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Form 8-K

sec.gov

8-K — Inogen Inc

Accession: 0001294133-26-000032

Filed: 2026-08-06

Period: 2026-08-06

CIK: 0001294133

SIC: 3842 (ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ingn-20260806.htm (Primary)

EX-99.1 (ingn-ex99_1.htm)

GRAPHIC (img132417817_0.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: ingn-20260806.htm · Sequence: 1

8-K

false0001294133Inogen Inc00012941332026-08-062026-08-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 06, 2026

INOGEN, INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-36309

33-0989359

(State or Other Jurisdiction

of Incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

500 Cummings Center

Suite 2800

Beverly, Massachusetts

01915

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (805) 562-0500

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value

INGN

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On August 6, 2026, Inogen, Inc. (the “Company”) issued a press release reporting its financial results for the second quarter ended June 30, 2026. A copy of the press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K.

The information set forth under this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit

Description

99.1

Press Release dated August 6, 2026.

104

The cover page of this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

INOGEN, INC.

Date:

August 6, 2026

By:

/s/ Jason Richardson

Jason Richardson

Executive Vice President

Chief Financial Officer

Treasurer

(Principal Accounting and Financial Officer)

EX-99.1

EX-99.1

Filename: ingn-ex99_1.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Inogen Announces Second Quarter 2026 Financial Results

Reported second quarter revenue of $95.1 million

Company raises full-year adjusted EBITDA guidance to approximately $4.0 million

BEVERLY, Mass., August 6, 2026 -- Inogen, Inc. (Nasdaq: INGN), a medical technology company offering innovative respiratory products for use in the homecare setting, today announced financial results for the quarter ended June 30, 2026.

“Our second quarter results demonstrate continued demand for our products and validate the progress of our strategy to expand and diversify Inogen’s respiratory care portfolio,” said Kevin Smith, President and Chief Executive Officer. “We are building momentum through new product launches, gaining traction in key markets, and driving greater operating leverage across the business. As we continue to execute against our strategic priorities, we are diligently prioritizing our investments to balance growth, profitability, and innovation to deliver long-term value for shareholders.”

Highlights

Achieved second quarter 2026 revenue of $95.1 million, representing 3.0% year-over-year growth, including international revenue of $41.3 million, an increase of 14.8% year-over-year.

Reported GAAP net loss for the second quarter of 2026 of $3.9 million, compared to a net loss of $4.2 million in the prior-year period.

Delivered second quarter 2026 positive adjusted EBITDA of $2.4 million, an increase of 15.2% year-over-year, and generated $2.9 million of positive operating cash flow in the quarter.

Raised adjusted EBITDA guidance for the full year 2026 to approximately $4.0 million, representing a 48.1% increase from adjusted EBITDA of $2.7 million reported in 2025 and updated full-year revenue guidance to $355 million to $361 million reflecting approximately 3% growth at the midpoint of the range.

Published the Questionnaire for Oxygen Therapy Evaluation (QuOTE) assessment tool in ERJ Open Research, a nine-question questionnaire designed to simplify and standardize Long-Term Oxygen Therapy (LTOT) patient monitoring by assessing symptoms, therapy adherence, side effects, and equipment-related issues during routine clinical visits.

Launched the Rove 6 portable oxygen concentrator in Canada, strengthening Inogen's ongoing international market expansion and bringing its best-in-class oxygen therapy technology to approximately two million Canadians diagnosed with chronic obstructive pulmonary disease.

Completed enrollment and achieved Last Patient Last Visit (LPLV) for the Simeox H SCOPE Study in China, with statistical analysis results expected in the second half of 2026, marking an important milestone in expanding Simeox H into additional large global markets.

Strengthened Inogen’s leadership team with the addition of Andy Reding as Chief Operating Officer, whose extensive respiratory care expertise and deep industry experience will support the Company’s strategic growth initiatives and expansion of its product portfolio.

Second Quarter 2026 Financial Results

Total revenue in the second quarter of 2026 was $95.1 million, an increase of 3.0% from $92.3 million in the prior-year period, primarily driven by higher demand for portable oxygen concentrators, or POCs, in international markets and the favorable impact of foreign exchange rates. While U.S. sales and rentals remained below the prior-year period, the Company continued to gain traction with U.S. distributors and the expanded product portfolio, reinforcing confidence in its long-term opportunities in the U.S. market.

Total gross margin was 45.5% in the second quarter of 2026 compared to 44.8% in the prior-year period. Adjusted gross margin improved by 65 basis points to 45.6% compared to 44.9% in the prior-year period due to improvements in cost of revenue.

GAAP net loss for the second quarter of 2026 was $3.9 million compared to a net loss of $4.2 million in the prior-year period. Adjusted net loss improved $0.6 million year-over-year to less than $0.1 million in the second quarter of 2026, compared with an adjusted net loss of $0.7 million in the prior-year period.

Adjusted EBITDA was a positive $2.4 million in the second quarter of 2026, compared to a positive $2.1 million in the prior-year period, an improvement of $0.3 million.

Cash, cash equivalents, marketable securities, and restricted cash were $106.8 million as of June 30, 2026, with no debt outstanding. The Company repurchased 1,145,150 shares of its common stock in the first half of 2026 for consideration of $7.5 million under the share repurchase program that was announced in the first quarter of 2026.

Reconciliations of adjusted gross margin, adjusted EBITDA, and adjusted net loss for the three and six months ended June 30, 2026 and 2025 are in the financial schedules that are a part of this press release. An explanation of these non-GAAP financial measures is also included below under the heading “Reconciliation of U.S. GAAP to Non-GAAP Financial Measures.”

Third Quarter and Full Year 2026 Financial Outlook

Inogen expects third quarter 2026 revenue to be approximately in line with third quarter 2025 revenue, reflecting the continued U.S. sales channel mix shift as well as the timing impact of select international distributor inventory purchases.

For the full year 2026, Inogen now expects reported revenue in the range of $355 million to $361 million, reflecting approximately 3% growth at the midpoint of the range relative to the Company’s 2025 revenue.

The Company now expects full year 2026 adjusted EBITDA of approximately $4.0 million representing a 48.1% increase from $2.7 million reported in 2025.

The Company has not provided a reconciliation of forward-looking Adjusted EBITDA to the most directly comparable GAAP measure because certain items that impact net income are uncertain or outside the Company's control and cannot be reasonably predicted without unreasonable effort.

Quarterly Conference Call Information

On August 6, 2026, the Company will host a conference call at 5:00 p.m. Eastern Time / 2:00 p.m. Pacific Time.

Individuals interested in listening to the conference call may do so by dialing:

U.S. domestic callers (877) 841-3961

Non-U.S. callers (201) 689-8589

Please reference Inogen to join the call. A live audio webcast and archived recording of the conference call will be available to all interested parties through the News / Events page on the Inogen Investor Relations website. This webcast will also be archived on the website for six months.

A replay of the call will be available approximately three hours after the live webcast ends and will be accessible through August 13, 2026. To access the replay, dial (877) 660-6853 or (201) 612-7415 and reference Conference ID: 13761255.

Inogen has used, and intends to continue to use, its Investor Relations website, http://investor.inogen.com/, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About Inogen

Inogen, Inc. (Nasdaq: INGN) is a leading global medical technology company offering innovative respiratory products for use in the homecare setting. Inogen supports patient respiratory care by developing, manufacturing, and marketing innovative best-in-class respiratory therapy devices used to deliver care to patients suffering from chronic respiratory conditions. Inogen partners with patients, prescribers, home medical equipment providers, and distributors to make its respiratory therapy products widely available, allowing patients the chance to manage the impact of their disease.

For more information, please visit www.inogen.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this communication that are not historical facts, including, but not limited to, statements regarding Inogen’s future business plans, market opportunities, financial outlook, growth strategies, anticipated operational results, and guidance, are forward-looking statements. Words such as “aims,” “believes,” “anticipates,” “plans,” “expects,” “will,” “intends,” “potential,” “possible,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from currently anticipated results, including but not limited to, risks and uncertainties relating to Inogen’s 2026 third quarter and full year financial guidance; market acceptance of its products; competition; its sales, marketing and distribution capabilities; its planned sales, marketing, and research and development activities; and risks associated with international operations. Information on these and additional risks, uncertainties, and other information affecting Inogen’s business operating results are contained in its Annual Report on Form 10-K for the period ended December 31, 2025, its Quarterly Report on Form 10-Q for the period ended March 31, 2026, and in its other filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Inogen disclaims any obligation to update these forward-looking statements except as may be required by law.

Non-GAAP Financial Measures

Inogen has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three and six months ended June 30, 2026, and June 30, 2025. Management believes that these non-GAAP financial measures, taken in conjunction with U.S. GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of Inogen’s core operating results. Management uses these non-GAAP measures to compare Inogen’s performance relative to forecasts and strategic plans, to benchmark Inogen’s performance externally against competitors, and for certain compensation decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Inogen's operating results as reported under U.S. GAAP. Inogen encourages investors to carefully consider its results under U.S. GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between U.S. GAAP and non-GAAP results are presented in the accompanying tables of this release.

Contact

ir@inogen.net

Consolidated Statements of Comprehensive Loss

(unaudited)

(amounts in thousands, except share and per share amounts)

Three months ended

June 30,

Six months ended

June 30,

2026

2025

2026

2025

Revenue

Sales revenue

$

83,525

$

79,172

$

155,929

$

147,642

Rental revenue

11,559

13,105

24,264

26,915

Total revenue

95,084

92,277

180,193

174,557

Cost of revenue

Cost of sales revenue

44,949

43,469

85,126

81,552

Cost of rental revenue, including depreciation of $2,475 and $3,017 for the three months ended and $5,103 and $6,051 for the six months ended, respectively

6,863

7,467

13,932

15,292

Total cost of revenue

51,812

50,936

99,058

96,844

Gross profit

43,272

41,341

81,135

77,713

Operating expense

Research and development

5,871

5,209

10,968

9,243

Sales and marketing

24,824

25,390

49,427

49,147

General and administrative

17,673

16,871

35,172

33,108

Total operating expense

48,368

47,470

95,567

91,498

Loss from operations

(5,096

)

(6,129

)

(14,432

)

(13,785

)

Other income

Interest income, net

861

1,123

1,741

2,152

Other income, net

231

701

189

1,057

Total other income, net

1,092

1,824

1,930

3,209

Loss before benefit for income taxes

(4,004

)

(4,305

)

(12,502

)

(10,576

)

Benefit for income taxes

(154

)

(153

)

(328

)

(250

)

Net loss

(3,850

)

(4,152

)

(12,174

)

(10,326

)

Other comprehensive (loss) income, net of tax

Change in foreign currency translation adjustment

(350

)

3,926

(1,195

)

5,781

Change in net unrealized (losses) gains on foreign currency hedging

(142

)

36

(179

)

(696

)

Less: reclassification adjustment for net gains (losses) included in net loss

164

(606

)

201

(739

)

Total net change in unrealized gains (losses) on foreign currency hedging

22

(570

)

22

(1,435

)

Change in net unrealized (losses) gains on marketable securities

(11

)

42

6

42

Total other comprehensive (loss) income, net of tax

(339

)

3,398

(1,167

)

4,388

Comprehensive loss

$

(4,189

)

$

(754

)

$

(13,341

)

$

(5,938

)

Basic net loss per share attributable to common stockholders (1)

$

(0.14

)

$

(0.15

)

$

(0.45

)

$

(0.40

)

Diluted net loss per share attributable to common stockholders (1) (2)

$

(0.14

)

$

(0.15

)

$

(0.45

)

$

(0.40

)

Weighted average number of shares used in calculating net loss per share attributable to common stockholders:

Basic shares of common stock

27,045,095

26,962,465

27,183,000

26,068,421

Diluted shares of common stock

27,045,095

26,962,465

27,183,000

26,068,421

(1) Reconciliations of net loss attributable to common stockholders basic and diluted can be found in Inogen’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 to be filed with the Securities and Exchange Commission.

(2) Due to a net loss for the three and six months ended June 30, 2026 and June 30, 2025, diluted loss per share is the same as basic.

Consolidated Balance Sheets

(unaudited)

(amounts in thousands)

June 30,

2026

December 31,

2025

Assets

Current assets

Cash and cash equivalents

$

87,276

$

103,729

Marketable securities

18,263

15,848

Restricted cash

1,303

1,289

Accounts receivable, net

46,157

38,863

Inventories

28,633

25,969

Prepaid expenses and other current assets

12,504

12,601

Total current assets

194,136

198,299

Property and equipment, net

31,781

36,362

Goodwill

10,395

10,698

Intangible assets, net

27,447

30,763

Operating lease right-of-use asset

14,914

16,501

Other assets

6,899

6,002

Total assets

$

285,572

$

298,625

Liabilities and stockholders' equity

Current liabilities

Accounts payable and accrued expenses

$

39,678

$

33,941

Accrued payroll

12,796

10,629

Warranty reserve - current

10,414

10,116

Operating lease liability - current

3,253

3,163

Deferred revenue - current

4,723

5,503

Income tax payable

183

Total current liabilities

70,864

63,535

Long-term liabilities

Warranty reserve - noncurrent

17,961

18,194

Operating lease liability - noncurrent

12,541

14,313

Deferred revenue - noncurrent

2,857

3,603

Deferred tax liability

6,485

6,749

Total liabilities

110,708

106,394

Stockholders' equity

Common stock

27

27

Additional paid-in capital

359,519

363,545

Accumulated deficit

(187,758

)

(175,584

)

Accumulated other comprehensive income

3,076

4,243

Total stockholders' equity

174,864

192,231

Total liabilities and stockholders' equity

$

285,572

$

298,625

Condensed Consolidated Cash Flow

(unaudited)

(amounts in thousands)

Six months ended

June 30,

2026

2025

Cash flows from operating activities

Net loss

$

(12,174

)

$

(10,326

)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

9,601

10,405

Loss on rental units and other assets

1,261

1,655

Provision for sales revenue returns and doubtful accounts

3,845

3,248

Provision for inventory losses

681

447

Stock-based compensation expense

3,721

4,440

Deferred income taxes

(73

)

80

Other

104

267

Changes in operating assets and liabilities (1)

(10,705

)

(22,656

)

Net cash used in operating activities

(3,739

)

(12,440

)

Cash flows from investing activities

Purchases of available-for-sale securities

(13,079

)

(18,703

)

Maturities of available-for-sale securities

10,670

Investment in property and equipment

(921

)

(976

)

Production and purchase of rental equipment

(1,779

)

(4,932

)

Net cash used in investing activities

(5,109

)

(24,611

)

Cash flows from financing activities

Proceeds from employee stock purchases

373

489

Payment of employment taxes related to vesting of restricted stock units

(622

)

(570

)

Repurchases of common stock

(7,498

)

Payments of accrued earnout

(3,178

)

Proceeds from issuance of common stock from securities purchase agreement

27,210

Net cash (used in) provided by financing activities

(7,747

)

23,951

Effect of exchange rates on cash

156

642

Net decrease in cash, cash equivalents, and restricted cash

$

(16,439

)

$

(12,458

)

(1) Includes $9,822 of the operating activity portion of the earnout liability payment related to the Physio-Assist acquisition for the six months ended June 30, 2025.

Supplemental Financial Information

(unaudited)

(in thousands, except units and patients)

Constant

Three months ended

Currency

June 30,

Change 2026 vs. 2025

Change (1)

Revenue by geographic region

2026

2025

$

%

%

U.S. sales

$

42,272

$

43,249

$

(977

)

-2.3

%

-2.3

%

International sales

41,253

35,923

5,330

14.8

%

8.3

%

U.S. rentals

11,559

13,105

(1,546

)

-11.8

%

-11.8

%

Total revenue

$

95,084

$

92,277

$

2,807

3.0

%

0.6

%

Additional financial measures

Portable units sold

53,300

47,600

Net rental patients as of period-end

45,500

50,400

Constant

Six months ended

Currency

June 30,

Change 2026 vs. 2025

Change (1)

Revenue by geographic region

2026

2025

$

%

%

U.S. sales

$

77,008

$

79,734

$

(2,726

)

-3.4

%

-3.4

%

International sales

78,921

67,908

11,013

16.2

%

7.2

%

U.S. rentals

24,264

26,915

(2,651

)

-9.8

%

-9.8

%

Total revenue

$

180,193

$

174,557

$

5,636

3.2

%

-0.2

%

Additional financial measures

Portable units sold

99,600

89,400

Net rental patients as of period-end

45,500

50,400

(1) Represents a non-GAAP financial measure.

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures

(unaudited)

(in thousands, except per share amounts)

Three months ended

June 30,

Six months ended

June 30,

Non-GAAP EBITDA and Adjusted EBITDA

2026

2025

2026

2025

Net loss (GAAP)

$

(3,850

)

$

(4,152

)

$

(12,174

)

$

(10,326

)

Non-GAAP adjustments:

Interest income, net

(861

)

(1,123

)

(1,741

)

(2,152

)

Benefit for income taxes

(154

)

(153

)

(328

)

(250

)

Depreciation and amortization

4,697

5,216

9,601

10,405

EBITDA (non-GAAP)

(168

)

(212

)

(4,642

)

(2,323

)

Stock-based compensation expense

1,771

2,293

3,721

4,440

Restructuring-related charges

214

1,130

Stockholder engagement and proxy defense costs (1)

580

789

Adjusted EBITDA (non-GAAP)

$

2,397

$

2,081

$

998

$

2,117

Three months ended June 30, 2026

Non-GAAP Financial Metrics

Gross Profit

Operating Expense

Loss from Operations

Net Loss

Diluted EPS

Financial Results (GAAP)

$

43,272

$

48,368

$

(5,096

)

$

(3,850

)

$

(0.14

)

Reported percent net sales

45.5

%

50.9

%

(5.4

%)

(4.0

%)

Non-GAAP adjustments:

Amortization of intangibles

1,252

1,252

1,252

0.05

Stock-based compensation

73

1,698

1,771

1,771

0.07

Restructuring-related charges

214

214

214

0.01

Stockholder engagement and proxy defense costs (1)

580

580

580

0.02

Income tax impact of adjustments (2)

Adjusted

$

43,345

$

44,624

$

(1,279

)

$

(33

)

$

Adjusted percent net sales

45.6

%

46.9

%

(1.3

%)

(0.0

%)

Three months ended June 30, 2025

Non-GAAP Financial Metrics

Gross Profit

Operating Expense

Loss from Operations

Net Loss

Diluted EPS

Financial Results (GAAP)

$

41,341

$

47,470

$

(6,129

)

$

(4,152

)

$

(0.15

)

Reported percent net sales

44.8

%

51.4

%

(6.6

%)

(4.5

%)

Non-GAAP adjustments:

Amortization of intangibles

1,209

1,209

1,209

0.04

Stock-based compensation

129

2,164

2,293

2,293

0.09

Income tax impact of adjustments (2)

Adjusted

$

41,470

$

44,097

$

(2,627

)

$

(650

)

$

(0.02

)

Adjusted percent net sales

44.9

%

47.8

%

(2.8

%)

(0.7

%)

Six months ended June 30, 2026

Non-GAAP Financial Metrics

Gross Profit

Operating Expense

Loss from Operations

Net Loss

Diluted EPS

Financial Results (GAAP)

$

81,135

$

95,567

$

(14,432

)

$

(12,174

)

$

(0.45

)

Reported percent net sales

45.0

%

53.0

%

(8.0

%)

(6.8

%)

Non-GAAP adjustments:

Amortization of intangibles

2,548

2,548

2,548

0.09

Stock-based compensation

255

3,466

3,721

3,721

0.14

Restructuring-related charges

1,130

1,130

1,130

0.04

Stockholder engagement and proxy defense costs (1)

789

789

789

0.03

Income tax impact of adjustments (2)

Adjusted

$

81,390

$

87,634

$

(6,244

)

$

(3,986

)

$

(0.15

)

Adjusted percent net sales

45.2

%

48.6

%

(3.5

%)

(2.2

%)

Six months ended June 30, 2025

Non-GAAP Financial Metrics

Gross Profit

Operating Expense

Loss from Operations

Net Loss

Diluted EPS

Financial Results (GAAP)

$

77,713

$

91,498

$

(13,785

)

$

(10,326

)

$

(0.40

)

Reported percent net sales

44.5

%

52.4

%

(7.9

%)

(5.9

%)

Non-GAAP adjustments:

Amortization of intangibles

2,348

2,348

2,348

0.09

Stock-based compensation

296

4,144

4,440

4,440

0.17

Income tax impact of adjustments (2)

Adjusted

$

78,009

$

85,006

$

(6,997

)

$

(3,538

)

$

(0.14

)

Adjusted percent net sales

44.7

%

48.7

%

(4.0

%)

(2.0

%)

Three months ended

June 30,

Six months ended

June 30,

Non-GAAP Free Cash Flow

2026

2025

2026

2025

Operating Cash Flow

$

2,946

$

4,350

$

(3,739

)

$

(12,440

)

Capital Expenditures

(1,919

)

(3,870

)

(2,700

)

(5,908

)

Free Cash Flow

$

1,027

$

480

$

(6,439

)

$

(18,348

)

(1) Stockholder engagement and proxy defense costs include third-party advisory, legal, and other professional fees.

(2) Income tax impact of adjustments represents the tax impact related to the non-GAAP adjustments listed above and reflects an effective tax rate of 0% for 2026 and 2025.

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Aug. 06, 2026

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