Nyxoah: Revenue increased to €14M in H1, operating loss stable
Nyxoah published on August 5, 2026 its results for the second quarter and first half of 2026, marked by the ramp-up in commercialization of the Genio system in the United States following FDA approval obtained in August 2025.
Revenue shows strong year-over-year growth, while operating loss remains at last year's level and the group relies on $110M in financing secured during the quarter.
Revenue at €14M for the half-year, gross margin at 59%
Worldwide net revenue for the second quarter of 2026 reached €7.7M, compared to €1.3M in the second quarter of 2025, representing sequential growth of 21% compared to the first quarter. For the half-year, it reached €14.0M, compared to €2.4M a year earlier.
In the United States, quarterly revenue was €5.2M, up sequentially by 22% from the first quarter. The group attributes this growth to the expansion of American commercialization activities and growth in international markets.
Gross margin stood at 60% in the second quarter of 2026, compared to 63% in the second quarter of 2025. For the half-year, it came in at 59%, compared to 63% in the first half of 2025. The group attributes this decline to production yield difficulties in the first quarter of 2026 and a higher weight of American sales in the mix.
Operating loss stable, driven by American commercial deployment
Operating loss for the second quarter of 2026 amounted to €20.6M, compared to €19.9M in the second quarter of 2025. For the half-year, it reached €41.1M, compared to €40.5M a year earlier.
Research and development expenses declined to €9.5M for the quarter, compared to €10.1M a year earlier, with the group citing a decrease in product development costs. Conversely, selling, general and administrative expenses increased to €15.6M, compared to €10.7M, due to the establishment of the American sales organization (sales, marketing and market access functions).
On the operational front, the group indicates having 40 active sales representatives, having trained 55 new surgeons in the second quarter (bringing the total to 262) and counting 180 high-volume active accounts. The number of patients awaiting prior authorization at the start of the third quarter stood at 427, up 77% compared to the start of the second quarter.
2026 revenue target maintained between €36M and €40M
Nyxoah confirmed its target for worldwide net revenue between €36M and €40M for the full year 2026, as well as an annual gross margin between 60% and 62%.
The group, however, raised its forecast for total operating expenses, now expected between €99M and €102M, compared to a previous range approximately €1M lower. This increase is related to a non-recurring share-based compensation charge of approximately €0.9M recognized in the second quarter. Non-GAAP cash operating expenses are expected to remain between €88M and €90M.
As of June 30, 2026, cash, cash equivalents and financial assets totaled €97.8M, compared to €48.0M on December 31, 2025. The group secured total financing of $110M during the second quarter, intended according to management to continue investment in the American sales organization in the second half of 2026.
