ACCURAY INC
For the period ended Mar 31, 2025. Filed May 2, 2025.
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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.
Mar 31, 2025 · Filed May 2, 2025
Contents
Unaudited Condensed Consolidated Balance Sheets as of March 31, 2025 and June 30, 2024
Unaudited Condensed Cons olidated Balance Sheets
(in thousands, except share amounts and par value)
| March 31, 2025 | June 30, 2024 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $77,824 | $68,570 |
| Restricted cash | 1,013 | 485 |
| Accounts receivable, net of allowance for credit losses of $545 and $2,251 as of March 31, 2025, and June 30, 2024, respectively (a) | 78,191 | 92,001 |
| Inventories, net | 146,445 | 138,324 |
| Prepaid expenses and other current assets (b) | 29,203 | 23,006 |
| Deferred cost of revenue | 782 | 850 |
| Total current assets | 333,458 | 323,236 |
| Property and equipment, net | 27,081 | 24,774 |
| Investment in joint venture | 9,284 | 9,826 |
| Operating lease right-of-use assets, net | 34,023 | 33,773 |
| Goodwill | 57,720 | 57,672 |
| Restricted cash | 1,407 | 1,337 |
| Other assets | 21,318 | 18,009 |
| Total assets | $484,291 | $468,627 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $46,319 | $50,020 |
| Accrued compensation | 13,413 | 17,128 |
| Operating lease liabilities, current | 7,233 | 6,218 |
| Other accrued liabilities | 34,943 | 28,508 |
| Customer advances | 12,194 | 13,988 |
| Deferred revenue | 81,753 | 71,649 |
| Short-term debt | 7,574 | 7,756 |
| Total current liabilities | 203,429 | 195,267 |
| Long-term liabilities: | ||
| Operating lease liabilities, non-current | 33,352 | 32,373 |
| Long-term other liabilities | 6,127 | 7,389 |
| Deferred revenue, non-current | 25,591 | 24,114 |
| Long-term debt | 166,209 | 164,400 |
| Total liabilities | 434,708 | 423,543 |
| Commitments and contingencies (Note 7) | ||
| Stockholders' equity: | ||
| Common stock, $0.001 par value; authorized: 200,000,000 shares as of March 31, 2025, and June 30, 2024, respectively; issued and outstanding: 102,850,591 and 100,194,932 shares at March 31, 2025, and June 30, 2024, respectively | 103 | 100 |
| Additional paid-in-capital | 575,032 | 566,887 |
| Accumulated other comprehensive loss | (5,157) | (4,222) |
| Accumulated deficit | (520,395) | (517,681) |
| Total stockholders' equity | 49,583 | 45,084 |
| Total liabilities and stockholders' equity | $484,291 | $468,627 |
(a)
Includes accounts receivable from the joint venture, an equity method invest ment, of$19,352 and$25,339 as of March 31, 2025, and June 30, 2024, respectively. See Note 12.
(b)
Includes other receivables from the joint venture, an equity method investment, of$373 and$743 as of March 31, 2025, and June 30, 2024, respectively.
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except per share amounts)
| Three Months Ended March 31, | Nine Months EndedMarch 31, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Net revenue: | ||||
| Products (a) | $57,320 | $49,603 | $166,878 | $154,491 |
| Services (b) | 55,923 | 51,529 | 164,084 | 157,771 |
| Total net revenue | 113,243 | 101,132 | 330,962 | 312,262 |
| Cost of revenue: | ||||
| Cost of products | 44,301 | 35,945 | 111,315 | 105,977 |
| Cost of services | 37,315 | 36,113 | 111,659 | 101,816 |
| Total cost of revenue (c) | 81,616 | 72,058 | 222,974 | 207,793 |
| Gross profit | 31,627 | 29,074 | 107,988 | 104,469 |
| Operating expenses: | ||||
| Research and development (d) | 10,712 | 10,909 | 36,472 | 40,203 |
| Selling and marketing | 9,110 | 10,318 | 31,906 | 31,923 |
| General and administrative | 10,758 | 12,409 | 36,005 | 38,656 |
| Total operating expenses | 30,580 | 33,636 | 104,383 | 110,782 |
| Income (loss) from operations | 1,047 | (4,562) | 3,605 | (6,313) |
| Income from equity method investment, net | 2,297 | 1,024 | 3,829 | 1,028 |
| Interest expense | (2,890) | (2,884) | (8,728) | (8,728) |
| Other income (expense), net | (1,294) | 524 | 357 | (1,665) |
| Loss before provision for income taxes | (840) | (5,898) | (937) | (15,678) |
| Provision for income taxes | 457 | 444 | 1,777 | 3,254 |
| Net loss | $(1,297) | $(6,342) | $(2,714) | $(18,932) |
| Net loss per share - basic and diluted | $(0.01) | $(0.06) | $(0.03) | $(0.19) |
| Weighted average common shares used in computing net loss per share: | ||||
| Basic and diluted | 102,825 | 99,197 | 101,462 | 97,838 |
| Other comprehensive loss: | ||||
| Net loss | $(1,297) | $(6,342) | $(2,714) | $(18,932) |
| Foreign currency translation adjustment | 244 | (2,965) | (935) | (2,330) |
| Comprehensive loss | $(1,053) | $(9,307) | $(3,649) | $(21,262) |
(a)
Includes sales of products to the joint venture, an equity method investment, of$17,967 and$76,333 during the three and nine months ended March 31, 2025, and$15,662 and$55,504 during the three and nine months ended March 31, 2024, respectively. See Note 12.
(b)
Includes sales of services to the joint venture, an equity method investment, of$5,351 and$14,588 during the three and nine months ended March 31, 2025, and$3,982 and$10,970 during the three and nine months ended March 31, 2024, respectively. See Note 12.
(c)
Includes cost of revenue from sales to the joint venture, an equity method investment, of$17,411 and$53,303 during the three and nine months ended March 31, 2025, and$13,887 and$40,260 during the three and nine months ended March 31, 2024, respectively.
(d)
Includes charge backs to the joint venture, an equity method investment, related to research and deve lopment of$373 and$1,105 during the three and nine months ended March 31, 2025, and$199 during the nine months ended March 31, 2024. There wereno charge backs to the joint venture related to research and development during the three months ended March 31, 2024.
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 | ||
| Issuance of common stock to employees | 42 | — | — | — | — | — | ||
| Share-based compensation | — | — | 2,745 | — | — | 2,745 | ||
| Net loss | — | — | — | — | (1,297) | (1,297) | ||
| Foreign currency translation adjustment | — | — | — | 244 | — | 244 | ||
| Balance at March 31, 2025 | 102,851 | $103 | $575,032 | $(5,157) | $(520,395) | $49,583 | ||
| 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 |
| Issuance of common stock to employees | 80 | — | — | — | — | — |
| Share-based compensation | — | — | 2,735 | — | — | 2,735 |
| Net loss | — | — | — | — | (6,342) | (6,342) |
| Foreign currency translation adjustment | — | — | — | (2,965) | — | (2,965) |
| Balance at March 31, 2024 | 99,244 | $99 | $563,958 | $(1,908) | $(521,068) | $41,081 |
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