Q4 2025 revenue was $166 million, up 1% year-over-year and above guidance; full-year revenue reached $642.8 million, but excluding $44.1 million in non-recurring patent litigation settlements, full-year revenue was $598.7 million, down 2% year-over-year.
Net loss for Q4 2025 was $16.3 million, a significant improvement from $49.0 million in Q4 2024; full-year net loss narrowed to $43.5 million from $182.6 million in 2024.
Single-cell consumables volumes grew at a double-digit rate each quarter, driven by Flex and on-chip multiplexing, while spatial consumables revenue saw double-digit growth led by Xenium.
Multiple product launches in single-cell (Flex Apex) and spatial (Visium HD 3', HD cell segmentation, Xenium RNA/protein) expanded platform capabilities.
Strategic partnerships and collaborations were announced with leading cancer research institutions and hospitals, supporting large-scale AI and translational research.
Q4 revenue grew 1% year-over-year, surpassing the high end of guidance.
Gross margin improved to 68% in Q4 2025 (from 67% in Q4 2024) and to 69% for full-year 2025 (from 68% in 2024), driven by lower inventory write-downs, royalties, and warranty costs.
Operating expenses dropped 18% in Q4 2025 and 17% for the full year, mainly due to lower legal and personnel costs and a $49.9 million gain on litigation settlements.
Operating loss for Q4 2025 was $19.5 million (improved from $49.8 million in Q4 2024); full-year operating loss was $61.0 million (improved from $194.6 million in 2024).
Year-end cash, cash equivalents, and marketable securities totaled $523.4 million, up $130 million from 2024.
2026 revenue expected between $600 million and $625 million, representing 0%-4% growth over 2025, excluding non-recurring 2025 license and royalty revenue.
Double-digit growth anticipated for single-cell consumables reactions and spatial consumables revenue.
CapEx funding expected to remain constrained, continuing to pressure instrument revenue.
Q1 2026 revenue projected to be a higher percentage of full-year revenue due to late Q4 orders shipped in January.
Management expects growth to be driven by AI-driven demand, translational research, and emerging clinical opportunities.
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