Revenue: As of FY2026 Q1, the actual value is USD 2.792 M, missing the estimate of USD 2.976 M.

EPS: As of FY2026 Q1, the actual value is USD -0.15.

EBIT: As of FY2026 Q1, the actual value is USD -7.152 M.

Revenue

Net revenue for the three months ended March 31, 2026, was $2,792 thousand, compared to $2,783 thousand for the three months ended March 31, 2025, showing stability year-over-year due to a 3% decrease in capsule volume offset by a slight increase in average selling price.

Gross Profit and Margin

Gross profit was $1,329 thousand for the three months ended March 31, 2026, a decrease from $1,494 thousand in the first quarter of 2025. The gross margin for the first quarter of 2026 was 48%, down from 54% in the first quarter of 2025, primarily due to changes in U.S. trade policies and tariffs.

Operating Expenses

Total operating expenses increased to $8,422 thousand for the three months ended March 31, 2026, from $6,876 thousand in the first quarter of 2025. This increase was mainly driven by the development of new CMOS image sensors under an agreement with Canon Inc. and clinical trial activities for the second-generation CapsoCam Colon. Selling and marketing expenses were $2,091 thousand for the three months ended March 31, 2026, up from $1,961 thousand in the prior year period. Research and development expenses increased to $4,435 thousand from $3,107 thousand year-over-year. General and administrative expenses were $1,896 thousand, compared to $1,808 thousand in the first quarter of 2025.

Operating Loss

CapsoVision, Inc. reported an operating loss of - $7,093 thousand for the three months ended March 31, 2026, compared to an operating loss of - $5,382 thousand for the same period in 2025.

Net Loss

Net loss and comprehensive loss for the three months ended March 31, 2026, was - $7,033 thousand, compared to - $5,375 thousand for the three months ended March 31, 2025. Basic and diluted net loss per share was - $0.15 for the first quarter of 2026, compared to - $2.49 for the first quarter of 2025.

Cash and Cash Equivalents

Cash and cash equivalents totaled $17,933 thousand as of March 31, 2026, an increase from $10,112 thousand as of December 31, 2025.

Cash Flow from Operating Activities

Net cash used in operating activities was - $6,066 thousand for the three months ended March 31, 2026, an increase from - $4,986 thousand for the same period in 2025.

Cash Flow from Investing Activities

Net cash used in investing activities was - $48 thousand for the three months ended March 31, 2026, compared to - $40 thousand for the same period in 2025.

Cash Flow from Financing Activities

Net cash provided by financing activities was $13,952 thousand for the three months ended March 31, 2026, significantly up from $34 thousand in the prior year period. This was primarily driven by proceeds of $14,000 thousand from a private placement, offset by $87 thousand in issuance costs.

Operational Highlights

CapsoCam Plus® has been used by over 167,000 patients as of March 31, 2026. The company secured key customer renewals with large GI networks, including Indiana University Health Systems, Providence Health Systems, and Gastro Health.

Outlook / Guidance

CapsoVision, Inc. anticipates FDA clearance for its AI-assisted reading feature for CapsoCam Plus mid-year, with a commercial launch expected shortly thereafter. The company expects a 510(k) submission for its second-generation CapsoCam Colon in the third quarter of 2026. A clinical study for CapsoCam UGI in pancreatic cancer detection has also initiated, with the first patient enrolled in May 2026.