Bionano Genomics (BNGO) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was $8 million, with full-year revenue at $28.5 million; year-over-year performance varied due to discontinued services and lower instrument sales, but consumables and software revenues increased 7% for the year.

• Strategic focus shifted to profitable growth from high-volume, routine-use customers, who accounted for 83% of consumables revenue and averaged $89K per site, with validated protocol sites averaging $131K.

• Significant progress in software integration, automation, and AI-driven workflows, with major upgrades to VIA and Solve platforms and record publications supporting adoption.

• Installed base of OGM systems grew 4% year-over-year to 387 units by year-end 2025, with 32 new installations and 16 reactivations.

• Record 136 OGM publications in Q4 2025 and over 12,700 published human clinical research genomes to date.

Financial highlights

• Q4 2025 revenue: $8M; full year 2025: $28.5M; Q4 revenue was down 3% YoY, while full-year revenue was down 7% YoY.

• Q4 2025 non-GAAP gross margin was 43%, up from 42% YoY; full-year non-GAAP gross margin was 47%, up from 35% YoY.

• Operating expenses for FY 2025 were $46.5M, down 55% YoY; non-GAAP operating expenses were $36.6M, down 47% YoY.

• Sold 30,171 flow cells in 2025, nearly flat YoY; Q4 flow cells sold totaled 7,554, down 6% YoY.

• Ended 2025 with $29.6M in cash, cash equivalents, and investments, with $10.3M restricted.

Outlook and guidance

• 2026 revenue guidance: $30M–$33M (5%–16% growth over 2025); Q1 2026 revenue guidance: $6.5M–$6.7M.

• Cash runway projected into 2027.

• Senior secured convertible debt expected to be fully retired by May 2026.

• Revenue growth expected from increased consumables volume and routine user productivity.