MaxCyte (MXCT) Q1 2026 earnings summary

Executive summary

• Q1 2026 total revenue was $9.7 million, down 7% year-over-year, with $6.2 million core revenue and $3.4 million SPL program-related revenue, meeting expectations.

• Net loss for Q1 2026 was $4.8 million, a significant improvement from $10.3 million in Q1 2025.

• Board authorized a $10 million share repurchase program, reflecting confidence in long-term value and financial strength.

• SPL portfolio includes 29 partners, supporting 30 clinical and preclinical programs, with 12 clinical and one commercial program as of March 31, 2026.

• Five clinical SPL programs have potential for commercial launches in 2027-2028, with four expected to enter registrational trials in the next 18 months.

Financial highlights

• Core revenue declined 25% year-over-year to $6.2 million; SPL program-related revenue increased to $3.4 million from $2.1 million.

• Gross margin was 84% (GAAP) and 78% (non-GAAP adjusted) in Q1 2026, down from 86% and 83% respectively in Q1 2025.

• Operating expenses dropped to $14.3 million from $21.2 million year-over-year, reflecting restructuring and cost controls.

• Gross profit was $8.1 million, down 9% from Q1 2025.

• Cash, cash equivalents, and investments totaled $147.7 million at quarter end, with no debt.

Outlook and guidance

• 2026 total revenue expected between $30 million-$32 million, with $25 million-$27 million core revenue and $5 million SPL milestones/royalties.

• SPL revenue guidance includes $3 million from milestones and $2 million from royalties.

• Core revenue expected to be weighted toward the second half of 2026; Q2 core revenue to be similar to Q1.

• Anticipates ending 2026 with at least $136 million in cash equivalents and investments, excluding share repurchases.

• No further milestone revenue forecasted for 2026; remaining SPL revenue to come from royalties.