ACCURAY INC

For the period ended Dec 31, 2024. Filed Feb 5, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Dec 31, 2024 · Filed Feb 5, 2025

ARAY$0.11-11.2%Stored close · as of Nov 6, 2026

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Contents

Unaudited Condensed Consolidated Balance Sheets as of December 31, 2024 and June 30, 2024

Unaudited Condensed Cons olidated Balance Sheets

(in thousands, except share amounts and par value)

	December 31, 2024	June 30, 2024
ASSETS
Current assets:
Cash and cash equivalents	$62,584	$68,570
Restricted cash	1,433	485
Accounts receivable, net of allowance for credit losses of $821 and $2,251 as of December 31, 2024, and June 30, 2024, respectively (a)	87,275	92,001
Inventories, net	148,826	138,324
Prepaid expenses and other current assets (b)	25,440	23,006
Deferred cost of revenue	333	850
Total current assets	325,891	323,236
Property and equipment, net	26,881	24,774
Investment in joint venture	12,837	9,826
Operating lease right-of-use assets, net	31,716	33,773
Goodwill	57,643	57,672
Restricted cash	1,371	1,337
Other assets	22,043	18,009
Total assets	$478,382	$468,627
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$53,991	$50,020
Accrued compensation	19,350	17,128
Operating lease liabilities, current	7,518	6,218
Other accrued liabilities	27,987	28,508
Customer advances	12,959	13,988
Deferred revenue	72,088	71,649
Short-term debt	7,560	7,756
Total current liabilities	201,453	195,267
Long-term liabilities:
Operating lease liabilities, non-current	30,459	32,373
Long-term other liabilities	6,010	7,389
Deferred revenue, non-current	24,616	24,114
Long-term debt	167,953	164,400
Total liabilities	430,491	423,543
Commitments and contingencies (Note 7)
Stockholders' equity:
Common stock, $0.001 par value; authorized: 200,000,000 shares as of December 31, 2024, and June 30, 2024, respectively; issued and outstanding: 102,808,518 and 100,194,932 shares at December 31, 2024, and June 30, 2024, respectively	103	100
Additional paid-in-capital	572,287	566,887
Accumulated other comprehensive loss	(5,401)	(4,222)
Accumulated deficit	(519,098)	(517,681)
Total stockholders' equity	47,891	45,084
Total liabilities and stockholders' equity	$478,382	$468,627

(a)

Includes accounts receivable from the joint venture, an equity method invest ment, of$26,082 and$25,339 at December 31, 2024, and June 30, 2024, respectively. See Note 12.

(b)

Includes other receivables from the joint venture, an equity method investment, of$377 and$743 at December 31, 2024, and June 30, 2024, respectively.

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except per share amounts)

	Three Months Ended December 31,		Six Months EndedDecember 31,
	2024	2023	2024	2023
Net revenue:
Products (a)	$61,189	$51,538	$109,558	$104,888
Services (b)	54,985	55,700	108,161	106,242
Total net revenue	116,174	107,238	217,719	211,130
Cost of revenue:
Cost of products	34,553	34,333	67,014	70,032
Cost of services	39,729	37,003	74,344	65,703
Total cost of revenue (c)	74,282	71,336	141,358	135,735
Gross profit	41,892	35,902	76,361	75,395
Operating expenses:
Research and development (d)	13,644	15,281	25,760	29,294
Selling and marketing	11,114	11,361	22,796	21,605
General and administrative	12,427	13,224	25,247	26,247
Total operating expenses	37,185	39,866	73,803	77,146
Income (loss) from operations	4,707	(3,964)	2,558	(1,751)
Income (loss) from equity method investment, net	1,604	(427)	1,532	4
Interest expense	(2,883)	(2,922)	(5,838)	(5,844)
Other income (expense), net	(196)	(1,430)	1,651	(2,189)
Income (loss) before provision for income taxes	3,232	(8,743)	(97)	(9,780)
Provision for income taxes	695	878	1,320	2,810
Net income (loss)	$2,537	$(9,621)	$(1,417)	$(12,590)
Net income (loss) per share - basic	$0.03	$(0.10)	$(0.01)	$(0.13)
Net income (loss) per share - diluted	$0.02	$(0.10)	$(0.01)	$(0.13)
Weighted average common shares used in computing net income (loss) per share:
Basic	101,405	97,776	100,796	97,165
Diluted	103,746	97,776	100,796	97,165
Other comprehensive loss:
Net income (loss)	$2,537	$(9,621)	$(1,417)	$(12,590)
Foreign currency translation adjustment	(2,919)	2,773	(1,179)	635
Comprehensive loss	$(382)	$(6,848)	$(2,596)	$(11,955)

(a)

Includes sales of products to the joint venture, an equity method investment, of$29,722 and$58,366 during the three and six months ended December 31, 2024 and$17,890 and$39,842 during the three and six months ended December 31, 2023, respectively. See Note 12.

(b)

Includes sales of services to the joint venture, an equity method investment, of$5,179 and$9,237 during the three and six months ended December 31, 2024 and$4,134 and$6,988 during the three and six months ended December 31, 2023, respectively. See Note 12.

(c)

Includes cost of revenue from sales to the joint venture, an equity method investment, of$15,001 and$35,892 during the three and six months ended December 31, 2024 and$11,102 and$26,373 during the three and six months ended December 31, 2023, respectively.

(d)

Includes charge backs to the joint venture, an equity method investment, related to research and deve lopment of$377 and$732 during the three and six months ended December 31, 2024, and$67 and$199 during the three and six months ended December 31, 2023, respectively.

Unaudited Condensed Consolidated Statements of Stockholders’ Equity

(in thousands)

Common Stock · AdditionalPaid-in · AccumulatedOtherComprehensive · Accumulated · TotalStockholders'
Shares · Amount · Capital · Loss · Deficit · Equity
Balance at June 30, 2024	100,195	$100	$566,887	$(4,222)		$(517,681)		$45,084
Issuance of common stock to employees	240	—	—	—		—		—
Share-based compensation	—	—	2,353	—		—		2,353
Net loss	—	—	—	—		(3,954)		(3,954)
Foreign currency translation adjustment	—	—	—	1,740		—		1,740
Balance at September 30, 2024	100,435	100	569,240	(2,482)		(521,635)		45,223
Issuance of common stock to employees	2,419	3	853	—		—		856
Tax withholding upon vesting of restricted stock units	(45)	—	(90)	—		—		(90)
Share-based compensation	—	—	2,284	—		—		2,284
Net income	—	—	—		2,537		2,537
Foreign currency translation adjustment	—	—	—	(2,919)		—		(2,919)
Balance at December 31, 2024	102,809	$103	$572,287	$(5,401)		$(519,098)		$47,891

Common Stock · AdditionalPaid-in · AccumulatedOtherComprehensive · Accumulated · TotalStockholders'
	Shares	Amount	Capital	Income (loss)	Deficit	Equity
Balance at June 30, 2023	96,535	$97	$555,276	$422	$(502,136)	$53,659
Issuance of common stock to employees	192	—	—	—	—	—
Share-based compensation	—	—	2,392	—	—	2,392
Net loss	—	—	—	—	(2,969)	(2,969)
Foreign currency translation adjustment	—	—	—	(2,138)	—	(2,138)
Balance at September 30, 2023	96,727	97	557,668	(1,716)	(505,105)	50,944
Issuance of common stock to employees	2,484	2	1,358	—	—	1,360
Tax withholding upon vesting of restricted stock units	(47)	—	(117)	—	—	(117)
Share-based compensation	—	—	2,314	—	—	2,314
Net loss	—	—	—	—	(9,621)	(9,621)
Foreign currency translation adjustment	—	—	—	2,773	—	2,773
Balance at December 31, 2023	99,164	$99	$561,223	$1,057	$(514,726)	$47,653

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