Accuray reported second-quarter revenue of $102.2 million, missing consensus estimates of $121.2 million and marking a 12% decline from $116.2 million in the prior year period. Product revenue fell 26% to $45.0 million, while service revenue rose 4% to $57.2 million. The company posted a net loss of $13.8 million, or $0.11 per share, versus net income of $2.5 million, or $0.02 per share, in Q2 2025. Adjusted EBITDA was negative $1.9 million, down from positive $9.6 million a year earlier.

At quarter-end, Accuray held $41.9 million in cash, cash equivalents and restricted cash, down $16.1 million from June 30, 2025. The current ratio stood at 1.55, indicating adequate short-term liquidity. However, the debt-to-equity ratio of 2.90 underscores significant leverage on the balance sheet. The company’s price-to-sales and enterprise-value-to-sales ratios remain modest at 0.19 and 0.45, respectively.

On December 15, 2025, Accuray launched a transformational plan targeting $25 million in annualized operating profit improvements through organizational realignment, cost-structure optimization, outsourcing and sales enablement. Workforce optimization will impact roughly 15% of employees, with $12 million of the expected savings to be realized in fiscal 2026. In Q2, the company recorded $6.1 million in restructuring charges—$4.1 million in severance, $0.7 million in implementation costs and $1.2 million in impairments—with total charges for the year projected at $13 million.

Gross product orders totaled $66.1 million in Q2, down from $76.8 million a year earlier, but the book-to-bill ratio improved to 1.5 from 1.3. Order backlog as of December 31, 2025 was $383.3 million, 17% below the prior year-end level. For fiscal 2026, Accuray expects full-year net revenue of $440 million to $450 million and adjusted EBITDA of $22 million to $25 million.