$LNSR

LENSAR, Inc.

CIK:0001320350|SEC Filings

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue
Product and service revenue	$ 14,723	$ 12,290	$ 26,470	$ 24,565
Lease	1,772	1,645	3,453	3,529
Total revenue	16,495	13,935	29,923	28,094
Cost of revenue (exclusive of amortization)
Total cost of revenue	6,719	6,911	13,765	13,945
Operating expenses
Selling, general and administrative expenses	6,141	11,658	8,670	22,807
Research and development expenses	1,273	1,425	2,658	2,959
Amortization of intangible assets	228	230	457	462
Total operating expenses	7,642	13,313	11,785	26,228
Operating income (loss)	2,134	(6,289)	4,373	(12,079)
Other income (expense)
Change in fair value of warrant liabilities	1,230	4,332	25,178	(17,382)
Acquisition-related income	0	0	10,000	0
Other income, net	171	193	316	352
Net income (loss)	3,535	(1,764)	39,867	(29,109)
Other comprehensive income (loss)
Change in unrealized loss on investments	0	(6)	(4)	(9)
Net income (loss) and comprehensive income (loss)	$ 3,535	$ (1,770)	$ 39,863	$ (29,118)
Income (loss) per common share:
Basic	$ 0.14	$ (0.15)	$ 1.62	$ (2.46)
Diluted	$ 0.1	$ (0.15)	$ 0.61	$ (2.46)
Weighted-average number of common shares used in calculation of net income (loss) per common share:
Basic	12,297	11,937	12,230	11,856
Diluted	23,027	11,937	24,024	11,856
Product
Revenue
Product and service revenue	$ 13,042	$ 10,910	$ 23,118	$ 21,828
Cost of revenue (exclusive of amortization)
Total cost of revenue	3,839	4,315	7,786	8,781
Lease
Revenue
Lease	1,772	1,645	3,453	3,529
Cost of revenue (exclusive of amortization)
Total cost of revenue	851	859	1,740	1,689
Service
Revenue
Product and service revenue	1,681	1,380	3,352	2,737
Cost of revenue (exclusive of amortization)
Total cost of revenue	$ 2,029	$ 1,737	$ 4,239	$ 3,475

CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ 39,867	$ (29,109)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation	1,782	1,709
Amortization of intangible assets	457	462
Non-cash operating lease cost	371	276
Provision for expected credit losses	18	(64)
Write-down of inventory	36
Loss on disposal of property and equipment		58
Stock-based compensation expense	1,037	1,420
Change in fair value of warrant liabilities	(25,178)	17,382
Acquisition-related income	(10,000)	0
Amortization on investments, net	1	(98)
Changes in operating assets and liabilities:
Accounts receivable	190	1,193
Notes receivable	(58)	333
Prepaid and other current assets	(1,317)	625
Inventories	(4,006)	(10,763)
Accounts payable	(4,040)	5,319
Accrued liabilities	(3,043)	(1,081)
Deferred revenue	(185)	692
Operating lease liabilities	(353)	(283)
Other	23	(7)
Net cash used in operating activities	(4,398)	(11,936)
Cash flows from investing activities
Investment maturities	5,000	5,000
Purchase of investments		(11,878)
Purchase of property and equipment	(35)	(83)
Net cash provided by (used in) investing activities	4,965	(6,961)
Cash flows from financing activities
Proceeds from issuance of common stock through option exercises	55	34
Proceeds from issuance of common stock under employee stock purchase plan	259	175
Net settlement of stock-based compensation awards	(290)	(425)
Proceeds from acquisition-related deposit		10,000
Net cash provided by financing activities	24	9,784
Net increase (decrease) in cash and cash equivalents	591	(9,113)
Cash and cash equivalents at beginning of the period	12,974	16,263
Cash and cash equivalents at end of the period	13,565	7,150
Supplemental schedule of non-cash investing and financing activities
Transfer from Inventories to Equipment under lease, net	$ 617	$ 3,538

CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 13,565	$ 12,974
Short-term investments	0	5,004
Accounts receivable, net of allowance of $79 and $62, respectively	6,170	6,377
Notes receivable, net of allowance of $10 and $6, respectively	501	295
Inventories	24,871	21,520
Prepaid and other current assets	1,919	601
Total current assets	47,026	46,771
Property and equipment, net	445	505
Equipment under lease, net	14,414	15,485
Notes and other receivables, long-term, net of allowance of $12 and $15, respectively	582	731
Intangible assets, net	4,734	5,191
Other assets	2,357	2,747
Total assets	69,558	71,430
Current liabilities:
Accounts payable	11,193	18,982
Accrued liabilities	4,728	7,771
Deferred revenue	2,927	3,074
Operating lease liabilities	792	747
Acquisition-related deposit		10,000
Total current liabilities	19,640	40,574
Long-term accounts payable	3,750
Long-term operating lease liabilities	1,589	1,988
Warrant liabilities	15,016	40,194
Other long-term liabilities	874	909
Total liabilities	40,869	83,665
Commitments and contingencies (Note 10)
Series A Redeemable Convertible Preferred Stock, par value $0.01 per share, 20 shares authorized at June 30, 2026 and December 31, 2025; 20 shares issued and outstanding at June 30, 2026 and December 31, 2025; aggregate liquidation preference of $20,000 at June 30, 2026 and December 31, 2025	13,784	13,784
Stockholders' equity (deficit):
Preferred stock, par value $0.01 per share, 9,980 shares authorized at June 30, 2026 and December 31, 2025; no shares issued and outstanding at June 30, 2026 and December 31, 2025
Common stock, par value $0.01 per share, 150,000 shares authorized at June 30, 2026 and December 31, 2025; 12,282 and 11,993 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	123	120
Additional paid-in capital	152,490	151,432
Accumulated other comprehensive income	0	4
Accumulated deficit	(137,708)	(177,575)
Total stockholders' equity (deficit)	14,905	(26,019)
Total liabilities, redeemable convertible preferred stock, and stockholders' (deficit) equity	$ 69,558	$ 71,430