Accuray reported fourth-quarter fiscal 2025 results on August 13, 2025, with $128 million in revenue (down 5% year-over-year), service revenue of $56.9 million (up 4% year-over-year), and adjusted EBITDA of $9.4 million. Management completed a comprehensive debt refinancing in June, highlighted solid order momentum (book-to-bill 1.2), and issued guidance of $471 million to $485 million in revenue for fiscal year 2026 (ending June 30, 2026) and $31 million to $35 million in adjusted EBITDA for fiscal year 2026. The call focused on margin drivers, global supply chain shocks, and strategic product expansion in growth markets.

During the quarter, (NASDAQ:ARAY) exchanged approximately $82 million of 3.75% convertible notes due in 2026 for about 8.9 million shares and $68.6 million in cash, and entered a $190 million credit agreement with TCW, including a $150 million five-year term loan, $20 million delayed draw term loan, and $20 million revolver. This refinancing ended the company’s relationship with Silicon Valley Bank and resulted in a liquidity position of $62 million at quarter end.

The new capital structure eliminates near-term refinancing risk and provides the flexibility to invest in growth, research and development, and process efficiency over the next several years.

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Source Fool.com