Revenue: As of FY2026 Q1, the actual value is USD 13.43 M, beating the estimate of USD 13.4 M.

EPS: As of FY2026 Q1, the actual value is USD 0, missing the estimate of USD 0.185.

EBIT: As of FY2026 Q1, the actual value is USD 2.094 M.

Revenue

• Total revenue for the quarter ended March 31, 2026, was $13.4 million, representing a 5% decrease compared to $14.2 million for the quarter ended March 31, 2025, primarily due to decreased system sales of $1.8 million, partially offset by increased procedure volume of $1.0 million.
• Recurring revenue for the first quarter of 2026 was approximately $12.6 million, an increase of approximately $1.1 million, or 9%, over the first quarter of 2025.
• Recurring revenue represented approximately 94% of total revenue in Q1 2026, compared to 81% in Q1 2025.
• Segmented Revenue (in thousands):
  • System revenue: $836 in Q1 2026 compared to $2,632 in Q1 2025.
  • Procedure revenue: $9,240 in Q1 2026 compared to $8,286 in Q1 2025.
  • Lease revenue: $1,681 in Q1 2026 compared to $1,884 in Q1 2025.
  • Service revenue: $1,671 in Q1 2026 compared to $1,357 in Q1 2025.

Operational Metrics

• Net income for the quarter ended March 31, 2026, was $36.3 million, compared to a net loss of - $27.3 million for the quarter ended March 31, 2025.
  • This Q1 2026 net income was primarily related to $10.0 million in acquisition-related income due to a terminated merger and $23.9 million in non-cash income from the change in fair value of warrant liabilities.
• Selling, general and administrative expenses were $2.5 million for Q1 2026, a decrease of $8.6 million or 77%, compared to $11.1 million for Q1 2025.
  • Excluding $4.4 million in acquisition-related costs, these expenses were $6.9 million for both Q1 2026 and Q1 2025.
• Research and development expenses were $1.4 million for Q1 2026, compared to $1.5 million for Q1 2025.
• Total operating expenses for Q1 2026 were $4.1 million, a decrease of $8.8 million or 68%, compared to $12.9 million for Q1 2025.
• Operating income was $2.239 million for Q1 2026, compared to an operating loss of - $5.790 million for Q1 2025.
• EBITDA for Q1 2026 was $37.3 million, compared with - $26.4 million for Q1 2025.
• Adjusted EBITDA was - $0.3 million for Q1 2026, compared to $0.2 million for Q1 2025.
• Cost of Revenue (in thousands):
  • Product: $3,947 in Q1 2026 compared to $4,466 in Q1 2025.
  • Lease: $889 in Q1 2026 compared to $830 in Q1 2025.
  • Service: $2,210 in Q1 2026 compared to $1,738 in Q1 2025.
  • Total cost of revenue: $7,046 in Q1 2026 compared to $7,034 in Q1 2025.

Cash and Investments

• As of March 31, 2026, LENSAR, Inc. had cash, cash equivalents, and investments totaling $13.5 million, down from $18.0 million at March 31, 2025.
• Cash and cash equivalents were $12.494 million at March 31, 2026, compared to $12.974 million at December 31, 2025.

Unique Operational Metrics

• LENSAR, Inc. placed 7 ALLY Robotic Cataract Laser Systems® during Q1 2026.
• The total installed ALLY base reached approximately 205 systems at the end of Q1 2026.
• As of March 31, 2026, the company had a backlog of 11 ALLY Systems pending installation.
• The total combined installed base of LENSAR Laser Systems and ALLY Systems increased to approximately 440 systems as of March 31, 2026, representing a 12% increase year-over-year.
• Procedure volume for Q1 2026 was 54,094, an increase from 52,347 in Q1 2025 and 39,486 in Q1 2024.

Outlook / Guidance

LENSAR, Inc. anticipates continued growth, expecting recurring revenue to grow as utilization increases and system placements return to historical levels over the next several quarters, following the resolution of merger-related uncertainties.