Business Description
AirSculpt Technologies, Inc. is a healthcare company that provides minimally invasive body contouring procedures. Operating primarily under the Elite Body Sculpture brand, the company utilizes its proprietary AirSculpt technology to remove fat and tighten skin without the use of needles, scalpels, or general anesthesia. The company operates a network of over 30 specialized clinics across the United States, Canada, and the United Kingdom.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 151,818 | 180,350 | 195,917 | 168,794 |
| Cost of Sales | 61,690 | 71,149 | 73,773 | 62,781 |
| Gross Profit | 90,128 | 109,201 | 122,144 | 106,013 |
| Selling, General & Administrative Expenses | 82,180 | 98,880 | 102,381 | 101,418 |
| Depreciation & Amortization Expenses | 12,781 | 11,888 | 10,253 | 8,061 |
| Other Operating Expenses | 6,727 | 16 | (212) | 147 |
| Operating Profit | (11,560) | (1,583) | 9,722 | (4,545) |
| Interest Expense | (6,078) | (6,247) | (6,485) | (6,751) |
| Non-Operating Income | — | — | — | 932 |
| Total Non-Operating Income | (6,078) | (6,247) | (6,485) | (5,819) |
| Income Before Provision for Income Taxes | (17,638) | (7,830) | 3,237 | (11,296) |
| Provision for Income Taxes | (5,971) | 188 | 7,477 | 3,383 |
| Consolidated Net Income | (11,667) | (8,018) | (4,240) | (14,679) |
| Net Income Attributable to Common Shareholders | (11,667) | (8,018) | (4,240) | (14,679) |
| Basic EPS | -0.19 | -0.14 | -0.08 | -0.26 |
| Diluted EPS | -0.19 | -0.14 | -0.08 | -0.26 |
| Basic Weighted Average Shares Outstanding | 60,451 | 57,689 | 56,779 | 55,685 |
| Diluted Weighted Average Shares Outstanding | 60,451 | 57,689 | 56,779 | 55,685 |
| Shares Outstanding | 64,456 | 58,369 | 57,356 | 56,182 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 8,449 | 8,235 | 10,262 | 9,616 |
| Total Cash and Cash Equivalents | 8,449 | 8,235 | 10,262 | 9,616 |
| Other Receivables | 1,499 | 3,056 | 1,941 | 2,831 |
| Total Trade Receivables | 1,499 | 3,056 | 1,941 | 2,831 |
| Other Current Assets | 5,508 | 5,826 | 3,758 | 4,229 |
| Total Current Assets | 15,456 | 17,117 | 15,961 | 16,676 |
| Net Property, Plant & Equipment | 50,268 | 66,910 | 54,321 | 47,970 |
| Net Intangible Assets | 36,839 | 41,592 | 46,346 | 51,099 |
| Goodwill | 81,734 | 81,734 | 81,734 | 81,734 |
| Other Long-Term Assets | 3,007 | 5,428 | 5,657 | 3,280 |
| Total Assets | 187,304 | 212,781 | 204,019 | 200,759 |
| Accounts Payable | 5,368 | 6,256 | 3,922 | 3,844 |
| Accrued Expenses | 7,905 | 10,835 | 7,430 | 9,635 |
| Current Portion of Long-Term Debt | 5,460 | 4,250 | 2,125 | 2,125 |
| Current Portion of Leases | 7,298 | 6,439 | 5,375 | 4,356 |
| Unearned Revenue | 1,871 | 1,169 | 1,463 | 2,358 |
| Total Current Liabilities | 27,902 | 28,949 | 20,315 | 22,318 |
| Long-Term Debt | 50,585 | 70,456 | 69,503 | 81,420 |
| Leases | 20,227 | 27,795 | 22,665 | 19,745 |
| Other Long-Term Liabilities | 878 | 7,393 | 7,544 | 6,510 |
| Total Long-Term Liabilities | 71,690 | 105,644 | 99,712 | 107,675 |
| Total Liabilities | 99,592 | 134,593 | 120,027 | 129,993 |
| Common Stock | 64 | 58 | 57 | 56 |
| Additional Paid-in Capital | 128,315 | 107,721 | 103,898 | 85,858 |
| Accumulated Other Comprehensive Income | (96) | (687) | (412) | (76) |
| Retained Earnings | (40,571) | (28,904) | (19,551) | (15,072) |
| Total Common Shareholders' Equity | 87,712 | 78,188 | 83,992 | 70,766 |
| Total Shareholders' Equity | 87,712 | 78,188 | 83,992 | 70,766 |
| Total Liabilities and Shareholders' Equity | 187,304 | 212,781 | 204,019 | 200,759 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | (11,667) | (8,018) | (4,240) | (14,679) |
| Depreciation & Amortization | 12,781 | 11,888 | 10,253 | 8,061 |
| Share-Based Compensation Expense | 2,331 | 3,762 | 18,224 | 29,457 |
| Other Adjustments | 1,338 | 103 | 1,337 | 3,134 |
| Changes in Accounts Payable | 579 | 739 | (206) | 865 |
| Changes in Accrued Expenses | (6,786) | 9,225 | 2,839 | 8,171 |
| Changes in Unearned Revenue | 735 | (293) | (896) | (452) |
| Changes in Other Operating Activities | 3,785 | (6,056) | (3,355) | (10,110) |
| Cash from Operating Activities | 3,096 | 11,350 | 23,956 | 24,447 |
| Capital Expenditure | (2,404) | (14,007) | (9,919) | (12,921) |
| Cash from Investing Activities | (2,404) | (14,007) | (9,919) | (12,921) |
| Repayments of Short-Term Debt | (5,000) | 5,000 | — | — |
| Net Issuance / (Repayments) of Short-Term Debt | (5,000) | 5,000 | — | — |
| Issuance of Long-Term Debt | — | — | — | 83,503 |
| Repayments of Long-Term Debt | (13,793) | (2,125) | (12,125) | (84,263) |
| Net Issuance / (Repayments) of Long-Term Debt | (13,793) | (2,125) | (12,125) | (760) |
| Issuance of Common Shares | 18,764 | — | — | — |
| Repurchases of Common Shares | (56) | (903) | (233) | (2,031) |
| Net Issuance / (Repurchases) of Common Shares | 18,708 | (903) | (233) | (2,031) |
| Common Share Dividends Paid | — | (252) | (464) | (24,319) |
| Other Financing Activities | (393) | (1,090) | (569) | (147) |
| Cash from Financing Activities | (478) | 630 | (13,391) | (27,257) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 214 | (2,027) | 646 | (15,731) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $128M |
| P/E | -10.42x |
| P/S | 0.84x |
| EV/EBITDA | 166.05x |
| Return on Equity | -14.1% |
| Return on Invested Capital | -3.9% |
| Current Ratio | 0.55x |
| Dividend Yield | 0.0% |
| Free Cash Flow Margin | 0.5% |
Margins
Gross margin
59.4%
Operating margin
-7.6%
Net margin
-7.7%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q2 2026 | $43M | -2.5% | -0.1% | $-0M |
| Q1 2026 | $39M | +0.0% | -4.6% | $-2M |
| Q4 2025 | $33M | -14.6% | -3.0% | $-1M |
| Q3 2025 | $35M | -17.8% | -27.9% | $-10M |
| Q2 2025 | $44M | — | 1.8% | $1M |
| Q1 2025 | $39M | — | -4.0% | $-2M |
| Q4 2024 | $39M | — | -9.9% | $-4M |
| Q3 2024 | $43M | — | -8.7% | $-4M |
More on AirSculpt Technologies, Inc.
Figures compiled from public company filings.
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