10X Genomics (TXG) Q1 2026 earnings summary

Executive summary

• Achieved $150.8 million in Q1 2026 revenue, up 9% year-over-year excluding prior year settlement/license revenue, driven by strong consumables growth and robust execution across the business.

• Launched Atera, a major new spatial biology platform, with extraordinary customer response and significant pre-order demand ahead of H2 2026 shipments.

• Net loss narrowed to $13.5 million from $34.4 million year-over-year, reflecting improved gross margin and lower operating expenses.

• Continued double-digit growth in single-cell and spatial consumables, with Flex Apex and Xenium as key drivers.

• Partnerships and initiatives in AI-driven biology and translational research reinforce long-term growth opportunities, including Bioptimus and the STELA initiative.

Financial highlights

• Q1 2026 revenue was $150.8 million, up 9% year-over-year excluding non-recurring settlement/license revenue.

• Total consumables revenue grew 13% to $129.8 million; single-cell up 6% to $88.9 million, spatial up 31% to $40.9 million.

• Instrument revenue declined 24% year-over-year to $11.3 million, with Chromium down 12% and spatial instruments down 32%.

• Gross margin improved to 70% from 68% in Q1 2025, driven by lower warranty costs and inventory write-downs.

• Ended Q1 with $539.8 million in cash, cash equivalents, and marketable securities, up $112.9 million year-over-year.

Outlook and guidance

• Maintained full-year 2026 revenue outlook of $600–$625 million, representing 0–4% growth over 2025 (excluding prior year settlement/license revenue).

• Expect double-digit growth in single-cell and spatial consumables for the year.

• Q2 and Q3 revenue expected to decline sequentially from Q1 due to customers delaying spatial purchases ahead of Atera launch; Q4 to see initial Atera revenue contribution.

• Gross margin for 2026 anticipated in the mid-60s%, with some Q4 pressure from Atera launch.

• Operating expenses expected to remain roughly flat or modestly decrease year-over-year.