MaxCyte (MXCT) Q4 2025 earnings summary

Executive summary

• 2025 was a challenging year with revenue declines, but significant progress was made through new strategic platform licenses (SPLs), the acquisition and integration of SeQure Dx, and the launch of the ExPERT DTx product.

• Fourth quarter 2025 revenue reached $7.3 million, at the top of prior guidance, but down 16% year-over-year.

• Full year 2025 revenue was $33 million, down 15% from $38.6 million in 2024, but at the top of guidance.

• The company right-sized spending, improved operations, and maintained a strong balance sheet, reducing annual cash burn by over $16 million.

• Four new SPL agreements were signed in 2025, expanding the clinical and commercial pipeline.

Financial highlights

• Total revenue for 2025 was $33 million, down 15% from $38.6 million in 2024; Q4 2025 revenue was $7.3 million, down 16% year-over-year.

• Core revenue for 2025 was $29.6 million, a 9% decrease from $32.5 million in 2024; SPL program-related revenue was $3.4 million, down from $6.1 million.

• Gross margin in Q4 2025 was 78%, up from 74% in Q4 2024; full year 2025 gross margin was 81%.

• Operating expenses for 2025 were $78.7 million, down from $82.7 million in 2024; Q4 2025 operating expenses were $16.9 million.

• Ended 2025 with $155.6 million in cash and investments, no debt.

Outlook and guidance

• 2026 revenue guidance is $30–$32 million, with $25–$27 million core revenue and $5 million SPL program-related revenue.

• SPL program-related revenue for 2026 includes $3 million in milestone payments and $2 million in commercial royalties.

• Q1 2026 expected to be the lightest quarter; revenue is back-half weighted.

• Guidance includes a $4 million headwind from SPL customer program discontinuations and inventory drawdowns.

• At least $136 million in cash and investments expected at end of 2026.