# Inogen (INGN) 10-Q SEC filing - Q2 FY2026

- Filed: Aug 7, 2026, 4:11 PM EDT
- Fiscal quarter: Q2 FY2026
- Calendar quarter: Q2 2026
- Accession: 0001294133-26-000034
- OpenCapital page: https://www.opencapital.sh/filings/0001294133-26-000034
- Markdown URL: https://www.opencapital.sh/filings/0001294133-26-000034.md
- Official SEC filing index: https://www.sec.gov/Archives/edgar/data/1294133/000129413326000034/0001294133-26-000034-index.htm

## Filing documents

- [10-Q (ingn-20260630.htm)](https://www.sec.gov/Archives/edgar/data/1294133/000129413326000034/ingn-20260630.htm)
- [EX-10.6 (ingn-ex10_6.htm)](https://www.sec.gov/Archives/edgar/data/1294133/000129413326000034/ingn-ex10_6.htm)
- [EX-31.1 (ingn-ex31_1.htm)](https://www.sec.gov/Archives/edgar/data/1294133/000129413326000034/ingn-ex31_1.htm)
- [EX-31.2 (ingn-ex31_2.htm)](https://www.sec.gov/Archives/edgar/data/1294133/000129413326000034/ingn-ex31_2.htm)
- [EX-32.1 (ingn-ex32_1.htm)](https://www.sec.gov/Archives/edgar/data/1294133/000129413326000034/ingn-ex32_1.htm)
- [EX-32.2 (ingn-ex32_2.htm)](https://www.sec.gov/Archives/edgar/data/1294133/000129413326000034/ingn-ex32_2.htm)

---

## 10-Q

SEC source: [ingn-20260630.htm](https://www.sec.gov/Archives/edgar/data/1294133/000129413326000034/ingn-20260630.htm)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM 10-Q

### (Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

### For the quarterly period ended June 30, 2026

### OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

### For the Transition Period From              to

### Commission file number: 001-36309

### INOGEN, INC.

(Exact name of registrant as specified in its charter)

|  |  |
| --- | --- |
| Delaware | 33-0989359 |
| (State or other jurisdiction ofincorporation or organization) | (I.R.S. EmployerIdentification No.) |
| 500 Cummings Center, Suite 2800Beverly, Massachusetts | 01915 |
| (Address of principal executive offices) | (Zip Code) |

### Registrant’s telephone number, including area code: (805) 562-0500

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading<br>Symbol(s) Name of each exchange on which registered

Common Stock, $0.001 par value INGN The NASDAQ Stock Market LLC<br>(NASDAQ Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☒

Non-accelerated filer ☐ Smaller reporting company ☒

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 1, 2026, the registrant had 26,538,337 shares of common stock, par value $0.001 per share, outstanding.

TABLE OF CONTENTS

|  | [Part I – Financial Information](#part_i) | Page |
| --- | --- | --- |
| Item 1. | [Financial Statements](#item1_financial_statements) | 3 |
|  | [Consolidated Balance Sheets (unaudited) as of June 30, 2026 and December 31, 2025](#consolidated_balance_sheet) | 3 |
|  | [Consolidated Statements of Comprehensive Loss (unaudited) for the Three and Six Months Ended June 30, 2026 and June 30, 2025](#statements_of_operations) | 4 |
|  | [Consolidated Statements of Stockholders’ Equity (unaudited) for the Three and Six Months Ended June 30, 2026 and June 30, 2025](#statements_of_stockholders) | 5 |
|  | [Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended June 30, 2026 and June 30, 2025](#statements_of_cash_flows) | 6 |
|  | [Condensed Notes to the Consolidated Financial Statements (unaudited)](#notes_to_financial_statements) | 8 |
| Item 2. | [Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item_2_management) | 20 |
| Item 3. | [Quantitative and Qualitative Disclosures about Market Risk](#item_3_quantitative_qualitative_disclosu) | 32 |
| Item 4. | [Controls and Procedures](#item_4_controls_and_procedures) | 33 |
|  | [Part II – Other Information](#part_ii_other_information) |  |
| Item 1. | [Legal Proceedings](#item_1_legal_proceedings) | 34 |
| Item 1A. | [Risk Factors](#item_1a_risk_factors) | 34 |
| Item 2. | [Unregistered Sales of Equity Securities and Use of Proceeds](#item_2_recent_sales) | 34 |
| Item 3. | [Defaults Upon Senior Securities](#defaults_upon_senior_securities) | 35 |
| Item 4. | [Mine Safety Disclosures](#mine_safety_disclosures) | 35 |
| Item 5. | [Other Information](#item_5_or_information) | 35 |
| Item 6. | [Exhibits](#item_6_exhibits) | 36 |
| [SIGNATURES](#signatures) |  | 37 |

2

INOGEN, INC.

PART I – FINANCIAL INFORMATION

## Item 1. Financial Statements

**Inogen, Inc.**

### Consolidated Balance Sheets

_(unaudited) · (amounts in thousands, except share and per share amounts)_

| Line item | June 30,2026 | December 31,2025 |
| --- | --- | --- |
| Assets |  |  |
| Current assets |  |  |
| Cash and cash equivalents | $87,276 | $103,729 |
| Marketable securities | 18,263 | 15,848 |
| Restricted cash | 1,303 | 1,289 |
| Accounts receivable, net | 46,157 | 38,863 |
| Inventories | 28,633 | 25,969 |
| Prepaid expenses and other current assets | 12,504 | 12,601 |
| Total current assets | 194,136 | 198,299 |
| Property and equipment, net | 31,781 | 36,362 |
| Goodwill | 10,395 | 10,698 |
| Intangible assets, net | 27,447 | 30,763 |
| Operating lease right-of-use asset | 14,914 | 16,501 |
| Other assets | 6,899 | 6,002 |
| Total assets | $285,572 | $298,625 |
| Liabilities and stockholders' equity |  |  |
| Current liabilities |  |  |
| Accounts payable and accrued expenses | $39,678 | $33,941 |
| Accrued payroll | 12,796 | 10,629 |
| Warranty reserve - current | 10,414 | 10,116 |
| Operating lease liability - current | 3,253 | 3,163 |
| Deferred revenue - current | 4,723 | 5,503 |
| Income tax payable | — | 183 |
| Total current liabilities | 70,864 | 63,535 |
| Long-term liabilities |  |  |
| Warranty reserve - noncurrent | 17,961 | 18,194 |
| Operating lease liability - noncurrent | 12,541 | 14,313 |
| Deferred revenue - noncurrent | 2,857 | 3,603 |
| Deferred tax liability | 6,485 | 6,749 |
| Total liabilities | 110,708 | 106,394 |
| Commitments and contingencies (Note 9) |  |  |
| Stockholders' equity |  |  |
| Common stock, $0.001 par value per share; 200,000,000 shares authorized; 26,730,437and 27,232,350 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 27 | 27 |
| Additional paid-in capital | 359,519 | 363,545 |
| Accumulated deficit | (187,758) | (175,584) |
| Accumulated other comprehensive income | 3,076 | 4,243 |
| Total stockholders' equity | 174,864 | 192,231 |
| Total liabilities and stockholders' equity | $285,572 | $298,625 |

See accompanying condensed notes to the consolidated financial statements.

3

**Inogen, Inc.**

### Consolidated Statements of Comprehensive Loss

_(unaudited) · (amounts in thousands, except share and per share amounts)_

| Line item | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Revenue |  |  |  |  |
| Sales revenue | $83,525 | $79,172 | $155,929 | $147,642 |
| Rental revenue | 11,559 | 13,105 | 24,264 | 26,915 |
| Total revenue | 95,084 | 92,277 | 180,193 | 174,557 |
| Cost of revenue |  |  |  |  |
| Cost of sales revenue | 44,949 | 43,469 | 85,126 | 81,552 |
| Cost of rental revenue, including depreciation of $2,475 and $3,017 for the three months ended and $5,103 and $6,051 for the six months ended, respectively | 6,863 | 7,467 | 13,932 | 15,292 |
| Total cost of revenue | 51,812 | 50,936 | 99,058 | 96,844 |
| Gross profit |  |  |  |  |
| Gross profit-sales revenue | 38,576 | 35,703 | 70,803 | 66,090 |
| Gross profit-rental revenue | 4,696 | 5,638 | 10,332 | 11,623 |
| Total gross profit | 43,272 | 41,341 | 81,135 | 77,713 |
| Operating expense |  |  |  |  |
| Research and development | 5,871 | 5,209 | 10,968 | 9,243 |
| Sales and marketing | 24,824 | 25,390 | 49,427 | 49,147 |
| General and administrative | 17,673 | 16,871 | 35,172 | 33,108 |
| Total operating expense | 48,368 | 47,470 | 95,567 | 91,498 |
| Loss from operations | (5,096) | (6,129) | (14,432) | (13,785) |
| Other income |  |  |  |  |
| Interest income, net | 861 | 1,123 | 1,741 | 2,152 |
| Other income, net | 231 | 701 | 189 | 1,057 |
| Total other income, net | 1,092 | 1,824 | 1,930 | 3,209 |
| Loss before benefit for income taxes | (4,004) | (4,305) | (12,502) | (10,576) |
| Benefit for income taxes | (154) | (153) | (328) | (250) |
| Net loss | (3,850) | (4,152) | (12,174) | (10,326) |
| Other comprehensive (loss) income, net of tax |  |  |  |  |
| Change in foreign currency translation adjustment | (350) | 3,926 | (1,195) | 5,781 |
| Change in net unrealized (losses) gains on foreign currency hedging | (142) | 36 | (179) | (696) |
| Less: reclassification adjustment for net gains (losses) included in net loss | 164 | (606) | 201 | (739) |
| Total net change in unrealized gains (losses) on foreign currency hedging | 22 | (570) | 22 | (1,435) |
| Change in net unrealized (losses) gains on marketable securities | (11) | 42 | 6 | 42 |
| Total other comprehensive (loss) income, net of tax | (339) | 3,398 | (1,167) | 4,388 |
| Comprehensive loss | $(4,189) | $(754) | $(13,341) | $(5,938) |
| Basic net loss per share attributable to common stockholders (Note 6) | $(0.14) | $(0.15) | $(0.45) | $(0.40) |
| Diluted net loss per share attributable to common stockholders (Note 6) | $(0.14) | $(0.15) | $(0.45) | $(0.40) |
| Weighted average number of shares used in calculating net loss per share attributable to common stockholders: |  |  |  |  |
| Basic shares of common stock | 27,045,095 | 26,962,465 | 27,183,000 | 26,068,421 |
| Diluted shares of common stock | 27,045,095 | 26,962,465 | 27,183,000 | 26,068,421 |

See accompanying condensed notes to the consolidated financial statements.

4

Inogen, Inc.

Consolidated Statements of Stockholders’ Equity

(unaudited)

(amounts in thousands, except share amounts)

_Three months ended June 30, 2026 and June 30, 2025_

| Line item | Common stock / Shares | Common stock / Amount | Additional / paid-in / capital | Accumulated / deficit | Accumulated / other / comprehensive / income (loss) | Total / stockholders' / equity |
| --- | --- | --- | --- | --- | --- | --- |
| Balance, March 31, 2025 | 26,887,242 | $27 | $357,447 | $(159,011) | $(511) | $197,952 |
| Stock-based compensation | — | — | 2,293 | — | — | 2,293 |
| Stock issued | 153,148 | — | — | — | — | - |
| Net loss | — | — | — | (4,152) | — | (4,152) |
| Other comprehensive income | — | — | — | — | 3,398 | 3,398 |
| Balance, June 30, 2025 | 27,040,390 | $27 | $359,740 | $(163,163) | $2,887 | $199,491 |
| Balance, March 31, 2026 | 27,365,116 | $27 | $363,372 | $(183,908) | $3,415 | $182,906 |
| Stock-based compensation | — | — | 1,771 | — | — | 1,771 |
| Stock issued | 212,371 | — | — | — | — | — |
| Repurchases of common stock | (847,050) | — | (5,624) | — | — | (5,624) |
| Net loss | — | — | — | (3,850) | — | (3,850) |
| Other comprehensive loss | — | — | — | — | (339) | (339) |
| Balance, June 30, 2026 | 26,730,437 | $27 | $359,519 | $(187,758) | $3,076 | $174,864 |
|  | Six months ended June 30, 2026 and June 30, 2025 |  |  |  |  |  |
|  |  |  |  |  | Accumulated |  |
|  |  |  | Additional |  | other | Total |
|  | Common stock |  | paid-in | Accumulated | comprehensive | stockholders' |
|  | Shares | Amount | capital | deficit | income (loss) | equity |
| Balance, December 31, 2024 | 23,902,338 | $24 | $328,174 | $(152,837) | $(1,501) | $173,860 |
| Stock-based compensation | — | — | 4,440 | — | — | 4,440 |
| Stock issued | 580,003 | — | 489 | — | — | 489 |
| Tax withholding related to vesting of restricted stock units | (68,376) | — | (570) | — | — | (570) |
| Issuance of common stock from securities purchase agreement | 2,626,425 | 3 | 27,207 | — | — | 27,210 |
| Net loss | — | — | — | (10,326) | — | (10,326) |
| Other comprehensive income | — | — | — | — | 4,388 | 4,388 |
| Balance, June 30, 2025 | 27,040,390 | $27 | $359,740 | $(163,163) | $2,887 | $199,491 |
| Balance, December 31, 2025 | 27,232,350 | $27 | $363,545 | $(175,584) | $4,243 | $192,231 |
| Stock-based compensation | — | — | 3,721 | — | — | 3,721 |
| Stock issued | 745,216 | — | 373 | — | — | 373 |
| Tax withholding related to vesting of restricted stock units | (101,979) | — | (622) | — | — | (622) |
| Repurchases of common stock | (1,145,150) | — | (7,498) | — | — | (7,498) |
| Net loss | — | — | — | (12,174) | — | (12,174) |
| Other comprehensive loss | — | — | — | — | (1,167) | (1,167) |
| Balance, June 30, 2026 | 26,730,437 | $27 | $359,519 | $(187,758) | $3,076 | $174,864 |

See accompanying condensed notes to the consolidated financial statements.

5

**Inogen, Inc.**

### Consolidated Statements of Cash Flows

_(unaudited) · (amounts in thousands)_

| Line item | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
| --- | --- | --- |
| Cash flows from operating activities |  |  |
| Net loss | $(12,174) | $(10,326) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Depreciation and amortization | 9,601 | 10,405 |
| Loss on rental units and other assets | 1,261 | 1,655 |
| Provision for sales revenue returns and doubtful accounts | 3,845 | 3,248 |
| Provision for inventory losses | 681 | 447 |
| Stock-based compensation expense | 3,721 | 4,440 |
| Deferred income taxes | (73) | 80 |
| Other | 104 | 267 |
| Changes in operating assets and liabilities: |  |  |
| Accounts receivable | (11,739) | (11,037) |
| Inventories | (6,225) | (23) |
| Prepaid expenses and other current assets | 74 | (2,609) |
| Operating lease right-of-use asset | 1,617 | 1,687 |
| Other noncurrent assets | 965 | 861 |
| Accounts payable and accrued expenses | 5,738 | 5,612 |
| Accrued payroll | 2,218 | (4,526) |
| Warranty reserve | 65 | 638 |
| Deferred revenue | (1,526) | (1,554) |
| Income tax payable | (180) | (135) |
| Operating lease liability | (1,712) | (1,748) |
| Earnout liability | — | (9,822) |
| Net cash used in operating activities | (3,739) | (12,440) |
| Cash flows from investing activities |  |  |
| Purchases of available-for-sale securities | (13,079) | (18,703) |
| Maturities of available-for-sale securities | 10,670 | — |
| Investment in property and equipment | (921) | (976) |
| Production and purchase of rental equipment | (1,779) | (4,932) |
| Net cash used in investing activities | (5,109) | (24,611) |
| (continued on next page) |  |  |

See accompanying condensed notes to the consolidated financial statements.

6

**Inogen, Inc.**

### Consolidated Statements of Cash Flows (continued)

_(unaudited) · (amounts in thousands)_

| Line item | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
| --- | --- | --- |
| Cash flows from financing activities |  |  |
| Proceeds from employee stock purchases | 373 | 489 |
| Payment of employment taxes related to vesting of restricted stock units | (622) | (570) |
| Repurchases of common stock | (7,498) | — |
| Payments of accrued earnout | — | (3,178) |
| Proceeds from issuance of common stock from securities purchase agreement | — | 27,210 |
| Net cash (used in) provided by financing activities | (7,747) | 23,951 |
| Effect of exchange rates on cash | 156 | 642 |
| Net decrease in cash, cash equivalents, and restricted cash | (16,439) | (12,458) |
| Cash, cash equivalents, and restricted cash, beginning of period | 105,018 | 117,415 |
| Cash, cash equivalents, and restricted cash, end of period | $88,579 | $104,957 |
| Supplemental disclosures of cash flow information |  |  |
| Cash paid during the period for income taxes, net of refunds received | $482 | $482 |
| Supplemental disclosure of non-cash transactions |  |  |
| Property and equipment in accounts payable and accrued expenses | 103 | 360 |

See accompanying condensed notes to the consolidated financial statements.

7

### Inogen, Inc.

Condensed Notes to the Consolidated Financial Statements

(unaudited)

(amounts in thousands, except share and per share amounts)

### 1. Business overview

Inogen, Inc., or the Company, is a medical technology company focused on the development, manufacture, and commercialization of respiratory products, including portable and stationary oxygen concentrators, airway clearance devices, and continuous positive airway pressure, or CPAP, masks for the treatment of chronic respiratory conditions. The Company's portfolio includes portable oxygen concentrator systems designed to optimize output, weight, sound levels, and battery life, as well as stationary oxygen concentrators, the Simeox airway clearance system and Aurora CPAP masks. The Company operates both as a medical technology company and as a home medical equipment provider, with accreditation across all 50 U.S. states and a broad network of patients, prescribers, providers, and distribution partners.

The Company generates the majority of its revenue from the sale and rental of portable oxygen concentrator systems and related accessories to patients, third-party payors, home healthcare providers, resellers, and distributors. The Company's products are marketed in the United States through direct-to-consumer and prescriber, as well as through business-to-business partnerships, and internationally through distributors and medical equipment providers. The Company's product offerings include multiple configurations of its Inogen One®, Rove, At Home, and Voxi® systems, in addition to Simeox and Aurora products and related accessories.

2. Basis of presentation and summary of significant accounting policies

### Basis of presentation

The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP.

The results of operations for the three and six months ended June 30, 2026 shown in this report are not necessarily indicative of results to be expected for the full year ending December 31, 2026. In the opinion of the Company’s management, the information contained herein reflects all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of the Company’s results of operations, financial position, cash flows, and stockholders’ equity. Certain footnote disclosures normally included in annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to Securities and Exchange Commission, or SEC, rules and regulations relating to interim financial statements. The accompanying consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC on February 27, 2026. Except as further described below, there have been no significant changes in the Company’s accounting policies from those disclosed in its Annual Report on Form 10-K filed with the SEC on February 27, 2026.

### Basis of consolidation

The consolidated financial statements include the accounts of Inogen, Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated.

### Accounting estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases these estimates and assumptions upon historical experience, existing and known circumstances, authoritative accounting pronouncements and other factors that management believes to be reasonable. Significant areas requiring the use of management estimates relate to revenue recognition, warranty reserves and expense, determining the stand-alone selling price and service period of performance obligations, rental asset valuations and write-downs, accounts receivable allowances for credit losses, returns and adjustments, impairment of goodwill, impairment of long-lived assets, stock-based compensation expense, income taxes, fair value of acquired intangible assets, goodwill, and financing receivable. Actual results could differ from these estimates.

### Reclassifications

Certain reclassifications have been made to prior years’ financial statements to conform to current period financial statements’ presentation with no effect on previously reported results of operations, financial position, cash flows, or stockholders’ equity. These

8

changes consisted of reclassifications to certain line items in the accompanying consolidated statement of cash flows and did not change total operating, financing or investing activities as previously reported.

### Recently issued accounting pronouncements not yet adopted

There have been no changes to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s consolidated financial statements and footnote disclosures, from those disclosed in the 2025 Annual Report on Form 10-K.

### 3. Fair value measurements

### Cash, cash equivalents, marketable securities, and restricted cash

The following table summarizes fair value measurements by level for the assets measured at fair value on a recurring basis for cash, cash equivalents, marketable securities, and restricted cash:

_As of June 30, 2026_

| Line item | Adjusted / cost | Gross / unrealized / gains (losses) | Fair value | Cash / and cash / equivalents | Marketable / securities | Restricted / cash |
| --- | --- | --- | --- | --- | --- | --- |
| Cash | $19,263 | — | $19,263 | $19,263 | — | — |
| Level 1: |  |  |  |  |  |  |
| Money market accounts | 39,654 | — | 39,654 | 38,351 | — | 1,303 |
| Level 2: |  |  |  |  |  |  |
| Corporate bonds | 7,111 | (5) | 7,106 | — | 7,106 | — |
| U.S. Treasury securities | 14,117 | 33 | 14,150 | 2,993 | 11,157 | — |
| Institutional Insured Liquidity Deposit Savings | 26,669 | — | 26,669 | 26,669 | — | — |
| Total | $106,814 | $28 | $106,842 | $87,276 | $18,263 | $1,303 |
|  | As of December 31, 2025 |  |  |  |  |  |
|  |  | Gross |  | Cash |  |  |
|  | Adjusted | unrealized |  | and cash | Marketable | Restricted |
|  | cost | gains | Fair value | equivalents | securities | cash |
| Cash | $27,858 | — | $27,858 | $27,858 | — | — |
| Level 1: |  |  |  |  |  |  |
| Money market accounts | 49,453 | — | 49,453 | 48,164 | — | 1,289 |
| Level 2: |  |  |  |  |  |  |
| Corporate bonds | 7,221 | 6 | 7,227 | — | 7,227 | — |
| U.S. Treasury securities | 10,098 | 17 | 10,115 | 1,494 | 8,621 | — |
| Institutional Insured Liquidity Deposit Savings | 26,213 | — | 26,213 | 26,213 | — | — |
| Total | $120,843 | $23 | $120,866 | $103,729 | $15,848 | $1,289 |

### Derivative instruments and hedging activities

The Company records the assets or liabilities associated with derivative instruments and hedging activities at fair value based on Level 2 inputs in other current assets or other current liabilities, respectively, in the consolidated balance sheets. The Company had a related receivable of $266 and a payable of $373 as of June 30, 2026 and December 31, 2025, respectively.

9

### Accumulated other comprehensive income (loss)

The components of accumulated other comprehensive income (loss) were as follows:

| Line item | Foreign / currency / translation / adjustments | Unrealized / gains / on marketable / securities | Unrealized / gains / on cash / flow hedges | Accumulated / other / comprehensive / income (loss) |
| --- | --- | --- | --- | --- |
| Balance as of December 31, 2025 | $4,221 | $22 | — | $4,243 |
| Other comprehensive (loss) income | (1,195) | 6 | 22 | (1,167) |
| Balance as of June 30, 2026 | $3,026 | $28 | $22 | $3,076 |

Comprehensive income (loss) is the total net earnings and all other non-owner changes in equity. Except for net loss, unrealized gains and losses on cash flow hedges, and unrealized gains and losses on marketable securities, the Company does not have any transactions or other economic events that qualify as comprehensive income (loss).

### 4. Balance sheet components

### Restricted cash

The Company's restricted cash is a legally restricted deposit held as a compensating balance against its corporate credit card balances.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company's consolidated balance sheet that are shown in aggregate in the accompanying consolidated statement of cash flows:

| Line item | June 30, 2026 | June 30, 2025 |
| --- | --- | --- |
| Cash and cash equivalents | $87,276 | $103,685 |
| Restricted cash | 1,303 | 1,272 |
| Total cash, cash equivalents, and restricted cash | $88,579 | $104,957 |

### Accounts receivable and allowance for credit losses, returns, and adjustments

Net accounts receivable (gross accounts receivable, net of allowances) balance concentrations by major category as of June 30, 2026 and December 31, 2025 were as follows:

| Net accounts receivable | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Rental (1) | $5,044 | $4,725 |
| Business-to-business and other receivables | 41,113 | 34,138 |
| Total net accounts receivable | $46,157 | $38,863 |

(1) Rental includes Medicare, Medicaid/other government, private insurance, and patient pay.

The following table sets forth the accounts receivable allowances as of June 30, 2026 and December 31, 2025:

| Allowances - accounts receivable | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Credit losses | $321 | $60 |
| Sales returns | 473 | 418 |
| Total allowances - accounts receivable | $794 | $478 |

### Concentration of customers and vendors

The Company primarily sells its products to traditional home medical equipment providers, distributors, and resellers in the United States and in foreign countries on a credit basis. The Company also sells its products direct-to-consumers primarily on a prepayment basis. One customer represented more than 10% of the Company's total revenue for the three and six months ended June 30, 2026 and 2025. No customer represented more than 10% of the Company’s net accounts receivable balance as of June 30, 2026 and December 31, 2025.

The Company also rents products directly to consumers for insurance reimbursement, which resulted in a customer concentration relating to Medicare’s service reimbursement programs. Medicare’s service reimbursement programs accounted for 63.4% and 59.0% of rental revenue in the six months ended June 30, 2026 and 2025, respectively.

10

The Company currently purchases raw materials from a limited number of vendors, which resulted in a concentration of three major vendors. For the six months ended June 30, 2026, the Company’s three major vendors accounted for 15.1%, 12.9%, and 11.1% of total raw material purchases, respectively. For the six months ended June 30, 2025, the Company’s three major vendors accounted for 17.4%, 11.0%, and 9.8% of total raw material purchases, respectively.  

A portion of revenue is earned from sales outside the United States. Approximately 79.5% and 76.0% of international revenue for the three months ended June 30, 2026 and 2025, respectively, were invoiced in Euros. Approximately 80.6% and 77.4% of international revenue for the six months ended June 30, 2026 and 2025, respectively, were invoiced in Euros. A breakdown of the Company’s revenue from U.S. and international sources for the three and six months ended June 30, 2026 and 2025, respectively, is as follows:

| Line item | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| U.S. revenue | $53,831 | $56,354 | $101,272 | $106,649 |
| International revenue | 41,253 | 35,923 | 78,921 | 67,908 |
| Total revenue | $95,084 | $92,277 | $180,193 | $174,557 |

### Inventories

Inventories are stated at the lower of cost and net realizable value, using the first-in, first-out, or FIFO, method. The Company records adjustments to inventory for potentially excess, obsolete, slow-moving or impaired items, and losses on firm purchase commitments as a component of cost of sales in the consolidated statements of comprehensive loss. The Company recorded noncurrent inventory related to inventories that are expected to be realized or consumed after one year of $2,830 and $966 as of June 30, 2026 and December 31, 2025, respectively. Noncurrent inventories are primarily related to raw materials purchased in bulk to support long-term expected repairs to reduce costs and are classified in other assets. Inventories that are considered current consist of the following:

| Line item | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Raw materials and work-in-progress | $16,174 | $14,945 |
| Finished goods | 12,459 | 11,024 |
| Inventories | $28,633 | $25,969 |

### Property and equipment

Expenditures for additions, improvements and replacements are capitalized and depreciated to a salvage value of $0. Repair and maintenance costs on rental equipment are included in cost of rental revenue on the consolidated statements of comprehensive loss. Repair and maintenance expense, which includes labor, parts and freight, for rental equipment was $1,508 and $1,660 for the three months ended June 30, 2026 and 2025, respectively, and $3,317 and $3,498 for the six months ended June 30, 2026 and 2025,  
respectively.

Depreciation and amortization expense related to rental equipment and other property and equipment are summarized below for the three and six months ended June 30, 2026 and 2025, respectively.

| Line item | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Rental equipment | $2,475 | $3,017 | $5,103 | $6,051 |
| Other property and equipment | 970 | 990 | 1,950 | 2,006 |
| Total depreciation and amortization | $3,445 | $4,007 | $7,053 | $8,057 |

11

Property and equipment and rental equipment with associated accumulated depreciation is summarized below as of June 30, 2026 and December 31, 2025, respectively.

| Property and equipment | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Rental equipment | $54,685 | $59,400 |
| Other property and equipment | 26,534 | 25,926 |
| Property and equipment | 81,219 | 85,326 |
| Accumulated depreciation |  |  |
| Rental equipment | 32,026 | 33,101 |
| Other property and equipment | 17,412 | 15,863 |
| Accumulated depreciation | 49,438 | 48,964 |
| Property and equipment, net |  |  |
| Rental equipment | 22,659 | 26,299 |
| Other property and equipment | 9,122 | 10,063 |
| Property and equipment, net | $31,781 | $36,362 |

### Long-lived assets

The Company accounts for the impairment and disposition of long-lived assets in accordance with Accounting Standards Codification, or ASC, 360 — Property, Plant, and Equipment. Long-lived assets are reviewed for indicators of impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. No impairments were recorded for the six months ended June 30, 2026 and 2025.

### Goodwill and other identifiable intangible assets

Goodwill

The changes in the carrying amount of goodwill for the six months ended June 30, 2026 were as follows:

|  |  |
| --- | --- |
| Balance as of December 31, 2025 (1) | $10,698 |
| Translation adjustment | (303) |
| Balance as of June 30, 2026 (1) | $10,395 |

(1) Includes $32,894 of accumulated impairment losses as of June 30, 2026 and December 31, 2025.

12

Intangible assets

Intangible assets as of June 30, 2026 and December 31, 2025 consisted of the following:

| Average / estimated / useful lives / (in years) | Gross / carrying / amount | Accumulated / amortization | Net amount |
| --- | --- | --- | --- |
| 10 | $34,421 | $9,609 | $24,812 |
| 10 | 159 | 159 | — |
| 5 | 3,775 | 3,774 | 1 |
| 4-10 | 3,075 | 1,845 | 1,230 |
| 4 | 213 | 149 | 64 |
| 3 | 494 | 494 | - |
| 3 | 3,707 | 2,367 | 1,340 |
|  | $45,844 | $18,397 | $27,447 |
| Average |  |  |  |
| estimated | Gross |  |  |
| useful lives | carrying | Accumulated |  |
| (in years) | amount | amortization | Net amount |
| 10 | $35,424 | $8,118 | $27,306 |
| 10 | 159 | 159 | — |
| 5 | 3,775 | 3,771 | 4 |
| 4-10 | 3,165 | 1,811 | 1,354 |
| 4 | 219 | 126 | 93 |
| 3 | 494 | 446 | 48 |
| 3 | 3,707 | 1,749 | 1,958 |
|  | $46,943 | $16,180 | $30,763 |

Annual estimated amortization expense for each of the succeeding fiscal years is as follows:

| Line item | June 30, | June 30, |
| --- | --- | --- |
|  | 2026 |  |
| Remaining 6 months of 2026 | $ | $2,452 |
| 2027 |  | 4,276 |
| 2028 |  | 3,709 |
| 2029 |  | 3,613 |
| 2030 |  | 3,480 |
| Thereafter |  | 9,917 |
| Total | $ | $27,447 |

### Current liabilities

Accounts payable and accrued expenses as of June 30, 2026 and December 31, 2025 consisted of the following:

| Line item | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Accounts payable | $25,252 | $20,264 |
| Accrued inventory (in-transit and unvouchered receipts) and trade payables | 12,872 | 9,177 |
| Accrued loss on purchase commitments | 139 | 427 |
| Forward contract payable | — | 373 |
| Other accrued expenses | 1,415 | 3,700 |
| Total accounts payable and accrued expenses | $39,678 | $33,941 |

13

Accrued payroll as of June 30, 2026 and December 31, 2025 consisted of the following:

| Line item | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Accrued bonuses | $3,017 | $3,899 |
| Accrued wages and payroll taxes | 5,031 | 2,783 |
| Accrued vacation | 4,106 | 3,480 |
| Other accrued payroll expenses | 642 | 467 |
| Total accrued payroll | $12,796 | $10,629 |

### 5. Leases

The Company has entered into operating leases primarily for commercial buildings. These leases have terms that range from two years to 11 years, some of which include options to extend the leases for up to five years. Rent expense, including short-term lease cost, was $969 and $954 for the three months ended June 30, 2026 and 2025, respectively, and $1,949 and $1,916 for the six months ended June 30, 2026 and 2025, respectively.

In July 2023, the Company entered into an Assignment and Assumption of Lease Agreement in which a third party, referred to as the Assignee, assumed the rights, title, and interest in the lease, including assumption of lease payments. Commencing February 1, 2024 and ending May 31, 2031, the Assignee assumed responsibility for the monthly lease payments. Notwithstanding the Assignee's assumption of lease payments, the Company remains the primary obligor under the lease to the landlord.

Lease payments assumed by the Assignee are:

| Payments due in the 12-month period ending June 30, |  |
| --- | --- |
| $2027 | $1,136 |
| 2028 | 1,136 |
| 2029 | 1,136 |
| 2030 | 1,136 |
| 2031 and thereafter | 1,041 |
| Total | $5,585 |

Information related to the Company's right-of-use assets and related operating lease liabilities were as follows:

| Line item | Six months ended / June 30, 2026 | Six months ended / June 30, 2025 |
| --- | --- | --- |
| Cash paid for operating lease liabilities | $1,972 | $1,902 |
| Operating lease cost | 1,888 | 1,859 |
| Non-cash right-of-use assets obtained in exchange for new operating lease obligations | 41 | 1,327 |
| Weighted-average remaining lease term | 3.1 years | 3.6 years |
| Weighted-average discount rate | 7.1% | 6.6% |

| Maturities of lease liabilities due in the 12-month period ending June 30, |  |
| --- | --- |
| $2027 | $3,675 |
| 2028 | 3,672 |
| 2029 | 3,335 |
| 2030 | 3,321 |
| 2031 | 2,904 |
| Thereafter | 50 |
|  | 16,957 |
| Less imputed interest | (1,163) |
| Total lease liabilities | $15,794 |
| Operating lease liability - current | $3,253 |
| Operating lease liability - noncurrent | 12,541 |
| Total lease liabilities | $15,794 |

14

### 6. Loss per share

Loss per share, or EPS, is computed in accordance with ASC 260 — Earnings per Share and is calculated using the weighted-average number of shares of common stock outstanding during each period. Diluted EPS assumes the conversion, exercise or issuance of all potential common stock equivalents (which can include dilution of outstanding stock options and restricted stock units) unless the effect is to reduce a loss or increase the income per share. For purposes of this calculation, common stock subject to repurchase by the Company, options, and other dilutive awards are considered to be common stock equivalents and are only included in the calculation of diluted loss per share when their effect is dilutive.

Basic loss per share is calculated using the Company's weighted-average outstanding shares of common stock. Diluted loss per share is calculated using the Company's weighted-average outstanding shares of common stock including the dilutive effect of stock awards as determined under the treasury stock method.

The computation of EPS is as follows:

| Line item | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
| --- | --- | --- | --- | --- |
| Numerator—basic and diluted: |  |  |  |  |
| Net loss | $(3,850) | $(4,152) | $(12,174) | $(10,326) |
| Denominator: |  |  |  |  |
| Weighted average shares of common stock - basic common stock (1) | 27,045,095 | 26,962,465 | 27,183,000 | 26,068,421 |
| Weighted average shares of common stock - diluted common stock | 27,045,095 | 26,962,465 | 27,183,000 | 26,068,421 |
| Net loss per share - basic common stock | $(0.14) | $(0.15) | $(0.45) | $(0.40) |
| Net loss per share - diluted common stock (2) | $(0.14) | $(0.15) | $(0.45) | $(0.40) |
| Denominator calculation from basic to diluted: |  |  |  |  |
| Weighted average shares of common stock - basic common stock (1) | 27,045,095 | 26,962,465 | 27,183,000 | 26,068,421 |
| Other dilutive awards | 453,893 | 335,216 | 449,553 | 541,262 |
| Weighted average shares of common stock - diluted common stock | 27,498,988 | 27,297,681 | 27,632,553 | 26,609,683 |
| Shares excluded from diluted weighted average shares: |  |  |  |  |
| Restricted stock units | 1,165,895 | 1,257,265 | 1,194,096 | 500,695 |

(1) Unvested restricted stock units are not included as shares outstanding in the calculation of basic earnings per share. Vested restricted stock units are included in basic earnings per share if all vesting and performance criteria have been met. Performance-based restricted stock units are included in the number of shares used to calculate diluted earnings per share as long as all applicable performance criteria are met, and their effect is dilutive.

(2) Due to net losses for the three and six months ended June 30, 2026 and June 30, 2025, diluted loss per share is the same as basic loss per share.

### 7. Income taxes

The Company accounts for income taxes in accordance with ASC 740 — Income Taxes. Under ASC 740, income taxes are recognized for the amount of taxes payable or refundable for the current period and deferred tax liabilities and assets are recognized for the future tax consequences of transactions that have been recognized in the Company’s consolidated financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. As of December 31, 2025, the Company recorded a full valuation allowance of $70,474. As of June 30, 2026, the Company continued to record a valuation allowance against its domestic and certain foreign deferred tax assets.

The Company accounts for uncertainties in income tax in accordance with ASC 740-10 — Accounting for Uncertainty in Income Taxes. ASC 740-10 prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This accounting standard also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.

The Company recognizes interest and penalties on taxes, within its income tax provision on its consolidated statements of comprehensive loss.

15

### 8. Stockholders’ equity

The Company has a 2014 Equity Incentive Plan, or the 2014 Plan, under which the Company granted restricted stock units, restricted stock awards, performance units, performance shares, and options to purchase shares of its common stock. As of June 30, 2026, no awards with respect to shares of the Company’s common stock were outstanding under the 2014 Plan.

The Company has an Amended and Restated 2023 Equity Incentive Plan, or the 2023 Plan, that provides for the grant of incentive stock options, within the meaning of Section 422 of the Internal Revenue Code, to the Company’s employees and any parent and subsidiary corporation’s employees, and for the grant of nonstatutory stock options, restricted stock, restricted stock units, restricted stock awards, stock appreciation rights, performance units and performance shares to its employees, directors and consultants and its parent and subsidiary corporations’ employees and consultants. As of June 30, 2026, awards with respect to 2,679,200 shares of the Company's common stock were outstanding, and 1,580,076 shares of common stock remained available for issuance under the 2023 Plan.

During the quarter ended June 30, 2026, the Company granted restricted stock units, or RSUs, to induce two employees to accept employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). The RSUs, which were not granted under the 2023 Plan, cover an aggregate of up to 281,897 shares of common stock, comprised of (i) 131,897 time-based RSUs that will vest over a three-year service period, and (ii) up to 150,000 performance-based RSUs that will vest based on the Company's achievement of specified performance goals.

The Company previously granted RSUs to induce an employee to accept employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4). As of June 30, 2026, no awards with respect to shares of the Company's common stock were outstanding pursuant to such inducement grant.

### Stock incentive awards

The Company grants RSUs under the 2023 Plan and also made inducement grants of RSUs outside the 2023 Plan in the first half of 2026. All such RSUs vest either based solely on the satisfaction of time-based service conditions or on the satisfaction of time-based service conditions combined with performance criteria. RSUs are subject to forfeiture if the holder’s services to the Company terminate before vesting.

RSUs granted with only time-based service vesting conditions generally vest over three-year and four-year service periods, as defined in the terms of each award. RSUs that vest based on the satisfaction of time-based service conditions combined with performance criteria generally vest over a three-year service and performance period, based on performance and/or market conditions established at the time of the award. The portion of the RSU award that is earned may equal or be more or less than the targeted number of shares subject to the RSU award, depending on whether the performance criteria are met.  

RSU activity for the six months ended June 30, 2026 is summarized below:

| Restricted stock units | Time-based | Performance / and / time-based | Total | Weighted- / average / grant / date fair / value / per share |
| --- | --- | --- | --- | --- |
| Unvested restricted stock units as of December 31, 2025 | 1,494,415 | 1,177,278 | 2,671,693 | $8.58 |
| Granted | 799,222 | 698,250 | 1,497,472 | 6.65 |
| Vested | (602,522) | (70,607) | (673,129) | 7.94 |
| Forfeited/canceled | (213,594) | (321,345) | (534,939) | 8.54 |
| Unvested restricted stock units as of June 30, 2026 (1) | 1,477,521 | 1,483,576 | 2,961,097 | $7.75 |
| Unvested and expected to vest restricted stock units outstanding as of June 30, 2026 |  |  | 1,992,734 | $7.70 |

(1) Outstanding RSUs are based on the maximum payout of the targeted number of shares.  

As of June 30, 2026, the unrecognized compensation cost related to unvested employee restricted stock units was $11,347, excluding estimated forfeitures. This amount is expected to be recognized over a weighted average period of 2.0 years.

### Employee stock purchase plan

The Company’s 2014 Employee Stock Purchase Plan, or ESPP, provides all eligible employees the option to purchase shares of the Company’s common stock at a discount through payroll deductions. The expense recognized for shares purchased under the ESPP is equal to the 15% discount the employee receives. As of June 30, 2026, a total of 731,397 shares of common stock were available for future purchase under the ESPP. In the first quarter of 2026, an additional 179,069 shares of common stock were reserved for issuance pursuant to future ESPP purchases as a result of the annual evergreen increase under the ESPP.

16

### Stock-based compensation

Stock-based compensation expense recognized for the three and six months ended June 30, 2026 and 2025, was as follows:

| Line item | Three months ended / June 30, 2026 | Three months ended / June 30, 2025 | Six months ended / June 30, 2026 | Six months ended / June 30, 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 |

Stock-based compensation expense was calculated based on awards of restricted stock units expected to vest based on the Company’s historical award cancellations. ASC 718 — Compensation-Stock Compensation requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.

For the three and six months ended June 30, 2026 and 2025, respectively, stock-based compensation expense recognized under ASC 718, included in cost of revenue, research and development expense, sales and marketing expense, and general and administrative expense was as follows:

| Line item | Three months ended / June 30, 2026 | Three months ended / June 30, 2025 | Six months ended / June 30, 2026 | Six months ended / June 30, 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 |

### Share repurchase program

In February 2026, the Company's Board of Directors authorized a share repurchase program under which the Company may repurchase up to $30,000 of its outstanding common stock. The program expires on December 31, 2027, or when the maximum authorized dollar amount has been utilized, whichever occurs first. Repurchases under the program may be made from time to time through open market purchases at prevailing market prices, in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, including through Rule 10b5-1 trading plans. The share repurchase program does not obligate the Company to make any repurchases and may be modified, suspended, or terminated by the Company at any time without prior notice. The amount and timing of repurchases are subject to a variety of factors including liquidity, share price, market conditions, and legal requirements. During the six months ended June 30, 2026, the Company repurchased and subsequently retired 1,145,150 shares of common stock at an average purchase price per share of $6.55, inclusive of broker commissions, for an aggregate purchase price of $7,498. As of June 30, 2026, the Company had $22,502 remaining under its share repurchase program.

17

9. Commitments and contingencies

Purchase obligations

The Company had approximately $68,327 of outstanding purchase orders due within one year with its outside vendors and suppliers as of June 30, 2026. The Company had $139 and $427 accrued within accounts payable and other accrued expenses in the consolidated balance sheet as of June 30, 2026 and December 31, 2025, respectively, related to estimated losses for firm commitment contractual obligations under these agreements. Losses on these firm commitment contractual obligations are recognized based upon the terms of the respective agreement and similar factors considered for the write-down of inventory, including expected sales requirements as determined by internal sales forecasts.

### Warranty obligation

The following table identifies the changes in the Company’s aggregate product warranty liabilities for the six-month and 12-month periods ended June 30, 2026 and December 31, 2025, respectively:

| Line item | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Product warranty liability at beginning of period | $28,310 | $26,086 |
| Accruals for warranties issued | 7,498 | 15,227 |
| Adjustments related to preexisting warranties (including changes in estimates) | (2,949) | (3,949) |
| Settlements made (in cash or in kind) | (4,484) | (9,054) |
| Product warranty liability at end of period | $28,375 | $28,310 |

### Contract liabilities

Contract liabilities primarily consist of deferred revenue related to lifetime warranties on direct-to-consumer sales revenue when cash payments are received in advance of services performed under the contract. The contract with the customer states the final terms of the sale, including the description, quantity, and price of each product or service purchase. The decrease in deferred revenue related to lifetime warranties for the six months ended June 30, 2026 was primarily driven by $1,797 of revenue recognized that was included in the deferred revenue balances as of December 31, 2025, partially offset by $455 of payments received in advance of satisfying performance obligations. Deferred revenue related to lifetime warranties was $5,478 and $6,820 as of June 30, 2026 and December 31, 2025, respectively, and is classified within deferred revenue - current and deferred revenue - noncurrent in the consolidated balance sheets.

### Legislation and HIPAA

The healthcare industry is subject to numerous laws and regulations of federal, state, and local governments. These laws and regulations include, but are not necessarily limited to, matters such as licensure, accreditation, government healthcare program participation requirements, reimbursement for patient services, and Medicare and Medicaid fraud and abuse. Compliance with government laws and regulations can be subject to future government review and interpretation as well as regulatory actions unknown or unasserted at this time. The Health Insurance Portability and Accountability Act of 1996, or HIPAA, was enacted to ensure health insurance portability, reduce healthcare fraud and abuse, establish standards for security and privacy of health information, and enforce standards for health information. The Health Information Technology for Economic and Clinical Health Act, or the HITECH Act, in part, imposes notification requirements of certain security breaches relating to protected health information. The Company is not aware of any pending claims against it under the HIPAA and HITECH regulations that are applicable to the Company’s business.

### Legal proceedings

The Company is party to various legal proceedings and investigations arising in the normal course of business. The Company carries insurance, subject to specified deductibles under the policies, to protect against losses from certain types of legal claims. At this time, the Company does not anticipate that any of these other proceedings arising in the normal course of business will have a material adverse effect on the Company’s business. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors.

18

### 10. Foreign currency exchange contracts and hedging

As of June 30, 2026, the Company’s total non-designated and designated derivative contracts had notional amounts totaling approximately $32,233 and $3,917, respectively. As of June 30, 2025, the Company's total non-designated and designated derivative contracts had notional amounts totaling approximately $18,266 and $12,923, respectively. These contracts were comprised of offsetting contracts with the same counterparty, and each expires within three months. During the six months ended June 30, 2026, these contracts had, net of tax, an unrealized gain of $22. During the six months ended June 30, 2025, these contracts had, net of tax, an unrealized loss of $1,435.

The nonperformance risk of the Company and the counterparty did not have a material impact on the fair value of the derivatives. During the six months ended June 30, 2026, there were no ineffective portions relating to these hedges and the hedges remained effective through their respective settlement dates. During the six months ended June 30, 2025, there were no ineffective portions related to these hedges. As of June 30, 2026, the Company had two designated hedges and four non-designated hedges. As of June 30, 2025, the Company had six designated hedges and two non-designated hedges.

### 11. Segments

Operating segments are defined as components of an enterprise engaging in business activities for which separate financial information is available that is regularly evaluated by the Group’s chief operating decision makers, or CODM. Based on the criteria established by ASC 280  — Segment Reporting, the Company’s CODM has been identified as the executive leadership team, or ELT, which includes the Chief Executive Officer and the Chief Financial Officer. The ELT reviews a monthly executive reporting package based on consolidated results of the Company when making decisions about allocating resources and assessing performance. The Company derives revenues from customers through the development, manufacturing, marketing, sales, and rental of respiratory products. The Company considered the following when assessing its segment determination: the similar nature of the Company’s products and services that are included together in the oxygen therapy and respiratory care markets; the consistent production processes used to manufacture the Company’s products; the same channels used to distribute and sell the Company’s products; and the products align and qualify as respiratory durable medical equipment per the regulatory definition. Therefore, the Company determined that it operates and reports in only one operating and reportable segment. The CODM assesses performance for the one operating and reportable segment and decides how to allocate resources based on the segment profit or loss measure and adjusted EBITDA. The measure of segment assets is reported on the balance sheet as “total assets.” The CODM determined that the Company’s segment profit or loss measure that is most consistent with GAAP measurement principles is net loss to evaluate income and loss generated from segment assets (return on assets). Net loss for the Company’s one operating and reportable segment is reported on the consolidated statements of comprehensive loss. The Company evaluated the monthly executive reporting package and did not identify any significant or other expenses for disclosure that are not already presented on the consolidated statements of comprehensive loss.

19

## Item 2: Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

The following discussion and analysis of the financial condition and results of our operations should be in conjunction with the consolidated financial statements and related notes elsewhere in this Quarterly Report on Form 10-Q. This discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that are based on our management’s beliefs and assumptions and on information currently available to our management. The forward-looking statements are contained principally in this Management’s Discussion and Analysis of Financial Condition and Results of Operations and in the section entitled “Risk Factors” of our Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q filed with the SEC. Forward-looking statements include, but are not limited to, statements concerning the following:

- information concerning our possible or assumed future cash flows, revenue, sources of revenue, results of operations, and operating and other expenses;
- the impact of expense inflation on the components we use in our products, and the impact of inflation of the ability of our customers to afford our products;
- the potential for future supply chain constraints;
- our assessment and expectations regarding reimbursement rates, future rounds of competitive bidding, Centers for Medicare and Medicaid Services changes to Home Use of Oxygen national coverage determination and how those changes are implemented, and future changes in rental revenue;
- our ability to develop new products, improve our existing products, and increase the value of our products;
- our expectations regarding the timing of new products and product improvement launches as well as product features and specifications;
- our expectations with respect to our cost reduction initiatives;
- our expectations regarding regulatory approvals and government and third-party payor coverage and reimbursement;
- the ability of our competitors to introduce products to the market that may be lower priced than ours, may have more product features than ours, or are otherwise more accepted by the market, including our home medical equipment providers;
- our ability to attract key talent to the Company, and to retain key employees;
- our ability to efficiently integrate Physio-Assist and our ability to obtain reimbursement coverage and payment for Simeox in the U.S.;
- expectations with respect to market share, unit sales, business strategies, financing plans, expansion of our business, competitive position, industry environment, and potential growth opportunities;
- our expectations regarding the market size, market growth, and the growth potential for our business;
- our ability to grow our business and enter new markets;
- our expectations regarding the average selling prices and manufacturing costs of our products and our ongoing efforts to reduce average unit costs for our systems;
- our expectations regarding the productivity of our sales and marketing teams;
- our expectations with respect to our European and U.S. facilities and our expectations with respect to our contract manufacturer in Europe;
- our expectations, and changing regulations regarding tariffs that are or may be imposed by the U.S. on certain imported materials and products;
- our ability to successfully acquire and integrate companies and assets;
- our expectations regarding the impact and implementation of trade regulations on our supply chain;
- our expectations of future accounting pronouncements or changes in our accounting policies;
- our internal control environment;

20

- the effects of seasonal trends on our results of operations and estimated hiring plans; and
- our expectation that our existing capital resources and the cash to be generated from expected product sales and rentals will be sufficient to meet our projected operating and investing requirements for at least the next 12 months.

Forward-looking statements include statements that are not historical facts and can be identified by terms such as “anticipates,” “believes,” “could,” “seeks,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “will,” “would,” or similar expressions and the negatives of those terms.

Forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. We discuss these risks in greater detail in the sections entitled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q, and our Annual Report on Form 10-K filed with the SEC on February 27, 2026 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed with the SEC on May 8, 2026. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

This Quarterly Report on Form 10-Q also contains estimates, projections and other information concerning our industry, our business, and the markets for certain diseases, including data regarding the estimated size of those markets, and the incidence and prevalence of certain medical conditions. Information that is based on estimates, forecasts, projections, market research, or similar methodologies is inherently subject to uncertainties and actual events, or circumstances may differ materially from events and circumstances reflected in this information. Unless otherwise expressly stated, we obtained this industry, business, market, and other data from reports, research surveys, studies, and similar data prepared by market research firms and other third parties, industry, medical and general publications, government data and similar sources.

21

“AURORA,” “Inogen,” “Inogen One,” “Inogen One G3,” “G4,” “G5,” “Oxygen.Anytime.Anywhere,” “Intelligent Delivery Technology,” “Inogen At Home,” “Inogen Rove,” “Inogen Rove 4,” “Rove,” “Inogen Rove 6”, the Inogen design and “VOXI”, are registered trademarks with the United States Patent and Trademark Office of Inogen, Inc. We own trademark registrations for the mark “Inogen” in Argentina, Australia, Bermuda, Canada, Chile, China, Columbia, Ecuador, Hong Kong, South Korea, Malaysia, Mexico, Europe (European Union Registration), the United Kingdom, Iceland, India, Indonesia, Israel, Japan, Kuwait, New Zealand, Norway, Dominican Republic, Paraguay, Peru, Philippines, Turkey, Singapore, South Africa, Switzerland, the UAE, Uruguay, and Vietnam. We own a pending application for the mark “Inogen” in Thailand. We own a trademark registration for the mark “イノジェン” in Japan. We own trademark registrations for the marks “印诺真” and “艾诺根” in China. We own trademark registrations for the mark “Inogen One” in Australia, Canada, China, South Korea, Mexico, Europe (European Union Registration), and the United Kingdom. We own a trademark registration for the mark “Satellite Conserver” in Canada. We own trademark registrations for the mark “Inogen At Home” in Europe (European Union Registration) and the United Kingdom. We own trademark registrations for the mark “G4” in Europe (European Union Registration) and the United Kingdom. We own trademark registrations for the marks “Inogen Rove 4” and “Inogen Rove 6” in Europe (European Union Registration) and the United Kingdom. We own trademark registrations for the mark “G5” in Europe (European Union Registration) and the United Kingdom. We own pending applications for the marks “Inogen Rove 4” and “Inogen Rove 6” in Canada. We own trademark registrations for the mark “Rove” in Argentina, Australia, China, Colombia, Europe (European Union Registration), India, Indonesia, Mexico, Saudi Arabia, South Korea, and the United Kingdom. We own a pending application for the mark “Rove” in Canada. We own trademark registrations for the mark “Inogen Rove” in Argentina, Australia, Brazil, China, Colombia, Europe (European Union Registration), India, Indonesia, Mexico, Saudi Arabia, South Korea, and the United Kingdom. We own a pending application for the mark “Inogen Rove” in Canada. We own trademark registrations for the Inogen design in Bolivia and China. We own a trademark registration for the mark “إنوجن” in Saudi Arabia. We own a pending application for the Inogen One G5 design in Brazil. We own a trademark registration for “Inogen Simeox” in China. We own a trademark registration for the mark “VOXI” in Europe (European Union Registration). We own a trademark registration for AURORA in Europe (European Union Registration). Other service marks, trademarks, and trade names referred to in this Quarterly Report on Form 10-Q are the property of their respective owners. “PHYSIOASSIST,” the Physio-Assist logo, “SIMEOX,” and the Pissenlit logo are registered trademarks of Inogen’s wholly-owned subsidiary Physio-Assist. Physio-Assist owns trademark registrations for the mark “PHYSIOASSIST” in Europe (European Union Registration), France, Japan, United Kingdom, and USA. Physio-Assist owns trademark registrations for the Physio-Assist logo in China, Europe (European Union Registration), France, Japan, South Korea, United Kingdom, and USA. Physio-Assist owns trademark registrations for the mark “SIMEOX” in Argentina, Colombia, Europe (European Union Registration), France, Japan, Norway, Russia, Switzerland, United Kingdom, and USA. Physio-Assist owns pending applications for the mark “SIMEOX” in Canada and Mexico. Physio-Assist owns a trademark registration for the Pissenlit logo in France.

In this Quarterly Report on Form 10-Q, “the Company,” “we,” “us,” and “our” refer to Inogen, Inc. and its subsidiaries.

The following discussion of our financial condition and results of operations should be read together with our consolidated financial statements and the accompanying condensed notes to those statements included elsewhere in this document. In addition, you should refer to our audited consolidated financial statements and notes thereto and related Management’s Discussion and Analysis of Financial Condition and Results of Operations appearing in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 27, 2026.

### Critical accounting policies and estimates

Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities, revenue and expenses at the date of the financial statements. Generally, we base our estimates on historical experience and on various other assumptions in accordance with U.S. GAAP that we believe to be reasonable under the circumstances. Actual results may differ from these estimates and such differences could be material to the financial position and results of operations.

Critical accounting policies and estimates are those that we consider the most important to the portrayal of our financial condition and results of operations because they require our most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain. Our critical accounting policies and estimates include those related to:

- revenue recognition; and
- acquisitions and related acquired intangible assets and goodwill.

There have been no material changes in our critical accounting policies and estimates in the preparation of our consolidated financial statements during the three and six months ended June 30, 2026 compared to those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 27, 2026.

22

### Recent accounting pronouncements

Information about recently adopted and proposed accounting pronouncements, if applicable, is included in [Note 2](#note_2_presentation_ssap) to our consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q under the heading “Recent Accounting Pronouncements Not Yet Adopted” and is incorporated herein by reference.

### Macroeconomic environment

While we have worked to improve our global supply chain, challenges and potential disruptions still exist. We have experienced, and may continue to experience, increases in cost and limited availability of certain raw materials, components, and other inputs necessary to manufacture and distribute our products due to constraints and inflation within the global supply chain, and increases in wage costs and the cost and time to distribute our products. Uncertainty around inflationary pressures, interest rates, global conflicts, monetary policy, and changes in tariffs and tax laws could potentially cause new, or exacerbate existing, economic challenges that we may face, including the impact of foreign currency fluctuations on our results of operations, or result in an economic downturn or recession, which could negatively impact our business operations and results. Existing and future potential geopolitical dynamics may create economic, supply chain, energy, and other challenges, including disruptions to business operations, which has impacted, and may in the future negatively impact our business. In addition, escalating tensions and military conflict involving Iran and the broader Middle East region have increased volatility in global shipping and logistics markets, resulting in higher freight, transportation, fuel, and insurance costs, longer transit times, and potential disruptions to key trade routes. In particular, international conflicts and disputes have created and may continue to create instability, including increased transportation and freight expenses, may further result in sanctions, tariffs, and other measures that restrict international trade and may negatively affect our business operations and results.

We continue to monitor the tariffs imposed by the U.S. government, as well as the potential for additional or modified tariffs, and the imposition of tariffs or export controls by other countries. We do not currently expect a material impact to our business from the tariffs in the forms in which they are currently proposed.

For additional information on risk factors that could impact our results, please refer to the sections entitled “Risk Factors” in this Quarterly Report on Form 10-Q, our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 27, 2026 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed with the SEC on May 8, 2026.

### Overview

We are a medical technology company focused on the development, manufacture, and commercialization of respiratory products, including portable and stationary oxygen concentrators, airway clearance devices, and CPAP masks for the treatment of chronic respiratory conditions. Our portfolio includes portable oxygen concentrator systems designed to optimize output, weight, sound levels, and battery life, as well as stationary oxygen concentrators, the Simeox airway clearance system and Aurora CPAP masks. We operate both as a medical technology company and as a home medical equipment provider, with accreditation across all 50 U.S. states and a broad network of patients, prescribers, providers, and distribution partners.

We generate the majority of our revenue from the sale and rental of our portable oxygen concentrator systems and related accessories to patients, third-party payors, home healthcare providers, resellers, and distributors. Our products are marketed in the United States through direct-to-consumer, prescriber, and business-to-business channels, and internationally through distributors and medical equipment providers. Our product offerings include multiple configurations of our Inogen One®, Rove, At Home, and Voxi® systems, in addition to Simeox and Aurora products and related accessories.

Our strategy is focused on expanding our domestic and international business-to-business channels, improving the productivity of our direct-to-consumer and prescriber sales efforts, and optimizing rental revenue through targeted prescriber engagement. We are also investing in research and development and clinical studies to support product innovation and generate clinical and economic evidence to support the value of our products and drive reimbursement and adoption. In addition, we are leveraging partnerships, including our collaboration with Jiangsu Yuyue Medical Equipment & Supply Co., Ltd., or Yuwell, to broaden our product portfolio and support entry into new markets.

We continue to develop and commercialize new products and expand our existing offerings, including advancing the commercialization of Simeox and expanding our CPAP mask and stationary oxygen product lines. We are also pursuing geographic expansion, particularly in Europe and other international markets, supported by our distribution network and manufacturing relationships.

23

### Results of operations

### Comparison of three months ended June 30, 2026 and 2025

Revenue

| (dollar amounts in thousands) | Three months ended / June 30, 2026 | Three months ended / June 30, 2025 | Change 2026 vs. 2025 / $ | Change 2026 vs. 2025 / % | % of Revenue / 2026 | % of Revenue / 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales revenue | $83,525 | $79,172 | $4,353 | 5.5% | 87.8% | 85.8% |
| Rental revenue | 11,559 | 13,105 | (1,546) | -11.8% | 12.2% | 14.2% |
| Total revenue | $95,084 | $92,277 | $2,807 | 3.0% | 100.0% | 100.0% |

Sales revenue increased $4.4 million, or 5.5%, for the three months ended June 30, 2026 from the three months ended June 30, 2025. The increase was primarily attributable to higher demand in our international markets as well as the favorable impact of foreign exchange rates, partially offset by channel mix within the U.S. We sold approximately 53,300 portable units during the three months ended June 30, 2026 compared to approximately 47,600 portable units sold during the three months ended June 30, 2025, an increase of 12.0%.

Rental revenue decreased $1.5 million, or 11.8%, for the three months ended June 30, 2026 from the three months ended June 30, 2025. The decrease in rental revenue was primarily related to fewer patients on service.

| (dollar amounts in thousands) / Revenue by geographic region | Three months ended / June 30, 2026 | Three months ended / June 30, 2025 | Change 2026 vs. 2025 / $ | Change 2026 vs. 2025 / % | % of Revenue / 2026 | % of Revenue / 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| U.S. sales | $42,272 | $43,249 | $(977) | -2.3% | 44.5% | 46.9% |
| International sales | 41,253 | 35,923 | 5,330 | 14.8% | 43.4% | 38.9% |
| U.S. rentals | 11,559 | 13,105 | (1,546) | -11.8% | 12.2% | 14.2% |
| Total revenue | $95,084 | $92,277 | $2,807 | 3.0% | 100.0% | 100.0% |

U.S. sales decreased 2.3% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to channel mix versus the comparable period in 2025.

International sales increased 14.8% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily due to an increase in demand from our partners in Europe as well as the impact of favorable foreign exchange rates. In the three months ended June 30, 2026, sales in Europe as a percentage of total international sales revenue decreased to 84.2% from 85.3% during the comparable period in 2025.

U.S. rentals decreased 11.8% for the three months ended June 30, 2026 compared to the three months ended June 30, 2025, primarily related to fewer patients on service.

Cost of revenue and gross profit  

| (dollar amounts in thousands) | Three months ended / June 30, 2026 | Three months ended / June 30, 2025 | Change 2026 vs. 2025 / $ | Change 2026 vs. 2025 / % | % of Revenue / 2026 | % of Revenue / 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Cost of sales revenue | $44,949 | $43,469 | $1,480 | 3.4% | 47.3% | 47.1% |
| Cost of rental revenue | 6,863 | 7,467 | (604) | -8.1% | 7.2% | 8.1% |
| Total cost of revenue | $51,812 | $50,936 | $876 | 1.7% | 54.5% | 55.2% |
| Gross profit - sales revenue | $38,576 | $35,703 | $2,873 | 8.0% | 40.6% | 38.7% |
| Gross profit - rental revenue | 4,696 | 5,638 | (942) | -16.7% | 4.9% | 6.1% |
| Total gross profit | $43,272 | $41,341 | $1,931 | 4.7% | 45.5% | 44.8% |
| Gross margin percentage - sales revenue | 46.2% | 45.1% |  |  |  |  |
| Gross margin percentage - rental revenue | 40.6% | 43.0% |  |  |  |  |
| Total gross margin percentage | 45.5% | 44.8% |  |  |  |  |

Cost of sales revenue increased $1.5 million, or 3.4%, for the three months ended June 30, 2026 from the three months ended June 30, 2025 due primarily to an increase in the number of systems sold.

Cost of rental revenue decreased $0.6 million, or 8.1%, for the three months ended June 30, 2026 from the three months ended June 30, 2025. The decrease in cost of rental revenue was primarily attributable to fewer patients on service.

24

Gross margin on sales revenue increased to 46.2% for the three months ended June 30, 2026 from 45.1% for the three months ended June 30, 2025. The increase was driven by manufacturing cost leverage from higher units sold and lower cost premiums associated with open-market purchases of semiconductor chips used in our portable oxygen concentrators and reduced warranty-related costs resulting from product quality improvements.

Gross margin on rental revenue decreased to 40.6% for the three months ended June 30, 2026 from 43.0% for the three months ended June 30, 2025, primarily due to higher logistics costs per rental patient.

Research and development expense

| (dollar amounts in thousands) | Three months ended / June 30, 2026 | Three months ended / June 30, 2025 | Change 2026 vs. 2025 / $ | Change 2026 vs. 2025 / % | % of Revenue / 2026 | % of Revenue / 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Research and development expense | $5,871 | $5,209 | $662 | 12.7% | 6.2% | 5.6% |

Research and development expense increased $0.7 million, or 12.7%, for the three months ended June 30, 2026 from the three months ended June 30, 2025. This increase was due primarily to product development costs and investments to support growth from new products.  

Sales and marketing expense  

| (dollar amounts in thousands) | Three months ended / June 30, 2026 | Three months ended / June 30, 2025 | Change 2026 vs. 2025 / $ | Change 2026 vs. 2025 / % | % of Revenue / 2026 | % of Revenue / 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales and marketing expense | $24,824 | $25,390 | $(566) | -2.2% | 26.1% | 27.5% |

Sales and marketing expense decreased $0.6 million, or 2.2%, for the three months ended June 30, 2026 from the three months ended June 30, 2025. This decrease was primarily due to a $1.5 million reduction in personnel costs, partially offset by an increase of $0.8 million in media and advertising costs. In the three months ended June 30, 2026, we spent $8.2 million in media and advertising costs versus $7.4 million in the comparable period in 2025.

General and administrative expense

| (dollar amounts in thousands) | Three months ended / June 30, 2026 | Three months ended / June 30, 2025 | Change 2026 vs. 2025 / $ | Change 2026 vs. 2025 / % | % of Revenue / 2026 | % of Revenue / 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| General and administrative expense | $17,673 | $16,871 | $802 | 4.8% | 18.6% | 18.3% |

General and administrative expense increased $0.8 million, or 4.8%, for the three months ended June 30, 2026 from the three months ended June 30, 2025, primarily due to an increase of $0.6 million in stockholder engagement and proxy defense costs.

Other income, net

| (dollar amounts in thousands) | Three months ended / June 30, 2026 | Three months ended / June 30, 2025 | Change 2026 vs. 2025 / $ | Change 2026 vs. 2025 / % | % of Revenue / 2026 | % of Revenue / 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Interest income, net | $861 | $1,123 | $(262) | -23.3% | 0.9% | 1.2% |
| Other income, net | 231 | 701 | (470) | -67.0% | 0.2% | 0.8% |
| Total other income, net | $1,092 | $1,824 | $(732) | -40.1% | 1.1% | 2.0% |

Total other income, net decreased $0.7 million, or 40.1%, for the three months ended June 30, 2026 from the three months ended June 30, 2025, primarily due to net foreign currency losses.

Income tax benefit

| (dollar amounts in thousands) | Three months ended / June 30, 2026 | Three months ended / June 30, 2025 | Change 2026 vs. 2025 / $ | Change 2026 vs. 2025 / % | % of Revenue / 2026 | % of Revenue / 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Income tax benefit | $(154) | $(153) | $(1) | 0.7% | -0.2% | -0.2% |
| Effective income tax rate | 3.8% | 3.6% |  |  |  |  |

Income tax benefit increased less than $0.1 million, or 0.7%, for the three months ended June 30, 2026 from the three months ended June 30, 2025. We continued to record a valuation allowance on the use of deferred tax assets in the current and prior periods.

25

Our effective tax rate for the three months ended June 30, 2026 increased slightly compared to the three months ended June 30, 2025. The increase in the effective tax rate from the prior year was attributable to changes in the forecast pretax income/(loss).

Net loss

| (dollar amounts in thousands) | Three months ended / June 30, 2026 | Three months ended / June 30, 2025 | Change 2026 vs. 2025 / $ | Change 2026 vs. 2025 / % | % of Revenue / 2026 | % of Revenue / 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Net loss | $(3,850) | $(4,152) | $302 | 7.3% | -4.0% | -4.5% |

Net loss decreased $0.3 million, or 7.3%, for the three months ended June 30, 2026 from the three months ended June 30, 2025. The decrease in net loss was primarily related to an increase in sales revenue and an increase in gross margin percentage.

### Comparison of six months ended June 30, 2026 and 2025

Revenue

| (dollar amounts in thousands) | Six months ended / June 30, 2026 | Six months ended / June 30, 2025 | Change 2026 vs. 2025 / $ | Change 2026 vs. 2025 / % | % of Revenue / 2026 | % of Revenue / 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales revenue | $155,929 | $147,642 | $8,287 | 5.6% | 86.5% | 84.6% |
| Rental revenue | 24,264 | 26,915 | (2,651) | -9.8% | 13.5% | 15.4% |
| Total revenue | $180,193 | $174,557 | $5,636 | 3.2% | 100.0% | 100.0% |

Sales revenue increased $8.3 million, or 5.6%, for the six months ended June 30, 2026 from the six months ended June 30, 2025. The increase was primarily attributable to higher demand in our international markets as well as the favorable impact of foreign exchange rates, partially offset by channel mix within the U.S. We sold approximately 99,600 portable units during the six months ended June 30, 2026 compared to approximately 89,400 portable units sold during the six months ended June 30, 2025, an increase of 11.4%.

Rental revenue decreased $2.7 million, or 9.8%, for the six months ended June 30, 2026 from the six months ended June 30, 2025. The decrease in rental revenue was primarily related to fewer patients on service.

| (dollar amounts in thousands) / Revenue by geographic region | Six months ended / June 30, 2026 | Six months ended / June 30, 2025 | Change 2026 vs. 2025 / $ | Change 2026 vs. 2025 / % | % of Revenue / 2026 | % of Revenue / 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| U.S. sales | $77,008 | $79,734 | $(2,726) | -3.4% | 42.7% | 45.7% |
| International sales | 78,921 | 67,908 | 11,013 | 16.2% | 43.8% | 38.9% |
| U.S. rentals | 24,264 | 26,915 | (2,651) | -9.8% | 13.5% | 15.4% |
| Total revenue | $180,193 | $174,557 | $5,636 | 3.2% | 100.0% | 100.0% |

U.S. sales decreased 3.4% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to channel mix versus the comparable period in 2025.

International sales increased 16.2% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily due to an increase in demand from our partners in Europe as well as the impact of favorable foreign exchange rates. In the six months ended June 30, 2026, sales in Europe as a percentage of total international sales revenue increased to 86.5% from 85.5% during the comparable period in 2025.

U.S. rentals decreased 9.8% for the six months ended June 30, 2026 compared to the six months ended June 30, 2025, primarily related to fewer patients on service.

26

Cost of revenue and gross profit  

| (dollar amounts in thousands) | Six months ended / June 30, 2026 | Six months ended / June 30, 2025 | Change 2026 vs. 2025 / $ | Change 2026 vs. 2025 / % | % of Revenue / 2026 | % of Revenue / 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Cost of sales revenue | $85,126 | $81,552 | $3,574 | 4.4% | 47.2% | 46.7% |
| Cost of rental revenue | 13,932 | 15,292 | (1,360) | -8.9% | 7.7% | 8.8% |
| Total cost of revenue | $99,058 | $96,844 | $2,214 | 2.3% | 55.0% | 55.5% |
| Gross profit - sales revenue | $70,803 | $66,090 | $4,713 | 7.1% | 39.3% | 37.9% |
| Gross profit - rental revenue | 10,332 | 11,623 | (1,291) | -11.1% | 5.7% | 6.6% |
| Total gross profit | $81,135 | $77,713 | $3,422 | 4.4% | 45.0% | 44.5% |
| Gross margin percentage - sales revenue | 45.4% | 44.8% |  |  |  |  |
| Gross margin percentage - rental revenue | 42.6% | 43.2% |  |  |  |  |
| Total gross margin percentage | 45.0% | 44.5% |  |  |  |  |

Cost of sales revenue increased $3.6 million, or 4.4%, for the six months ended June 30, 2026 from the six months ended June 30, 2025 due primarily to an increase in the number of systems sold.

Cost of rental revenue decreased $1.4 million, or 8.9%, for the six months ended June 30, 2026 from the six months ended June 30, 2025. The decrease in cost of rental revenue was primarily attributable to fewer patients on service.

Gross margin on sales revenue increased to 45.4% for the six months ended June 30, 2026 from 44.8% for the six months ended June 30, 2025. The increase was driven by manufacturing cost leverage from higher units sold and lower cost premiums associated with open-market purchases of semiconductor chips used in our portable oxygen concentrators and reduced warranty-related costs resulting from product quality improvements.

Gross margin on rental revenue decreased to 42.6% for the six months ended June 30, 2026 from 43.2% for the six months ended June 30, 2025, primarily due to higher logistics costs per rental patient.

Research and development expense

| (dollar amounts in thousands) | Six months ended / June 30, 2026 | Six months ended / June 30, 2025 | Change 2026 vs. 2025 / $ | Change 2026 vs. 2025 / % | % of Revenue / 2026 | % of Revenue / 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Research and development expense | $10,968 | $9,243 | $1,725 | 18.7% | 6.1% | 5.3% |

Research and development expense increased $1.7 million, or 18.7%, for the six months ended June 30, 2026 from the six months ended June 30, 2025. This increase was due primarily to increased product development and investments to support growth from new products.  

Sales and marketing expense  

| (dollar amounts in thousands) | Six months ended / June 30, 2026 | Six months ended / June 30, 2025 | Change 2026 vs. 2025 / $ | Change 2026 vs. 2025 / % | % of Revenue / 2026 | % of Revenue / 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Sales and marketing expense | $49,427 | $49,147 | $280 | 0.6% | 27.4% | 28.2% |

Sales and marketing expense increased $0.3 million, or 0.6%, for the six months ended June 30, 2026 from the six months ended June 30, 2025. This increase was primarily due to an increase of $1.6 million in media and advertising costs and $0.5 million in costs related to employee engagement and training activities, offset by a decrease of $2.2 million in personnel costs. In the six months ended June 30, 2026, we spent $16.6 million in media and advertising costs versus $15.0 million in the comparable period in 2025.

General and administrative expense

| (dollar amounts in thousands) | Six months ended / June 30, 2026 | Six months ended / June 30, 2025 | Change 2026 vs. 2025 / $ | Change 2026 vs. 2025 / % | % of Revenue / 2026 | % of Revenue / 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| General and administrative expense | $35,172 | $33,108 | $2,064 | 6.2% | 19.5% | 19.0% |

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General and administrative expense increased $2.1 million, or 6.2%, for the six months ended June 30, 2026 from the six months ended June 30, 2025, primarily due to an increase of $1.1 million in restructuring-related costs and $0.8 million in stockholder engagement and proxy defense costs.

Other income, net

| (dollar amounts in thousands) | Six months ended / June 30, 2026 | Six months ended / June 30, 2025 | Change 2026 vs. 2025 / $ | Change 2026 vs. 2025 / % | % of Revenue / 2026 | % of Revenue / 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Interest income, net | $1,741 | $2,152 | $(411) | -19.1% | 1.0% | 1.6% |
| Other income, net | 189 | 1,057 | (868) | -82.1% | 0.1% | 0.2% |
| Total other income, net | $1,930 | $3,209 | $(1,279) | -39.9% | 1.1% | 1.8% |

Total other income, net decreased $1.3 million, or 39.9%, for the six months ended June 30, 2026 from the six months ended June 30, 2025, primarily due to net foreign currency losses.

Income tax benefit

| (dollar amounts in thousands) | Six months ended / June 30, 2026 | Six months ended / June 30, 2025 | Change 2026 vs. 2025 / $ | Change 2026 vs. 2025 / % | % of Revenue / 2026 | % of Revenue / 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Income tax benefit | $(328) | $(250) | $(78) | 31.2% | -0.2% | -0.1% |
| Effective income tax rate | 2.6% | 2.4% |  |  |  |  |

Income tax benefit decreased less than $0.1 million, or 31.2%, for the six months ended June 30, 2026 from the six months ended June 30, 2025. We continued to record a valuation allowance on the use of deferred tax assets in the current and prior periods.

Our effective tax rate for the six months ended June 30, 2026 increased slightly compared to the six months ended June 30, 2025. The increase in the effective tax rate from the prior year was attributable to changes in the forecast pretax income/(loss).

Net Loss

| (dollar amounts in thousands) | Six months ended / June 30, 2026 | Six months ended / June 30, 2025 | Change 2026 vs. 2025 / $ | Change 2026 vs. 2025 / % | % of Revenue / 2026 | % of Revenue / 2025 |
| --- | --- | --- | --- | --- | --- | --- |
| Net loss | $(12,174) | $(10,326) | $(1,848) | -17.9% | -6.8% | -12.1% |

Net loss increased $1.9 million, or 17.9%, for the six months ended June 30, 2026 from the six months ended June 30, 2025. The increase in net loss was primarily related to an increase in operating expense.

### Liquidity and capital resources

As of June 30, 2026, we had cash and cash equivalents of $87.3 million and marketable securities of $18.3 million. Our principal uses of cash are funding our new rental asset deployments and other capital purchases, operations, and other working capital requirements and, from time to time, the acquisition of businesses. Over the past several years, our cash flows from customer collections have remained consistent and our annual cash provided by operating activities has generally been a significant source of capital to the business.

We may need to raise additional funds to support our investing operations, and such funding may not be available to us on acceptable terms, or at all. If we are unable to raise additional funds when needed, our operations and ability to execute our business strategy could be adversely affected. We may seek to raise additional funds through equity, equity-linked or debt financings. If we raise additional funds through the incurrence of indebtedness, such indebtedness would have rights that are senior to holders of our equity securities and could contain covenants that restrict our operations. Any additional equity financing may be dilutive to our stockholders. We believe that our current cash, cash equivalents, and marketable securities and the cash to be generated from expected product sales and rentals will be sufficient to meet our projected operating and investing requirements for at least the next 12 months.

28

The following tables show a summary of our cash flows and working capital for the periods and as of the dates indicated:

| (amounts in thousands) / Summary of consolidated cash flows | Six months ended / June 30, 2026 | Six months ended / June 30, 2025 | Change 2026 vs. 2025 / $ | Change 2026 vs. 2025 / % |
| --- | --- | --- | --- | --- |
| Cash used in operating activities | $(3,739) | $(12,440) | $8,701 | 69.9% |
| Cash used in investing activities | (5,109) | (24,611) | 19,502 | 79.2% |
| Cash (used in) provided by financing activities | (7,747) | 23,951 | (31,698) | -132.3% |
| Effect of exchange rates on cash | 156 | 642 | (486) | -75.7% |
| Net decrease in cash, cash equivalents, and restricted cash | $(16,439) | $(12,458) | $(3,981) | -32.0% |

| (amounts in thousands) / Summary of working capital | June 30, 2026 | December 31, 2025 |
| --- | --- | --- |
| Total current assets | $194,136 | $198,299 |
| Total current liabilities | 70,864 | 63,535 |
| Net working capital | $123,272 | $134,764 |

### Operating activities

Historically, we derive operating cash flows from cash collected from the sales and rental of our products and services. These cash flows received are partially offset by our use of cash for operating expenses to support the growth of our business.  

Net cash used in operating activities for the six months ended June 30, 2026 consisted primarily of our net loss of $12.2 million, partially offset by non-cash adjustment items consisting mainly of depreciation of equipment and leasehold improvements and amortization of intangibles of $9.6 million, stock-based compensation expense of $3.7 million, and provision for sales returns and doubtful accounts of $3.8 million. We also had a net use of operating assets and liabilities during the period primarily related to higher accounts receivable due to higher sales and the timing of sales within the quarter.

Net cash used in operating activities for the six months ended June 30, 2025 consisted primarily of our net loss of $10.3 million, partially offset by non-cash adjustment items consisting mainly of depreciation of equipment and leasehold improvements and amortization of intangibles of $10.4 million, stock-based compensation expense of $4.4 million, and provision for sales returns and doubtful accounts of $3.2 million, and net loss on disposal of rental assets and other assets of $1.7 million. The net changes in operating assets and liabilities resulted in net cash used of $22.7 million, which included the payment of the earnout liability of $9.8 million.

### Investing activities

Net cash used in investing activities generally includes the production and purchase of rental assets, property, plant and equipment, acquisitions, and intangibles to support our expanding business as well as purchases of marketable securities.

For the six months ended June 30, 2026, we invested $13.1 million in the purchase of marketable securities and $2.7 million in the production and purchase of rental assets and other property and equipment, partially offset by $10.7 million we received from maturities of marketable securities.

For the six months ended June 30, 2025, we invested $18.7 million in the purchase of marketable securities and $5.9 million in the production and purchase of rental assets and other property and equipment.

### Financing activities

Historically, we have funded our operations through our sales and rental revenue and the issuance of preferred and common stock.

For the six months ended June 30, 2026, net cash used in financing activities consisted of $7.5 million of share repurchases and $0.6 million payment of employment taxes related to the vesting of RSUs, partially offset by proceeds of $0.4 million received from proceeds from employee stock purchases under our ESPP.

For the six months ended June 30, 2025, net cash provided by financing activities consisted of $27.2 million of proceeds from issuance of common stock to an affiliate of Yuwell, $0.5 million of proceeds received from purchases under our ESPP, partially offset by the payment of the earnout liability of $3.2 million and employment taxes related to the vesting of RSUs of $0.6 million.

### Share repurchase program

On February 20, 2026, our Board of Directors authorized a share repurchase program under which we may repurchase up to $30.0 million of our outstanding common stock. The program expires on December 31, 2027, or when the maximum authorized dollar amount has been utilized, whichever occurs first. Repurchases under the program may be made from time to time through open market

29

purchases at prevailing market prices, in compliance with Rule 10b-18 under the Exchange Act, including through Rule 10b5-1 trading plans. The share repurchase program does not obligate us to make any repurchases and may be modified, suspended, or terminated by us at any time without prior notice. The amount and timing of repurchases are subject to a variety of factors including liquidity, share price, market conditions, and legal requirements. For the six months ended June 30, 2026, we repurchased and retired 1,145,150 shares of our common stock for a total of $7.5 million. As of June 30, 2026, $22.5 million remained available under the program for future repurchases. For additional information, please see Part II, Item 2. “Unregistered Sales of Equity Securities and Use of Proceeds” of this Quarterly Report on Form 10-Q.

### Non-GAAP financial measures

EBITDA and Adjusted EBITDA are financial measures that are not calculated in accordance with U.S. GAAP. We define EBITDA as net loss excluding interest income, interest expense, taxes and depreciation and amortization. Adjusted EBITDA also excludes stock-based compensation, change in fair value of earnout liability, acquisition-related expenses, and restructuring-related and other charges. Below, we have provided a reconciliation of EBITDA and Adjusted EBITDA to our net loss, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. EBITDA and Adjusted EBITDA should not be considered alternatives to a net loss or any other measure of financial performance calculated and presented in accordance with U.S. GAAP. Our EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other organizations because other organizations may not calculate EBITDA and Adjusted EBITDA in the same manner as we calculate these measures.

We include EBITDA and Adjusted EBITDA in this Quarterly Report on Form 10-Q because they are important measures upon which our management assesses our operating performance. We use EBITDA and Adjusted EBITDA as key performance measures because we believe they facilitate operating performance comparisons from period-to-period by excluding potential differences primarily caused by variations in capital structures, tax positions, the impact of depreciation and amortization expense on our fixed assets and intangible assets, the impact of stock-based compensation expense, the impact of the change in fair value of the earnout liability, the impact of acquisition-related expenses, the impact of restructuring-related costs, and impairment charges. Because EBITDA and Adjusted EBITDA facilitate internal comparisons of our historical operating performance on a more consistent basis, we also use EBITDA and Adjusted EBITDA for business planning purposes, to incentivize and compensate our management personnel, and in evaluating acquisition opportunities. In addition, we believe EBITDA and Adjusted EBITDA and similar measures are widely used by investors, securities analysts, ratings agencies, and other parties in evaluating companies in our industry as a measure of financial performance and debt-service capabilities.

Our uses of EBITDA and Adjusted EBITDA have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

- EBITDA and Adjusted EBITDA do not reflect our cash expenditures for capital equipment or other contractual commitments;
- although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA and Adjusted EBITDA do not reflect capital expenditure requirements for such replacements;
- EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs;
- Adjusted EBITDA does not include stockholder engagement and proxy defense costs, which include third-party advisory, legal, and other professional fees;
- Adjusted EBITDA does not include costs associated with workforce reductions and associated costs and other restructuring-related activities; and
- other companies, including companies in our industry, may calculate EBITDA and Adjusted EBITDA measures differently, which reduces their usefulness as a comparative measure.

In evaluating EBITDA and Adjusted EBITDA, we anticipate that in the future we will incur expenses within these categories similar to this presentation. Our presentation of EBITDA and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by certain expenses. When evaluating our financial results, EBITDA and Adjusted EBITDA should be considered alongside other financial performance measures, including U.S. GAAP results.

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The following table presents a reconciliation of EBITDA and Adjusted EBITDA to our net loss, the most comparable U.S. GAAP measure, for each of the periods indicated:

| (amounts in thousands) / Non-GAAP EBITDA and Adjusted EBITDA | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 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 |

(1) Stockholder engagement and proxy defense costs include third-party advisory, legal, and other professional fees.

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## Item 3. Quantitative and Qualitative Disclosures About Market Risk

We are exposed to various market risks, including fluctuation in foreign currency exchange rates and interest rates. Market risk is the potential loss arising from adverse changes in market rates and prices. We do not hold or issue financial instruments for trading purposes. The Company's market risks have not changed materially from those disclosed in Item 7A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

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## Item 4. Controls and Procedures

### Evaluation of disclosure controls and procedures

The Company maintains a system of disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, which are designed to provide reasonable assurance that information required to be disclosed in the reports that the Company files or submits under the Exchange Act, is recorded, processed, summarized and reported accurately and completely within the time periods specified in the SEC’s rules and forms. These disclosure controls and procedures include, among other processes, controls and procedures designed to ensure that information required to be disclosed in the reports that the Company files or submits under the Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Due to inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Further, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions over time, or that the degree of compliance with the policies and procedures may deteriorate. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2026. Based upon the evaluation described above, our Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2026, our disclosure controls and procedures were effective at the reasonable assurance level.

### Changes in internal control over financial reporting

There has been no change in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rule 13a-15 or 15d-15 that occurred during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

### Limitations on effectiveness of controls

In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Because of the inherent limitations in any control system, misstatements due to error or fraud may occur and not be detected.

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Part II. OTHER INFORMATION

## Item 1. Legal Proceedings

We are party to various legal proceedings and investigations arising in the normal course of business. We carry insurance, subject to specified deductibles under the policies, to protect against losses from certain types of legal claims. At this time, we do not anticipate that any of these other proceedings arising in the normal course of business will have a material adverse effect on our business. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources, and other factors.

## Item 1A. Risk Factors

The significant factors known to us that could materially adversely affect our business, financial condition, or operating results are described in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 27, 2026, and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, as filed with the SEC on May 8, 2026. Any of these factors could result in a significant or material adverse effect on our results of operations or financial condition. Additional risk factors not presently known to us or that we currently deem immaterial may also impair our business or results of operations. As of the date of this Quarterly Report on Form 10-Q, there have been no material changes from the risk factors previously disclosed in our 2025 Annual Report on Form 10-K filed with the SEC on February 27, 2026 and our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 filed with the SEC on May 8, 2026, which are incorporated by reference herein.

## Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

### Unregistered sales of equity securities

Not applicable.

### Issuer purchases of equity securities

The following table provides information about purchases by us of our common stock during the three months ended June 30, 2026:

| Period | Total number of shares purchased (1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs (2) | (amounts in thousands) Approximate dollar value of shares that may yet be purchased under the plans or programs |
| --- | --- | --- | --- | --- |
| April 1, 2026 through April 30, 2026 | 277,600 | $6.75 | 277,600 | $26,300 |
| May 1, 2026 through May 31, 2026 | 280,250 | 6.69 | 280,250 | 24,400 |
| June 1, 2026 through June 30, 2026 | 289,200 | 6.48 | 289,200 | 22,500 |
| Total | 847,050 | $6.64 | 847,050 | $22,500 |

(1) In February 2026, our Board of Directors authorized a share repurchase program under which we may repurchase up to $30.0 million of our outstanding common stock. The program expires on December 31, 2027, or when the maximum authorized dollar amount has been utilized, whichever occurs first. The share repurchase program does not obligate us to make any repurchases and may be modified, suspended, or terminated by us at any time without prior notice.

(2) The total number of shares purchased as part of the publicly announced program were all purchased pursuant to the February 2026 authorization.

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## Item 3. Defaults Upon Senior Securities

None.

## Item 4. Mine Safety Disclosures

Not applicable.

## Item 5. Other Information

During the three months ended June 30, 2026, no director or Section 16 reporting officer adopted, modified or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of the SEC’s Regulation S-K).

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## Item 6. Exhibits

| Exhibit / Number | Description | Incorporated / by Reference / From Form | Incorporated / by Reference / From Exhibit / Number | Date / Filed |
| --- | --- | --- | --- | --- |
| 10.1+ | Amended and Restated 2023 Equity Incentive Plan | 8-K | 10.1 | 06/11/26 |
| 10.2+ | Form of Stock Option Agreement under the Amended and Restated 2023 Equity Incentive Plan | 8-K | 10.2 | 06/11/26 |
| 10.3+ | Form of Restricted Stock Unit Agreement (Time-Based) under the Amended and Restated 2023 Equity Incentive Plan | 8-K | 10.3 | 06/11/26 |
| 10.4+ | Form of Restricted Stock Unit Agreement (Performance-Based) under the Amended and Restated 2023 Equity Incentive Plan | 8-K | 10.4 | 06/11/26 |
| 10.5+ | Employment and Severance Agreement by and between the Company and Andrew Reding, effective as of July 6, 2026 | 8-K | 10.1 | 07/01/26 |
| 10.6+ | Separation Agreement and Release by and between the Company and Michael Bourque, dated July 6, 2026 | Filed herewith |  |  |
| 31.1 | Certification Pursuant to Exchange Act Rules 13a - 14(a) and 15d - 14(a) as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Chief Executive Officer | Filed herewith |  |  |
| 31.2 | Certification Pursuant to Exchange Act Rules 13a - 14(a) and 15d - 14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Chief Financial Officer | Filed herewith |  |  |
| 32.1(1) | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Chief Executive Officer | Filed herewith |  |  |
| 32.2(1) | Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Chief Financial Officer | Filed herewith |  |  |
| 101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |  |  |  |
| 101.SCH | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |  |  |  |
| 104 | The cover page of this Quarterly Report on Form 10-Q, formatted in inline XBRL. |  |  |  |

+ Indicates a management contract or compensatory plan.

(1) The Certifications attached as Exhibits 32.1 and 32.2 that accompany this Quarterly Report on Form 10-Q are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Inogen, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

inogen, inc.

Dated: August 7, 2026 By: /s/ Kevin R.M. Smith

Kevin R.M. Smith

Chief Executive Officer<br>President<br>Director<br>(Principal Executive Officer)

Dated: August 7, 2026 By: /s/ Jason Richardson

Jason Richardson

Executive Vice President<br>Chief Financial Officer<br>Treasurer<br>(Principal Financial and Accounting Officer)

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---

## EX-10.6

SEC source: [ingn-ex10_6.htm](https://www.sec.gov/Archives/edgar/data/1294133/000129413326000034/ingn-ex10_6.htm)

Exhibit 10.6

SEPARATION AGREEMENT AND RELEASE

This Separation Agreement and Release (“Agreement”) is made by and between Michael Bourque (“Employee”) and Inogen, Inc. (the “Company”) (collectively referred to as the “Parties” or individually referred to as a “Party”) as of July 1, 2026 ("Effective Date”).

WHEREAS, Employee signed an Employment and Severance Agreement with the Company dated March 4, 2024 (the “Employment Agreement”);

WHEREAS, Employee has been employed at-will by the Company pursuant to the terms and conditions of the Employment Agreement and other agreements completed on or about his first day of employment on March 4, 2024;

WHEREAS, Employee previously was granted awards of some or all of stock options, restricted stock, restricted stock units, performance restricted stock, and performance stock units in each case, that are outstanding as of the date hereof (each, an “Equity Award”) subject to the terms and conditions of the applicable Company equity plan under which the Equity Award was granted and an award agreement memorializing the Equity Award (the plan and award agreement together, the “Stock Agreements”);

WHEREAS, the Parties have determined that Employee’s employment with the Company will end no later than June 30, 2026 (“Separation Date”); and

WHEREAS, the Parties wish to resolve any and all disputes, claims, complaints, grievances, charges, actions, petitions, and demands that the Employee may have against the Company and any of the Releasees (as defined below), including, but not limited to, any and all claims arising out of or in any way related to Employee’s employment with or separation from the Company;

NOW, THEREFORE, in consideration of the mutual promises made herein, the Company and Employee hereby agree as follows:

COVENANTS

1. Consideration. The Parties acknowledge and agree that the following consideration, is in lieu of, and fully replaces any severance under Section 8 of the Employment Agreement:

1.

Severance Benefits. If and only if (x) Employee executes this Agreement (on or after the Separation Date) and does not revoke the Agreement and (y) Employee fulfills all of the terms and conditions of this Agreement, including, without limitation, complying with the covenants contained herein, then, following the Separation Date, and subject to Section 2 below, Employee will be entitled to the following (collectively, the “Severance Benefits”):

a.

Continuation of Payment. The Company agrees to pay the Base Salary for twelve (12) months (the “Severance Term”) (26 pay periods at the gross amount of $17,423.08 each), less all applicable taxes and payable in accordance with the Company’s regular payroll practices, it being agreed that each installment of Base Salary payable hereunder shall be deemed to be a separate payment for purposes of Section 409A of the Code. Such payments will commence in the payroll following the Effective Date of this Agreement;

b.

COBRA Reimbursement. The Company shall pay the premium payments for COBRA coverage in an amount equal to the Company-paid portion for such benefits as of immediately prior to the Separation Date for a period of up to the first twelve (12) full calendar months following the Separation Date, provided Employee timely elects and pays the employee’s portion for continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), within the time period prescribed pursuant to COBRA. Employee

agrees to provide notice to the Company within five (5) business days after accepting any other employment or alternate coverage. Notwithstanding the preceding, if the Company determines in its sole discretion that it cannot provide COBRA reimbursement benefits without potentially violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will instead provide the Employee a taxable payment in an amount equal to the Company-paid portion of the monthly COBRA premium to continue the Employee’s group health coverage in effect on the date of termination of employment (which amount will be based on the premium for the first month of COBRA coverage) and will commence in the month following the month of the Separation Date and continue for the period of months indicated in this paragraph.

2.

General. Employee acknowledges that without this Agreement, Employee is otherwise not entitled to the consideration listed in this Section 1. Employee further acknowledges and agrees that Employee’ separation from the Company does not entitle Employee to any severance or other post-employment benefits beyond the consideration set forth herein (including, without limitation, any such severance or post-employment benefits described in the Employment Agreement). Employee acknowledges that the Employment Agreement is fully replaced by and superseded by this Agreement, except for the confidentiality provisions which survive. Therefore, Employee waives any rights to severance or other post-employment benefits under the Employment Agreement. Following the Separation Date, in exchange for Employee’s execution and non-revocation of this Agreement, Employee will receive the severance benefits set forth in Section 1 above. The Parties agree that changes to this Agreement, whether material or immaterial, do not restart the running of any consideration period.

2. Board Resignation. On the Separation Date, Employee agrees to resign all directorships, committee memberships or other positions held within the Company.

3. Benefits; Equity Awards. Employee’s health insurance benefits shall cease no later than the last day of the month in which the Separation Date occurs, subject to Employee’s right to continue Employee’s health insurance under COBRA. Employee’s participation in all benefits and incidents of employment, including, but not limited to, vesting in Equity Awards, and the accrual of bonuses and paid time off, will cease as of the Separation Date. Employee acknowledges that as of the Separation Date, (a) the then-unvested portion of the Equity Awards will cease vesting and be immediately forfeited pursuant to the Stock Agreements and (b) the then-vested, outstanding, and exercisable stock options that are Equity Awards shall remain exercisable for a limited period of time in accordance with the applicable Stock Agreements.

4. Payment of Salary and Receipt of All Benefits. Employee acknowledges and represents that, other than the consideration set forth in this Agreement, the Company and its agents have paid or provided all salary, wages, bonuses, accrued vacation/paid time off, notice periods, premiums, leaves, housing allowances, relocation costs, interest, severance, outplacement costs, fees, reimbursable expenses, commissions, stock, stock options, vesting, and any and all other benefits and compensation due to Employee.

5. Release of Claims. Employee agrees that the consideration hereof represents settlement in full of all outstanding obligations owed to Employee by the Company and its current and former officers, directors, employees, agents, investors, attorneys, shareholders, administrators, affiliates, benefit plans, plan administrators, professional employer organization or co-employer, insurers, trustees, divisions, and subsidiaries, and predecessor and successor corporations and assigns (collectively, the “Releasees”). Employee, on Employee’s own behalf and on behalf of Employee’s respective heirs, family members, executors, agents, and assigns, hereby and forever releases the Releasees from, and agrees not to sue concerning, or in any manner to institute, prosecute, or pursue, any claim, complaint, charge, duty, obligation, or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Employee may possess against any of the Releasees arising from any omissions, acts, facts, or damages that have occurred up until and including the date Employee signs this Agreement, including, without limitation:

a.any and all claims relating to or arising from Employee’s employment relationship with the Company, the decision to terminate that relationship, and the termination of that relationship;

b.any and all claims relating to, or arising from, Employee’s right to purchase, or actual purchase of shares of stock of the Company, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state corporate law, and securities fraud under any state or federal law;

c.any and all claims under the law of any jurisdiction, including, but not limited to, wrongful discharge of employment; constructive discharge from employment; termination in violation of public policy;

discrimination; harassment; retaliation; breach of contract, both express and implied; breach of covenant of good faith and fair dealing, both express and implied; promissory estoppel; negligent or intentional infliction of emotional distress; fraud; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; personal injury; assault; battery; invasion of privacy; false imprisonment; conversion; and disability benefits;

d.any and all claims for violation of any federal, state, or municipal statute, including, but not limited to, the following, each as may be amended, and except as prohibited by law: Title VII of the Civil Rights Act of 1964; the Civil Rights Act of 1991; the Rehabilitation Act of 1973; the Americans with Disabilities Act of 1990; the Equal Pay Act; the Fair Labor Standards Act; the Fair Credit Reporting Act; the Employee Retirement Income Security Act of 1974; the Worker Adjustment and Retraining Notification Act; the Family and Medical Leave Act; the Age Discrimination in Employment Act of 1967, and the Older Workers Benefit Protection Act; the Uniformed Services Employment and Reemployment Rights Act; the Immigration Reform and Control Act; the National Labor Relations Act; the Illinois Human Rights Act, 775 ILCS 5/1-101 et seq., the Illinois Workplace Transparency Act, 820 ILCS 96/1 et seq., the Illinois Genetic Information Privacy Act, 410 ILCS 513/1 et seq., the Illinois Right to Privacy in the Workplace Act, 820 ILCS 55/1 et seq., the Illinois Biometric Information Privacy Act, 740 ILCS 12/1 et seq., the Illinois Family Military Leave Act, 820 ILCS 151/1 et seq., the Illinois Worker Adjustment and Retraining Notification Act, 820 ILCS 65 et seq., the Illinois Personnel Records Review Act, 820 ILCS 40/1 et seq., the Illinois Victims' Economic Security and Safety Act, 820 ILCS 180/1 et seq., the Illinois Wage Payment and Collection Act, 820 ILCS 115/1 et seq., the Illinois Equal Pay Act, 820 ILCS 112/1 et seq., the Illinois Minimum Wage Law, 820 ILCS 105/1 et seq., the One Day of Rest in Seven Act, 820 ILCS 140/1 et seq., any other Illinois wage law; and any other statutory, regulatory or common law action relating to the payment of wages, bonuses, commissions or other forms of compensation; the Illinois Whistleblower Protection Act, 740 ILCS 174/1 et seq., and any federal, state, local or common law whistleblower law or protection; any claims under the California Labor Code (inclusive of sections 132a and 4553), as well as any claims under the California Fair Employment and Housing Act, and the California Family Rights Act;

e.any and all claims for violation of the federal or any state constitution;

f.any and all claims arising out of any other laws and regulations relating to employment or employment discrimination;

g.any claim for any loss, cost, damage, or expense arising out of any dispute over the non-withholding or other tax treatment of any of the proceeds received by Employee as a result of this Agreement; and

h.any and all claims for attorneys’ fees and costs.

Employee agrees that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters released up and until Employee signs this Agreement. This release does not extend to any obligations incurred under this Agreement. This release does not release claims that cannot be released as a matter of law. Any and all disputed wage claims that are released herein shall be subject to binding arbitration except as required by applicable law. This release does not extend to any right Employee may have to unemployment compensation benefits or workers’ compensation benefits.

6. Release of all Claims. Employee acknowledges that this release applies to all claims, whether known or unknown, suspected or unsuspected, that Employee may have against the Company arising out of or relating to Employee’s employment or separation from employment. Employee understands that this means Employee is giving up any rights to assert claims that Employee does not presently know about or suspect to exist. Employee acknowledges that Employee has been advised to consult with legal counsel and is familiar with the provisions of California Civil Code Section 1542, a statute that otherwise prohibits the release of unknown claims, which provides as follows:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.

To the extent applicable, Employee expressly waives any rights Employee may have under Section 1542 and any other statute or common law principle of similar effect.

7. Trade Secrets and Confidential Information/Company Property; Insider Trading Policy. Employee reaffirms and agrees to observe and abide by the terms of the Confidentiality Agreement, including but not limited to the provisions therein regarding nondisclosure of the Company’s trade secrets and confidential and proprietary information. Employee agrees to return, as of a date determined by the CEO, all documents and other items provided to Employee by the Company, developed or obtained by Employee in connection with Employee’s employment with the Company, or otherwise belonging to the Company, including, but not limited to, all passwords to any software or other programs or data that Employee used in performing services for the Company. Employee acknowledges and agrees to comply, at all times, with the terms of the Company’s insider trading policy.

Employee agrees and acknowledges that failure to abide with the covenants in the Confidentiality Agreement and this Agreement would be a basis for the Company to terminate Employee’s employment with the Company prior to the anticipated Separation Date and would result in the Company not being obligated to pay or provide the severance benefits set forth in Section 1.

8. Breach. In addition to the rights provided in the “Attorneys’ Fees” section below, Employee acknowledges and agrees that any material breach of this Agreement (unless such breach constitutes a legal action by Employee challenging or seeking a determination in good faith of the validity of the waiver under the ADEA), or of any confidentiality provision of the Employment Agreement, shall entitle the Company immediately to recover and/or cease providing the consideration provided to Employee under this Agreement and to obtain damages, except as provided by law, provided, however, that the Company shall not recover One Hundred Dollars ($100.00) of the consideration already paid pursuant to Section 1 of this Agreement, and such amount shall serve as full and complete consideration for the promises and obligations assumed by Employee under this Agreement and the Confidentiality Agreement.

9. No Admission of Liability. Employee understands and acknowledges that this Agreement constitutes a compromise and settlement of any and all actual or potential disputed claims by Employee. No action taken by the Company hereto, either previously or in connection with this Agreement, shall be deemed or construed to be (a) an admission of the truth or falsity of any actual or potential claims or (b) an acknowledgment or admission by the Company of any fault or liability whatsoever to Employee or to any third party.

10. Costs. The Parties shall each bear their own costs, attorneys’ fees, and other fees incurred in connection with the preparation of this Agreement.

11. Tax Consequences. The Company makes no representations or warranties with respect to the tax consequences of the payments and any other consideration provided to Employee or made on Employee’s behalf under the terms of this Agreement or the Supplemental Release. Employee agrees and understands that Employee is responsible for payment, if any, of local, state, and/or federal taxes on the payments and any other consideration provided hereunder by the Company and any penalties or assessments thereon. Employee further agrees to indemnify and hold the Releasees harmless from any claims, demands, deficiencies, penalties, interest, assessments, executions, judgments, or recoveries by any government agency against the Company for any amounts claimed due on account of (a) Employee’s failure to pay or delayed payment of, federal or state taxes attributable to him, or (b) damages sustained by the Company by reason of any such claims, including attorneys’ fees and costs.

12. Section 409A. It is intended that this Agreement complies with, or is exempt from, Internal Revenue Code Section 409A and the final regulations and official guidance thereunder (“Section 409A”) and any ambiguities herein will be interpreted to so comply and/or be exempt from Section 409A. Each payment and benefit to be paid or provided under this Agreement is intended to constitute a series of separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. The Company and Employee will work together in good faith to consider either (i) amendments to this Agreement; or (ii) revisions to this Agreement with respect to the payment of any awards, which are necessary or appropriate to avoid imposition of any additional tax or income recognition prior to the actual payment to Employee under Section 409A. In no event will the Releasees reimburse Employee for any taxes that may be imposed on Employee as a result of Section 409A.

13. Authority. The Company represents and warrants that the undersigned has the authority to act on behalf of the Company and to bind the Company and all who may claim through it to the terms and conditions of this

Agreement. Employee represents and warrants that Employee has the capacity to act on Employee’s own behalf and on behalf of all who might claim through Employee to bind them to the terms and conditions of this Agreement. Each Party warrants and represents that there are no liens or claims of lien or assignments in law or equity or otherwise of or against any of the claims or causes of action released herein.

14. Protected Activity Not Prohibited. Employee understands that nothing in this Agreement shall in any way limit or prohibit Employee from engaging in any Protected Activity. Protected Activity includes: (i) filing and/or pursuing a charge, complaint, or report with, or otherwise communicating, cooperating, or participating in any investigation or proceeding that may be conducted by any federal, state or local government agency or commission, including the Securities and Exchange Commission, the Equal Employment Opportunity Commission, the Occupational Safety and Health Administration, and the National Labor Relations Board (“Government Agencies”); and/or (ii) discussing or disclosing information about unlawful acts in the workplace, such as harassment or discrimination or any other conduct that Employee has reason to believe is unlawful; (iii) disclosing or discussing the terms, wages, and working conditions of Employee’s employment as protected by applicable law. Employee understands that in connection with such Protected Activity, Employee is permitted to disclose documents or other information as permitted by law, without giving notice to, or receiving authorization from, the Company. Notwithstanding the foregoing, Employee agrees to take all reasonable precautions to prevent any unauthorized use or disclosure of any Company trade secrets, proprietary information, or confidential information that does not involve unlawful acts in the workplace or the activity otherwise protected herein. Employee further understands that Protected Activity does not include the disclosure of any Company attorney-client privileged communications or attorney work product. Any language in the Confidentiality Agreement regarding Employee’s right to engage in Protected Activity that conflicts with, or is contrary to, this section is superseded by this Agreement. In addition, pursuant to the Defend Trade Secrets Act of 2016, Employee is notified that an individual will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (i) is made in confidence to a federal, state, or local government official (directly or indirectly) or to an attorney solely for the purpose of reporting or investigating a suspected violation of law, or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding, if (and only if) such filing is made under seal. In addition, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the individual’s attorney and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order.

15. No Litigation Assistance. Employee represents that Employee has no lawsuits, claims, or actions pending in Employee’s name, or on behalf of any other person or entity, against the Company or any of the other Releasees. Employee agrees not to commence, maintain, prosecute or participate in (except as may be required by law, pursuant to court order, or in response to a valid subpoena) any action, charge, complaint, or proceeding of any kind (on Employee’s own behalf and/or on behalf of any other person or entity and/or on behalf of or as a member of any alleged class of persons) in any court, or before any administrative or investigative body or agency (whether public, quasi-public or private) against the Company or any other Releasee’s with respect to any act, omission, transaction or occurrence arising out of Employee’s employment at the Company. To the extent Employee is permitted by law to exercise rights in a government agency forum, by signing this Agreement, Employee understands that Employee is waiving Employee's right to receive monetary relief based on claims asserted in any such agency proceeding, except where such a waiver is prohibited, such as Employee's right to receive an award for information provided to any government agencies.

16. Cooperation. Through the Separation Date and during the one (1) year period following the Employee’s execution of this Agreement, Employee agrees to make himself reasonably available to and cooperate with the Company in any manner requested by the Company at such times and places that do not interfere with Employee’s then professional obligations. Employee understands and agrees that his cooperation would include, but not be limited to, timely responding to emails from the Company; answering questions from the Company in a timely, truthful, and complete manner; meeting with Company representatives and agents at reasonable times for regular business needs and litigation needs; volunteering to the Company any pertinent information; and providing to the Company all relevant documents that are or may come into his possession or under his control. Employee understands that in the event the Company asks for his cooperation in accordance with the terms of this paragraph, no additional compensation will be provided, however, the Company will reimburse Employee solely for reasonable and necessary expenses upon prior approval and submission of appropriate documentation.

17. No Representations. Employee represents that Employee has had an opportunity to consult with an attorney, and has carefully read and understands the scope and effect of the provisions of this Agreement. Employee represents that this Agreement is executed freely and voluntarily without coercion. Employee has not relied upon any

representations or statements made by the Company that are not specifically set forth in this Agreement.

18. Return of Property. Employee’s signature below constitutes Employee’s certification under penalty of perjury that Employee has returned all documents and other items provided to Employee by the Company, developed or obtained by Employee in connection with Employee’s employment with the Company, or otherwise belonging to the Company (whether physical, electronic, or otherwise), including but not limited to any computer, laptop, tablet, mobile phone, or other device; remote access device; security badge or other access device or mechanism; hard drive, thumb drive, or other storage device; garage pass; or any other hardware, software, or other item of Company property, as well as all passwords to any software or other programs or data that Employee used in performing services for the Company; and Employee further certifies that Employee has searched all of Employee’s physical and electronic property for such property and information and that Employee has not retained, and has returned to the Company, any such property or information (including any electronic or archival copies that may be incidentally retained).

19. ARBITRATION. EXCEPT AS PROHIBITED BY LAW, THE PARTIES AGREE THAT ANY AND ALL DISPUTES ARISING OUT OF THE TERMS OF THIS AGREEMENT, ITS INTERPRETATION, EMPLOYEE’S EMPLOYMENT WITH THE COMPANY OR THE TERMS THEREOF, OR ANY OF THE MATTERS HEREIN RELEASED, SHALL BE SUBJECT TO ARBITRATION PURSUANT TO THE FEDERAL ARBITRATION ACT (9 U.S.C. § 1, ET SEQ.) (THE “FAA”), AND THAT THE FAA SHALL GOVERN AND APPLY WITH FULL FORCE AND EFFECT. HOWEVER, WITHOUT LIMITING ANY PROVISIONS OF THE FAA, A MOTION OR PETITION OR ACTION TO COMPEL ARBITRATION MAY ALSO BE BROUGHT IN STATE COURT UNDER THE PROCEDURAL PROVISIONS OF SUCH STATE’S LAWS RELATING TO MOTIONS OR PETITIONS OR ACTIONS TO COMPEL ARBITRATION. EMPLOYEE AGREES THAT, TO THE FULLEST EXTENT PERMITTED BY LAW, EMPLOYEE MAY BRING ANY SUCH ARBITRATION PROCEEDING ONLY IN EMPLOYEE’S INDIVIDUAL CAPACITY. ANY ARBITRATION WILL OCCUR IN PLANO, TEXAS, BEFORE JAMS, PURSUANT TO ITS EMPLOYMENT ARBITRATION RULES & PROCEDURES (“JAMS RULES”), EXCEPT AS EXPRESSLY PROVIDED IN THIS “ARBITRATION” SECTION. THE PARTIES AGREE THAT THE ARBITRATOR SHALL HAVE THE POWER TO DECIDE ANY MOTIONS BROUGHT BY ANY PARTY TO THE ARBITRATION, INCLUDING MOTIONS FOR SUMMARY JUDGMENT AND/OR ADJUDICATION, AND MOTIONS TO DISMISS AND DEMURRERS, APPLYING THE STANDARDS SET FORTH UNDER THE TEXAS CODE OF CIVIL PROCEDURE. THE PARTIES AGREE THAT THE ARBITRATOR SHALL ISSUE A WRITTEN DECISION ON THE MERITS. THE PARTIES ALSO AGREE THAT THE ARBITRATOR SHALL HAVE THE POWER TO AWARD ANY REMEDIES AVAILABLE UNDER APPLICABLE LAW, AND THAT THE ARBITRATOR MAY AWARD ATTORNEYS’ FEES AND COSTS TO THE PREVAILING PARTY, WHERE PERMITTED BY APPLICABLE LAW. THE ARBITRATOR MAY GRANT INJUNCTIONS AND OTHER RELIEF IN SUCH DISPUTES. THE DECISION OF THE ARBITRATOR SHALL BE FINAL, CONCLUSIVE, AND BINDING ON THE PARTIES TO THE ARBITRATION. THE PARTIES AGREE THAT THE PREVAILING PARTY IN ANY ARBITRATION SHALL BE ENTITLED TO INJUNCTIVE RELIEF IN ANY COURT OF COMPETENT JURISDICTION TO ENFORCE THE ARBITRATION AWARD. THE PARTIES TO THE ARBITRATION SHALL EACH PAY AN EQUAL SHARE OF THE COSTS AND EXPENSES OF SUCH ARBITRATION, AND EACH PARTY SHALL SEPARATELY PAY FOR ITS RESPECTIVE COUNSEL FEES AND EXPENSES; PROVIDED, HOWEVER, THAT THE ARBITRATOR MAY AWARD ATTORNEYS’ FEES AND COSTS TO THE PREVAILING PARTY, EXCEPT AS PROHIBITED BY LAW. THE PARTIES HEREBY AGREE TO WAIVE THEIR RIGHT TO HAVE ANY DISPUTE BETWEEN THEM RESOLVED IN A COURT OF LAW BY A JUDGE OR JURY. NOTWITHSTANDING THE FOREGOING, THIS “ARBITRATION” SECTION WILL NOT PREVENT EITHER PARTY FROM SEEKING INJUNCTIVE RELIEF (OR ANY OTHER PROVISIONAL REMEDY) FROM ANY COURT HAVING JURISDICTION OVER THE PARTIES AND THE SUBJECT MATTER OF THEIR DISPUTE RELATING TO THIS AGREEMENT. SHOULD ANY PART OF THE ARBITRATION AGREEMENT CONTAINED IN THIS PARAGRAPH CONFLICT WITH ANY OTHER ARBITRATION AGREEMENT BETWEEN THE PARTIES, THE PARTIES AGREE THAT THIS ARBITRATION AGREEMENT SHALL GOVERN.

20. Severability. In the event that any provision or any portion of any provision of this Agreement, or any surviving agreement made a part hereof becomes or is declared by a court of competent jurisdiction or arbitrator to be illegal, unenforceable, or void, this Agreement shall continue in full force and effect without said provision or portion of provision.

21. Attorneys’ Fees. Except with regard to a legal action challenging or seeking a determination in good faith of the validity of the ADEA waiver, in the event that either Party brings an action to enforce or effect its rights under this Agreement, the prevailing Party shall be entitled to recover its costs and expenses, including the costs of mediation,

arbitration, litigation, court fees, and reasonable attorneys’ fees incurred in connection with such an action.

22. Entire Agreement. This Agreement represents the entire agreement and understanding between the Company and Employee concerning the subject matter of this Agreement and Employee’s employment with and separation from the Company and the events leading thereto and associated therewith, and supersedes and replaces any and all prior agreements and understandings concerning the subject matter of this Agreement and Employee’s relationship with the Company (including, for example, the Employment Agreement), but with the exception of the Confidentiality Agreement and the Stock Agreements.

23. No Assignments or Oral Modification. This Agreement may only be amended in a writing signed by Employee and the person signing on behalf of the Company below (or such other representative of the Company specifically authorized to agree to modifications of this Agreement).

24. Governing Law. This Agreement shall be governed by the laws of the State of Texas without regard for choice-of-law provisions.

25. Effective Date. Employee understands that this Agreement shall be null and void if not executed by Employee and received by the Company on or before July 21, 2026, which is at least 21 days for Employee to review and consider its terms. This Agreement will become effective on the expiration of the revocation period, provided it has been signed by Employee (the “Effective Date”). In the event Employee signs this Agreement and returns it to the Company prior to the deadline set forth above, Employee hereby acknowledges that Employee has knowingly and voluntarily chosen to waive the time period allotted for considering this Agreement.

26. Counterparts. This Agreement may be executed in counterparts and by facsimile, and each counterpart and facsimile shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned.

27. Consideration and Revocation Period. Employee understands and acknowledges that Employee is waiving and releasing any rights Employee may have (including those under the Age Discrimination in Employment Act of 1967 (“ADEA”)), and that this waiver and release is knowing and voluntary. Employee understands and agrees that this waiver and release does not apply to any rights or claims that may arise under the ADEA after the date Employee signs this Agreement. Employee understands and acknowledges that the consideration given for this waiver and release is in addition to anything of value to which Employee was already entitled. Employee further understands and acknowledges that Employee has been advised by this writing that: (a) Employee should consult with an attorney prior to executing this Agreement; (b) Employee has twenty-one (21) days within which to consider this Agreement; (c) Employee has seven (7) days following Employee’s execution of this Agreement to revoke this Agreement in writing to Jennifer Yi Boyer at jennifer.yiboyer@inogen.net; (d) this Agreement shall not be effective until after the revocation period has expired; and (e) nothing in this Agreement prevents or precludes Employee from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties, or costs for doing so, unless specifically authorized by federal law. Employee acknowledges and understands that any revocation of this Agreement must be accomplished by a written notification to the person executing this Agreement on the Company’s behalf that is received prior to the Effective Date. The Parties agree that changes, whether material or immaterial, do not restart the running of the 21-day review period.

Employee and the Company expressly declare and represent that they have read and understood the meaning of the terms and conditions contained in this Agreement, and that they have had the opportunity to consult with legal counsel prior to executing this Agreement. Employee may not sign this Agreement prior to the Separation Date and this Agreement will expire if not executed by July 22, 2026.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

IN WITNESS WHEREOF, the Parties have executed this Agreement on the respective dates set forth below.

MIchael bourque, An Individual

Dated: July 6, 2026 By: /s/ Michael Bourque

Michael Bourque

INOGEN, INC.

Dated: July 1, 2026 By: /s/ Kevin Smith

Kevin Smith

President & CEO

---

## EX-31.1

SEC source: [ingn-ex31_1.htm](https://www.sec.gov/Archives/edgar/data/1294133/000129413326000034/ingn-ex31_1.htm)

Exhibit 31.1

Certification by the Chief Executive Officer Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Kevin R.M. Smith, certify that:

1.

I have reviewed this Quarterly Report on Form 10-Q of Inogen, Inc.;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 7, 2026 By: /s/ Kevin R.M. Smith

Kevin R.M. Smith

Chief Executive Officer, President and Director<br>(Principal Executive Officer)

---

## EX-31.2

SEC source: [ingn-ex31_2.htm](https://www.sec.gov/Archives/edgar/data/1294133/000129413326000034/ingn-ex31_2.htm)

Exhibit 31.2

Certification by the Chief Financial Officer Pursuant to

Section 302 of the Sarbanes-Oxley Act of 2002

I, Jason Richardson, certify that:

1.

I have reviewed this Quarterly Report on Form 10-Q of Inogen, Inc.;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: August 7, 2026 By: /s/ Jason Richardson

Jason Richardson<br>Chief Financial Officer

Executive Vice President<br>Treasurer<br>(Principal Financial Officer)

---

## EX-32.1

SEC source: [ingn-ex32_1.htm](https://www.sec.gov/Archives/edgar/data/1294133/000129413326000034/ingn-ex32_1.htm)

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. § 1350, AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Kevin R.M. Smith, the chief executive officer of Inogen, Inc. (the “Company”), certify for the purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge,

(i) the Quarterly Report of the Company on Form 10-Q for the three months ended June 30, 2026 (the “Report”), fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

August 7, 2026 By: /s/ Kevin R.M. Smith

Kevin R.M. Smith

Chief Executive Officer, President and Director

---

## EX-32.2

SEC source: [ingn-ex32_2.htm](https://www.sec.gov/Archives/edgar/data/1294133/000129413326000034/ingn-ex32_2.htm)

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. § 1350, AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

I, Jason Richardson, the chief financial officer of Inogen, Inc. (the “Company”), certify for the purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge,

(i) the Quarterly Report of the Company on Form 10-Q for the three months ended June 30, 2026 (the “Report”), fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

August 7, 2026 By: /s/ Jason Richardson

Jason Richardson

Chief Financial Officer<br>Executive Vice President<br>Treasurer