🧾 What This Document Is

This is a Form 8-K filing – a report companies must file with the SEC to announce major events that shareholders should know about. This specific filing includes the company's fourth-quarter and full-year 2025 earnings release as an exhibit (Exhibit 99.1). It's the official announcement of their financial results and includes their outlook for the next year.

🏢 What The Company Does

👉 In simple terms, AirSculpt is a national chain of medical clinics that specializes in premium, minimally invasive cosmetic surgery procedures. Their main service is a proprietary fat-removal and skin-tightening body contouring treatment. They operate in the aesthetics and medical spa industry.

💰 Financial Highlights

The numbers show a challenging year, with declines across the board, but some recent improvement.

Fourth Quarter 2025 (vs. Q4 2024)

• Cases Performed: 2,604, a 15.0% decline from 3,064.
• Revenue: $33.4 million, down 14.6% from $39.2 million.
• Net Loss: $1.3 million (improved from a loss of $5.0 million).
• Adjusted EBITDA: $2.5 million (up from $1.9 million).

Full Year 2025 (vs. 2024)

• Cases Performed: 11,852, a 15.6% decline from 14,036.
• Revenue: $151.8 million, down 15.8% from $180.4 million.
• Net Loss: $11.7 million (worsened from a loss of $8.0 million).
• Adjusted EBITDA: $15.1 million (down from $21.0 million).

👉 Why it matters: The company faced significant headwinds in 2025, with fewer customers and lower revenue. While the quarterly loss improved, the annual loss grew, indicating profitability remains a challenge. The key positive signal is that their profitability on an adjusted basis (Adjusted EBITDA) showed improvement in the most recent quarter.

🚀 Key Moves & Strategy

Management highlighted several strategic actions taken in 2025 to address the decline:

• Added new talent and improved business processes.
• Implemented a new "go-to-market strategy."
• Added new procedures to expand their market potential.
• They specifically note they are positioned at the "intersection of aesthetics and GLP-1’s." (This refers to drugs like Ozempic/Wegovy, implying they see synergy between weight-loss drug users and body contouring).

👉 Why it matters: The company isn't standing still. They're actively trying to revitalize growth by refreshing their team, strategy, and service menu, betting on the trend of GLP-1 medications creating new demand for body sculpting.

📦 2026 Outlook & Guidance

The company provided its financial forecast for 2026:

• Projected Revenue: ~$151 million to $157 million.
• Projected Adjusted EBITDA: ~$15 million to $17 million.
• Q1 2026 Revenue Forecast: $38.5 million to $39.5 million, with same-store revenue expected to be roughly flat.

👉 Why it matters: The guidance suggests management expects 2026 to be similar to 2025, with only modest potential for growth. The key positive detail is the CEO's comment that same-store sales turned positive in February 2026, hinting the decline may have bottomed out.

📅 Notable Corporate Update

The company changed the date of its Annual Meeting of Stockholders from May 4, 2026, to May 12, 2026.

⚖️ Big Picture: Strengths & Risks

👍 Strengths:

• Turnaround Efforts Underway: New leadership, strategy, and procedures are in place.
• Recent Momentum: Same-store sales improved sequentially through 2025 and turned positive early in 2026.
• Niche Positioning: They operate in the high-margin aesthetics market with a proprietary procedure.

⚠️ Risks:

• Demand Decline: Significant, double-digit drops in customers and revenue in 2025.
• Profitability: The company is still generating net losses.
• GLP-1 Dependency: Their future growth thesis is partly tied to the trend of weight-loss drugs, which is an external factor they cannot control.
• Competitive Industry: The aesthetics market is crowded and competitive.

🧠 The Analogy

Think of AirSculpt like a specialized gym that saw membership drop when everyone started buying home fitness equipment (a macro trend, like GLP-1s initially disrupting cosmetic surgery). Now, they're rebranding and offering unique coaching sessions (new procedures, new strategy) to convince people that their expert, in-person service is still the best way to achieve their final fitness goals.

📇 Key Contacts & People

• Yogi Jashnani, Chief Executive Officer
• Allison Malkin, ICR, Inc. (Investor Relations)
• Email: [email protected]

🧩 Final Takeaway

AirSculpt had a tough 2025 with declining sales and losses, but management is executing a turnaround plan. Early 2026 shows signs of stabilization, and their future story now heavily links the potential resurgence of body contouring to the booming GLP-1 weight-loss drug market. The 2026 guidance reflects cautious optimism rather than a sharp rebound.