What changed in this filing

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Item 1. Business

2026-03-31 compared with 2025-03-14 · 39 added, 66 removed, 327 unchanged (24% of the section changed)

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AirSculpt ® Smooth delivers effective and long-lasting cellulite reduction with one single treatment.

AirSculpt ® Smooth uses an advanced cellulite removal tool, which is FDA-cleared to target cellulite on the buttocks and thighs.

AirSculpt ® Smooth uses an advanced cellulite removal tool, which is cleared by the Food and Drug Administration ("FDA") to target cellulite on the buttocks and thighs.

Results appear almost instantly, and because AirSculpt ® Smooth is heat-free, it can be used on any skin type.

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We utilize celebrity and influencer endorsements, as well as word-of-mouth referrals, to drive new patient acquisition.

We deliver our body contouring procedures through a growing, nationwide footprint of 32 centers across 20 U.S.

states, Canada, and the United Kingdom as of March 14, 2025.

We deliver our body contouring procedures through a nationwide footprint of 31 centers across 20 U.S.

states and Canada as of March 31, 2026.

Our centers, located in metropolitan and suburban areas, offer a premium patient experience and luxurious, spa-like atmosphere.

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We are a holding company and all of our operations are conducted through the Professional Associations and our wholly-owned subsidiaries, which own and operate the non-clinical assets and provide Management Services to the Professional Associations through Management Service Agreements (“MSAs”).

The value proposition provided by our services results in exceptional unit-level economics, which in turn helps to support predictable and recurring revenue and attractive cash flow.

Additionally, we require 100% private pay upfront and, therefore, face no reimbursement risk.

Under the stewardship of our founder and Executive Chairman of our board of directors, Dr.

Aaron Rollins, our Lead Independent Director, Adam Feinstein, and the other management team members, we have built a culture focused on achieving the best results for our patients.

For the year ended December 31, 2025, we generated $151.8 million of revenue compared to $180.4 million for the year ended December 31, 2024, which represents a decline of approximately 15.8%.

Given the recent decline in revenue, our focus will be stabilizing revenue growth through optimizing our marketing investment, improving our go-to-market and sales strategies, expanding consumer financing offerings and focusing on new

product innovation.

In January 2025, the Company hired a new Chief Executive Officer, Yogi Jashnani, with over 20 years of experience in the aesthetics, retail and finance industries and significant experience in driving revenue growth through strategic initiatives.

We believe that Mr.

Jashnani's industry knowledge, as well as his leadership experience, will provide value in driving initiatives forward to return to revenue growth.

We are focusing our marketing spend on techniques that have proven successful for us in the past using a returns-based approach and are also testing new areas such as online video, and other social marketing channels under the direction of our new Chief Digital Officer.

The Company has also hired a new Chief Sales Officer dedicated to strengthening our consultative sales model with enhanced training, improving our sales processes, and providing a greater focus on lead conversion.

We believe that there is an opportunity to introduce new services, particularly in the area of skin tightening, that would allow us to expand our customer reach and generate incremental revenues.

Finally, we have implemented a cost reduction program that is estimated to eliminate approximately $3 million in annual overhead costs and contracted expenses.

Our Market Opportunity

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As a result, we cannot be certain of the impact these wight-loss drugs will have on the market for body fat reduction procedures.

Our Growth Drivers

The market for surgical aesthetic procedures is growing, fueled by trends including:

Our Business Drivers

The market for surgical aesthetic procedures is driven by trends including:

• Self-Image Awareness:

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Unlike traditional liposuction which uses cannulae in a scraping motion, AirSculpt ® drives a cannula 1,000 times per minute in a corkscrew motion to remove fat cells while tightening skin simultaneously.

It requires no needle, no scalpel, no stitches and no general anesthesia to create dramatically natural, smooth results.

It requires no needle,

no scalpel, no stitches and no general anesthesia to create dramatically natural, smooth results.

AirSculpt ® is minimally invasive, providing transformative results, all delivered in one session while the patient is awake.

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utility patents, one pending U.S.

utility patent application, and one International (PCT) patent application, each of which we own directly.

The tools we use to perform our fat removal and fat transfer procedures are purchased from third parties, and we do not own the proprietary rights to such tools.

Instead of protecting specific, individual liposuction components (such as a particular handpiece design), our issued patents and our pending applications relate to certain proprietary implementations of the process described in the section “Our Technique, Training and Equipment,” and the combination of multiple components to form proprietary systems that are specially configured for carrying out those proprietary processes.

utility patent application, one pending U.S.

provisional patent application, one pending U.S.

design patent application, one pending Canada utility patent application, and one pending U.K.

utility patent application, each of which we own directly.

At least some of the tools we currently use to perform our fat removal and fat transfer procedures are purchased from third parties, and we do not own the proprietary rights to such tools.

Instead of protecting specific, individual liposuction components, our currently issued patents relate to certain proprietary implementations of the process described in the section “Our Technique, Training and Equipment,” and the combination of multiple components to form proprietary systems that are specially configured for carrying out those proprietary processes.

We believe the systems and methodologies claimed in our issued patents provide impressive results with less patient trauma relative to other systems and methods, such as liposuction and abdominoplasty (tummy tuck), that require more invasive surgical procedures.

• Broad Offering of Innovative, Body Sculpting Procedures:

We offer our patients a comprehensive suite of customized body contouring procedures, including fat removal and fat transfer, to meet their wants and needs.

We offer our patients a comprehensive suite of customized body contouring procedures, including fat removal, fat transfer, skin excisions and skin tightening to meet their wants and needs.

Our fat removal procedures remove a patient’s stubborn fat from a variety of treatment areas, such as the stomach, back and buttocks.

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From the initial consultation to the day of procedure, our patients are guided by knowledgeable patient care consultants.

Our centers are located near high end retail environments, such as Rodeo Drive in Beverly Hills and Fifth Avenue in

Our centers are located near high end retail environments, such as Rodeo Drive in Beverly Hills and Fifth Avenue in New York.

The centers are designed and furnished with furniture from a high-end retailer with the patient experience in mind, offering a comfortable and calming environment ahead of and after the procedure.

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National and International Footprint Fueled by Attractive Unit Economics

We have a growing national footprint consisting of 32 centers across 20 U.S.

states, Canada, and the United Kingdom as of March 14, 2025.

We have a national footprint consisting of 31 centers across 20 U.S.

states and Canada as of March 31, 2026.

Our centers are located primarily in metropolitan cities near retail shops that our patients frequent and popular areas.

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Our centers typically achieve profitability within approximately three months, providing AirSculpt with a highly attractive and near-immediate return on invested capital.

We believe our focus on returning to same-store revenue growth though optimizing marketing investments, enhancing sales strategies, expanding consumer financing options and adding new product lines will enhance the unit level economics over the levels we saw in 2024.

Scaled Platform and Consistent Demand Drives Capital Efficient Growth and Free Cash Flow

Our operating model is highly scalable and enables capital efficient growth.

We believe that by restoring same-store revenue growth through optimized marketing investments, stronger sales execution, expanded consumer financing options, and the introduction of new product lines, we can improve unit-level economics beyond what we achieved in 2025.

Scaled Platform with Potential for Capital Efficient Growth and Free Cash Flow

Our operating model is highly scalable and has the potential for capital efficient growth.

For the year ended December 31, 2025, we generated approximately $152 million of revenue compared to approximately $180 million for the year ended December 31, 2024, which represents an approximately 15.8% decline.

We have a capital efficient business that requires minimal maintenance capital expenditures and working capital to support our operations.

Experienced Founder-Led Management Team to Support Growth

We are led by an experienced team united by our vision to redefine body contouring and a belief in our long-term growth potential.

Our founder and Executive Chairman of our board of directors, Dr.

Aaron Rollins, is a celebrity cosmetic surgeon that is recognized as a leader in body sculpting and has been featured across digital, print and TV.

Rollins has been a licensed cosmetic surgeon since 2004.

In addition, our Lead Independent Director, Adam Feinstein, who founded Vesey Street Capital Partners, L.L.C., our private equity sponsor (“Sponsor”), has 25 years of experience working with many of the leading healthcare services companies, including service as a member of public and private healthcare company board of directors.

Our Chief Financial Officer, Dennis Dean, who has over 20 years of experience in the healthcare industry, including at Envision Healthcare and Surgery Partners, joined the team in 2021 prior to our IPO.

Further, AirSculpt's founder and former Chief Executive Officer, Dr.

Aaron Rollins, serves as Executive Chairman of the board of directors.

Rollins is primarily focused on leading the Company’s overall vision and providing strategic guidance.

In addition, Yogi Jashnani became Chief Executive Officer in January 2025.

Jashnani served as the Chief Revenue Officer of Sky Zone, Inc.

from November 2023 to January 2025 (and as a consultant in the same role from April 2023 to November 2023), and as Chief Commercial Officer of Ideal Image Development Corp., from December 2019 to March 2023.

We have built a strong and experienced team across our marketing and operations functions that is highly scalable and capable of supporting future growth.

Our Growth Strategies

Our Long-Term Growth Strategies

We intend to deliver long-term growth in revenue and profitability by executing on the following strategies:

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We believe we are a leading provider of body contouring procedures and that there is a significant opportunity to drive awareness and adoption of our AirSculpt ® method and procedure offerings.

• Continue to Drive Sales Growth of Our Centers:

• Drive Sales Growth of Our Centers:

We employ the following strategies to increase our procedures performed and drive higher revenue per procedure in existing centers:

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Since our founding in 2012, we have demonstrated our ability to innovate with the novel introduction of the AirSculpt® method to the cosmetic surgery field.

Over the past decade, we have generated more revenue per patient, which we believe is a direct result of our successful introduction of new procedures to meet our patients’ needs.

Fat transfer has been a highly successful innovation and is now a critical component of our offering, enabling the artistry of many of our most popular and highest revenue procedures.

We also continue to develop new procedures, such as the Hip Flip ® and CankCure ® , to meet our patients’ demand and drive traffic to our centers.

Over the past decade, we have expanded and refined our portfolio of procedures to address evolving patient preferences and enhance clinical outcomes.

Fat transfer has been a highly successful innovation and remains a critical component of our offering, enabling the artistry of many of our most sought-after procedures.

In fiscal year 2025, we focused on new product innovation and the introduction of new services designed to expand our customer reach, leverage our existing infrastructure and surgical expertise, and generate incremental revenues.

These initiatives included expanding our pilot program for our skin tightening procedure as a standalone offering.

We also continue to develop and introduce new procedures, such as the Hip Flip® and CankCure®, to meet patient demand and drive awareness and utilization of our centers.

◦ Increase prices on procedures:

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• Expand Footprint by Opening New Centers in the United States:

We believe our track record of successfully opening new AirSculpt centers consistently generating strong unit-level economics validates our strategy across the United States.

We believe our track record of successfully opening new AirSculpt centers generating strong unit-level economics validates our strategy across the United States.

In order to ensure our new centers are profitable, we follow the same business plan for each new center.

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We believe that the desire to be an AirSculpt surgeon has provided us with ready access to talented providers, making recruitment a selective process.

Additionally, through referral and outreach, we plan to continue recruiting surgeons to perform procedures on our growing number of patients.

Additionally, through referral and outreach, we plan to continue recruiting surgeons to perform procedures on our patients.

We conduct background checks on prospective surgeons, confirming licensure and checking surgeon records contained in the National Practitioner Data Bank.

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Our customer acquisition costs were approximately $3,114 per customer in 2025.

As part of our long-term growth strategy, we are focused on optimizing our marketing investment to enhance efficiency, improve return on investment, and drive sustainable revenue growth.

As part of our long-term growth strategy, we are focused on optimizing our marketing investment to enhance efficiency, improve return on investment, and return to sustainable revenue growth.

By leveraging data-driven insights, we aim to allocate marketing resources more effectively across channels, ensuring that each dollar spent contributes to measurable business outcomes.

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We encourage a strong relationship between our patients and surgeons, from initial consultation, through procedure, to after treatment.

Nearly all of our patient-facing consultants are former patients and can speak to their personal AirSculpt experiences.

Many of our patient-facing consultants are former patients and can speak to their personal AirSculpt experiences.

Based on these efforts, together with discussions with our surgeons, our patients elect to move forward and schedule a procedure date.

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In 2025, approximately 50% of our cases involved the patient securing third-party financing.

We are focused on expanding consumer financing options to enhance affordability, increase customer accessibility, and drive sales growth.

We are focused on expanding consumer financing options to enhance affordability, increase customer accessibility, and return to sales growth.

By offering flexible payment solutions, we aim to attract a broader customer base, improve conversion rates, and strengthen customer loyalty.

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We expect our issued patents to expire in 2033 or later.

AirSculpt ® , AirSculpt+®, AirSculpting ® , AirSculpt Plus ® , Elite Body Sculpture®, RevisionSculpt®, AirSculpt Lift ™ , No Needle, No Scalpel, No Stitches ® , If You Can Pinch It, We Can Take It ® , Power BBL ® , Tiny Tuck ® , 48 Hour Six Pack ® , Cure for the Hip Dip ® , Hip Flip ® , CankCure ® , Stubborn Fat, It’s All We Do®, The 48 Hour Difference™, and our logo are U.S.

registered trademarks or trademarks for which registration is pending in the United States.

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We further rely on copyright, trademark and trade secret laws to protect our brands, proprietary technologies, know-how, data, and copyrighted content (including our library of before and after photographs).

We believe that our brand recognition and minimally invasive procedures with results meeting or exceeding our customer expectations distinguish us in the growing market for body contouring.

While we believe we are transforming and growing the body contouring market, our primary competition includes individual and small practice group providers of traditional liposuction, which we believe require a longer patient recovery time than AirSculpt ® and some national providers of other minimally-invasive techniques, which we believe are less effective than AirSculpt ® .

We believe that our brand recognition and minimally invasive procedures with results meeting or exceeding our customer expectations distinguish us in the market for body contouring.

While we believe we are transforming the body contouring market, our primary competition includes individual and small practice group providers of traditional liposuction, which we believe require a longer patient recovery time than AirSculpt ® and some national providers of other minimally-invasive techniques, which we believe are less effective than AirSculpt ® .

Additionally, university and hospital systems, medical spas and centers and beauty and rejuvenation centers include body contouring services in their offerings.

While we primarily operate in the body

contouring market, we also compete with companies that offer non-surgical methods of fat reduction, including weight-loss

drugs, and other non-invasive weight loss and obesity solutions.

Because of the high growth potential of the market for

weight loss and obesity solutions, existing and potential competitors have historically dedicated, and will continue to

dedicate, significant resources to aggressively develop and commercialize their products.

While we primarily operate in the body contouring market, we also compete with companies that offer non-surgical methods of fat reduction, including weight-loss drugs, and other non-invasive weight loss and obesity solutions.

Because of the high growth potential of the market for weight loss and obesity solutions, existing and potential competitors have historically dedicated, and will continue to dedicate, significant resources to aggressively develop and commercialize their products.

The areas in which we compete include:

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Continuity Agreements

We have entered into Continuity Agreements at all of our Professional Associations, with the exception of New York, with Dr.

Rollins and the other Surgeon Owners, whereby they are the sole directors, officers, and owners of the Professional Associations.

We have entered into Continuity Agreements at all of our Professional Associations, with the exception of New York and California, with the Surgeon Owners, whereby they are the sole directors, officers, and owners of the Professional Associations.

The Continuity Agreements (i) prohibit the Surgeon Owners from freely transferring or selling their interests in the Professional Associations, (ii) provide for the ability to add a second Surgeon Owner to help ensure continuity of the Professional Association, and (iii) provide that the ownership interests of the Surgeon Owners will automatically be transferred to another licensed professional designated by us in accordance with the terms of the Continuity Agreement upon the occurrence of certain events, which include, but are not limited to, the Surgeon Owner’s death, the termination of the Surgeon Owner’s employment, the Surgeon Owner’s license to practice medicine being revoked or terminated, the Surgeon Owner filing a petition for bankruptcy, the Surgeon Owner becoming indicted for or convicted of any felony or any misdemeanor offense involving moral turpitude, the Surgeon Owner breaching any provision of the Continuity Agreement, the Surgeon Owner’s gross negligence, willful misconduct or fraud with respect to the Professional Association, and the Surgeon Owner’s disability or incapacity.

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Additional Information

The Company was founded by Dr.

Rollins in 2012 and reorganized in 2018 as part of the acquisition by our Sponsor of a majority stake in the company prior to the IPO.

The Company was founded in 2012 and reorganized in 2018 as part of the acquisition by our Vesey Street Capital Partners, L.L.C., our private equity sponsor ("Sponsor") of a majority stake in the company prior to the IPO.

AirSculpt Technologies, Inc.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business