Slides
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Q2’FY26 Earnings CallSupplemental Presentation February 4, 2026
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Forward-looking StatementsThis presentation is intended exclusively for investors. It is not intended for use in Sales or Marketing. 2Proprietary and Confidential Property of Accuray Safe Harbor StatementStatements in this presentation (including the oral commentary that accompanies it) that are not statements of historical fact are forward-looking statements and are subject to the “safeharbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this presentation relate, but are not limited, to: expectations regarding adjusted EBITDAand revenue; expectations regarding China deferred margin release; our ability to deliver on our goals, priorities, and strategic growth and transformation plans; expectations related to ourChina joint venture; and expectations related to new product innovations and offerings as well as revenue growth and market share going forward. Forward-looking statements generally canbe identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “projects,” “may,” “will be,” “will continue,” and similar expressions. These forward-lookingstatements involve risks and uncertainties that could cause actual results to differ materially from expectations. These risks and uncertainties include, but are not limited to: risks related tothe effect of the global macroeconomic environment on the operations of the company and those of its customers and suppliers; effects related to international tariffs; disruptions to oursupply chain, including increased logistics costs; the company's ability to achieve widespread market acceptance of its products; the company’s ability to realize the expected benefits of theChina joint venture and other partnerships; risks inherent in international operations; the company's ability to maintain or increase its gross margins on product sales and services; delays inregulatory approvals or the development or release of new offerings; the company's ability to meet the covenants under its credit facilities; the company's ability to convert backlog torevenue and other risks identified under the heading “Risk Factors” in our quarterly report on Form 10-Q, filed with the Securities and Exchange Commission (the “SEC”) on November 5, 2025,and as updated periodically with our other filings with the SEC.Forward-looking statements speak only as of the date the statements are made and are based on information available to Accuray at the time those statements are made and/ormanagement’s good faith belief as of that time with respect to future events. Accuray assumes no obligation to update forward-looking statements to reflect actual performance or results,changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. Accordingly, investors should not placeundue reliance on any forward-looking statements.Non-GAAP Financial MeasuresThis presentation also contains non-GAAP financial measures. Management believes thatnon-GAAPfinancial measures provide useful supplemental information to management andinvestors regarding the performance of the company and facilitates a more meaningful comparison of results for current periods with previous operating results. Additionally, these non-GAAP financial measures assist management in analyzing future trends, making strategic and business decisions, and establishing internal budgets and forecasts. A reconciliation of thesenon-GAAP financial measures to the most directly comparable GAAP measure is provided in the Appendix.There are limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used byother companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Investors and potential investors should considernon-GAAP financial measures only in conjunction with the company’s consolidated financial statements prepared in accordance with GAAP.Medical Advice DisclaimerAccuray Incorporated as a medical device manufacturer cannot and does not recommend specific treatment approaches. Individual results may vary.
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3Proprietary and Confidential Property of Accuray Vision and MissionTo expand the curative power of radiation therapy to improve as many lives as possible.To think, act, and execute beyond expectations every day to deliver better, safer radiation therapy solutions and help patients get back to living their lives, faster.
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4Proprietary and Confidential Property of Accuray Q2’FY26 and 1H’FY26 FinancialsStrong financial performanceKEY FINANCIAL METRICSQ2 FY’26 Highlights As a key part of our recurring revenue growth strategy, service revenue continues to grow due to growth in install base and favorable pricing impacts. The China JV delivered 27 systems in Q2 FY’25 compared to 11 systems in Q2 FY’26, providing a tough comparison in product margins. Accounts Receivable balance continues to stay low on continued cash collection improvements. Days Sales Outstanding is at 43 days as of December 2025, 27 days lower than December 2024. 1Adjusted EBITDA is a non-GAAP measure. Please see Slides 8-9 for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure. $M Q2 Y/Y 1H Y/Y-10%$196.2M-12%$102.2MRevenues-25%$82.2M-26%$45.0MProduct5%$114.0M4%$57.2MService-33%$51.1M-43%$24.1MGross MarginFlat$74.0M-4%$35.6MOp. Expenses-147%($6.0M)-120%($1.9M)Adj. EBITDA1
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5Proprietary and Confidential Property of Accuray China Deferred Margin ImpactDue to JV accounting rules, 49%of total margin is deferred upon shipment to the JV and marginis released when the JV ships the system to its customerDeferred margin is reflected onthe Balance Sheet under Assetsas “Investment in JV”Net release of $1.2 million in Q2 is a result of 11 units released versus 6 units shipped. 1Gross Margin % (Excl China Margin Impact) is a non-GAAP measure. Please see Slides 13 - 15 for a reconciliation of Gross Margin % (Excl China Margin Impact) to the most directly comparable GAAP measure. 2 Adjusted EBITDA is a non-GAAP measure. Please see Slides 8, 10 - 11 for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure. Total Deferral Impact$k YTD Q1 Q2Net China Margin Impact (Deferral) / Release(7,666) (1,081) 1,220 Total Gross Margin % Reported32.1% 28.8% 23.5%Gross Margin % (Excl China Margin Impact) 1 33.7% 29.9% 22.4%Adjusted EBITDA (Reported) 2 28,271 (4,110) (1,936) Adjusted EBITDA % 2 6% -4% -2%Adjusted EBITDA (Excl China Margin Impact) 235,937 (3,029) (3,156) Adjusted EBITDA (Excl China Margin Impact) 28% -3% -3%Def Margin in Balance Sheet (cumulative) (17,501) (18,582) (17,362) FY25 FY26
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6Proprietary and Confidential Property of Accuray FY26 Guidance RevenueAdjusted EBITDA1 Previous GuidanceRange $31M - $35M+10% to +25% 1 Adjusted EBITDA is a non-GAAP measure.Please see Slide 12 for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure. $ in millions% = YoY Growth$471M - $485M+3% to +6%Revised GuidanceRange$22M - $25M-22% to -12%[revised] $440M - $450M-2% to -4%[revised]
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7Proprietary and Confidential Property of Accuray Thank you
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8Proprietary and Confidential Property of Accuray $KGAAP net lossStock-based compensationInterest expense, net(b)Provision for income taxesAdjusted EBITDA Depreciation and amortization(a)Three Months EndedDecember 31,20242025$ $$ $ (13,770)2,1638827,463573(1,936) 2,5371,5132,2842,6056959,634Gain from change in fair value of warrant liability(5,713) - GAAP to Adjusted EBITDA Q2 FY’26 and Q2 FY’25Reconciliation of Net Income (Loss) to Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-Based Compensation (Adjusted EBITDA) Restructuring charges 6,075 -391 -Post financing costs(a) Consists of depreciation on property and equipment and amortization of intangibles.(b) Consists of interest expense net of interest income.
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9Proprietary and Confidential Property of Accuray $KGAAP net lossStock-based compensationInterest expense, net(b)Provision for income taxesAdjusted EBITDA Depreciation and amortization(a)Six Months EndedDecember 31,20242025$ $$ $ (35,448)3,8393,39715,2431,044(6,046) (1,417)2,9774,6385,2571,32012,775Gain from change in fair value of warrant liability(3,839) - GAAP to Adjusted EBITDA 1H FY’26 and 1H FY’25Reconciliation of Net Income (Loss) to Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-Based Compensation (Adjusted EBITDA) Restructuring charges 8,886 -832 -Post financing costs(a) Consists of depreciation on property and equipment and amortization of intangibles.(b) Consists of interest expense net of interest income.
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10Proprietary and Confidential Property of Accuray $KGAAP net lossStock-based compensationInterest expense, net(b)Provision for income taxesAdjusted EBITDA Depreciation and amortization(a)Three Months EndedSeptember 30,20242025$ $$ $ (21,678)1,6762,5157,780471(4,110) (3,954)1,4642,3542,6526253,141Loss from change in fair value of warrant liability1,874 - GAAP to Adjusted EBITDA Q1 FY’26 and Q1 FY’25Reconciliation of Net Income (Loss) to Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-Based Compensation (Adjusted EBITDA) Restructuring charges 2,811 -441 -Post financing costs(a) Consists of depreciation on property and equipment and amortization of intangibles.(b) Consists of interest expense net of interest income.
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11Proprietary and Confidential Property of Accuray $KGAAP net lossStock-based compensationInterest expense, netProvision for income taxesDepreciation and amortizationTwelve Months EndedJune 30,2025$ (1,591)6,15010,20111,7622,725499Gain on extinguishment of debt(1,475) GAAP to Adjusted EBITDA FY2025Reconciliation of Net Income (Loss) to Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization and Stock-Based Compensation (Adjusted EBITDA) Adjusted EBITDA $ 28,271Loss from change in fair value of warrant liability
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12Proprietary and Confidential Property of Accuray $KGAAP net lossStock-based compensationInterest expense, netProvision for income taxesAdjusted EBITDA Depreciation and amortizationToFrom$ $$ $ (39,000)8,5009,25030,0002,50022,000 (36,000)8,5009,25030,0002,50025,000 GAAP to Adjusted EBITDA FY’26 – Forward Looking GuidanceReconciliation of Net Income (Loss) to Adjusted Earnings Before Interest, Taxes,Depreciation, Amortization and Stock-Based Compensation (Adjusted EBITDA)Twelve Months EndedJune 30, 2026 Post-financing costs 1,750 1,750Restructuring charges 13,000 13,000Gain from change in fair value of warranty liability(4,000) (4,000)
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13Proprietary and Confidential Property of Accuray $KTotal Net RevenueGross ProfitChina Margin ReleaseGross Margin % excl China Margin ImpactTotal Cost of RevenueThree Months EndedDecember 31,2025$ 102,241(78,169)24,0721,22022.35%Gross Profit excl China Margin Impact22,852 Gross Margin to Gross Margin Excluding China Margin Impact Q2 FY’26Reconciliation of Gross margin to Gross margin excluding China Margin Impact $
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14Proprietary and Confidential Property of Accuray $KTotal Net RevenueGross ProfitChina Margin DeferralGross Margin % excl China Margin ImpactTotal Cost of RevenueThree Months EndedSeptember 30,2025$ 93,942(66,931)27,011(1,081)29.90%Gross Profit excl China Margin Impact28,092 Gross Margin to Gross Margin Excluding China Margin Impact Q1 FY’26Reconciliation of Gross margin to Gross margin excluding China Margin Impact $
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15Proprietary and Confidential Property of Accuray $KTotal Net RevenueGross ProfitChina Margin DeferralGross Margin % excl China Margin ImpactTotal Cost of RevenueTwelve Months EndedJune 30,2025$ 458,505(311,538)146,967(7,666)33.73%Gross Profit excl China Margin Impact154,633 Gross Margin to Gross Margin Excluding China Margin Impact FY25Reconciliation of Gross margin to Gross margin excluding China Margin Impact $