Burning Rock Biotech (BNR) Q2 2025 earnings summary

Executive summary

• Achieved commercial breakeven in 2Q25 (excluding R&D), maintaining profitability under new industry conditions.

• Total revenues for Q2 2025 reached RMB148.6 million, up 10% year-over-year, driven by growth in in-hospital and pharma R&D channels.

• Net loss narrowed significantly to RMB9.7 million from RMB108.0 million in Q2 2024.

• Demonstrated continued efficiency gains through improved sales productivity, gross margin, and reduced G&A and R&D expenses.

• Operating expenses dropped sharply year-over-year due to budget controls and headcount reduction.

Financial highlights

• 2Q25 revenues grew 10% year-over-year and 12% sequentially to RMB 148.6 million.

• Non-GAAP gross profit margin improved to 74.9% in 2Q25, up from 74.3% in 2024.

• Adjusted EBITDA loss narrowed to RMB (101.3) million in 2024 from RMB (260.4) million in 2023.

• Cash balance at period-end was RMB 455 million, with operating cash outflow reduced to RMB 92 million in 1H2025.

• Gross profit increased 13.3% year-over-year to RMB108.1 million, with gross margin rising to 72.8% from 70.4%.

Outlook and guidance

• Expect selling expense ratio to remain below 40% going forward, reflecting ongoing sales efficiency improvements.

• Management highlights ongoing transition to in-hospital testing and continued cost optimization.

• Continued focus on margin improvement and disciplined investment in R&D.

• Forward-looking statements note risks and uncertainties due to market and operating conditions.