# Airsculpt Technologies, Inc. (AIRS) Informational only - not investment advice. CIK: 0001870940 SIC: 8011 Services-Offices & Clinics of Doctors of Medicine SIC breadcrumb: [Services](/division/I/) > [SIC Major Group 80](/major-group/80/) > [SIC 8011 Services-Offices & Clinics of Doctors of Medicine](/industry/8011/) Latest 10-K filed: 2026-03-31 SEC page: https://www.sec.gov/edgar/browse/?CIK=1870940 Filing source: https://www.sec.gov/Archives/edgar/data/1870940/000187094026000011/airs-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-04-06 · accession 0001870940-26-000021 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001870940.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 151,818,000 USD | 2025 | verified | | Net income | -11,667,000 USD | 2025 | verified | | Assets | 187,304,000 USD | 2025 | verified | | Free cash flow | 692,000 USD | 2025 | computed | | Net margin | -7.68% | 2025 | computed | | Operating margin | -7.61% | 2025 | computed | | Revenue YoY | -15.82% | 2025 | computed | | ROE | -13.30% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | AIRS | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -7.7% | 3.2% | 22 | 56 | | Operating margin | -7.6% | 5.5% | 22 | 51 | | Revenue growth | -15.8% | 11.8% | 4 | 57 | | FCF margin | 0.5% | 5.4% | 19 | 48 | | ROE | -13.3% | 7.9% | 17 | 53 | | ROA | -6.2% | 2.8% | 21 | 58 | | Liabilities / equity | 1.14 | 1.13 | 51 | 54 | | Current ratio | 0.55 | 1.63 | 0 | 58 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 80 SIC Major Group 80, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 151818000 | USD | 2025 | 2026-04-06 | | Net income | -11667000 | USD | 2025 | 2026-04-06 | | Assets | 187304000 | USD | 2025 | 2026-04-06 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001870940.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 41,236,000 | 62,766,000 | 133,315,000 | 168,794,000 | 195,917,000 | 180,350,000 | 151,818,000 | | Net income | -2,212,000 | 7,577,000 | 10,551,000 | -14,679,000 | -4,240,000 | -8,018,000 | -11,667,000 | | Operating income | 663,000 | 10,033,000 | 15,768,000 | -4,545,000 | 9,722,000 | -1,583,000 | -11,560,000 | | Diluted EPS | | | -0.01 | -0.26 | -0.08 | -0.14 | -0.19 | | Operating cash flow | 4,938,000 | 13,957,000 | 26,633,000 | 24,447,000 | 23,956,000 | 11,350,000 | 3,096,000 | | Capital expenditures | 4,439,000 | 3,689,000 | 7,116,000 | 12,921,000 | 9,919,000 | 14,007,000 | 2,404,000 | | Dividends paid | | 0.00 | 0.00 | 23,160,000 | 385,000 | 252,000 | 0.00 | | Assets | | 179,610,000 | 200,554,000 | 200,759,000 | 204,019,000 | 212,781,000 | 187,304,000 | | Liabilities | | 55,934,000 | 117,026,000 | 129,993,000 | 120,027,000 | 134,593,000 | 99,592,000 | | Stockholders' equity | | | 83,528,000 | 70,766,000 | 82,657,000 | 78,188,000 | 87,712,000 | | Cash and cash equivalents | | 10,379,000 | 25,347,000 | 9,616,000 | 10,262,000 | 8,235,000 | 8,449,000 | | Free cash flow | 499,000 | 10,268,000 | 19,517,000 | 11,526,000 | 14,037,000 | -2,657,000 | 692,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | -5.36% | 12.07% | 7.91% | -8.70% | -2.16% | -4.45% | -7.68% | | Operating margin | 1.61% | 15.98% | 11.83% | -2.69% | 4.96% | -0.88% | -7.61% | | Return on equity | | | 12.63% | -20.74% | -5.13% | -10.25% | -13.30% | | Return on assets | | 4.22% | 5.26% | -7.31% | -2.08% | -3.77% | -6.23% | | Liabilities / equity | | | 1.40 | 1.84 | 1.45 | 1.72 | 1.14 | | Current ratio | | 1.22 | 1.79 | 0.75 | 0.79 | 0.59 | 0.55 | ## As-reported value updates 4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/AIRS/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001870940.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | -7,377,000 | -0.13 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | -14,000 | 0.00 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | 1,776,000 | 0.03 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 46,793,000 | -1,667,000 | -0.03 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 47,608,000 | -4,574,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 47,620,000 | | 0.10 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 51,004,000 | | -0.06 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 42,548,000 | | -0.10 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 39,178,000 | | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 39,371,000 | -2,847,000 | -0.05 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 44,012,000 | -591,000 | -0.01 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 34,993,000 | -9,512,000 | -0.15 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 33,442,000 | 1,283,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 39,389,000 | -2,397,000 | -0.03 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 42,900,000 | -1,112,000 | -0.02 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from AIRS's latest 10-K: [/company/AIRS/business/](/company/AIRS/business/). ## Risk Factors Verbatim Item 1A Risk Factors from AIRS's latest 10-K: [/company/AIRS/risk-factors/](/company/AIRS/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1870940/000187094026000038/airs-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-10 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our financial statements and related notes and other financial information appearing in our Annual Report on Form 10-K dated April 6, 2026 filed with the Securities and Exchange Commission (“SEC”) pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”). This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. See the section entitled "Cautionary Note Regarding Forward-Looking Statements" in this Quarterly Report on Form 10-Q. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including those risks. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report. You should read this Quarterly Report completely, including Part II, Item 1A (Risk Factors) of this Quarterly Report and the section titled “Cautionary Note Regarding Forward-Looking Statements” in this Quarterly Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by our forward-looking statements contained in the following discussion and analysis. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Unless otherwise indicated or the context otherwise requires, references in this Quarterly Report to the “Company,” “AirSculpt,” “we,” “us” and “our” refer to AirSculpt Technologies, Inc. and its consolidated subsidiaries and its related Professional Associations. Overview AirSculpt is an experienced national provider of body contouring procedures delivering a premium consumer experience. We provide custom body contouring using our proprietary AirSculpt® method that removes unwanted fat and tightens skin in a minimally invasive procedure, producing dramatic results. We deliver our AirSculpt® procedures through a nationwide footprint of 31 centers across 20 states and Canada as of August 10, 2026. For the three and six months ended June 30, 2026, we performed 3,376 and 6,458 cases, respectively, compared to 3,392 and 6,468 for the three and six months ended June 30, 2025, respectively. For the three and six months ended June 30, 2026, we generated approximately $42.9 million and $82.3 million of revenue, respectively, compared to $44.0 million and $83.4 million for the three and six months ended June 30, 2025, respectively. This represents an approximately 3% decline in revenue for the three months ended June 30, 2026 over the same period in the prior year and an approximately 1% decline in revenue for the six months ended June 30, 2026 over the same period in the prior year. Key Operational and Business Metrics In addition to the measures presented in our condensed consolidated financial statements, we use the following key operational and business metrics to evaluate our business, measure our performance, develop financial forecasts and make strategic decisions: Cases Performed and Revenue per Case Our case volumes in the table below, which are used for calculating revenue per case, represent one patient visit although; a patient may have multiple areas treated during one visit. We believe this provides the best approach for assessing our revenue performance and trends. 16 Table of Contents Total Case and Revenue Metrics [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["Cases","3,376","","","3,392","","","6,458","","6,468"],["Case growth","(0.5)","%","","N/A","","(0.2)","%","","N/A"],["Revenue per case","$","12,707","","","$","12,975","","","$","12,742","","$","12,892"],["Revenue per case growth","(2.1)","%","","N/A","","(1.2)","%","","N/A"],["Number of facilities","31","","32","","31","","32"],["Number of total procedure rooms","65","","67","","65","","67"]] [[/GREPCENT_TABLE]] Same-Center Case and Revenue Metrics Same-Center Information For the three months ended June 30, 2026 and 2025, we define same-center case and revenue growth as the growth in each of our cases and revenue at facilities that were owned and operated during the three months ended June 30, 2026 and 2025, respectively. At facilities that were not owned or operated for the entirety of the prior year period, the current year period has been pro-rated to reflect only growth experienced during the portion of the three months ended June 30, 2026 in which such facilities were owned and operated during the three months ended June 30, 2025. We define same-center facilities and procedure rooms based on whether a facility was owned or operated as of June 30, 2025. For the six months ended June 30, 2026 and 2025, we define same-center case and revenue growth as the growth in each of our cases and revenue at facilities that were owned and operated during the six months ended June 30, 2026 and 2025, respectively. At facilities that were not owned or operated for the entirety of the prior year period, the current year period has been pro-rated to reflect only growth experienced during the portion of the six months ended June 30, 2026 in which such facilities were owned and operated during the six months ended June 30, 2025. We define same-center facilities and procedure rooms based on if a facility was owned or operated as of June 30, 2025. [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["Cases","3,376","","","3,341","","","6,458","","","6,389"],["Case growth","1.0","%","","N/A","","1.1","%","","N/A"],["Revenue per case","$","12,707","","","$","12,971","","","$","12,742","","","$","12,889"],["Revenue per case growth","(2.0)","%","","N/A","","(1.1)","%","","N/A"],["Number of facilities","31","","31","","31","","31"],["Number of total procedure rooms","65","","65","","65","","65"]] [[/GREPCENT_TABLE]] Non-GAAP Financial Measures—Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Net Income per Share We report our financial results in accordance with generally accepted accounting principles in the United States of America ("GAAP"), however, management believes the evaluation of our ongoing operating results may be enhanced by a presentation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Net Income per Share, which are non-GAAP financial measures. We define Adjusted EBITDA as net loss excluding depreciation and amortization, net interest expense, income tax benefit, restructuring and related severance costs, certain other non-recurring costs, unrealized (gain)/loss, and equity-based compensation. 17 Table of Contents We define Adjusted Net Income as net loss excluding restructuring and related severance costs, equity-based compensation, loss on disposal of long-lived assets, restructuring and related severance costs, certain other non-recurring costs, and the tax effect of these adjustments. We include Adjusted EBITDA and Adjusted Net Income because they are important measures which our management uses and believes investors should use to assess our operating performance. We consider Adjusted EBITDA and Adjusted Net Income to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis. However, Adjusted EBITDA has limitations as an analytical tool including that it: (i) does not include results from equity-based compensation and (ii) does not reflect interest expense on our debt or the cash requirements necessary to service interest or principal payments. Similarly, Adjusted Net Income has limitations as an analytical tool because it does not include results from equity-based compensation. We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of revenue. We define Adjusted Net Income per Share as Adjusted Net Income divided by weighted average basic and diluted shares. We included Adjusted EBITDA Margin and Adjusted Net Income per Share because they are important measures on which our management uses, and believes investors should use to assess our operating performance. We consider Adjusted EBITDA Margin and Adjusted Net Income per Share to be important measures because they help illustrate underlying trends in our business and our historical operating performance on a more consistent basis. The following table reconciles Adjusted EBITDA and Adjusted EBITDA Margin to net loss, the most directly comparable GAAP financial measure: [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Six Months Ended June 30,"],["($ in thousands)","2026","","2025","","2026","","2025"],["Net loss","$","(1,112)","","","$","(591)","","","$","(3,509)","","","$","(3,438)"],["Plus"],["Equity-based compensation","912","","","1,352","","","1,471","","","2,591"],["Restructuring and related severance costs","323","","","343","","","1,276","","","1,206"],["One-time SOX compliance and other related costs","465","","","\u2014","","","1,046","","","\u2014"],["Depreciation and amortization","2,941","","","3,246","","","5,962","","","6,488"],["Loss on disposal of long lived assets","\u2014","","","108","","","\u2014","","","108"],["Litigation settlements","325","","","\u2014","","","325","","","\u2014"],["Interest expense, net","1,043","","","1,562","","","2,241","","","3,187"],["Income tax benefit","(101)","","","(185)","","","(566)","","","(552)"],["Unrealized loss","141","","","$","\u2014","","","3","","","\u2014"],["Adjusted EBITDA","$","4,937","","","$","5,835","","","$","8,248","","","$","9,590"],["Adjusted EBITDA Margin","11.5","%","","13.3","%","","10.0","%","","11.5","%"]] [[/GREPCENT_TABLE]] 18 Table of Contents The following table reconciles Adjusted Net Loss and Adjusted Net Loss per Share to net loss, the most directly comparable GAAP financial measure: [[GREPCENT_TABLE]] [["","Three Months Ended June 30,","","Six Months Ended June 30,"],["($ in thousands)","2026","","2025","","2026","","2025"],["Net loss","$","(1,112)","","","$","(591)","","","$","(3,509)","","","$","(3,438)"],["Plus"],["Equity-based compensation","912","","","1,352","","","1,471","","","2,591"],["Loss on disposal of long-lived assets","\u2014","","","108","","","\u2014","","","108"],["Litigation settlements","325","","","\u2014","","","325","","","\u2014"],["Restructuring and related severance costs","323","","","343","","","1,276","","","1,206"],["One-time SOX compliance and other related costs","465","","","\u2014","","","1,046","","","\u2014"],["Tax effect of adjustments","(304)","","","(25)","","","(820)","","","(388)"],["Adjusted net income/ (loss)","$","609","","","$","1,187","","","$","(211)","","","$","79"],["Adjusted net loss per share of common stock (1)"],["Basic","$","0.01","","","$","0.02","","","$","0.00","","","$","0.00"],["Diluted","$","0.01","","","$","0.02","","","$","0.00","","","$","0.00"],["Weighted average shares outstanding"],["Basic","70,786,163","","","59,590,033","","","70,127,093","","","59,066,400"],["Diluted","70,981,004","","","60,379,884","","","70,127,093","","","59,802,603"]] [[/GREPCENT_TABLE]] (1)    Diluted Adjusted Net Loss Per Share is computed by dividing adjusted net income by the weighted-average number of shares of common stock outstanding adjusted for the dilutive effect of all potential shares of common stock. Components of Results of Operations Revenue Our revenue is generated from AirSculpt® procedures, which incorporate certain patented technologies and techniques, pe [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1870940/000187094026000011/airs-20251231.htm Complete FY 2025 MD&A: /company/AIRS/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-03-31 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our financial statements and related notes and other financial information appearing elsewhere in this Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. See the section entitled "Cautionary Note Regarding Forward-Looking Statements" in this Annual Report on Form 10-K. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons, including those risks. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Annual Report. You should read this Annual Report completely, including Part I, Item 1A (Risk Factors) of this Annual Report and the section titled “Cautionary Note Regarding Forward-Looking Statements” in this Annual Report for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by our forward-looking statements contained in the following discussion and analysis. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Unless otherwise indicated or the context otherwise requires, references in this Annual Report on Form 10-K to the “Company,” “AirSculpt,” “we,” “us” and “our” refer to AirSculpt Technologies, Inc. and its consolidated subsidiaries and the Professional Associations. Key Factors Affecting Our Performance Our results of operations and financial condition have been, and will continue to be, affected by a number of factors, including the following: 49 Table of Contents Growth Initiatives and Strategic Priorities Given the continued decline in its revenue, the Company is focusing returning to revenue growth through a number of strategic and growth initiatives, including: •optimizing our marketing investment by spending on techniques that have proven successful for us in the past using a returns-based approach and testing new areas such as online video, and other social marketing channels under the direction of our Chief Digital Officer; •improving our go-to-market and sales strategies under our Chief Sales Officer who is dedicated to strengthening our consultative sales model with enhanced training, improving our sales processes, and providing a greater focus on lead conversion; •expanding consumer financing offerings; and •focusing on new product innovation where we believe that there is an opportunity to introduce new services, particularly in the area of skin tightening, that would allow us to expand our customer reach and generate incremental revenues. Our Ability to Attract New Patients The decision to undergo an AirSculpt® procedure is driven by patient demand, which may be influenced by a number of factors, such as: •general consumer confidence, which may be impacted by economic and political conditions; •individual levels of disposable income to pay for our procedures and the continued availability of financing for our patients; •the cost, safety and efficacy of AirSculpt® relative to other aesthetic products and alternative treatments; •the increased market acceptance, availability and customer awareness of safer, more effective, easier to use and less expensive weight loss solutions, including weight loss drugs and other non-surgical weight loss and obesity solutions; •the success of our sales and marketing programs; •the perceived advantages or disadvantages of AirSculpt® compared to other aesthetic products and treatments; •the extent to which our AirSculpt® procedure satisfies patient expectations; •our ability to properly train our surgeons in performing AirSculpt® procedures such that our patients do not experience excessive discomfort during treatment or adverse side effects; and •consumer sentiment about the benefits and risks of aesthetic procedures generally and AirSculpt® in particular. Our Ability to Successfully Operate in New Markets Our long-term growth strategy depends, in large part, on successfully operating our new facilities, both in existing and new geographic regions, particularly in densely populated and affluent metropolitan and suburban regions. Our ability to successfully operate new centers depends on many factors, including, among others, our ability to: •recruit qualified surgeons for our new centers; •address regulatory, competitive, marketing, and other challenges encountered in connection with expansion into new markets; •hire, train and retain surgeons and other personnel; •maintain adequate information system and other operational system capabilities; •successfully integrate new centers into our existing management structure and operations, including information system integration; •source sufficient levels of medical supplies at acceptable costs; •obtain and maintain necessary permits and licenses; •generate sufficient levels of cash or obtain financing on acceptable terms to support our expansion; •achieve and maintain brand awareness in new and existing markets; and •identify and satisfy the needs and preferences of our patients. 50 Table of Contents Our failure to effectively address challenges such as these could adversely affect our ability to operate new centers in a cost-effective manner. In addition, there can be no assurance that newly-opened centers will achieve net sales or profitability levels comparable to those of our existing centers in the time periods estimated by us, or at all. Key Operational and Business Metrics In addition to the measures presented in our consolidated financial statements, we use the following key operational and business metrics to evaluate our business, measure our performance, develop financial forecasts and make strategic decisions: Twelve months ended December 31, 2025, 2024 and 2023 •Cases performed were 11,852, 14,036 and 14,932 in 2025, 2024 and 2023, respectively; •Revenue per case was $12,809, $12,849 and $13,121 in 2025, 2024 and 2023, respectively; •Same-center information: ◦Same-center revenue per case changed 0.1%, (2.4)%, and 1.5% in 2025, 2024, and 2023, respectively; ◦Same-center volume changed (22.1)%, (13.7)%, and (1.4)% in 2025, 2024, and 2023, respectively; •Net loss was $(11.7) million, $(8.0) million and $(4.2) million in 2025, 2024 and 2023, respectively; •Adjusted EBITDA* was $15.1 million, $21.0 million and $43.5 million in 2025, 2024 and 2023, respectively; •Adjusted EBITDA Margin* was 9.9%, 11.6% and 22.2% in 2025, 2024 and 2023, respectively; •Loss per share was $(0.19), $(0.14) and $(0.08) for 2025, 2024 and 2023, respectively; and •Adjusted Net Income per share (diluted)* was $(0.06), $0.02 and $0.29 in 2025, 2024 and 2023, respectively. * For a reconciliation of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income and Adjusted Net Income per share, which are all non-GAAP measures, to the most directly comparable GAAP financial measures, information about why we consider them useful and a discussion of the material risks and limitations of these measures, please see “—Non-GAAP Financial Measures—Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Net Income per Share.” Cases Performed and Revenue per Case Our case volumes in the table below, which are used for calculating revenue per case, represent one patient visit; notwithstanding that, a patient may have multiple areas treated during one visit. We believe this provides the best approach for assessing our revenue performance and trends. Total Case and Revenue Metrics [[GREPCENT_TABLE]] [["","","","Twelve Months Ended December 31,"],["","","","","","2025","","2024","","2023"],["Cases","","","","","11,852","","14,036","","14,932"],["Case growth","","","","","(15.6)","%","","(6.0)","%","","14.3","%"],["Revenue per case","","","","","$","12,809","","$","12,849","","$","13,121"],["Revenue per case growth","","","","","(0.3)","%","","(2.1)","%","","1.5","%"],["Number of facilities","","","","","31","","32","","27"],["Number of total procedure rooms","","","","","65","","67","","57"]] [[/GREPCENT_TABLE]] Same-Center Case and Revenue Metrics Same-Center Information 51 Table of Contents For the twelve months ended December 31, 2025 and 2024, we define same-center case and revenue growth as the growth in each of our cases and revenue at facilities that were owned and operated during the twelve months ended December 31, 2025 and 2024, respectively. At facilities that were not owned or operated for the entirety of the prior year period, the current year period has been pro-rated to reflect only growth experienced during the portion of the twelve months ended December 31, 2025 in which such facilities were owned and operated during the twelve months ended December 31, 2024. We define same-center facilities and procedure rooms based on if a facility was owned or operated as of December 31, 2024. Beginning September 30, 2025, we have excluded the London facility from all periods presented due to the closure of the facility. [[GREPCENT_TABLE]] [["","","","Twelve Months Ended December 31,"],["","","","","","2025","","2024"],["Cases","","","","","10,670","","","13,689"],["Case growth","","","","","(22.1)","%","","N/A"],["Revenue per case","","","","","$","12,798","","","$","12,781"],["Revenue per case growth","","","","","0.1","%","","N/A"],["Number of facilities","","","","","31","","31"],["Number of total procedure rooms","","","","","65","","65"]] [[/GREPCENT_TABLE]] Our same-center case decline is primarily attributed to weaker than expected performance across the broader aesthetics industry. For the years ended December 31, 2024 and 2023, we define same-center case and revenue growth as the growth in each of our cases and revenue at facilities that have been owned and operated for at least twelve months as of December 31, 2024. We define same-center facilities and procedure rooms as facilities and procedure rooms that have been owned or operated for at least twelve months as of December 31, 2024. [[GREPCENT_TABLE]] [["","Twelve Months EndedDecember 31,"],["","2024","","2023"],["Cases","12,892","","","14,932"],["Case growth","(13.7)","%","","N/A"],["Revenue per case","$12,801","","","$13,121"],["Revenue per case growth","(2.4)","%","","N/A"],["Number of total facilities","21","","","21"],["Number of total procedure rooms","45","","","45"]] [[/GREPCENT_TABLE]] Non-GAAP Financial Measures—Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income, and Adjusted Net Income per Share We report our financial results in accordance with accounting principles generally accepted in the United States of America ("GAAP"), however, management believes the evaluation of our ongoing operating results may be enhanced by a presentation of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Net Income per Share, which are non-GAAP financial measures. We define Adjusted EBITDA as net loss excluding depreciation and amortization, net interest expense, income tax (benefit)/expense, restructuring and related severance costs, Loss/(gain) on disposal of long-lived assets, settlement costs for non-recurring litigation, and equity-based compensation. We define Adjusted Net Income as net loss excluding restructuring and related severance costs, Loss/(gain) on disposal of long-lived assets, settlement costs for non-recurring litigation, equity-based compensation and the tax effect of these adjustments. We include Adjusted EBITDA and Adjusted Net Income because they are important measures on which our [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/AIRS/mda/fy2025/ All MD&A years: /company/AIRS/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/AIRS/mda/fy2024/): filed 2025-03-14; accession 0001870940-25-000008 (https://www.sec.gov/Archives/edgar/data/1870940/000187094025000008/airs-20241231.htm) - [FY 2023 MD&A](/company/AIRS/mda/fy2023/): filed 2024-02-27; accession 0001870940-24-000005 (https://www.sec.gov/Archives/edgar/data/1870940/000187094024000005/airs-20231231.htm) - [FY 2022 MD&A](/company/AIRS/mda/fy2022/): filed 2023-03-10; accession 0001870940-23-000008 (https://www.sec.gov/Archives/edgar/data/1870940/000187094023000008/airs-20221231.htm) - [FY 2021 MD&A](/company/AIRS/mda/fy2021/): filed 2022-03-11; accession 0001870940-22-000011 (https://www.sec.gov/Archives/edgar/data/1870940/000187094022000011/airs-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 8011 Services-Offices & Clinics of Doctors of Medicine) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/AIRS.md · JSON record: /company/AIRS.json · verified financials: /company/AIRS/financials.json / /company/AIRS/financials.csv · machine TOC for the whole site: /llms.txt