Rapid Micro Biosystems (RPID) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached $11.3 million, up 37% year-over-year, setting a quarterly record and exceeding guidance; full-year 2025 revenue was $33.6 million, up 20% from 2024.

• 28 Growth Direct systems placed and 18 validated in 2025, ending the year with 190 systems globally, 155 fully validated.

• Major multi-system orders from Amgen in Q4 2025 and Samsung Biologics in Q1 2026 highlight strong commercial momentum.

• Consumable revenue grew 17% for the year, recurring revenue up 15% and now 53% of total revenue.

• Strategic partnership with MilliporeSigma progressing, supporting global expansion and system placements.

Financial highlights

• Q4 2025 product revenue rose 78% to $9.3 million; service revenue was $2 million, down from $3 million in Q4 2024 due to validation timing.

• Q4 recurring revenue increased 10% to $4.6 million; non-recurring revenue up 65% to $6.7 million.

• Q4 2025 gross margin was -3% (7% adjusted); full-year 2025 gross margin was 3% (6% adjusted), both impacted by inventory write-offs.

• Q4 2025 net loss was $12.5 million ($0.28 per share); full-year 2025 net loss was $47.1 million ($1.05 per share).

• Ended year with $39 million in cash and investments, $25 million unused debt facility.

Outlook and guidance

• 2026 revenue guidance: $37–$41 million, with 30–38 system placements expected and gross margin of ~20%.

• Q1 2026 revenue expected at least $7.5 million, with at least five system placements.

• Full-year gross margin expected at ~20%, with Q4 exit rate in mid-20% range or better.

• Operating expenses for 2026 projected at $47–$51 million; $10 million in non-cash expenses.

• Expect positive product gross margin from Q2 onward, with service margin above 40% for the year.