ACCURAY INC
For the period ended Sep 30, 2025. Filed Nov 5, 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.
Sep 30, 2025 · Filed Nov 5, 2025
Contents
Unaudited Condensed Consolidated Balance Sheets as of September 30, 2025 and June 30, 2025
Unaudited Condensed Cons olidated Balance Sheets
(in thousands, except share amounts and par value)
| September 30, 2025 | June 30, 2025 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $63,344 | $57,416 |
| Restricted cash | 572 | 574 |
| Accounts receivable, net of allowance for credit losses of $1,079 and $369 as of September 30, 2025, and June 30, 2025, respectively (a) | 54,378 | 83,192 |
| Inventories, net | 155,503 | 141,020 |
| Prepaid expenses and other current assets (b) | 29,373 | 33,501 |
| Deferred cost of revenue | 433 | 1,762 |
| Total current assets | 303,603 | 317,465 |
| Noncurrent assets: | ||
| Property and equipment, net | 29,013 | 28,658 |
| Investment in joint venture | 4,010 | 4,612 |
| Operating lease right-of-use assets, net | 32,099 | 33,115 |
| Goodwill | 57,820 | 57,802 |
| Restricted cash | 6,012 | 4,144 |
| Other assets | 24,259 | 24,443 |
| Total assets | $456,816 | $470,239 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $42,400 | $34,033 |
| Accrued compensation | 13,907 | 14,573 |
| Operating lease liabilities, current | 7,463 | 7,375 |
| Other accrued liabilities | 26,271 | 29,361 |
| Customer advances | 12,087 | 12,197 |
| Deferred revenue | 79,631 | 82,306 |
| Short-term debt, net | 12,853 | 12,734 |
| Total current liabilities | 194,612 | 192,579 |
| Noncurrent liabilities: | ||
| Operating lease liabilities, non-current | 31,481 | 32,482 |
| Long-term other liabilities | 5,345 | 5,160 |
| Warrant liability | 10,371 | 8,497 |
| Deferred revenue, non-current | 25,824 | 26,566 |
| Long-term debt, net | 127,316 | 123,786 |
| Total liabilities | 394,949 | 389,070 |
| Commitments and contingencies (Note 7) | ||
| Stockholders' equity: | ||
| Common stock, $0.001 par value; authorized: 200,000,000 shares as of September 30, 2025, and June 30, 2025, respectively; issued and outstanding: 113,281,068 and 112,643,852 shares at September 30, 2025, and June 30, 2025, respectively | 113 | 113 |
| Additional paid-in-capital | 604,680 | 602,165 |
| Accumulated other comprehensive loss | (1,976) | (1,837) |
| Accumulated deficit | (540,950) | (519,272) |
| Total stockholders' equity | 61,867 | 81,169 |
| Total liabilities and stockholders' equity | $456,816 | $470,239 |
(a)
Includes accounts receivable from the joint venture, an equity method invest ment, of$9,610 and$28,452 as of September 30, 2025, and June 30, 2025, respectively. See Note 12.
(b)
Includes other receivables from the joint venture, an equity method investment, of$359 and$377 as of September 30, 2025, and June 30, 2025, respectively.
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except per share amounts)
| Three Months Ended September 30, | ||
|---|---|---|
| 2025 | 2024 | |
| Net revenue: | ||
| Products (a) | $37,161 | $48,369 |
| Services (b) | 56,781 | 53,176 |
| Total net revenue | 93,942 | 101,545 |
| Cost of revenue: | ||
| Cost of products | 29,628 | 32,461 |
| Cost of services | 37,766 | 34,615 |
| Total cost of revenue (c) | 67,394 | 67,076 |
| Gross profit | 26,548 | 34,469 |
| Operating expenses: | ||
| Research and development (d) | 11,369 | 12,116 |
| Selling and marketing | 11,973 | 11,682 |
| General and administrative | 14,519 | 12,820 |
| Total operating expenses | 37,861 | 36,618 |
| Loss from operations | (11,313) | (2,149) |
| Income (loss) from equity method investment, net | 439 | (72) |
| Interest expense | (8,052) | (2,955) |
| Loss from change in fair value of warrant liability | (1,874) | — |
| Other (expense) income, net | (407) | 1,847 |
| Loss before provision for income taxes | (21,207) | (3,329) |
| Provision for income taxes | 471 | 625 |
| Net loss | $(21,678) | $(3,954) |
| Net loss per share - basic and diluted | $(0.18) | $(0.04) |
| Weighted average common shares used in computing net loss per share: | ||
| Basic and diluted | 118,946 | 100,225 |
| Other comprehensive loss: | ||
| Net loss | $(21,678) | $(3,954) |
| Unrealized loss from cash flow hedges, net of reclassifications | (108) | — |
| Foreign currency translation adjustment | (31) | 1,740 |
| Comprehensive loss | $(21,817) | $(2,214) |
(a)
Includes sales of products to the joint venture, an equity method investment, of$8,847 and$28,644 during the three months ended September 30, 2025, and 2024, respectively. See Note 12.
(b)
Includes sales of services to the joint venture, an equity method investment, of$5,515 and$4,058 during thethree months ended September 30, 2025, and 2024, respectively. See Note 12.
(c)
Includes cost of revenue from sales to the joint venture, an equity method investment, of$9,545 and $20,891 during thethree months ended September 30, 2025, and 2024, respectively. See Note 12.
(d)
Includes charge backs to the joint venture, an equity method investment, related to research and deve lopment of$359 and$355 during the three months ended September 30, 2025 and 2024, 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, 2025 | 112,644 | $113 | $602,165 | $(1,837) | $(519,272) | $81,169 |
| Issuance of common stock to employees | 637 | — | — | — | — | — |
| Share-based compensation | — | — | 2,515 | — | — | 2,515 |
| Net loss | — | — | — | — | (21,678) | (21,678) |
| Unrealized loss from cash flow hedges | — | — | — | (108) | — | (108) |
| Cumulative translation adjustment | — | — | — | (31) | — | (31) |
| Balance at September 30, 2025 | 113,281 | $113 | $604,680 | $(1,976) | $(540,950) | $61,867 |
| 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) |
| Cumulative translation adjustment | — | — | — | 1,740 | — | 1,740 |
| Balance at September 30, 2024 | 100,435 | $100 | $569,240 | $(2,482) | $(521,635) | $45,223 |
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