Logo

ARAY

Accuray Incorporated

ARAY

Accuray Incorporated • NASDAQ
$1.08 ▲ 3.85% (+0.04)
Market Cap $122.37 M
52w High $2.95
52w Low $0.91
Dividend Yield 0%
P/E -6.75
Volume 686.24K
Outstanding Shares 113.31M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $93.942M ▼ $37.861M ▲ $-21.678M ▼ -23.076% ▼ $-0.18 ▼ $-10.276M ▼
Q4-2025 $127.543M ▲ $34.745M ▲ $1.123M ▲ 0.88% ▲ $0.011 ▲ $7.895M ▲
Q3-2025 $113.243M ▼ $30.58M ▼ $-1.297M ▼ -1.145% ▼ $-0.013 ▼ $3.625M ▼
Q2-2025 $116.174M ▲ $37.185M ▲ $2.537M ▲ 2.184% ▲ $0.025 ▲ $7.628M ▲
Q1-2025 $101.545M $36.618M $-3.954M -3.894% $-0.04 $1.09M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $63.916M ▲ $456.816M ▼ $394.949M ▲ $61.867M ▼
Q4-2025 $57.416M ▼ $470.239M ▼ $389.07M ▼ $81.169M ▲
Q3-2025 $77.824M ▲ $484.291M ▲ $434.708M ▲ $49.583M ▲
Q2-2025 $62.584M ▲ $478.382M ▲ $430.491M ▲ $47.891M ▲
Q1-2025 $59.209M $473.078M $427.855M $45.223M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $-21.678M ▼ $12.18M ▲ $-3.824M ▼ $-475K ▲ $7.794M ▲ $8.356M ▲
Q4-2025 $1.123M ▲ $-9.708M ▼ $-3.402M ▼ $-5.845M ▼ $-18.11M ▼ $-13.11M ▼
Q3-2025 $-1.297M ▼ $18.061M ▲ $-2.431M ▼ $-2M ▼ $14.856M ▲ $15.63M ▲
Q2-2025 $2.537M ▲ $1.801M ▲ $-1.57M ▼ $5.766M ▲ $4.256M ▲ $927K ▲
Q1-2025 $-3.954M $-7.294M $-1.12M $-2.173M $-9.26M $-8.414M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025Q1-2026
Product
Product
 $60.00M ▲$60.00M ▲$70.00M ▲$40.00M ▼
Service
Service
 $50.00M ▲$60.00M ▲$60.00M ▲$60.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been inching up over the past few years, showing slow but steady growth rather than rapid expansion. Gross profit has held fairly steady, which means the basic economics of selling and servicing the systems have not changed dramatically. However, profitability remains very thin: operating profit is barely positive and net results hover around break-even with small losses at times. Overall, the business is stabilizing, but earnings are not yet robust, and performance is sensitive to even modest changes in sales or costs.

Balance Sheet

Balance Sheet The balance sheet looks relatively stable but not especially strong. Total assets have been flat, suggesting limited recent expansion in the asset base. Cash levels have gradually drifted down from earlier years, while debt remains meaningful but has started to ease a bit. Shareholder equity is modest, though it has improved recently, which points to a slow repair of the company’s capital base. In simple terms, Accuray is not overextended, but it also does not have a large financial cushion, so balance sheet flexibility is only moderate.

Cash Flow

Cash Flow Cash generation has been up and down. Some years the core business produced healthy cash, while other years it slipped back toward break-even or slightly negative operating cash flow. Free cash flow has been thin and occasionally negative, helped by relatively low capital spending. This pattern suggests the business can generally fund itself, but it has limited surplus cash to aggressively invest, reduce debt, or build reserves without improving underlying profitability.

Competitive Edge

Competitive Edge Accuray occupies a focused niche in radiation oncology, built around highly precise treatment systems like CyberKnife and Radixact. Its strengths lie in differentiation rather than scale: robotic delivery, helical treatment, and real-time motion tracking give it a clear technical identity compared with larger rivals such as Varian and Elekta. A growing body of clinical evidence and a presence in hypofractionated treatments support its credibility with clinicians. The flip side is that it competes against much larger, well-funded players, and its success depends heavily on convincing hospitals to choose its more specialized systems in a capital-intensive, budget-sensitive market.

Innovation and R&D

Innovation and R&D Innovation is a clear bright spot. Accuray’s platforms are built around distinctive technologies such as robotic radiosurgery, helical delivery, and Synchrony motion tracking. The company is leaning into major trends like adaptive radiotherapy and AI-enabled planning, with initiatives such as the Stellar configuration for Radixact, the Cenos adaptive solution, and partnerships with AI firms and academic centers. An active clinical research effort and a visible roadmap of planned enhancements support the idea of a continually evolving product portfolio. The main risks are execution—turning this pipeline into commercial traction—and staying ahead while larger competitors also invest heavily in similar areas.

Summary

Accuray combines a technically differentiated product set and visible innovation pipeline with a financial profile that is stable but still fragile. Revenue is gradually growing, margins are thin, and cash generation is inconsistent, leaving only modest room for error. The company’s competitive edge comes from precision, robotics, adaptive therapy, and supporting clinical data, rather than from sheer size. Future performance will hinge on converting its innovation roadmap and partnerships into broader market adoption and stronger, more reliable profitability, while managing a balance sheet and cash flow profile that do not yet provide abundant safety margins.

NEWS

November 5, 2025 · 4:05 PM UTC

Accuray Reports Fiscal 2026 First Quarter Financial Results

Read more

October 31, 2025 · 4:03 PM UTC

Accuray Incorporated Reports Inducement Award Under NASDAQ Listing Rules

Read more

October 28, 2025 · 7:35 AM UTC

Accuray to Report First Quarter Fiscal 2026 Financial Results on November 5, 2025

Read more

October 20, 2025 · 9:20 AM UTC

Accuray Accelerates Transformation Efforts with Appointment of Experienced Executive Leaders to Drive Performance and Growth

Read more

October 8, 2025 · 7:35 AM UTC

Accuray Announces Milestone for Cancer Patients in Melbourne, Australia with First SBRT Treatments Using the CyberKnife® System

Read more