10X Genomics (TXG) Q1 2026 earnings summary

Executive summary

• Achieved $150.8 million in Q1 2026 revenue, up 9% year-over-year excluding prior year settlement/license revenue.

• Launched Atera, a major new spatial biology platform, with strong early demand, pre-orders, and shipments expected in H2 2026.

• Double-digit growth in both single-cell and spatial consumables, driven by Flex Apex and Xenium.

• Maintained disciplined cost management, with operating expenses down 15–20% year-over-year excluding one-time items.

• Announced partnerships and initiatives in AI-driven biology and translational research, including Bioptimus and STELA.

Financial highlights

• Q1 2026 revenue: $150.8 million, up 9% year-over-year excluding non-recurring settlement/license revenue.

• Consumables revenue up 13%; single-cell consumables up 6%, spatial consumables up 31%.

• Instrument revenue declined 24% year-over-year; Chromium instruments down 12%, spatial instruments down 32%.

• Gross margin improved to 70% from 68% in Q1 2025, driven by lower warranty and inventory costs.

• Ended quarter with $540 million in cash and equivalents, up $113 million year-over-year.

Outlook and guidance

• Full-year 2026 revenue expected at $600–$625 million, representing 0–4% growth over 2025 excluding settlement/license revenue.

• Double-digit growth anticipated in single-cell and spatial consumables for the year.

• Q2 and Q3 revenue expected to decline sequentially due to customers delaying spatial purchases ahead of Atera launch.

• Atera shipments to begin contributing in Q4/H2, with initial production capacity limited.

• Gross margin for 2026 expected in the mid-60s%, with some pressure from Atera launch in Q4.