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August 6 , 2026 inogen Q2 2026 Supplemental Financial Information
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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 six months ended June 30, 2026, and June 30, 2025. The non-GAAP financial measures presented in this presentation are EBITDA, adjusted EBITDA, adjusted gross profit, adjusted operating expense, adjusted loss from operations, adjusted net loss, adjusted diluted earnings per share, free cash flow, and total constant currency revenue. 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 management does not consider 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 of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures are included in the accompanying tables to this presentation. Non-GAAP financial measures are not defined in the same manner by all companies and may not be comparable to similarly titled measures used by other companies. © 2026 Inogen, Inc. All Rights Reserved
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3© 2023 Inogen, Inc. A ll R ights R eserved. Q2 2026 Results Revenue by geographic region Total by Category Q2 2026 Revenue Year-Over-Year Change % of Total Revenue U.S. sales $42.3 million (2.3)% 44.5% International sales $41.3 million 14.8% 43.4% U.S. rentals $11.6 million (11.8)% 12.2% Total revenue $95.1 million 3.0% 100% Total constant currency revenue $93.6 million 0.6% 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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4© 2023 Inogen, Inc. A ll R ights R eserved. Reconciliation of GAAP to Non-GAAP Adjusted EBITDA (in thousands) © 2025 Inogen, Inc. All Rights Reserved Three months ended June 30, Six months ended June 30, Non-GAAP EBITDA and Adjusted EBITDA 2026 2025 2026 2025 Net loss (GAAP) $ (3,850) $ (4,152) $ (12,174) $ (10,326) Non-GAAP adjustments: Interest income, net (861) (1,123) (1,741) (2,152) Benefit for income taxes (154) (153) (328) (250) Depreciation and amortization 4,697 5,216 9,601 10,405 EBITDA (non-GAAP) (168) (212) (4,642) (2,323) Stock-based compensation expense 1,771 2,293 3,721 4,440 Restructuring-related charges 214 — 1,130 — Stockholder engagement and proxy defense costs (1) 580 — 789 — Adjusted EBITDA (non-GAAP) $ 2,397 $ 2,081 $ 998 $ 2,117 © 2026 Inogen, Inc. All Rights Reserved (1) Stockholder engagement and proxy defense costs include third-party advisory, legal, and other professional fees.
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5© 2023 Inogen, Inc. A ll R ights R eserved. Three months ended June 30, 2026 Non-GAAP Financial Metrics Gross Profit Research and Development Sales and Marketing General and Administrative Loss from Operations Net Loss Diluted EPS Financial Results (GAAP) $ 43,272 $ 5,871 $ 24,824 $ 17,673 $ (5,096) $ (3,850) $ (0.14) Reported percent net sales 45.5% 6.2% 26.1% 18.6% (5.4%) (4.0%) Non-GAAP adjustments: Amortization of intangibles — 878 317 57 1,252 1,252 0.05 Stock-based compensation 73 119 92 1,487 1,771 1,771 0.07 Restructuring-related charges — — — 214 214 214 0.01 Stockholder engagement and proxy defense costs (1) — — — 580 580 580 0.02 Income tax impact of adjustments (2) — — — — — — — Adjusted $ 43,345 $ 4,874 $ 24,415 $ 15,335 $ (1,279) $ (33) $ — Adjusted percent net sales 45.6% 5.1% 25.7% 16.1% (1.3%) (0.0%) (1) Stockholder engagement and proxy defense costs include third-party advisory, legal, and other professional fees. (2) Income tax impact of adjustments represents the tax impact related to the non -GAAP adjustments listed above and reflects an effective tax rate of 0% for 2026 and 2025. Reconciliation of GAAP to Non-GAAP Adjusted Financial Metrics (in thousands) © 2025 Inogen, Inc. All Rights Reserved© 2026 Inogen, Inc. All Rights Reserved Three months ended June 30, 2025 Non-GAAP Financial Metrics Gross Profit Research and Development Sales and Marketing General and Administrative Loss from Operations Net Loss Diluted EPS Financial Results (GAAP) $ 41,341 $ 5,209 $ 25,390 $ 16,871 $ (6,129) $ (4,152) $ (0.15) Reported percent net sales 44.8% 5.6% 27.5% 18.3% (6.6%) (4.5%) Non-GAAP adjustments: Amortization of intangibles — 839 315 55 1,209 1,209 0.04 Stock-based compensation 129 69 186 1,909 2,293 2,293 0.09 Income tax impact of adjustments (2) — — — — — — — Adjusted $ 41,470 $ 4,301 $ 24,889 $ 14,907 $ (2,627) $ (650) $ (0.02) Adjusted percent net sales 44.9% 4.7% 27.0% 16.2% (2.8%) (0.7%)
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6© 2023 Inogen, Inc. A ll R ights R eserved. (1) Stockholder engagement and proxy defense costs include third-party advisory, legal, and other professional fees. (2) Income tax impact of adjustments represents the tax impact related to the non -GAAP adjustments listed above and reflects an effective tax rate of 0% for 2026 and 2025. Reconciliation of GAAP to Non-GAAP Adjusted Financial Metrics (in thousands) © 2025 Inogen, Inc. All Rights Reserved© 2026 Inogen, Inc. All Rights Reserved Six months ended June 30, 2026 Non-GAAP Financial Metrics Gross Profit Research and Development Sales and Marketing General and Administrative Loss from Operations Net Loss Diluted EPS Financial Results (GAAP) $ 81,135 $ 10,968 $ 49,427 $ 35,172 $ (14,432) $ (12,174) $ (0.45) Reported percent net sales 45.0% 6.1% 27.4% 19.5% (8.0%) (6.8%) Non-GAAP adjustments: Amortization of intangibles — 1,765 668 115 2,548 2,548 0.09 Stock-based compensation 255 270 131 3,065 3,721 3,721 0.14 Restructuring-related charges — — — 1,130 1,130 1,130 0.04 Stockholder engagement and proxy defense costs (1) — — — 789 789 789 0.03 Income tax impact of adjustments (2) — — — — — — — Adjusted $ 81,390 $ 8,933 $ 48,628 $ 30,073 $ (6,244) $ (3,986) $ (0.15) Adjusted percent net sales 45.2% 5.0% 27.0% 16.7% (3.5%) (2.2%) Six months ended June 30, 2025 Non-GAAP Financial Metrics Gross Profit Research and Development Sales and Marketing General and Administrative Loss from Operations Net Loss Diluted EPS Financial Results (GAAP) $ 77,713 $ 9,243 $ 49,147 $ 33,108 $ (13,785) $ (10,326) $ (0.40) Reported percent net sales 44.5% 5.3% 28.2% 19.0% (7.9%) (5.9%) Non-GAAP adjustments: Amortization of intangibles — 1,635 607 106 2,348 2,348 0.09 Stock-based compensation 296 164 400 3,580 4,440 4,440 0.17 Income tax impact of adjustments (2) — — — — — — — Adjusted $ 78,009 $ 7,444 $ 48,140 $ 29,422 $ (6,997) $ (3,538) $ (0.14) Adjusted percent net sales 44.7% 4.3% 27.6% 16.9% (4.0%) (2.0%)
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7© 2023 Inogen, Inc. A ll R ights R eserved. Reconciliation of GAAP to Non-GAAP Free Cash Flow (in thousands) © 2025 Inogen, Inc. All Rights Reserved© 2026 Inogen, Inc. All Rights Reserved Three months ended June 30, Six months ended June 30, Non-GAAP Free Cash Flow 2026 2025 2026 2025 Operating Cash Flow $ 2,946 $ 4,350 $ (3,739) $ (12,440) Capital Expenditures (1,919) (3,870) (2,700) (5,908) Free Cash Flow $ 1,027 $ 480 $ (6,439) $ (18,348)
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8© 2023 Inogen, Inc. A ll R ights R eserved. Stock-Based Compensation (in thousands) © 2025 Inogen, Inc. All Rights Reserved Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Stock-based compensation expense by type of award: Restricted stock units $ 1,706 $ 2,205 $ 3,570 $ 4,213 Employee stock purchase plan 65 88 151 227 Total stock-based compensation expense $ 1,771 $ 2,293 $ 3,721 $ 4,440 Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Cost of revenue $ 73 $ 129 $ 255 $ 296 Research and development 119 69 270 164 Sales and marketing 92 186 131 400 General and administrative 1,487 1,909 3,065 3,580 Total stock-based compensation expense $ 1,771 $ 2,293 $ 3,721 $ 4,440 © 2026 Inogen, Inc. All Rights Reserved
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Improving lives through respiratory care.