Quanterix (QTRX) Q4 2025 earnings summary

Executive summary

• Achieved Q4 2025 revenue of $43.9 million, up 25% year-over-year, and full-year revenue of $138.9 million, up 1% year-over-year.

• Captured $74 million of $85 million targeted cost synergies, supporting improved financial performance and integration milestones.

• Ended 2025 with $122 million in cash, equivalents, and marketable securities, and expects to reach cash flow breakeven in H2 2026.

• Filed 510(k) with FDA and secured CMS reimbursement approval for LucentAD Complete Alzheimer's test at $897 per test.

• Leadership transition with new CEO focused on profitable growth and operational rigor.

Financial highlights

• Q4 2025 revenue increased 25% year-over-year to $43.9 million; full-year revenue up 1% to $138.9 million.

• Q4 GAAP gross margin was 45.7% (down from 63.0%); adjusted gross margin was 50.0% (down from 57.7%).

• Q4 adjusted EBITDA loss was $7.9 million; full-year adjusted EBITDA loss was $44.9 million.

• Q4 operating loss was $24.8 million (GAAP), $15.0 million (non-GAAP); full-year operating loss $125.5 million (GAAP), $74.5 million (non-GAAP).

• Net loss for 2025 was $107.2 million, or $2.51 per share.

Outlook and guidance

• 2026 revenue guidance: $169–$174 million, reflecting 0–3% growth after adjusting for a terminated diagnostics agreement.

• GAAP gross margin expected at 45–49%; adjusted gross margin at 49–53%.

• Targeting cash flow breakeven in H2 2026, ending year with ~$100 million cash and no debt.