Pulmonx Corp balance sheet
At the end of fiscal 2025, Pulmonx Corp had total assets of $129m, total liabilities of $75.2m and shareholders' equity of $54.1m. It held $69.8m in cash against $42.5m of debt: net cash of $27.3m.
Balance sheet
| Fiscal year | 2018Dec 2018 | 2019Dec 2019 | 2020Dec 2020 | 2021Dec 2021 | 2022Dec 2022 | 2023Dec 2023 | 2024Dec 2024 | 2025Dec 2025 | LTMJun 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 4 | 15 | 232 | 148 | 102 | 84 | 71 | 70 | 56 |
| Receivables | — | 6 | 4 | 7 | 9 | 12 | 13 | 12 | 12 |
| Inventory | — | 6 | 11 | 16 | 15 | 17 | 17 | 16 | 16 |
| Total current assets | — | 41 | 250 | 208 | 169 | 150 | 136 | 102 | 88 |
| Goodwill | — | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Total assets | — | 54 | 264 | 235 | 194 | 178 | 163 | 129 | 115 |
| Accounts payable | — | 3 | 1 | 2 | 2 | 1 | 4 | 4 | 5 |
| Deferred revenue (current) | — | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total current liabilities | — | 14 | 13 | 18 | 18 | 23 | 24 | 20 | 20 |
| Short-term debt | — | — | 0 | 0 | 0 | 2 | 3 | 0 | 0 |
| Long-term debt | — | — | 17 | 17 | 17 | 35 | 34 | 37 | 37 |
| Total debt | 0 | 0 | 18 | 19 | 22 | 46 | 40 | 42 | 62 |
| Total liabilities | — | 36 | 38 | 42 | 40 | 59 | 77 | 75 | 76 |
| Shareholders' equity | −167 | −187 | 226 | 193 | 154 | 118 | 86 | 54 | 39 |
| Non-controlling interests and other (assets − liabilities − equity) | — | 205 | — | — | — | — | — | — | — |
| Net debt (negative = net cash) | −4 | −15 | −213 | −129 | −79 | −38 | −31 | −27 | 7 |
| Shares outstanding | — | 2m | — | 37m | 38m | 39m | 40m | 42m | 43m |
| Quarter | 2024 Q3Sept 2024 | 2024 Q4Dec 2024 | 2025 Q1Mar 2025 | 2025 Q2Jun 2025 | 2025 Q3Sept 2025 | 2025 Q4Dec 2025 | 2026 Q1Mar 2026 | 2026 Q2Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Receivables | 12 | 13 | 14 | 16 | 14 | 12 | 11 | 12 |
| Inventory | 17 | 17 | 17 | 16 | 16 | 16 | 16 | 16 |
| Total current assets | 141 | 136 | 124 | 120 | 111 | 102 | 93 | 88 |
| Goodwill | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Total assets | 167 | 163 | 151 | 147 | 138 | 129 | 120 | 115 |
| Accounts payable | 5 | 4 | 4 | 7 | 6 | 4 | 3 | 5 |
| Deferred revenue (current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total current liabilities | 18 | 24 | 25 | 22 | 23 | 20 | 19 | 20 |
| Short-term debt | 0 | 3 | 8 | 0 | 0 | 0 | 0 | 0 |
| Long-term debt | 37 | 34 | 29 | 37 | 37 | 37 | 37 | 37 |
| Total debt | 37 | 37 | 37 | 37 | 37 | 37 | 37 | 38 |
| Total liabilities | 73 | 77 | 73 | 78 | 78 | 75 | 74 | 76 |
| Shareholders' equity | 94 | 86 | 78 | 69 | 60 | 54 | 46 | 39 |
| Shares outstanding | 39m | 40m | 40m | 41m | 41m | 42m | 42m | 43m |
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