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Financial Statements — ARAY

Balance Sheet

(in millions USD)

Metric	Q4 2026	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021
Cash & Equivalents	40.62	38.07	41.30	63.34	57.42	77.82	62.58	63.34	68.57	60.45	72.76	59.21	89.40	89.06	67.73	88.74	97.84	123.20	81.01	116.37
Accounts Receivable	67.41	64.57	60.96	54.38	83.19	78.19	87.28	54.38	92.00	73.15	77.40	91.79	74.78	77.35	89.19	94.44	89.30	81.91	77.03	85.36
Inventory	147.07	156.63	150.96	155.50	141.02	146.45	148.83	155.50	138.32	159.57	155.23	154.88	145.15	150.58	155.67	142.25	137.52	123.68	152.62	125.93
Total Current Assets	287.78	293.22	292.39	303.60	317.46	333.46	325.89	303.60	323.24	313.91	331.17	329.54	338.03	342.92	336.95	350.89	347.20	351.32	335.27	352.77
Property, Plant & Equipment	27.32	29.00	29.26	29.01	28.66	27.08	26.88	29.01	24.77	25.39	25.92	25.34	20.93	11.72	11.16	12.69	12.22	12.21	10.94	12.33
Goodwill	57.91	57.88	57.85	57.82	57.80	57.72	57.64	57.82	57.67	57.68	57.77	57.81	57.68	57.81	57.78	57.84	58.00	58.01	57.66	57.96
Intangible Assets	0.00	--	0.00	0.00	0.02	0.03	0.04	0.00	0.06	0.07	0.12	0.05	0.21	0.26	0.27	0.25	0.29	0.32	0.21	0.44
Total Non-current Assets*	155.90	154.39	155.62	153.21	61.77	61.10	58.60	61.11	58.55	54.51	49.01	58.48	141.18	11.72	11.16	12.69	12.22	12.21	10.94	12.33
Total Assets	443.68	447.60	448.01	456.82	470.24	484.29	478.38	456.82	468.63	462.53	476.35	473.08	479.21	475.72	468.77	472.85	469.44	475.50	466.35	480.10
Accounts Payable	40.55	52.81	43.52	42.40	34.03	46.32	53.99	42.40	50.02	44.43	39.18	49.81	33.74	28.65	33.86	31.34	32.36	29.26	32.95	19.47
Short-term Debt	--	--	--	--	12.73	7.57	7.56	12.85	7.76	7.25	6.74	7.77	5.72	5.71	5.70	8.56	8.05	7.54	5.71	3.79
Total Current Liabilities	191.41	205.84	199.44	194.61	192.58	203.43	201.45	194.61	195.27	198.39	209.31	201.81	198.64	191.83	184.72	208.86	201.34	204.39	192.54	192.36
Long-term Debt	147.87	145.18	135.89	140.17	136.52	173.78	175.51	140.17	172.16	173.49	174.76	170.24	177.28	178.55	179.80	180.47	181.25	182.03	176.33	173.80
Total Non-current Liabilities*	210.57	200.05	195.15	200.34	196.49	231.28	229.04	200.34	228.28	223.06	219.39	226.05	226.92	229.19	232.30	210.80	216.49	220.12	226.82	218.90
Total Liabilities	401.98	405.90	394.59	394.95	389.07	434.71	430.49	394.95	423.54	421.45	428.70	427.86	425.56	421.02	417.02	419.66	417.83	424.51	419.36	411.26
Retained Earnings	(568.47)	(566.52)	(554.72)	(540.95)	(519.27)	(520.39)	(519.10)	(540.95)	(517.68)	(521.07)	(514.73)	(521.63)	(502.14)	(499.58)	(500.18)	(492.52)	(489.07)	(488.02)	(497.97)	(488.02)
Total Stockholder Equity	41.70	41.71	53.42	61.87	81.17	49.58	47.89	61.87	45.08	41.08	47.65	45.22	53.66	54.71	51.75	53.19	51.61	50.99	46.99	68.84

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* Derived from reported values

Income Statement

(in millions USD) (except per-share rows)

Metric	Q4 2026	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021
Total Revenue	100.92	104.85	102.24	93.94	127.54	113.24	116.17	93.94	134.29	101.13	107.24	101.55	118.29	118.06	114.76	110.02	96.17	116.28	96.49	110.94
Cost of Revenue	65.84	79.55	78.17	67.39	88.56	81.62	74.28	67.39	95.84	72.06	71.34	67.08	80.61	79.34	71.79	67.00	61.39	73.65	61.90	67.21
Gross Profit	35.08	25.29	24.07	26.55	38.98	31.63	41.89	26.55	38.45	29.07	35.90	34.47	37.68	38.72	42.97	43.02	34.78	42.63	34.60	43.73
Research & Development	7.71	8.18	10.65	11.37	11.47	10.71	13.64	11.37	9.53	10.91	15.28	12.12	14.19	14.21	14.64	14.57	14.10	14.70	14.09	15.36
Selling, General & Admin	11.51	11.23	10.07	14.52	11.87	10.76	12.43	14.52	11.41	12.41	13.22	12.82	13.28	11.06	12.04	12.04	10.17	10.72	11.89	11.23
Total Operating Expenses	29.55	34.38	35.64	37.86	34.74	30.58	37.19	37.86	31.64	33.64	39.87	36.62	38.14	36.40	40.26	40.97	35.08	38.65	36.78	39.59
Operating Income	5.52	(9.09)	(11.57)	(11.31)	4.23	1.05	4.71	(11.31)	6.82	(4.56)	(3.96)	(2.15)	(0.46)	2.32	2.71	2.05	(0.29)	3.98	(2.18)	4.14
Interest Expense	--	--	--	--	4.23	2.89	2.88	8.05	2.90	2.88	2.92	2.96	3.00	2.72	2.64	2.03	--	--	2.26	--
Pretax Income	(1.51)	(11.34)	(13.20)	(21.21)	2.07	(0.84)	3.23	(21.21)	3.86	(5.90)	(8.74)	(3.33)	(1.98)	1.12	(0.82)	(1.42)	(0.64)	0.66	(5.11)	(10.69)
Tax Provision	0.43	0.47	0.57	0.47	0.95	0.46	0.70	0.47	0.47	0.44	0.88	0.63	0.58	0.52	1.05	2.03	0.41	0.48	0.34	0.40
Net Income	(1.94)	(11.80)	(13.77)	(21.68)	1.12	(1.30)	2.54	(21.68)	3.39	(6.34)	(9.62)	(3.95)	(2.56)	0.60	(1.87)	(3.45)	(1.05)	0.18	(5.45)	(11.09)
Basic EPS	--	(0.09)	(0.11)	(0.18)	0.01	(0.01)	0.03	(0.18)	0.03	(0.06)	(0.10)	(0.04)	(0.03)	0.01	(0.02)	(0.04)	(0.01)	0.00	(0.06)	(0.12)
Diluted EPS	--	--	(0.11)	--	0.01	(0.01)	0.02	(0.18)	0.03	(0.06)	(0.10)	(0.04)	(0.03)	0.01	(0.02)	(0.04)	(0.01)	0.00	(0.06)	(0.12)

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Cash Flow Statement

(in millions USD)

Metric	Q4 2026	Q3 2026	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021
Operating Cash Flow	2.43	(5.60)	(3.81)	12.18	(9.71)	18.06	(5.49)	12.18	9.88	(8.10)	(6.39)	(7.29)	8.88	24.63	(17.97)	(4.64)	(21.77)	23.97	0.05	6.20
Capital Expenditures	0.46	0.47	4.93	1.90	1.32	0.96	1.99	1.90	0.47	0.80	2.34	1.12	8.04	1.81	2.77	1.40	1.06	2.26	1.27	0.89
Free Cash Flow*	1.97	(6.07)	(8.73)	10.28	(11.03)	17.10	(7.49)	10.28	9.42	(8.90)	(8.73)	(8.41)	0.85	22.82	(20.74)	(6.04)	(22.83)	21.71	(1.23)	5.30
Investing Cash Flow	(1.35)	(1.51)	(9.42)	(3.82)	(3.40)	(2.43)	(2.69)	(3.82)	(0.46)	(0.79)	(1.22)	(1.12)	(7.98)	(1.90)	(2.81)	(1.40)	(1.06)	(2.26)	(1.27)	(0.89)
Financing Cash Flow	3.62	4.11	(0.76)	(0.47)	(5.84)	(2.00)	4.07	(0.47)	(0.69)	(1.50)	0.42	(2.17)	(0.52)	(1.50)	(0.09)	0.14	(1.00)	(14.51)	(4.36)	(19.41)

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* Derived from reported values