Investment Thesis
AirSculpt faces significant profitability challenges with negative operating and net margins despite positive operating cash flow, indicating the company is unprofitable at scale. The deteriorating revenue trend (-7.9% YoY) combined with a critically weak liquidity position (0.51x current ratio) and high financial leverage (0.69x debt/equity with $56.9M long-term debt) creates substantial financial stress. While positive FCF of $3.3M provides near-term runway, the company must demonstrate revenue stabilization and a clear path to profitability.
AIRS Strengths
- Positive operating cash flow of $5.6M demonstrates underlying business can generate cash despite accounting losses
- Positive free cash flow of $3.3M provides liquidity runway without immediate refinancing pressure
- Moderate debt-to-equity ratio of 0.69x is manageable relative to other distressed companies
- Insider activity with 7 Form 4 filings suggests management engagement
AIRS Risks
- Critical liquidity crisis: 0.51x current ratio indicates insufficient short-term assets to cover liabilities; company cannot cover current obligations from operations
- Persistent unprofitability: negative 8.9% operating margin and -10.9% net margin with negative ROE of -15.8% show structural profitability issues
- Revenue contraction of 7.9% YoY signals weakening demand or market share loss in core business
- Negative interest coverage of -6.9x means operating income cannot service debt obligations; company relies on asset liquidation or outside financing
- High financial leverage with $56.9M long-term debt against only $5.4M cash creates refinancing risk if FCF deteriorates
Key Metrics to Watch
- Revenue trend reversal and quarterly growth rate stabilization
- Operating margin improvement and path to positive EBITDA
- Operating cash flow sustainability and working capital management
- Debt refinancing activity and changes to leverage ratios
- Current ratio improvement toward minimum 1.0x threshold
AIRS Financial Metrics
AIRS Profitability Ratios
AIRS Balance Sheet & Liquidity
AIRS 5-Year Financial Trend
5-Year Trend Summary: Airsculpt Technologies, Inc.'s revenue has grown significantly by 47% over the 5-year period, indicating strong business expansion. The most recent EPS of $-0.26 indicates the company is currently unprofitable.
AIRS Growth Metrics (YoY)
AIRS Quarterly Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q3 2025 | $35.0M | -$591.0K | $-0.06 |
| Q2 2025 | $44.0M | -$591.0K | $-0.01 |
| Q1 2025 | $39.4M | -$2.8M | $-0.05 |
| Q3 2024 | $42.5M | -$14.0K | $0.00 |
| Q2 2024 | $51.0M | -$14.0K | $0.03 |
| Q1 2024 | $45.8M | -$14.0K | $0.00 |
| Q3 2023 | $38.9M | -$14.0K | $0.00 |
| Q2 2023 | $49.7M | -$14.0K | $0.00 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
AIRS Capital Allocation
AIRS SEC Filings
Access official SEC EDGAR filings for Airsculpt Technologies, Inc. (CIK: 0001870940)