AirSculpt

Liquidity: 18.8 million cash and 5.0 million revolver availability as of June 30, 2026. Debt: gross debt around 44.2 million with an amended term loan extending maturity to November 2027 and requiring prepayments from equity raises.

Interest burden: cash interest paid of about 2.0 million in H1 2026. TTM operating cash flow and free cash flow are positive but small, offering limited cushion if demand or marketing ROI softens.

With TTM FCF roughly 0.8 million against net debt around 25 million, leverage remains meaningful, and the company has repeatedly used ATM equity to fund operations and debt reduction. This is not the fortress balance sheet we prefer for cyclicals.