Adagio Medical

Q2 FY2026 EarningsQ2 FY26 results were largely in-line with consensus on the top line as revenue remained at zero due to the strategic pause in European commercial activities. The company reported a GAAP EPS of -$0.30, missing the consensus mean of -$0.27. While Operating Loss of -$4.9M was slightly better than the $5.15M EBIT loss expected, a $1.2M fair value adjustment on convertible notes drove the bottom-line miss. Liquidity remains critical, with cash reserves of $7.7M expected to fund operations only into Q4 2026.