Alamar Biosciences (ALMR) Q1 2026 earnings summary

Executive summary

• Commercial-stage proteomics company with rapid adoption of ARGO HT and NULISA platforms, over 100 instruments installed, more than 300 customers in 25 countries as of March 31, 2026.

• Revenue for Q1 2026 nearly doubled year-over-year to $26.0 million, driven by strong instrument and consumables sales and new product launches.

• Two new products launched, expanding offerings in neurodegenerative disease research.

• Completed IPO in April 2026, raising $197.8 million in net proceeds and approximately $220 million in gross proceeds.

• Net loss increased to $21.3 million due to higher R&D and SG&A expenses as the company scales operations.

Financial highlights

• Q1 2026 revenue: $26.0 million, up 99% from $13.1 million in Q1 2025.

• Product revenue grew 133% year-over-year to $21.3 million; consumables revenue up 178% to $14.0 million.

• Gross profit: $14.5 million (56% margin), up from $6.4 million (49% margin) in Q1 2025.

• Net loss: $21.3 million, including $8.6 million loss on convertible note remeasurement, compared to $7.7 million in Q1 2025.

• Cash, cash equivalents, and restricted cash at March 31, 2026: $69.5 million.

Outlook and guidance

• Management expects continued operating losses as investments in R&D, manufacturing, and commercialization increase.

• Full-year 2026 stock-based compensation expected to be $13–15 million.

• Cash from IPO and existing reserves expected to fund operations for at least the next 12 months.