Q3 FY2026
Filed Nov 10, 2026MaxCyte Q3 2026 total revenue rose 49% to $10.2 million, net loss narrowed to $4.8 million, and full-year 2026 total revenue guidance was raised to at least $34.5 million alongside a proposed Akron Bio acquisition
Revenue growth was strong (total revenue +49%, core revenue +27%) and the net loss narrowed sharply year over year. Offsetting this, cash and investment balances fell, the nine-month operating cash outflow was $18.3 million, the Akron Bio acquisition requires $105.0 million in cash plus $22.0 million of new credit facility borrowings, and non-GAAP adjusted gross margin declined by one point.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, Q3 2026GAAP | $10.15M | – | 49% |
| Core revenue, Q3 2026non-GAAP | $8.16M | – | 27% |
| SPL Program-related revenue, Q3 2026other | $2M | – | – |
| Milestones revenue, Q3 2026other | $1.00M | – | 295% |
| Royalties revenue, Q3 2026other | $991K | – | 486% |
| Instruments revenue, Q3 2026other | $2.78M | – | 102% |
| PAs and Consumables revenue, Q3 2026other | $3.09M | – | 20% |
| Licenses revenue, Q3 2026other | $1.97M | – | 9% |
| Assay Service revenue, Q3 2026other | $43K | – | (83)% |
| Other revenue, Q3 2026other | $276K | – | (31)% |
| Cost of goods sold, Q3 2026GAAP | $1.68M | – | – |
| Gross profit, Q3 2026GAAP | $8.47M | – | – |
| Gross margin, Q3 2026GAAP | 83% | – | – |
| Non-GAAP adjusted gross margin, Q3 2026non-GAAP | 80% | – | – |
| Non-GAAP gross margin (dollars), Q3 2026non-GAAP | $6.49M | – | – |
| Research and development expense, Q3 2026GAAP | $2.87M | – | – |
| Sales and marketing expense, Q3 2026GAAP | $4.21M | – | – |
| General and administrative expense, Q3 2026GAAP | $6.55M | – | – |
| Restructuring expense, Q3 2026GAAP | - | – | – |
| Depreciation and amortization (operating expense), Q3 2026GAAP | $868K | – | – |
| Total operating expenses, Q3 2026GAAP | $14.51M | – | – |
| Operating loss, Q3 2026GAAP | −$6.04M | – | – |
| Interest income, Q3 2026GAAP | $1.28M | – | – |
| Net loss, Q3 2026GAAP | −$4.76M | – | – |
| Basic and diluted net loss per share, Q3 2026GAAP | $(0.05) | – | – |
| EBITDA, Q3 2026non-GAAP | −$5.14M | – | – |
| Stock-based compensation expense, Q3 2026other | $1M | – | – |
| Total revenue, nine months 2026GAAP | $27.07M | – | – |
| Non-GAAP revenue, nine months 2026non-GAAP | $20.88M | – | – |
| Gross profit, nine months 2026GAAP | $22.15M | – | – |
| Gross margin, nine months 2026GAAP | 82% | – | – |
| Non-GAAP adjusted gross margin, nine months 2026non-GAAP | 78% | – | – |
| Total operating expenses, nine months 2026GAAP | $44.60M | – | – |
| Operating loss, nine months 2026GAAP | −$22.46M | – | – |
| Net loss, nine months 2026GAAP | −$18.39M | – | – |
| Basic and diluted net loss per share, nine months 2026GAAP | $(0.17) | – | – |
| EBITDA, nine months 2026non-GAAP | −$19.53M | – | – |
| Net cash used in operating activities, nine months 2026GAAP | −$18.34M | – | – |
| Total cash, cash equivalents and investments, September 30, 2026other | $132.7M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Core revenueCompany subtotal of the Instruments, PAs and Consumables, Licenses, Assay Service and Other lines. The filing does not state a driver for the overall change. | $8.16M | – | 27% |
| SPL Program-related revenueQ3 2025 comparison printed as $0.4 million. The filing does not print a percentage change for this line. | $2M | – | – |
| MilestonesRevenue sources table line. The filing does not explain the change. | $1.00M | – | 295% |
| RoyaltiesRevenue sources table line. The filing does not explain the change. | $991K | – | 486% |
| InstrumentsRevenue sources table line. The filing does not explain the change. | $2.78M | – | 102% |
| PAs and ConsumablesRevenue sources table line. The filing does not explain the change. | $3.09M | – | 20% |
| LicensesRevenue sources table line. The filing does not explain the change. | $1.97M | – | 9% |
| Assay ServiceRevenue sources table line. The filing does not explain the change. | $43K | – | (83)% |
| OtherRevenue sources table line. The filing does not explain the change. | $276K | – | (31)% |
FY2026 outlook
- RevenueAt least $34.5 million total revenue, excluding the impact of the Akron acquisition; company states this raises its prior full-year total revenue guidance
- NoteCore revenue of approximately $28 million
- NoteSPL Program-related revenue of at least $6.5 million, including approximately $4 million from milestone payments and at least $2.5 million from commercial royalties
- NoteAssuming the close of the Akron acquisition, approximately $40.0 to $45.0 million total cash, cash equivalents and investments at end of 2026, after an estimated $105.0 million paid in cash and acquisition deal expenses and $22.0 million drawn under the MidCap Financial credit facility
- NotePro forma, excluding the Akron acquisition and related costs, approximately $133 million total cash, cash equivalents and investments at end of 2026; the company states this is not a forecast of actual year-end cash and does not expect to hold approximately $133 million at December 31, 2026
- NoteApproximately 15% year-over-year core revenue growth expected in the second half of 2026 (CEO statement)
Capital returns
- Repurchases of common stock of $(5,500) thousand in the nine months ended September 30, 2026; the nine months ended September 30, 2025 shows no repurchases (printed as a dash)
- Treasury stock of 4,260,534 shares at cost of $(5,500) thousand at September 30, 2026
- Shares outstanding of 103,233,238 at September 30, 2026, compared with 106,789,618 at December 31, 2025
- No dividends are printed in the filing
What drove it
- Core revenue growth of 27% and total revenue growth of 49% in Q3 2026; the filing shows instruments up 102%, milestones up 295% and royalties up 486%, but does not explain these changes
- SPL Program-related revenue of $2.0 million in Q3 2026 versus $0.4 million in Q3 2025, per the filing's figures
- Company statement that the enterprise pharma partnership is off to a strong start, and that building adoption in early research is part of its solution set
- Company statement that the July 2026 Genentech strategic, multi-platform technology license partnership is a recent business highlight; the filing does not quantify its revenue contribution
- Company statement that approximately 15% year-over-year core revenue growth is expected in the second half of 2026, exceeding growth expectations set at the beginning of 2026
- Operating expenses fell to $14,509 thousand in Q3 2026 from $19,382 thousand in Q3 2025; the filing shows restructuring expense of $3,058 thousand in Q3 2025 and none in Q3 2026, but does not state the cause of the decline
Concerns
- Non-GAAP adjusted gross margin declined to 80% from 81% in Q3, and nine-month non-GAAP adjusted gross margin is 78% versus 82% a year earlier
- Assay Service revenue fell 83% and Other revenue fell 31% year over year in Q3
- Net cash used in operating activities was $(18,336) thousand for the nine months ended September 30, 2026, and cash and cash equivalents declined from $20,065 thousand to $13,372 thousand
- Accounts receivable rose to $12,054 thousand from $3,503 thousand at December 31, 2025, and the nine-month change in accounts receivable in the cash flow statement is $(8,551) thousand
- The Akron Bio acquisition involves an estimated $105.0 million paid in cash and deal expenses, $22.0 million drawn under the MidCap Financial credit facility, and $20.0 million of guaranteed deferred payments, per the filing
- The filing lists risks including shareholder litigation, the possibility the acquisition does not close on the expected timeline or at all, dilution from issued shares, integration, and debt service obligations
- Year-end cash guidance with Akron is $40.0 to $45.0 million, compared with $132.7 million of total cash, cash equivalents and investments at September 30, 2026; the company states the pro forma figure of approximately $133 million is not a forecast
What to watch
- Closing of the Akron Bio acquisition and the actual cash consideration, deal expenses and financing terms
- Delivery of core revenue growth of approximately 15% year over year in the second half of 2026 against the approximately $28 million full-year core revenue guidance
- Achievement of at least $6.5 million of SPL Program-related revenue for 2026, including approximately $4 million of milestones and at least $2.5 million of royalties
- Trend in non-GAAP adjusted gross margin, which was 80% in Q3 2026 and 81% in Q3 2025
- Operating cash burn and the year-end cash balance, given the nine-month operating cash outflow and the 2026 year-end cash range with Akron
- Status of the two pivotal SPL partner trials that the CEO says could result in approvals as early as next year
- Accounts receivable levels relative to the Q3 2026 revenue increase
Balance sheet and cash flow
- Cash and cash equivalents of $13,372 thousand at September 30, 2026, compared with $20,065 thousand at December 31, 2025
- Short-term investments, at amortized cost, of $87,908 thousand at September 30, 2026, compared with $82,979 thousand at December 31, 2025
- Investments, non-current, at amortized cost, of $31,469 thousand at September 30, 2026, compared with $52,570 thousand at December 31, 2025
- Total assets of $182,483 thousand at September 30, 2026, compared with $202,507 thousand at December 31, 2025
- Total liabilities of $31,552 thousand at September 30, 2026, compared with $31,017 thousand at December 31, 2025
- Total stockholders' equity of $150,931 thousand at September 30, 2026, compared with $171,490 thousand at December 31, 2025
- Accounts receivable, net, of $12,054 thousand at September 30, 2026, compared with $3,503 thousand at December 31, 2025
- Deferred revenue, current portion, of $7,388 thousand at September 30, 2026, compared with $3,598 thousand at December 31, 2025
- Nine months 2026 purchases of property and equipment of $(193) thousand, compared with $(1,537) thousand in the nine months 2025
- Cash and cash equivalents at end of period of $13,372 thousand in 2026, compared with $12,973 thousand in 2025
- Nine months 2026 stock-based compensation of $3,264 thousand in the cash flow statement, compared with $8,507 thousand in 2025
- Total cash, cash equivalents and investments of $132.7 million at September 30, 2026
Analysis
MaxCyte reported Q3 2026 total revenue of $10,152 thousand, up 49% from $6,829 thousand, with core revenue of $8,157 thousand up 27% from $6,406 thousand. SPL Program-related revenue was $2.0 million against $0.4 million a year earlier, and the revenue sources table shows milestones of $1,004 thousand (up 295%) and royalties of $991 thousand (up 486%). Within core revenue, instruments rose 102% to $2,779 thousand and PAs and Consumables rose 20% to $3,092 thousand, while Licenses rose 9%, Assay Service fell 83% and Other fell 31%. The filing does not explain these individual movements beyond the company's general statements about partnerships and adoption.
GAAP gross margin improved to 83% from 77%, while non-GAAP adjusted gross margin, which excludes SPL Program-related revenue and inventory reserves, was 80% against 81% a year earlier. Operating expenses were $14,509 thousand against $19,382 thousand, with research and development at $2,874 thousand versus $5,316 thousand, and restructuring expense of $3,058 thousand in the prior-year quarter with none in the current quarter. Net loss narrowed to $(4,762) thousand from $(12,416) thousand, and EBITDA was $(5,141) thousand against $(13,077) thousand. Interest income declined to $1,279 thousand from $1,733 thousand. For the nine months, the GAAP net loss was $(18,386) thousand against $(35,034) thousand, but non-GAAP adjusted gross margin was 78% against 82%, and net cash used in operating activities was $(18,336) thousand against $(31,721) thousand.
The balance sheet shows cash and cash equivalents of $13,372 thousand, down from $20,065 thousand at December 31, 2025, with short-term investments of $87,908 thousand and non-current investments of $31,469 thousand. Total cash, cash equivalents and investments were $132.7 million at September 30, 2026. Accounts receivable rose to $12,054 thousand from $3,503 thousand, and deferred revenue, current portion, rose to $7,388 thousand from $3,598 thousand. The company repurchased $(5,500) thousand of common stock in the nine months, and shares outstanding were 103,233,238 at period end.
Full-year 2026 total revenue guidance, excluding Akron, is now at least $34.5 million, with core revenue of approximately $28 million and SPL Program-related revenue of at least $6.5 million. The filing states this raises the prior total revenue guidance, but the prior figures are not included in the documents, so no comparison against them is made here. The company also expects approximately 15% year-over-year core revenue growth in the second half of 2026. The proposed Akron Bio acquisition would be funded with approximately $105.0 million of cash and deal expenses plus $22.0 million from the MidCap Financial credit facility, with $20.0 million of guaranteed deferred payments, and the company projects year-end total cash, cash equivalents and investments of $40.0 to $45.0 million including Akron. The pro forma figure of approximately $133 million excluding Akron is explicitly not a forecast.
Management, verbatim
Today, we announced our intention to acquire Akron Bio, a transformational moment for MaxCyte.
Maher Masoud, President and Chief Executive Officer
MaxCyte’s third quarter results reflect the progress that we have made throughout 2026, with approximately 15% year-over-year core revenue growth expected in the second half of this year, exceeding the growth expectations we established at the beginning of 2026.
Maher Masoud, President and Chief Executive Officer
Our enterprise pharma partnership is off to a strong start and represents an exciting opportunity to support its advancing cell therapy pipeline.
Maher Masoud, President and Chief Executive Officer
Not in the filing
stated, not guessed- Previous full-year 2026 outlook, so prior guidance figures and a formal comparison are unavailable
- Prior-year and prior-quarter percentage changes for gross profit, cost of goods sold, gross margin in basis points, operating expenses, net loss, EPS and EBITDA as printed changes
- Quarter-over-quarter comparisons (Q2 2026) for all lines
- Change percentage for SPL Program-related revenue
- Q3 2026 operating and free cash flow (only nine-month figures are printed)
- Free cash flow figure
- Non-GAAP EPS
- Cash and investments total at December 31, 2025
- Akron Bio acquisition purchase price breakdown, Akron revenue and financial results, and expected closing date
- Details of Item 3.02 unregistered sales of equity securities and Item 1.01 material agreement terms (not included in the exhibit text)
- Revenue contribution of the Genentech license
- Gross margin, operating expense and tax guidance for 2026
- Quantified explanation for changes in revenue sub-lines, operating expense reductions and interest income
- Full-year 2025 results for comparison
- Nine-month 2026 core revenue and SPL Program-related revenue by line, other than the non-GAAP totals shown
- Market or analyst reaction and consensus estimates (not provided, not included)
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.