air Inc (XAIR) revenue grew by 219.7% year-over-year, from $1.2M to $3.7M in fiscal year 2025.

Is Beyond Air Inc profitable?

No, Beyond Air Inc (XAIR) reported a net income of -$46.6M in fiscal year 2025, with a net profit margin of -1258.4%.

What is Beyond Air Inc's EBITDA?

Beyond Air Inc (XAIR) had EBITDA of -$41.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Beyond Air Inc's gross margin?

Beyond Air Inc (XAIR) had a gross margin of -44.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Beyond Air Inc's operating margin?

Beyond Air Inc (XAIR) had an operating margin of -1202.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Beyond Air Inc's net profit margin?

Beyond Air Inc (XAIR) had a net profit margin of -1258.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Beyond Air Inc's return on equity (ROE)?

Beyond Air Inc (XAIR) has a return on equity of -343.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Beyond Air Inc's free cash flow?

Beyond Air Inc (XAIR) generated -$44.1M in free cash flow during fiscal year 2025. This represents a 28.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Beyond Air Inc's operating cash flow?

Beyond Air Inc (XAIR) generated -$38.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Beyond Air Inc's total assets?

Beyond Air Inc (XAIR) had $30.1M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Beyond Air Inc's capital expenditures?

Beyond Air Inc (XAIR) invested $5.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Beyond Air Inc spend on research and development?

Beyond Air Inc (XAIR) invested $16.9M in research and development during fiscal year 2025.

How many shares does Beyond Air Inc have outstanding?

Beyond Air Inc (XAIR) had 4M shares outstanding as of fiscal year 2025.

What is Beyond Air Inc's current ratio?

Beyond Air Inc (XAIR) had a current ratio of 3.20 as of fiscal year 2025, which is generally considered healthy.

What is Beyond Air Inc's debt-to-equity ratio?

Beyond Air Inc (XAIR) had a debt-to-equity ratio of 1.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Beyond Air Inc's return on assets (ROA)?

Beyond Air Inc (XAIR) had a return on assets of -155.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Beyond Air Inc's cash runway?

Based on fiscal year 2025 data, Beyond Air Inc (XAIR) had $4.7M in cash against an annual operating cash burn of $38.2M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Beyond Air Inc's Piotroski F-Score?

Beyond Air Inc (XAIR) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Beyond Air Inc's earnings high quality?

Beyond Air Inc (XAIR) has an earnings quality ratio of 0.82x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Beyond Air Inc cover its interest payments?

Beyond Air Inc (XAIR) has an interest coverage ratio of -14.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Beyond Air Inc?

Beyond Air Inc (XAIR) scores 40 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.