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Q4 2025 Supplemental Financial Information February 24, 2026
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2© 2023 Inogen, Inc. A ll R ights R eserved. Use of Non-GAAP Financial Measures Inogen has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three and twelve months ended December 31, 2025, and December 31, 2024, and for the fiscal year ended December 31, 2023. Management believes that these non-GAAP financial measures, taken in conjunction with U.S. GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of Inogen’s core operating results. Management uses these non-GAAP measures to compare Inogen’s performance relative to forecasts and strategic plans, to benchmark Inogen’s performance externally against competitors, and for certain compensation decisions. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of Inogen's operating results as reported under U.S. GAAP . Inogen encourages investors to carefully consider its results under U.S. GAAP , as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between U.S. GAAP and non-GAAP results are presented in the accompanying tables of this release. © 2026 Inogen, Inc. All Rights Reserved
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3© 2023 Inogen, Inc. A ll R ights R eserved. Total Revenue – Previous & New Reporting Structure Previous Reporting Structure 2023 2024 2025 Q/Q Growth Y/Y Growth (in $ millions) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY B2B domestic 12.6 18.3 17.3 18.1 66.2 16.5 21.3 23.4 22.4 83.6 21.5 25.4 24.9 22.8 94.6 2.0% 13.2% B2B international 19.0 23.3 25.6 21.5 89.4 26.0 30.5 32.3 28.3 117.2 32.0 35.9 38.4 32.5 138.8 14.8% 18.4% DTC sales 24.3 26.8 25.1 19.8 96.0 20.5 22.6 19.2 15.6 78.0 15.0 17.8 15.8 13.2 61.9 (15.3)% (20.7)% Subtotal sales revenue 55.9 68.3 68.0 59.4 251.6 63.1 74.4 74.9 66.3 278.8 68.5 79.2 79.1 68.6 295.3 3.4% 5.9% Rental revenue 16.3 15.3 16.0 16.5 64.1 14.9 14.3 13.9 13.8 56.9 13.8 13.1 13.3 13.1 53.4 (4.5)% (6.3)% Total revenue 72.2 83.6 84.0 75.9 315.7 78.0 88.8 88.8 80.1 335.7 82.3 92.3 92.4 81.7 348.7 2.0% 3.9% Due to rounding, numbers presented may not add up precisely to the totals provided. © 2026 Inogen, Inc. All Rights Reserved New Reporting Structure 2023 2024 2025 Q/Q Growth Y/Y Growth (in $ millions) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY U.S. sales 36.9 45.1 42.4 37.9 162.2 37.1 43.9 42.6 38.0 161.5 36.5 43.2 40.7 36.1 156.5 (5.1)% (3.1)% International sales 19.0 23.3 25.6 21.5 89.4 26.0 30.5 32.3 28.3 117.2 32.0 35.9 38.4 32.5 138.8 14.8% 18.4% Subtotal sales revenue 55.9 68.3 68.0 59.4 251.6 63.1 74.4 74.9 66.3 278.8 68.5 79.2 79.1 68.6 295.3 3.4% 5.9% U.S. rentals 16.3 15.3 16.0 16.5 64.1 14.9 14.3 13.9 13.8 56.9 13.8 13.1 13.3 13.1 53.4 (4.5)% (6.3)% Total revenue 72.2 83.6 84.0 75.9 315.7 78.0 88.8 88.8 80.1 335.7 82.3 92.3 92.4 81.7 348.7 2.0% 3.9%
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4© 2023 Inogen, Inc. A ll R ights R eserved. Q4 2025 Results Revenue by geographic region Total by Category Q4 2025 Revenue Year-Over-Year Change % of Total Revenue U.S. sales $36.1 million (5.1)% 44.1% International sales $32.5 million 14.8% 39.8% U.S. rentals $13.1 million (4.5)% 16.1% Total revenue $81.7 million 2.0% 100% Total constant currency revenue $81.7 million 1.2% 100% Due to rounding, numbers presented may not add up precisely to the totals provided. © 2026 Inogen, Inc. All Rights Reserved
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5© 2023 Inogen, Inc. A ll R ights R eserved. Full Year 2025 Results Revenue by geographic region Total by Category Q4 2025 Revenue Year-Over-Year Change % of Total Revenue U.S. sales $156.5 million (3.1)% 44.9% International sales $138.9 million 18.4% 39.8% U.S. rentals $53.4 million (6.3)% 15.3% Total revenue $348.7 million 3.9% 100% Total constant currency revenue $348.7 million 3.7% 100% Due to rounding, numbers presented may not add up precisely to the totals provided. © 2026 Inogen, Inc. All Rights Reserved
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6© 2023 Inogen, Inc. A ll R ights R eserved. Operating Expense and Net Loss (in thousands) Three months ended December 31, Twelve months ended December 31, 2025 2024 2025 2024 Operating expense Research and development $ 5,316 $ 5,898 $ 19,399 $ 21,610 Sales and marketing 23,106 24,155 97,692 103,069 General and administrative 16,120 17,622 67,381 72,578 Total operating expense 44,542 47,675 184,472 197,257 Loss from operations (9,306) (11,386) (30,207) (42,516) Other income (expense) Interest income, net 1,163 1,413 4,385 5,190 Other income (expense) 780 (114) 2,443 850 Total other income, net 1,943 1,299 6,828 6,040 Loss before benefit for income taxes (7,363) (10,087) (23,379) (36,476) Benefit for income taxes (236) (330) (632) (588) Net loss $ (7,127) $ (9,757) $ (22,747) $ (35,888) © 2026 Inogen, Inc. All Rights Reserved
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7© 2023 Inogen, Inc. A ll R ights R eserved. Reconciliation of GAAP to Non-GAAP Adjusted EBITDA (in thousands) © 2026 Inogen, Inc. All Rights Reserved Three months ended Twelve months ended December 31, December 31, Non-GAAP EBITDA and Adjusted EBITDA 2025 2024 2025 2024 Net loss (GAAP) $ (7,127) $ (9,757) $ (22,747) $ (35,888) Non-GAAP adjustments: Interest income, net (1,163) (1,413) (4,385) (5,190) Benefit for income taxes (236) (330) (632) (588) Depreciation and amortization 5,035 5,080 20,659 21,004 EBITDA (non-GAAP) (3,491) (6,420) (7,105) (20,662) Stock-based compensation 1,811 1,693 8,014 7,397 Acquisition-related expenses — — — 784 Change in fair value of earnout liability — 1,170 — 3,000 Legal and settlement expenses — — 1,784 — Adjusted EBITDA (non-GAAP) $ (1,680) $ (3,557) $ 2,693 $ (9,481)
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8© 2023 Inogen, Inc. A ll R ights R eserved. (1) I ncome tax impact of adjustments represents the tax impact related to the non -GA A P adjustments listed above and reflects an effective tax rate of 0% for 2025 and 2024. Reconciliation of GAAP to Non-GAAP Adjusted Net Loss (in thousands) © 2026 Inogen, Inc. All Rights Reserved Three months ended December 31, Operating Expense Loss from Operations Net Loss Diluted EPS Non-GAAP Financial Metrics 2025 2024 2025 2024 2025 2024 2025 2024 Financial Results (GAAP) $ 44,542 $ 47,675 $ (9,306) $ (11,386) $ (7,127) $ (9,757) $ (0.26) $ (0.41) Non-GAAP adjustments: Amortization of intangibles 1,287 1,103 1,287 1,103 1,287 1,103 0.05 0.05 Stock-based compensation 1,811 1,693 1,811 1,693 1,811 1,693 0.07 0.07 Change in fair value of earnout liability — 1,170 — 1,170 — 1,170 — 0.05 Income tax impact of adjustments (1) — — — — — — — — Adjusted $ 41,444 $ 43,709 $ (6,208) $ (7,420) $ (4,029) $ (5,791) $ (0.15) $ (0.24) Twelve months ended December 31, Operating Expense Loss from Operations Net Loss Diluted EPS Non-GAAP Financial Metrics 2025 2024 2025 2024 2025 2024 2025 2024 Financial Results (GAAP) $ 184,472 $ 197,257 $ (30,207) $ (42,516) $ (22,747) $ (35,888) $ (0.86) $ (1.52) Non-GAAP adjustments: Amortization of intangibles 4,920 4,330 4,920 4,330 4,920 4,330 0.18 0.18 Stock-based compensation 8,014 7,397 8,014 7,397 8,014 7,397 0.30 0.31 Acquisition-related expenses — 784 — 784 — 784 — 0.03 Change in fair value of earnout liability — 3,000 — 3,000 — 3,000 — 0.13 Legal and settlement expenses 1,784 — 1,784 — 1,784 — 0.07 — Income tax impact of adjustments (1) — — — — — — — — Adjusted $ 169,754 $ 181,746 $ (15,489) $ (27,005) $ (8,029) $ (20,377) $ (0.30) $ (0.86)
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9© 2023 Inogen, Inc. A ll R ights R eserved. Stock-Based Compensation (in thousands) © 2026 Inogen, Inc. All Rights Reserved Years ended December 31, Stock-based compensation expense by type of award: 2025 2024 2023 Restricted stock units and restricted stock awards $7,643 $6,941 $7,037 Employee stock purchase plan 371 456 390 Total stock-based compensation expense $8,014 $7,397 $7,427 Years ended December 31, 2025 2024 2023 Cost of revenue $564 $579 $540 Research and development 324 474 1,592 Sales and marketing 771 1,558 1,598 General and administrative 6,355 4,786 3,697 Total stock-based compensation expense $8,014 $7,397 $7,427
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Improving lives through respiratory care.