AirSculpt Technologies, Inc. (NASDAQ:AIRS) shares tumbled 13.17% in pre-market trading on Monday after the body contouring specialist reported second-quarter fiscal 2026 revenue below Wall Street expectations and lowered its full-year adjusted EBITDA forecast.
The company delivered adjusted earnings of $0.01 per share, matching analyst expectations. However, quarterly revenue of $42.9 million fell short of the $44.2 million consensus estimate.
Revenue was also down 3% from $44.0 million in the comparable period last year, adding to investor concerns over the company’s near-term growth trajectory.
Revenue per case declines despite stable volumes
AirSculpt reported a second consecutive quarter of 1% growth in same-centre case volumes, providing some evidence of stabilisation across its existing locations.
However, revenue per case declined 2% year-on-year to $12,707, limiting the benefit from the improvement in underlying activity.
Total procedures reached 3,376 during the quarter, down 0.5% from 3,392 in the second quarter of fiscal 2025.
As of June 30, 2026, AirSculpt operated 31 facilities with a combined 65 procedure rooms.
AirSculpt lowers full-year EBITDA guidance
The largest source of pressure on the shares came from AirSculpt’s revised profitability outlook.
Management reduced its full-year adjusted EBITDA guidance to between $12 million and $14 million. The midpoint of $13 million represents a significant reduction from previous expectations.
AirSculpt maintained its annual revenue guidance but now expects results to come in towards the lower end of its previously announced range of approximately $151 million to $157 million.
The combination of softer quarterly revenue and reduced EBITDA expectations signalled continued pressure on profitability during the remainder of the year.
Marketing investment weighs on profitability
“In the second quarter, we advanced our key priorities — delivering our second quarter of stability,” said CEO Yogi Jashnani.
“During the quarter, we stepped up our investment in marketing and advanced our plans to introduce new, sought-after procedures including entering an exclusive partnership with AlloClae that expands our treatment offering and enhances our body contouring platform.”
The increased investment comes as AirSculpt seeks to broaden its procedure offering and strengthen demand across its existing network.
The AlloClae partnership forms part of that strategy, providing the company with an opportunity to expand its treatment portfolio while seeking to improve utilisation across its facilities.
Adjusted EBITDA and margins move lower
Profitability weakened during the second quarter as higher investment and softer revenue weighed on results.
Adjusted EBITDA declined to $4.9 million from $5.8 million in the corresponding period last year.
Adjusted EBITDA margin consequently fell to 11.5% from 13.3%, reflecting increased pressure on operating profitability.
AirSculpt also reported a net loss of $1.1 million, widening from a $0.6 million loss in the second quarter of fiscal 2025.
Despite signs of stabilisation in same-centre volumes and continued investment in new procedures, investors focused on the revenue miss and reduced profitability outlook, sending AirSculpt Technologies (NASDAQ:AIRS) shares sharply lower before Monday’s opening bell.