AIRS

AirSculpt is a discretionary cosmetic body-contouring business in structural decline. Revenue has fallen from a $196M peak in FY2023 to $180M (FY2024) to $152M (FY2025, -15.8% YoY), and the company has now posted four straight years of net losses, with the FY2025 loss deepening to -$11.7M (-45.5% YoY) and operating income swinging to -$11.6M. Management's own MD&A concedes the 'continued decline in its revenue' and frames the year around turnaround initiatives — a new Chief Sales Officer, Chief Digital Officer, expanded patient financing, and 'skin tightening' product bets — which is the language of a company fighting to stabilize, not one compounding. The most damaging risk factor is explicit: management flags 'increased market acceptance… of safer, more effective, easier to use and less expensive weight loss solutions, including weight loss drugs' as a demand driver. GLP-1 drugs are a genuine secular threat to elective liposuction demand, and the numbers already reflect it.