Rapid Micro Biosystems (RPID) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $8.0 million, up 11.1% year-over-year, driven by system placements and recurring revenue, with net loss widening to $14.3 million from $11.3 million in Q1 2025.

• Six Growth Direct Systems placed in Q1, doubling placements from Q1 2025, with five validations completed.

• Recurring revenue from consumables and service contracts grew to 63% of total revenue, reflecting increased system utilization.

• Strong momentum in Asia-Pacific, including first system placement in China and events to drive adoption.

• Collaboration with MilliporeSigma expanding reach into pharma and adjacent markets, with exclusive services and global distribution agreements.

Financial highlights

• Product revenue grew 36% year-over-year to $5.6 million, led by over 30% growth in consumables and higher system placements.

• Recurring revenue increased 28% to $5.1 million, representing 63% of total revenue.

• Service revenue declined 21.9% to $2.4 million, mainly due to lower validation activity.

• Gross margin was 5% in Q1 2026, relatively flat year-over-year.

• Operating expenses rose 17.9% to $14.2 million, with notable increases in G&A and sales/marketing.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $37–$41 million, assuming 30–38 system placements and at least 25 validations.

• Q2 2026 revenue expected to be at least $7.7 million, with at least four system placements.

• Full-year gross margin guidance at approximately 20%, with Q4 exit in the mid-20% range.

• Operating expenses for 2026 expected between $48–$52 million, with $8 million in non-cash expenses.

• Liquidity projected to be sufficient for at least 12 months, but additional funding may be needed if growth or cost control targets are not met.