Slide 1: Q4 2025 Supplemental Financial Information
February 24, 2026 Q4 2025 Supplemental Financial Information
Slide 2: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures Inogen has presented certain financial information in accordance with U.S. GAAP and also on a non-GAAP basis for the three and twelve months ended December 31, 2025, and December 31, 2024, and for the fiscal year ended December 31, 2023. Management believes that th
Slide 3: Total Revenue – Previous & New Reporting Structure
Total Revenue – Previous & New Reporting Structure Q/Q Y/Y Previous Reporting Structure 2023 2024 2025 Growth Growth (in $ millions) Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY B2B domestic 12.6 18.3 17.3 18.1 66.2 16.5 21.3 23.4 22.4 83.6 21.5 25.4 24.9 22.8 94.6 2.0% 13.2% B2B international 19.0
Slide 4: Q4 2025 Results
Q4 2025 Results Revenue by geographic region Total by Category Q4 2025 Revenue Year-Over-Year Change % of Total Revenue U.S. sales $36.1 million (5.1)% 44.1% International sales $32.5 million 14.8% 39.8% U.S. rentals $13.1 million (4.5)% 16.1% Total revenue $81.7 million 2.0% 100% Total constant cur
Slide 5: Full Year 2025 Results
Full Year 2025 Results Revenue by geographic region Total by Category Q4 2025 Revenue Year-Over-Year Change % of Total Revenue U.S. sales $156.5 million (3.1)% 44.9% International sales $138.9 million 18.4% 39.8% U.S. rentals $53.4 million (6.3)% 15.3% Total revenue $348.7 million 3.9% 100% Total co
Slide 6: Operating Expense and Net Loss
Operating Expense and Net Loss (in thousands) Three months ended Twelve months ended December 31, December 31, 2025 2024 2025 2024 Operating expense Research and development $ 5,316 $ 5,898 $ 19,399 $ 21,610 Sales and marketing 23,106 24,155 97,692 103,069 General and administrative 16,120 17,622 67
Slide 7: Reconciliation of GAAP to Non-GAAP
Reconciliation of GAAP to Non-GAAP Adjusted EBITDA (in thousands) Three months ended Twelve months ended December 31, December 31, Non-GAAP EBITDA and Adjusted EBITDA 2025 2024 2025 2024 Net loss (GAAP) $ (7,127) $ (9,757) $ (22,747) $ (35,888) Non-GAAP adjustments: Interest income, net (1,163) (1,4
Slide 8: Reconciliation of GAAP to Non-GAAP
Reconciliation of GAAP to Non-GAAP Adjusted Net Loss (in thousands) Three months ended December 31, Operating Expense Loss from Operations Net Loss Diluted EPS Non-GAAP Financial Metrics 2025 2024 2025 2024 2025 2024 2025 2024 Financial Results (GAAP) $ 44,542 $ 47,675 $ (9,306) $ (11,386) $ (7,127)
Slide 9: Stock-Based Compensation
Stock-Based Compensation (in thousands) Years ended December 31, Stock-based compensation expense by type of award: 2025 2024 2023 Restricted stock units and restricted stock awards $7,643 $6,941 $7,037 Employee stock purchase plan 371 456 390 Total stock-based compensation expense $8,014 $7,397 $7,
Slide 10: Improving lives through respiratory care.
Improving lives through respiratory care.