third quarter 2026
Filed Nov 5, 2026Third-quarter revenue was $150.7 million, up 1% over the corresponding period of 2025; gross margin expanded to 75%, operating loss narrowed to $16.1 million, and full-year 2026 revenue guidance was raised to $625 million to $635 million.
Revenue growth was modest at 1%, but consumables strength, a 75% gross margin, lower operating expenses, narrower operating and net losses, the start of Atera commercial shipments, and higher full-year revenue guidance support a solid assessment.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Third quarter 2026 products and services revenueGAAP | $150.2M | – | – |
| Third quarter 2026 license and royalty revenueGAAP | $457K | – | – |
| Third quarter 2026 revenueGAAP | $150.7M | – | 1% increase |
| Third quarter 2026 cost of products and services revenueGAAP | $37.74M | – | – |
| Third quarter 2026 gross profitGAAP | $112.9M | – | – |
| Third quarter 2026 gross marginGAAP | 75% | – | – |
| Third quarter 2026 research and development expenseGAAP | $52.93M | – | – |
| Third quarter 2026 selling, general and administrative expenseGAAP | $76.06M | – | – |
| Third quarter 2026 total operating expensesGAAP | $129M | – | 3% decrease |
| Third quarter 2026 loss from operationsGAAP | $16.1 million operating loss | – | – |
| Third quarter 2026 interest incomeGAAP | $5.02M | – | – |
| Third quarter 2026 interest expenseGAAP | — | – | – |
| Third quarter 2026 other income (expense), netGAAP | −$7.44M | – | – |
| Third quarter 2026 total other income (expense)GAAP | −$2.42M | – | – |
| Third quarter 2026 loss before provision for income taxesGAAP | −$18.48M | – | – |
| Third quarter 2026 provision for (benefit from) income taxesGAAP | $949K | – | – |
| Third quarter 2026 net lossGAAP | $19.4M | – | – |
| Third quarter 2026 net loss per share, basic and dilutedGAAP | $(0.15) | – | – |
| Third quarter 2026 weighted-average shares used to compute net loss per share, basic and dilutedGAAP | 130,805,838 | – | – |
| Nine months ended September 30, 2026 products and services revenueGAAP | $449.2M | – | – |
| Nine months ended September 30, 2026 license and royalty revenueGAAP | $3.35M | – | – |
| Nine months ended September 30, 2026 revenueGAAP | $452.5M | – | – |
| Nine months ended September 30, 2026 cost of products and services revenueGAAP | $120.9M | – | – |
| Nine months ended September 30, 2026 gross profitGAAP | $331.6M | – | – |
| Nine months ended September 30, 2026 research and development expenseGAAP | $166.6M | – | – |
| Nine months ended September 30, 2026 selling, general and administrative expenseGAAP | $221.1M | – | – |
| Nine months ended September 30, 2026 gain on settlementGAAP | −$3.4M | – | – |
| Nine months ended September 30, 2026 total operating expensesGAAP | $384.3M | – | – |
| Nine months ended September 30, 2026 loss from operationsGAAP | −$52.66M | – | – |
| Nine months ended September 30, 2026 net lossGAAP | −$50.83M | – | – |
| Nine months ended September 30, 2026 net loss per share, basic and dilutedGAAP | $(0.39) | – | – |
| Nine months ended September 30, 2026 weighted-average shares used to compute net loss per share, basic and dilutedGAAP | 129,570,736 | – | – |
| Third quarter 2026 total stock-based compensation expenseGAAP | $23.10M | – | – |
| Nine months ended September 30, 2026 total stock-based compensation expenseGAAP | $71.35M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Single Cell instruments revenueNot specified. | $3.78M | – | – |
| Spatial instruments revenueSpatial includes the Company’s Visium, Xenium and Atera products. | $3.08M | – | – |
| Total instruments revenueNot specified. | $6.86M | – | – |
| Single Cell consumables revenueManagement cited continued strength in consumables. | $93.14M | – | – |
| Spatial consumables revenueSpatial includes the Company’s Visium, Xenium and Atera products. | $41.19M | – | – |
| Total consumables revenueManagement cited continued strength in consumables. | $134.3M | – | – |
| Services revenueNot specified. | $9.03M | – | – |
| United States revenueIncludes license and royalty revenue. | $82.09M | – | – |
| Americas excluding United States revenueNot specified. | $3.85M | – | – |
| Total Americas revenueNot specified. | $85.94M | – | – |
| Europe, Middle East and Africa revenueNot specified. | $38.75M | – | – |
| China revenueNot specified. | $15.22M | – | – |
| Asia-Pacific excluding China revenueNot specified. | $10.76M | – | – |
| Total Asia-Pacific revenueNot specified. | $25.97M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
full year 2026 outlook
- Revenue$625 million to $635 million
- NoteExcluding the non-recurring license and royalty revenue related to patent litigation settlements in both 2026 and 2025, 4% to 6% growth over full year 2025.
What drove it
- Began global commercial shipments of Atera, with extraordinary early demand translating into ambitious new research programs spanning discovery, translational and biopharma research.
- Management said broader-business results were driven by continued strength in consumables.
- Gross-margin improvement was primarily due to lower inventory write-downs and changes in product mix.
- Operating-expense reduction was primarily driven by lower personnel and lab equipment expenses, partially offset by higher litigation expenses.
- Introduced Sentira, a cloud analysis platform powered by NVIDIA accelerated computing for spatial data processing and Anthropic’s Claude for agentic AI analysis of single cell data.
Concerns
- Third-quarter revenue increased 1% over the corresponding period of 2025.
- Total instruments revenue was $6,858 (in thousands), compared with $11,999 (in thousands) in the corresponding period of 2025.
- Nine-month revenue was $452,546 (in thousands), compared with $476,793 (in thousands) in the corresponding period of 2025, reflecting lower license and royalty revenue.
- Nine-month loss from operations was $(52,658) (in thousands), compared with $(41,444) (in thousands) in the corresponding period of 2025.
- Nine-month net loss was $(50,826) (in thousands), compared with $(27,292) (in thousands) in the corresponding period of 2025.
What to watch
- Commercial launch, demand and customer adoption of Atera.
- Whether continued consumables strength persists.
- Execution against full-year 2026 revenue guidance of $625 million to $635 million.
- The effect of lower inventory write-downs and product mix on gross margin.
- Litigation expenses and non-recurring license and royalty revenue related to patent litigation settlements.
Balance sheet and cash flow
- Cash and cash equivalents were $526,187 (in thousands) as of September 30, 2026, compared with $473,966 (in thousands) as of December 31, 2025.
- Marketable securities were $49,493 (in thousands) as of September 30, 2026, compared with $49,443 (in thousands) as of December 31, 2025.
- Cash and cash equivalents and marketable securities were $575.7 million as of September 30, 2026.
- Accounts receivable, net were $55,701 (in thousands) as of September 30, 2026, compared with $47,013 (in thousands) as of December 31, 2025.
- Inventory was $64,629 (in thousands) as of September 30, 2026, compared with $56,341 (in thousands) as of December 31, 2025.
- Total assets were $1,063,129 (in thousands) as of September 30, 2026, compared with $1,041,365 (in thousands) as of December 31, 2025.
- Total liabilities were $225,093 (in thousands) as of September 30, 2026, compared with $245,039 (in thousands) as of December 31, 2025.
- Total stockholders’ equity was $838,036 (in thousands) as of September 30, 2026, compared with $796,326 (in thousands) as of December 31, 2025.
Analysis
Third-quarter revenue was $150.7 million, a 1% increase over the corresponding period of 2025. Products and services revenue was $150,210 (in thousands), compared with $148,019 (in thousands), while license and royalty revenue was $457 (in thousands), compared with $983 (in thousands). Management highlighted continued strength in consumables and the beginning of global commercial shipments of Atera, describing extraordinary early demand for the platform.
The reported revenue mix shows consumables as the principal product revenue category. Total consumables revenue was $134,327 (in thousands), compared with $127,892 (in thousands), while total instruments revenue was $6,858 (in thousands), compared with $11,999 (in thousands). Single Cell consumables revenue was $93,139 (in thousands) and Spatial consumables revenue was $41,188 (in thousands). Management also introduced Sentira, a cloud analysis platform for biological-data analysis.
Profitability improved meaningfully in the quarter. Gross margin was 75%, compared with 67%, primarily due to lower inventory write-downs and changes in product mix. Total operating expenses were $129.0 million, a 3% decrease from $132.5 million, driven by lower personnel and lab equipment expenses and partly offset by higher litigation expenses. Operating loss narrowed to $16.1 million from $32.2 million, and net loss narrowed to $19.4 million from $27.5 million.
The nine-month results retain the effect of materially lower license and royalty revenue. Revenue for the nine months ended September 30, 2026 was $452,546 (in thousands), compared with $476,793 (in thousands), while license and royalty revenue was $3,346 (in thousands), compared with $45,794 (in thousands). The nine-month operating loss was $(52,658) (in thousands), compared with $(41,444) (in thousands), and net loss was $(50,826) (in thousands), compared with $(27,292) (in thousands).
Liquidity remained substantial, with cash and cash equivalents and marketable securities of $575.7 million as of September 30, 2026. The company raised full-year 2026 revenue guidance to $625 million to $635 million from the previous range of $610 million to $630 million. Excluding non-recurring license and royalty revenue related to patent litigation settlements in both 2026 and 2025, management expects 4% to 6% growth over full year 2025.
Management, verbatim
The biggest highlight of the quarter was the start of commercial shipments of Atera. Enthusiasm for the platform has continued to build, and we are incredibly excited to be putting instruments in customers’ hands. We were also encouraged with the results across our broader business, driven by continued strength in consumables.
Serge Saxonov, Co-founder and CEO of 10x Genomics
Not in the filing
stated, not guessed- Non-GAAP revenue, gross profit, gross margin, operating expenses, operating income or loss, net income or loss, and EPS were not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Capital expenditures were not reported.
- Share repurchases were not reported.
- Dividends were not reported.
- Debt was not reported.
- Segment-level percentage changes were not reported.
- Quarter-over-quarter comparisons were not reported.
- Full-year 2026 gross-margin, operating-expense, tax-rate, EPS, and cash-flow guidance were not reported.
- A prior-release outlook section was not provided for formal actual-versus-prior-guidance comparison.
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.