Accuray Reports Fiscal 2026 Third Quarter Financial Results

Rhea-AI Summary

Accuray (NASDAQ: ARAY) reported fiscal Q3 results for the period ended March 31, 2026. Total net revenue was $104.8M (down 7% YoY); product revenue $49.7M (down 13%); service revenue $55.1M (down 1%). GAAP net loss was $11.8M (diluted loss $0.09). Adjusted EBITDA was $3.8M. Order backlog was $356.2M. Company withdrew FY26 revenue and Adjusted EBITDA guidance due to Middle East geopolitical uncertainty. Transformation actions delivered ~$10M of cost and margin improvements to date.

Positive

• Transformation savings realized of approximately $10 million through Q3
• Order backlog of $356.2 million supports future shipments
• Service revenue stable at $55.1 million in Q3
• Strengthened commercial leadership with appointment of new Chief Commercial Officer

Negative

• Total net revenue declined by 7% YoY to $104.8 million
• Product revenue fell 13% YoY to $49.7 million
• GAAP net loss widened to $11.8M in Q3; diluted loss $0.09
• Company withdrew FY26 revenue and Adjusted EBITDA guidance due to geopolitical uncertainty

News Market Reaction – ARAY

-38.55% 3.2x vol

42 alerts

-38.55% Session close to close

-42.9% Trough in 27 hr 57 min

$58.18M Market Cap

3.2x Rel. Volume

In the May 7 session, ARAY declined 38.55%, reflecting a significant negative market reaction. Argus tracked a trough of -42.9% from its starting point during tracking. Our momentum scanner triggered 42 alerts that day, indicating elevated trading interest and price volatility. Trading volume was very high at 3.2x the daily average, suggesting heavy selling pressure.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock dropped -38.5% in the session following this news. A negative reaction despite modest pre-...

Analysis

The stock dropped -38.5% in the session following this news. A negative reaction despite modest pre-announcement gains fits prior earnings history, where the last five reports averaged a -8.68% move. The Q3 update combined declining revenue, lower gross margins, wider net loss, and guidance withdrawal, alongside a backlog about 21% lower year over year. While the transformation plan has achieved roughly $10M in savings, warrant-related resale capacity under the effective shelf and ongoing restructuring could amplify concerns about longer-term recovery.

Key Figures

Q3 2026 net revenue: $104.8M Q3 2026 product revenue: $49.7M Q3 2026 service revenue: $55.1M +5 more

8 metrics

Q3 2026 net revenue $104.8M Quarter ended March 31, 2026; down 7% vs $113.2M prior-year Q3

Q3 2026 product revenue $49.7M Down 13% vs $57.3M in prior-year Q3

Q3 2026 service revenue $55.1M Down 1% vs $55.9M in prior-year Q3

Q3 2026 gross margin 24.1% Gross profit $25.3M vs 27.9% margin on $31.6M prior-year Q3

Q3 2026 net loss $11.8M ($0.09/share) Wider vs $1.3M net loss ($0.01/share) prior-year Q3

Q3 2026 adjusted EBITDA $3.8M Down from $6.0M adjusted EBITDA in prior-year Q3

Order backlog $356.2M As of March 31, 2026; about 21% lower than prior-year Q3

Transformation savings ≈$10M Cost and margin improvements realized through fiscal Q3 vs $12M FY26 target

Previous Earnings Reports

5 past events · Latest: Feb 04 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 04	Q2 2026 earnings	Negative	-20.7%	Revenue and margins declined with higher restructuring charges and weaker EBITDA.
Nov 05	Q1 2026 earnings	Negative	-15.9%	Revenue decline, margin compression, larger net loss despite reaffirmed FY2026 guidance.
Aug 13	FY2025 results	Neutral	-2.0%	Mixed FY2025 performance with modest revenue growth but lower net income and backlog.
Apr 30	Q3 2025 earnings	Positive	-12.9%	Strong revenue and EBITDA growth but shares fell despite improved loss profile.
Feb 05	Q2 2025 earnings	Positive	+8.0%	Revenue growth, margin expansion, higher EBITDA, and raised FY2025 guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings releases have often led to downside moves, especially when results or outlook weakened, with one notable selloff even after strong results.

Recent Company History

Over the past year, Accuray’s earnings reports have shown a shift from growth to deterioration. FY2025 results featured revenue growth and raised guidance, yet shares fell after several reports. In Q1 2026 and Q2 2026, revenue declines, margin compression, and larger net losses drove sharp drops of -15.86% and -20.68%. Today’s Q3 2026 update continues the FY2026 trend of weaker product demand, lower margins, and restructuring actions following the FY2025 transformation narrative.

Key Terms

adjusted ebitda, gaap, non-gaap, warrant liability, +3 more

7 terms

adjusted ebitda financial

"specifically as it relates to total net revenue and Adjusted EBITDA, and revisit our outlook"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

gaap financial

"Accuray reports its financial results in accordance with generally accepted accounting principles in the United States ("GAAP")"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

non-gaap financial

"Accuray uses certain non-GAAP financial measures, such as adjusted EBITDA."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

warrant liability financial

"before interest, taxes, depreciation, amortization, stock-based compensation, and (gain) loss from change in fair value of warrant liability"

Warrant liability is the financial obligation a company records when it grants warrants—special options giving the holder the right to buy company shares at a set price in the future. It matters to investors because changes in this liability can affect a company's reported earnings and overall financial health, similar to how a pending contract can influence a company's future value.

book to bill ratio financial

"The book to bill ratio was 1.0 in the third quarter of fiscal 2026"

The book-to-bill ratio compares new orders received (bookings) to goods or services actually billed (revenue) over the same period; a ratio above 1 means a company is taking in more orders than it is filling, while below 1 means it is billing more than it is receiving in new orders. Investors use it like a pipeline gauge—high ratios suggest future revenue growth and possible capacity strain, while low ratios can signal weakening demand or excess capacity, helping anticipate earnings and operational pressure.

order backlog financial

"Order backlog as of March 31, 2026 was $356.2 million"

Order backlog is the total value or number of customer orders a company has received but not yet fulfilled or delivered. It acts like a queue at a busy restaurant: a healthy backlog signals steady future sales and revenue visibility, while a growing backlog can also warn of production bottlenecks, delayed cash collection, or rising costs — all important when assessing a company’s near-term performance and operational risks.

restricted stock units financial

"These shares were not sold in the open market but used to satisfy tax withholding and remittance requirements in a net settlement of restricted stock units."

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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MADISON, Wis., May 6, 2026 /PRNewswire/ -- Accuray Incorporated (NASDAQ: ARAY) today reported financial results for the third quarter ended March 31, 2026.

Key Highlights

• Transformation plan delivering ahead of expectations, with approximately $10 million of cost and margin improvements achieved through the fiscal third quarter, positioning the company to exceed the $12 million FY26 target.
• Commercial leadership strengthened with the appointment of Paul Miele as Chief Commercial Officer, bringing deep global experience in scaling capital medical device businesses and accelerating profitable growth.
• Strategic partnerships gaining momentum, expanding Accuray's ecosystem across imaging, software, workflow, clinical research, and operational execution in collaboration with many leading organizations to further amplify the company's strengths.
• Company withdraws fiscal 2026 financial guidance due to geopolitical uncertainty in the Middle East, which continues to materially impact product shipments and service revenue, with installations in several of the markets within the region delayed.
• At the upcoming European Society for Radiotherapy and Oncology ("ESTRO") Congress in Stockholm, Sweden on May 15 – 19, 2026, the Company will showcase a series of practical, customer‑driven product enhancements that reinforce their commitment to clinical excellence, workflow efficiency, and continuous innovation.

"During the quarter, we made meaningful progress executing against the transformation plan we launched in December," said Steve LaNeve, President and Chief Executive Officer of Accuray. "We are already seeing tangible benefits from these initiatives, including approximately $10 million in realized margin improvements through the fiscal third quarter, positioning us ahead of our original expectations. We have also strengthened our leadership team with experienced talent in key strategic areas and continue to enhance our technology platform through highly strategic partnerships focused on advancing real-time adaptation to patient and tumor motion during treatment, a core differentiator of Accuray's technology. Taken together, we believe these actions will improve execution, strengthen profitability, and create meaningful long-term value for our shareholders."

Mr. LaNeve continued, "Overall, we are encouraged by the progress we are making and remain confident in our strategy and our ability to execute on the areas within our control. However, the current geopolitical environment has created significant unpredictability around the timing of installations in several key Middle Eastern markets. Given these uncertainties, we believe it is prudent to withdraw financial guidance at this time, specifically as it relates to total net revenue and Adjusted EBITDA, and revisit our outlook when we report fiscal fourth quarter results."

Fiscal Third Quarter Results

Total net revenue was $104.8 million in the third quarter of fiscal 2026, or a decrease of 7 percent, as compared to $113.2 million in the prior fiscal year third quarter. Product revenue was $49.7 million in the third quarter of fiscal 2026, or a decrease of 13 percent, as compared to $57.3 million in the prior fiscal year third quarter. Service revenue was $55.1 million in the third quarter of fiscal 2026, or a decrease of 1 percent, as compared to $55.9 million in the prior fiscal year third quarter.

Total gross profit was $25.3 million in the third quarter of fiscal 2026, or 24.1 percent of total net revenue, as compared to a total gross profit of $31.6 million, or 27.9 percent of total net revenue, in the prior fiscal year third quarter. The decrease in gross margin rate was primarily due to higher net parts consumption of $3.2 million, as well as higher than average logistics and duties costs.

Operating expenses were $34.4 million in the third quarter of fiscal 2026, or an increase of 12 percent, as compared to $30.6 million in the prior fiscal year third quarter. Operating expenses in the third quarter of fiscal 2026 include $6.5 million in restructuring charges. Excluding restructuring charges, operating expenses would have decreased by $2.8 million, or 9 percent, as compared to the prior fiscal year third quarter. Additionally, the prior year third quarter benefited from a $3.2 million reversal of accrued compensation from the first half of fiscal year 2025. Adjusting for these two discrete items, third quarter 2026 operating expenses decreased $6.0 million, or 18%, versus prior year.

Net loss was $11.8 million in the third quarter of fiscal 2026, or a diluted net loss of $0.09 per share, as compared to a net loss of $1.3 million, or a diluted net loss of $0.01 per share, in the prior fiscal year third quarter. Adjusted EBITDA was $3.8 million in the third quarter of fiscal 2026, as compared to an adjusted EBITDA of $6.0 million in the prior fiscal year third quarter.

Gross product orders were $48.5 million in the third quarter of fiscal 2026 as compared to $71.2 million in the prior fiscal year third quarter. The book to bill ratio was 1.0 in the third quarter of fiscal 2026, as compared to 1.2 the prior fiscal year third quarter. Order backlog as of March 31, 2026 was $356.2 million, which is approximately 21% percent lower than at the end of the prior fiscal year third quarter.

Total cash, cash equivalents and restricted cash as of quarter end amounted to $44.4 million compared to $47.9 million at the end of last fiscal quarter and compared to $62.1 million at June 30, 2025.

First Nine Months Results

Total net revenue was $301.0 million in the first nine months of fiscal 2026, or a decrease of 9 percent, as compared to $331.0 million in the prior fiscal year period. Product revenue was $131.9 million in the first nine months of fiscal 2026, or a decrease of 21 percent, as compared to $166.9 million in the prior fiscal year period. Service revenue was $169.1 million in the first nine months of fiscal 2026, or an increase of 3 percent, as compared to $164.1 million in the prior fiscal year period.

Total gross profit was $76.4 million in the first nine months of fiscal 2026, or 25.4 percent of total net revenue, as compared to a total gross profit of $108.0 million, or 32.6 percent of total net revenue, in the prior fiscal year period.

Operating expenses were $108.3 million in the first nine months of fiscal 2026, or an increase of 4 percent, as compared to $104.4 million in the prior fiscal year period. Operating expenses in the first nine months of fiscal 2026 include $15.4 million in restructuring charges. Excluding restructuring charges, operating expenses would have decreased by $11.5 million, or 11% percent as compared to the prior fiscal year period.

Net loss was $47.3 million in the first nine months of fiscal 2026, or a diluted net loss of $0.39 per share, as compared to a net loss of $2.7 million, or a diluted net loss of $0.03 per share, in the prior fiscal year period. Adjusted EBITDA was a negative $2.3 million in the first nine months of fiscal 2026, as compared to a positive adjusted EBITDA of $18.8 million in the prior fiscal year period.

Gross product orders was $154.2 million in the first nine months of fiscal 2026 as compared to $203.3 million in the prior fiscal year period. The book to bill ratio was 1.2 in the first six months of fiscal 2026, as compared to 1.2 in the prior fiscal year period. 

Conference Call Information

Accuray will host a conference call beginning at 1:30 p.m. PT/4:30 p.m. ET today to discuss results for the third quarter of fiscal 2026 as well as recent corporate developments. Conference call dial-in information is as follows:

• U.S. callers: (833) 316-0563
• International callers: (412) 317-5747

Individuals interested in listening to the live conference call via the Internet may do so by logging on to the Investor Relations section of Accuray's website, www.accuray.com. There will be a slide presentation accompanying today's event which can also be accessed on the company's Investor Relations page at www.accuray.com.

In addition, a taped replay of the conference call will be available beginning approximately one hour after the call's conclusion and will be available for seven days. The replay number is (855) 669-9658 (USA), or (412) 317-0088 (International), Conference ID: 4178502. An archived webcast will also be available on Accuray's website until Accuray announces its results for the fourth quarter of fiscal 2026.

Use of Non-GAAP Financial Measures

Accuray reports its financial results in accordance with generally accepted accounting principles in the United States ("GAAP") and the rules of the SEC. To supplement its financial statements prepared and presented in accordance with GAAP, Accuray uses certain non-GAAP financial measures, such as adjusted EBITDA.

Accuray has supplemented its GAAP net income (loss) with a non-GAAP measure of adjusted earnings before interest, taxes, depreciation, amortization, stock-based compensation, and (gain) loss from change in fair value of warrant liability ("adjusted EBITDA"). The calculation of adjusted EBITDA also excludes certain non-recurring, irregular and one-time items. Management believes that this non-GAAP financial measure provides useful supplemental information to management and investors regarding the performance of the company and facilitates a meaningful comparison of results for current periods with previous operating results. A reconciliation of GAAP net loss (the most directly comparable GAAP measure) to non-GAAP adjusted EBITDA is provided in the schedules below.

There are limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Investors and potential investors should consider non-GAAP financial measures only in conjunction with the company's consolidated financial statements prepared in accordance with GAAP.

About Accuray

Accuray Incorporated (Nasdaq: ARAY) is committed to expanding the powerful potential of radiation therapy to improve as many lives as possible. We invent unique, market-changing solutions that are designed to deliver radiation treatments for even the most complex cases—while making commonly treatable cases even easier—to meet the full spectrum of patient needs. We are dedicated to continuous innovation in radiation therapy for oncology, neuro-radiosurgery, and beyond, as we partner with clinicians and administrators, empowering them to help patients get back to their lives, faster. Accuray is headquartered in Madison, Wisconsin, with facilities worldwide.

Forward-Looking Statements

Statements made in this press release that are not statements of historical fact are forward-looking statements that are subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release relate, but are not limited, to the company's future results of operations and financial position, including expectations regarding: the company's backlog, age-ins and age-outs, cancellations of contracts and foreign currency impacts; the anticipated drivers of the company's future capital requirements; expectations of the company's strategy in China and the company's China joint venture as well as its expected impact on the company's business; expectations regarding the market in China for radiation oncology systems; expectations regarding the effects of the global macroeconomic conditions on the company's financial results and business as well as the business of the company's customers and suppliers; expectations regarding the impact of changes in government administration policy positions; expectations regarding delays in deliveries and installations and its impact on the company's business; expectations regarding inflation, supply chain challenges and heightened logistics costs and its impact on the company's business, including gross margins and net income (loss); expectations regarding the timing of deliveries and revenue conversion; the company's expectations regarding the adequacy of its manufacturing facilities; the anticipated risks associated with the company's foreign operations and fluctuations in the U.S. Dollar and foreign currencies as well as its ability to mitigate such risks; potential changes in tariffs, export controls, trade sanctions and other trade policies; expectations related to the company's convertible notes and credit facilities; expectations related to the company's leases; the sufficiency of the company's cash, cash equivalents and investments to meet the company's anticipated cash needs for working capital and capital expenditures and the company's business strategy, plans and objectives; the expected benefits from the transformation plan, including expected improvement in annualized operating profit and cost and margin improvements; the ability to achieve the objectives of the transformation plan; expected restructuring charges for fiscal year 2026; the company's ability to deliver sustained performance and execute on its strategies and objectives, including related to its transformation efforts and restructuring plans; the company's ability to improve sales and drive margin expansion; opportunities to accelerate top-line growth and expand profitability; expectations related to management, including the new chief commercial officer; expectations regarding the impact of tariffs as well as mitigation efforts by the company; the company's ability to navigate supply chain, logistics, macroeconomic, and foreign exchange challenges; expectations related to the amount and timing of realizing deferred margin from the company's China joint venture; expectations with respect to strategic partnerships and collaborations; expectations related to the markets and regions in which the company operates; expectations regarding new product introductions and innovations; expectations regarding installed base growth; and the company's ability to improve execution, drive sustainable, profitable growth, while creating long-term value for patients, providers and shareholders. Forward-looking statements generally can be identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "predicts," "projects," "may," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements involve risks and uncertainties. If any of these risks or uncertainties materialize, or if any of the company's assumptions prove incorrect, actual results could differ materially from the results expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to the effect of the global macroeconomic environment on the operations of the company and those of its customers and suppliers; effects related to international tariffs; disruptions to our supply chain, including increased logistics costs; the company's ability to achieve widespread market acceptance of its products; substantial outstanding indebtedness and its ability to maintain compliance with financial covenants related to its debt; the effect of enhanced international tariffs on the company; the company's ability to realize the expected benefits of the China joint venture and other partnerships; risks inherent in international operations; geopolitical uncertainty, including armed conflict or political instability in the Middle East or other regions in which the company or its customers operate, and the effect of such conditions on the timing of system installations, customer site readiness, service revenue recognition, and the ability to complete transactions in affected markets; the company's ability to maintain or increase its gross margins on product sales and services; delays in regulatory approvals or the development or release of new offerings; the company's ability to meet the covenants under its credit facilities; the company's ability to convert backlog to revenue; and such other risks identified under the heading "Risk Factors" in the company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (the "SEC") on February 17, 2026, and as updated periodically with the company's other filings with the SEC.

Forward-looking statements speak only as of the date the statements are made and are based on information available to the company at the time those statements are made and/or management's good faith belief as of that time with respect to future events. The company assumes no obligation to update forward-looking statements to reflect actual performance or results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. Accordingly, investors should not place undue reliance on any forward-looking statements.

Aman Patel, CFA	Steve Monroe
Investor Relations, ICR-Westwicke	Vice President, Financial Planning & Analysis - Accuray
investor.relations@accuray.com	investor.relations@accuray.com

Financial Tables to Follow

Accuray Incorporated Condensed Consolidated Statements of Operations (in thousands, except per share data) (Unaudited)
		Three Months Ended								Nine Months Ended
		March 31,								March 31,
		2026				2025				2026				2025
Net revenue:
Products		$	49,714			$	57,320			$	131,880			$	166,878
Services			55,131				55,923				169,148				164,084
Total net revenue			104,845				113,243				301,028				330,962
Cost of revenue:
Cost of products			38,829				44,301				104,402				111,315
Cost of services			40,722				37,315				120,249				111,659
Total cost of revenue			79,551				81,616				224,651				222,974
Gross profit			25,294				31,627				76,377				107,988
Operating expenses:
Research and development			8,178				10,712				30,046				36,472
Selling and marketing			8,439				9,110				28,986				31,906
General and administrative			11,225				10,758				33,886				36,005
Restructuring			6,539				—				15,425				—
Total operating expenses			34,381				30,580				108,343				104,383
Income (loss) from operations			(9,087)				1,047				(31,966)				3,605
Income from equity method investment, net			408				2,297				1,318				3,829
Interest expense			(8,446)				(2,890)				(24,207)				(8,728)
Gain from change in fair value of warrant liability			3,359				—				7,198				—
Other income (expense), net			2,429				(1,294)				1,916				357
Loss before provision for income taxes			(11,337)				(840)				(45,741)				(937)
Provision for income taxes			468				457				1,512				1,777
Net loss		$	(11,805)			$	(1,297)			$	(47,253)			$	(2,714)
Net loss per share - basic and diluted		$	(0.09)			$	(0.01)			$	(0.39)			$	(0.03)
Weighted average common shares used in computing net loss per share:
Basic and diluted			124,304				102,825				121,396				101,462

 

Accuray Incorporated Condensed Consolidated Balance Sheets (in thousands) (Unaudited)
		March 31, 2026				June 30, 2025
Assets
Current assets:
Cash and cash equivalents			38,067			$	57,416
Restricted cash			467				574
Accounts receivable, net			64,573				83,192
Inventories, net			156,626				141,020
Prepaid expenses and other current assets			33,463				33,501
Deferred cost of revenue			20				1,762
Total current assets			293,216				317,465
Property and equipment, net			29,002				28,658
Investment in joint venture			6,321				4,612
Operating lease right-of-use assets, net			28,898				33,115
Goodwill			57,882				57,802
Long-term restricted cash			5,909				4,144
Other assets			26,374				24,443
Total assets		$	447,602			$	470,239
Liabilities and stockholders' equity
Current liabilities:
Accounts payable		$	52,805			$	34,033
Accrued compensation			16,972				14,573
Operating lease liabilities, current			8,228				7,375
Other accrued liabilities			26,370				29,361
Customer advances			11,365				12,197
Deferred revenue			78,944				82,306
Short-term debt			11,160				12,734
Total current liabilities			205,844				192,579
Operating lease liabilities, non-current			28,989				32,482
Long-term other liabilities			6,925				5,160
Warrant liability			3,119				8,497
Deferred revenue, non-current			26,998				26,566
Long-term debt			134,020				123,786
Total liabilities			405,895				389,070
Stockholders' equity:
Common stock			119				113
Additional paid-in capital			610,784				602,165
Accumulated other comprehensive loss			(2,671)				(1,837)
Accumulated deficit			(566,525)				(519,272)
Total stockholders' equity			41,707				81,169
Total liabilities and stockholders' equity		$	447,602			$	470,239

 

Accuray Incorporated Summary of Orders and Backlog (in thousands, except book to bill ratio) (Unaudited)
		Three Months Ended								Nine Months Ended
		March 31,								March 31,
		2026				2025				2026				2025
Gross orders		$	48,524			$	71,167			$	154,158			$	203,294
Net orders		$	22,604			$	46,656			$	61,144			$	131,951
Order backlog		$	356,235			$	452,392			$	356,235			$	452,392
Book to bill ratio (a)			1.0				1.2				1.2				1.2

(a) Book to bill ratio is defined as gross orders for the period divided by product revenue for the period.

 

Accuray Incorporated Reconciliation of GAAP Net Loss to Adjusted EBITDA (in thousands) (Unaudited)
		Three Months Ended								Nine Months Ended
		March 31,								March 31,
		2026				2025				2026				2025
GAAP net loss		$	(11,805)			$	(1,297)			$	(47,253)			$	(2,714)
Depreciation and amortization (a)			2,078				1,575				5,917				4,552
Stock-based compensation			1,378				2,745				4,775				7,383
Interest expense, net (b)			8,265				2,568				23,508				7,825
Provision for income taxes			468				457				1,512				1,777
Gain from change in fair value of warrant liability			(3,359)				—				(7,198)				—
Restructuring charges			6,539				—				15,425				—
Post-financing costs			199				—				1,031				—
Adjusted EBITDA		$	3,763			$	6,048			$	(2,283)			$	18,823

(a) Consists of depreciation on property and equipment and amortization of capitalized software and intangibles.

(b) Consists of interest expense net of interest income.

 

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SOURCE Accuray Incorporated

FAQ

Why did Accuray (ARAY) withdraw fiscal 2026 guidance on May 6, 2026?

The company withdrew FY26 revenue and Adjusted EBITDA guidance due to ongoing geopolitical uncertainty in the Middle East. According to the company, the uncertainty materially delayed installations and product shipments in several regional markets, creating unpredictable timing for revenue recognition.

What were Accuray's (ARAY) key Q3 FY26 revenue figures reported May 6, 2026?

Total net revenue for Q3 FY26 was $104.8 million and product revenue was $49.7 million. According to the company, service revenue was $55.1 million and total net revenue declined 7% versus prior-year third quarter.

How did Accuray's (ARAY) profitability metrics look in Q3 FY26?

GAAP net loss in Q3 FY26 was $11.8 million, or $0.09 diluted loss per share; adjusted EBITDA was $3.8 million. According to the company, restructuring charges of $6.5 million affected operating expense comparisons.

What is Accuray's (ARAY) order backlog and book-to-bill as of March 31, 2026?

Order backlog as of March 31, 2026 was $356.2 million and gross product orders were $48.5 million in Q3. According to the company, the Q3 book-to-bill ratio was 1.0 versus 1.2 in the prior-year quarter.

What operational improvements did Accuray (ARAY) report in Q3 FY26?

The company reported approximately $10 million of realized cost and margin improvements through Q3 and expects to exceed a $12 million FY26 target. According to the company, these savings stem from its transformation plan launched in December.