MaxCyte (MXCT) Q4 2025 earnings summary

Executive summary

• 2025 was a challenging year with a 15% revenue decline, but progress was made through new product launches, cost restructuring, and the integration of SeQure Dx.

• The company launched the ExPERT DTx platform, expanded its instrument install base, and signed four new SPL agreements, bringing the total to 32 SPLs.

• Revenue declines were driven by a 15% reduction in purchases and leases from the largest SPL customer, with stabilization expected in late 2026.

• Cost structure was streamlined, reducing annual cash burn by over $16 million in 2025.

• Despite headwinds from SPL customer program rationalization and inventory management, the business model remains robust with multiple late-stage clinical programs advancing.

Financial highlights

• Total revenue for 2025 was $33 million, down 15% from $38.6 million in 2024, at the top of guidance.

• Core revenue was $29.6 million, a 9% decrease year-over-year; SPL program-related revenue was $3.4 million, down from $6.1 million.

• Gross margin for Q4 2025 was 78%, up from 74% in Q4 2024; full year gross margin was 81%.

• Operating expenses for 2025 were $78.7 million, down from $82.7 million in 2024; Q4 2025 operating expenses were $16.9 million.

• Ended 2025 with $155.6 million in cash and investments, no debt.

Outlook and guidance

• 2026 revenue guidance is $30–32 million, with $25–27 million core revenue and $5 million SPL program-related revenue.

• SPL program-related revenue for 2026 includes $3 million in milestone payments and $2 million in commercial royalties.

• Q1 2026 expected to be the lightest quarter; revenue is back-half weighted.

• Guidance includes a $4 million headwind from SPL customer program discontinuations and inventory drawdowns.

• At least $136 million in cash and investments expected at 2026 year-end.