Allurion Reports Third Quarter 2025 Financial Results and Provides Business Update

NATICK, Mass.--(BUSINESS WIRE)-- $ALUR --Allurion Technologies, Inc. (NYSE: ALUR), a pioneer in metabolically healthy weight loss, today announced its financial results for the third quarter and provided a business update. Recent Company Highlights Successfully passed U.S. Food and Drug Administration (“FDA”) Pre-Approval Inspection and Bioresearch Monitoring (BIMO) audit with zero observations and no Form 483 issued Completed Premarket Approval (“PMA”) Acceptance and Filing Reviews, entered Substantive Review for the Allurion Smart Capsule and successfully completed Day-100 meeting Entered into transaction to exchange all outstanding debt for convertible preferred equity and concurrently announced private placement financing of $5 million to strengthen balance sheet Explored initial development of drug-eluting intragastric device and process validation of new R&D and manufacturing line in collaboration with strategic partner Operating expenses of $10.9 million and operating loss of $9.6 million reduced by 29% and 22%, respectively, compared to last year. Adjusted operating expenses of $8.4 million and operating loss of $6.9 million reduced by 42% and 39%, respectively, compared to last year. “In this past quarter at Allurion, we achieved several significant milestones toward FDA approval,” said Dr. Shantanu Gaur, Founder and CEO of Allurion. “From July through October, we passed two FDA inspections with zero observations and successfully conducted our Day-100 meeting. We believe that we are now entering the final stages of the process. “As we near a potential FDA approval, we also took several steps to strengthen our balance sheet and set Allurion up for long-term success,” said Dr. Gaur. “By entering into a transaction to exchange all of our outstanding debt for convertible preferred equity and closing the private placement, we believe we are better positioned to deliver on key catalysts, including FDA approval. “In the third quarter, we began executing across our strategy to focus on accounts that can offer comprehensive obesity care and distributors who have access to those networks,” said Dr. Gaur. “Even with the restructuring that we conducted in August, we were able to deliver on revenue expectations and continued to narrow our operating loss and reduce expenses. We believe the strategy we are executing now could be a useful playbook for US market entry. “Finally, as we explore next-generation R&D and manufacturing initiatives with our new strategic partner, we have begun to view the Allurion Smart Capsule as more of a platform technology that could, longer-term, deliver drugs of all kinds—not just GLP-1s—to address adherence issues that are inherent to pharmacotherapy,” said Dr. Gaur. “We believe that with this approach, we could one day build a new standard of care in not only obesity management but also across several other disease areas, and we are looking forward to proving this out in the future.” Third Quarter Financial Results Total revenue for the quarter ended September 30, 2025 was $2.7 million, compared to $5.4 million for the same period in 2024. The year-over-year decrease in revenue was primarily due to the distributor transitions initiated in the second quarter of 2025 and lower investments in sales and marketing as a result of restructuring. Gross profit for the quarter was $1.3 million, or 49% of revenue, compared to $3.1 million, or 58% of revenue, for the same period in 2024, and included $0.1 million in restructuring costs. The decrease in gross profit was driven by a decrease in sales and lower production volumes leading to less absorption of labor and overhead costs. Sales and marketing expenses for the quarter were $3.1 million, compared to $5.2 million for the same period in 2024, and included $1.1 million in restructuring costs. The reduction in expense was primarily driven by increased operating efficiency and the restructuring initiatives implemented previously. Research and development expenses for the quarter were $2.0 million, compared to $3.2 million for the same period in 2024, and included $0.5 million in restructuring costs. The reduction was primarily driven by reduced costs related to the AUDACITY trial and restructuring initiatives implemented previously. General and administrative expenses for the third quarter were $5.8 million, compared to $7.0 million for the same period in 2024, and included $0.9 million in restructuring costs. The reduction year over year was primarily driven by previous restructuring initiatives. Loss from operations for the third quarter was $9.6 million compared to $12.3 million for the same period in 2024. Adjusted loss from operations for the third quarter of 2025 was $6.9 million, excluding restructuring costs of $2.7 million. Adjusted loss from operations for the third quarter of 2024 was $11.4 million, excluding one-time financing costs of $0.9 million. The reduction was driven by previous restructuring initiatives. As of September 30, 2025, cash and cash equivalents were $6.1 million, not including the private placement financing of $5 million. Conference Call and Webcast Details Company management will host a conference call to discuss financial results and provide a business update on November 12, 2025 at 8:30 AM ET. To access the conference call by telephone, please dial (888) 330-3417 (domestic) or +1 (646) 960-0804 (international) and use Conference ID 1905455. To listen to the conference call via live audio webcast, please visit the Events section of Allurion’s Investor Relations website at Allurion - Events & Presentations . About Allurion Allurion is a pioneer in metabolically healthy weight loss. The Allurion Program is a weight-loss platform that combines the Allurion Smart Capsule, the world’s first and only swallowable, Procedureless ™ gastric balloon for weight loss, the Allurion Virtual Care Suite, including the Allurion Mobile App for consumers and Allurion Insights for healthcare providers featuring the Iris AI Platform, and the Allurion Connected Scale. The Allurion Virtual Care Suite is also available to providers separately from the Allurion Program to help customize, monitor, and manage weight-loss therapy for patients regardless of their treatment plan. The Allurion Smart Capsule is an investigational device in the United States. For more information about Allurion and the Allurion Virtual Care Suite, please visit www.allurion.com . Allurion is a trademark of Allurion Technologies, Inc. in the United States and countries around the world. Non-GAAP Financial Measures Relevant income statement items contained in this release are also presented on an “adjusted” basis, which exclude items that are of a one-time nature that do not impact the ongoing performance of the business and reflect the way the Company’s management and the Board of Directors view the performance of the Company internally. The Company believes that excluding the effects of these items from its operating results allows management and investors to effectively compare the true underlying financial performance of its business from period to period and against its global peers. Forward-Looking Statements This press release contains forward-looking statements that reflect Allurion’s beliefs and assumptions based on information currently available. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing” or the negative of these terms or other comparable terms, although not all forward-looking statements contain these words. Although Allurion believes it has a reasonable basis for each forward-looking statement contained in this release, these statements involve risks and uncertainties that may cause actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding: the impact of the exchange of our outstanding debt for convertible preferred stock and the recently completed private placement; the potential of the Allurion Smart Capsule to be combined with other treatments, including treatments for conditions other than weight loss; establishing a new standard for weight loss; combination with other treatments; choosing appropriate strategic, distribution, or other partners; pioneering in healthy weight loss and maintenance of muscle mass; the uniqueness of Allurion’s product and service offerings, including the Allurion Program; the status of the FDA’s review of the Company’s PMA application for the Allurion Smart Capsule; expectations regarding entry into the U.S. market; and other statements about future events that reflect the current beliefs and assumptions of Allurion’s management based on information currently available to management. Allurion cannot assure you that the forward-looking statements in this press release will prove to be accurate. These forward looking statements are subject to a number of risks and uncertainties, including, among others, general economic, political and business conditions; the ability of Allurion to obtain and maintain regulatory approval for, and successfully commercialize, the Allurion Program, including the Allurion Smart Capsule; the timing of, and results from, Allurion’s clinical studies and trials, including with respect to the combination of GLP-1s with the Allurion Smart Capsule; the evolution of the markets in which Allurion competes, including the impact of GLP-1 drugs; the ability of Allurion to maintain its listing on the New York Stock Exchange; a changing regulatory landscape in the highly competitive industry in which Allurion competes; the impact of the imposition of current and potential tariffs and trade negotiations, and those factors discussed under the heading “Risk Factors” in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 27, 2025, as amended by Amendment No. 1 thereto filed on August 19, 2025, and updated from time to time by its other filings with the SEC, and its Quarterly Report on Form 10-Q filed with the SEC on August 19, 2025. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Allurion undertakes no obligation to update any forward-looking statements to reflect any new information, events, or circumstances after the date they are made, or to reflect the occurrence of unanticipated events, other than as required by applicable law. Condensed Consolidated Statements of Operations (dollars in thousands, except per share amounts)(unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenue $ 2,658 $ 5,367 $ 11,617 $ 26,519 Cost of revenue 1,354 2,256 3,654 7,549 Gross profit 1,304 3,111 7,963 18,970 Operating expenses: Sales and marketing 3,129 5,197 9,162 18,060 Research and development 2,016 3,212 6,440 13,247 General and administrative 5,789 7,043 16,224 20,746 Total operating expenses: 10,934 15,452 31,826 52,053 Loss from operations (9,630 ) (12,341 ) (23,863 ) (33,083 ) Other income (expense): Interest expense — — — (2,264 ) Changes in fair value of warrants 1,482 9,703 9,214 14,210 Changes in fair value of debt (1,250 ) 7,930 (2,450 ) 16,000 Changes in fair value of Revenue Interest Financing and PIPE Conversion Option (2,571 ) 496 (6,331 ) (7,598 ) Changes in fair value of earn-out liabilities (18 ) 2,260 997 22,140 Loss on extinguishment of debt — — (660 ) (8,713 ) Other income (expense), net 112 757 520 1,928 Total other income (expense): (2,245 ) 21,146 1,290 35,703 Loss before income taxes (11,875 ) 8,805 (22,573 ) 2,620 Provision for income taxes (9 ) (69 ) (147 ) (210 ) Net (loss) income (11,884 ) 8,736 (22,720 ) 2,410 Cumulative undeclared preferred dividends — — — — Net loss attributable to common shareholders $ (11,884 ) $ 8,736 $ (22,720 ) $ 2,410 Net loss per share Basic $ (1.53 ) $ 3.41 $ (3.43 ) $ 1.13 Diluted $ (1.53 ) $ 3.40 $ (3.43 ) $ (2.42 ) Weighted-average shares outstanding Basic 7,762,703 2,563,459 6,624,839 2,132,416 Diluted 7,762,703 2,566,321 6,624,839 2,392,202 Condensed Consolidated Balance Sheets (dollars in thousands, except share amounts)(unaudited) September 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 6,136 $ 15,379 Accounts receivable, net of allowance of doubtful accounts of $7,613 and $6,701, respectively 3,983 7,134 Inventory, net 3,665 3,400 Prepaid expenses and other current assets 812 1,243 Total current assets 14,596 27,156 Property and equipment, net 1,514 2,469 Right-of-use asset 1,078 2,079 Other long-term assets 953 1,109 Total assets $ 18,141 $ 32,813 Liabilities and Stockholders’ Deficit Current liabilities: Accounts payable $ 2,813 $ 6,572 Current portion of lease liabilities 471 869 Accrued expenses and other current liabilities 8,336 11,422 Total current liabilities 11,620 18,863 Warrant liabilities 5,718 4,567 Revenue Interest Financing liability 49,900 49,200 Earn-out liabilities 93 1,090 Convertible notes payable 32,240 35,710 Lease liabilities, net of current portion 682 1,344 Other liabilities 816 17 Total liabilities 101,069 110,791 Commitments and Contingencies Stockholders’ deficit: Preferred stock, $0.0001 par value — 100,000,000 shares authorized as of September 30, 2025; and no shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively — — Common stock, $0.0001 par value — 1,000,000,000 shares authorized as of September 30, 2025; and 7,767,027 and 2,710,607 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively 5 3 Additional paid-in capital 163,354 152,596 Accumulated other comprehensive (loss) income (1,360 ) (8,370 ) Accumulated deficit (244,927 ) (222,207 ) Total stockholders’ deficit (82,928 ) (77,978 ) Total liabilities and stockholders’ deficit $ 18,141 $ 32,813 Non-GAAP Net Operating Loss Reconciliation (dollars in thousands)(unaudited) Three Months Ended September 30, 2025 GAAP Results Restructuring Costs Adjusted Results Revenue $ 2,658 $ — $ 2,658 Cost of revenue 1,354 149 1,205 Gross profit 1,304 (149 ) 1,453 Operating expenses: Sales and marketing 3,129 1,117 2,012 Research and development 2,016 514 1,502 General and administrative 5,789 916 4,873 Total operating expenses: 10,934 2,547 8,387 Loss from operations (9,630 ) (2,696 ) (6,934 ) Other income (expense): Interest expense — — — Changes in fair value of warrants 1,482 — 1,482 Changes in fair value of debt (1,250 ) — (1,250 ) Changes in fair value of Revenue Interest Financing and PIPE Conversion Option (2,571 ) — (2,571 ) Changes in fair value of earn-out liabilities (18 ) — (18 ) Loss on extinguishment of debt — Other income (expense), net 112 — 112 Total other income: (2,245 ) — (2,245 ) Income before income taxes (11,875 ) (2,696 ) (9,179 ) Provision for income taxes (9 ) — (9 ) Net income $ (11,884 ) $ (2,696 ) $ (9,188 ) Three Months Ended September 30, 2024 GAAP Results Financing Costs Adjusted Results Revenue $ 5,367 $ — $ 5,367 Cost of revenue 2,256 — 2,256 Gross profit 3,111 — 3,111 Operating expenses: Sales and marketing 5,197 — 5,197 Research and development 3,212 — 3,212 General and administrative 7,043 946 6,097 Total operating expenses: 15,452 946 14,506 Loss from operations (12,341 ) (946 ) (11,395 ) Other income (expense): Interest expense — — — Changes in fair value of warrants 9,703 — 9,703 Changes in fair value of debt 7,930 — 7,930 Changes in fair value of Revenue Interest Financing and PIPE Conversion Option 496 — 496 Changes in fair value of earn-out liabilities 2,260 — 2,260 Other income (expense), net 757 — 757 Total other income: 21,146 — 21,146 Income before income taxes 8,805 (946 ) 9,751 Provision for income taxes (69 ) — (69 ) Net income $ 8,736 $ (946 ) $ 9,682 Additional Non-GAAP Reconciliations (unaudited) Three Months Ended September 30, 2025 Change in Operating Expenses, as reported (29 )% Non-GAAP adjustments (13 )% Change in Operating Expenses, adjusted (42 )% Three Months Ended September 30, 2025 Change in Net Operating Loss, as reported (22 )% Non-GAAP adjustments (17 )% Change in Net Operating Loss, adjusted (39 )% Contacts Media Contact Allurion Press Office Woodrow Communications allurion@woodrowcommunications.com I nvestor Contact investors@allurion.com