LENSAR, Inc.

Listed Company

LNSRCIK 0001320350NasdaqNon-AcceleratedSmaller ReportingSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$58.44M

Net Income

$-34.28M

Total Assets

—

Equity

—

Shares Out

12.10M

Op. Cash Flow

$-14.83M

Business

LENSAR, Inc. designs, develops and markets advanced robotic laser systems for cataract treatment and management of corneal astigmatism. Its products include the LENSAR Laser System (LLS) and the ALLY Robotic Cataract Laser System, featuring proprietary robotic imaging, AI-driven cataract density analysis, iris registration and a dual‑modality laser for precision and reproducibility. Operations encompass product development, manufacturing, regulatory affairs and commercial support for laser systems and accompanying software. Distribution channels include a U.S. direct sales organization and international third‑party distributors selling to surgeons, hospitals, ambulatory surgery centers and physician practices.

Summary from filing dated 2025-02-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Product and service revenue	52	46	36	29	29
Lease	7	8	6	6	5
Total revenue	58	53	42	35	34
Total cost of revenue	31	28	21	15	17
Selling, general and administrative expenses	45	26	26	27	24
Research and development expenses	6	5	6	12	12
Amortization of intangible assets	921,000	970,000	1	1	1
Impairment of intangible assets	0	4	0	—	—
Total operating expenses	52	37	33	—	—
Operating loss	−25	−11	−12	−20	−20
Change in fair value of warrant liabilities	−10	−21	−3	—	—
Other income, net	636,000	660,000	698,000	263,000	51,000
Net loss	−34	−31	−14	−20	−20
Change in unrealized gain on investments	−2,000	2,000	4,000	—	—
Net loss and comprehensive loss	−34	−31	−14	−20	—
Basic (per share)	−2.87	−2.73	−1.31	−1.96	−2.09
Diluted (per share)	−2.87	−2.73	−1.31	−1.96	−2.09
Basic (shares)	12	12	11	10	9
Diluted (shares)	12	12	11	10	9

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	13	16	21	15	32
Short-term investments	5	6	3	—	—
Accounts receivable, net of allowance of $62 and $105, respectively	6	6	4	6	5
Notes receivable, net of allowance of $6 and $8, respectively	295,000	395,000	323,000	200,000	350,000
Inventories	22	11	16	12	6
Prepaid and other current assets	601,000	2	2	1	2
Total current assets	47	42	46	34	45
Property and equipment, net	505,000	664,000	679,000	563,000	756,000
Equipment under lease, net	15	14	7	6	7
Notes and other receivables, long-term, net of allowance of $15 and $23, respectively	731,000	1	1	442,000	121,000
Intangible assets, net	5	6	11	12	11
Other assets	3	3	2	3	3
Total assets	71	66	70	56	66
Accounts payable	19	6	4	5	3
Accrued liabilities	8	7	6	5	5
Deferred revenue	3	2	1	768,000	904,000
Operating lease liabilities	747,000	524,000	559,000	531,000	512,000
Acquisition-related deposit	10	—	—	—	—
Total current liabilities	41	15	12	11	9
Long-term operating lease liabilities	2	2	2	2	3
Warrant liabilities	40	30	8	—	—
Other long-term liabilities	909,000	702,000	570,000	167,000	69,000
Total liabilities	84	48	22	14	12
Commitments and contingencies (Note 11)	—	—	—	—	—
Series A Redeemable Convertible Preferred Stock, par value $0.01 per share, 20 shares authorized at December 31, 2025 and 2024; 20 shares issued and outstanding at December 31, 2025 and 2024; aggregate liquidation preference of $20,000 at December 31, 2025 and 2024	14	14	14	—	—
Preferred stock, par value $0.01 per share, 9,980 shares authorized at December 31, 2025 and 2024; no shares issued and outstanding at December 31, 2025 and 2024	—	—	—	—	—
Common stock, par value $0.01 per share, 150,000 shares authorized at December 31, 2025 and 2024; 11,993 and 11,654 shares issued and outstanding at December 31, 2025 and 2024, respectively	120,000	116,000	113,000	111,000	110,000
Additional paid-in capital	151	148	145	139	132
Accumulated other comprehensive income	4,000	6,000	4,000	—	—
Accumulated deficit	−178	−143	−112	−98	−78
Total stockholders' (deficit) equity	−26	5	33	42	55
Total liabilities, redeemable convertible preferred stock, and stockholders' (deficit) equity	71	66	70	56	66

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−34	−31	−14	−20	−20
Depreciation	4	3	2	2	2
Non-cash operating lease cost	541,000	539,000	534,000	521,000	517,000
Provision for expected credit losses	−53,000	65,000	1,000	36,000	74,000
Write-down of inventory	0	94,000	66,000	50,000	320,000
Loss on disposal of property and equipment	58,000	—	7,000	11,000	133,000
Stock-based compensation expense	3	3	6	7	7
Amortization on investments, net	−181,000	−250,000	−12,000	—	—
Accounts receivable	−211,000	−2	2	−1	−3
Notes receivable	500,000	87,000	−980,000	−180,000	—
Prepaid and other current assets	1	751,000	−1	637,000	157,000
Inventories	−14	−5	−7	−7	2
Accounts payable	13	2	−1	3	213,000
Accrued liabilities	−341,000	1	892,000	96,000	75,000
Deferred revenue	2	675,000	915,000	−174,000	—
Operating lease liabilities	−511,000	−559,000	−539,000	−512,000	—
Other	−49,000	−84,000	60,000	156,000	−166,000
Net cash used in operating activities	−15	−2	−10	−15	−9
Purchase of property and equipment	−83,000	−156,000	−236,000	−115,000	−354,000
Purchase of investments	−12	−10	−4	—	—
Maturities of investments	13	8	—	—	—
Net cash provided by (used in) investing activities	1	−2	−4	−115,000	−354,000
Proceeds from acquisition-related deposit	10	—	—	—	—
Proceeds from issuance of common stock under employee stock purchase plan	590,000	306,000	327,000	408,000	361,000
Proceeds from issuance of common stock through option exercises	93,000	58,000	—	—	—
Net settlement of stock-based compensation awards	−425,000	−188,000	−52,000	—	—
Payment of accrued offering costs allocable to preferred stock	—	−98,000	—	—	—
Net cash provided by financing activities	10	78,000	20	−2	361,000
Net decrease in cash and cash equivalents	−3	−4	6	−17	−9
Cash paid for taxes	42,000	24,000	18,000	3,000	19,000
Transfer from Inventories to Equipment under lease, net	5	9	4	2	4

Filings

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