Fourth quarter 2025 total revenue of $7.3 million at the top of the range of previous preliminary announcement
Full year 2025 revenue of $33.0 million, at the top of the range of previous preliminary announcement
Total cash, cash equivalents and investments were $155.6 million as of December 31, 2025. Expects to end 2026 with at least $136 million in total cash, cash equivalents and investments
Expects 2026 revenue of $30-32 million; with Core revenue of $25-27 million and Strategic Platform License (SPL) Program-related of $5 million
ROCKVILLE, Md., March 24, 2026 (GLOBE NEWSWIRE) -- MaxCyte, Inc., $(MXCT)$, a leading, cell-engineering focused company providing enabling platform technologies to advance the discovery, development and commercialization of next-generation cell therapeutics, today announced its fourth quarter and full year ended December 31, 2025 financial results and initiated its 2026 guidance.
"Our 2025 revenues were impacted by headwinds from select SPL customers, including a 15% reduction in purchases and leases from our largest customer, which we expect to stabilize in the second half of 2026 and grow from that new base. Despite these near-term challenges, we made meaningful progress in 2025: reducing annual cash burn by more than $16 million, streamlining our cost structure, and advancing new product launches, all which we believe will strengthen MaxCyte's position in the growing cell and gene therapy market for the long term," said Maher Masoud, President and CEO of MaxCyte.
"We also continued to expand our SPL portfolio, by signing 4 new SPLs in 2025. As we look ahead to 2026, we will focus on growing our sales pipeline across our ExPERT electroporation platform and SeQure assay services business units, including driving growth in our new ExPERT DTx discovery platform which launched last month. Our 2026 total revenue guidance calls for $30-32 million, which we believe is appropriate as it includes approximately $4 million in core revenue headwind from select SPL customers, which began to impact revenue in the second half of 2025. I remain more excited than ever in the future growth of our company. I believe we now will be supporting up to four therapies in Phase III by the end of 2026 and have already received a milestone payment for one of these therapies. The expansion of CGT, including ongoing clinical progress, which we are part of, underpins the long-term opportunity for MaxCyte," he added.
Fourth Quarter and Full Year Highlights
-- Total revenue of $7.3 million in the fourth quarter of 2025, a decrease
of 16% over the fourth quarter of 2024.
-- Core business revenue of $6.8 million in the fourth quarter of
2025, a decrease of 22% over the fourth quarter of 2024.
-- Strategic Platform License (SPL) Program-related revenue was $0.5
million for the fourth quarter of 2025, compared to $0.1 million
in the fourth quarter of 2024.
-- Total revenue of $33.0 million for the full year 2025, a decrease of 15%
over the full year 2024.
-- Core business revenue of $29.6 million for the full year 2025, a
decrease of 9% over the full year 2024.
-- SPL Program-related revenue was $3.4 million for the full year
2025, compared to $6.1 million in full year 2024.
-- Ended the year with 32 SPL agreements that include 13 programs currently
in the clinic (defined as programs with at least a cleared IND or
equivalent) and one commercial program.
-- Total cash, cash equivalents and investments were $155.6 million as of
December 31, 2025.
The following tables provide details regarding the sources of our revenue for the periods presented.
Three Months
Ended Year Ended
December 31, December 31,
--------------- ------- ---------------------- -------
2025 2024 % 2025 2024 %
------ ------- ------- ------------- ------- -------
(Unaudited) (Unaudited)
(in thousands,
except
percentages)
Instrument $1,841 $ 1,629 13% $ 6,802 $ 7,083 (4%)
PAs and
consumables 2,312 4,169 (45%) 11,889 14,006 (15%)
Licenses 1,993 2,554 (22%) 8,946 10,297 (13%)
Assay Services 335 - - 776 - -
Other 274 258 6% 1,190 1,126 6%
----- ------ --- -------- ------
Total Core
Revenue $6,755 $ 8,610 (22%) $ 29,603 $32,512 (9%)
----- ------ --- -------- ------
Milestones 4 4 0% 2,265 6,015 (62%)
Royalties 541 79 586% 1,158 100 (44%)
----- ------ --- -------- ------
Total Revenue $7,300 $ 8,693 (16%) $ 33,026 $38,627 (15%)
===== ====== === ======== ======
In addition to revenue, management regularly reviews key business metrics to evaluate our business, measure performance, identify trends affecting our business, formulate financial projections and make strategic decisions. As of the dates presented, these key metrics were as follows:
As of December 31,
----------------------
2025 2024 2023
Installed base of instruments (sold or licensed) 857 760 683
Core Revenue Generated by SPL Clients as a % of Core
Revenue 47% 55% 48%
Number of SPLs 32 28 23
Total number of licensed clinical programs under SPLs
currently in the clinic 13 18 16
Total number of licensed programs under SPLs currently
commercial 1 1 1
Fourth Quarter 2025 Financial Results
Total revenue for the fourth quarter of 2025 was $7.3 million, compared to $8.7 million in the fourth quarter of 2024, representing a decrease of 16%.
Core business revenue (sales of instruments, PAs and consumables, assay services, and licenses to customers, excluding SPL Program-related revenue) for the fourth quarter of 2025 was $6.8 million, compared to $8.6 million in the fourth quarter of 2024, representing a decrease of 22%.
SPL Program-related revenue was $0.5 million in the fourth quarter of 2025, as compared to $0.1 million in the fourth quarter of 2024.
Gross profit for the fourth quarter of 2025 was $5.7 million (78% gross margin), compared to $6.4 million (74% gross margin) in the fourth quarter of 2024. Non-GAAP adjusted gross margin was 78% when excluding SPL Program-related revenue and reserves for excess and obsolete inventory, compared to non-GAAP adjusted gross margin of 84% in the fourth quarter of 2024.
Operating expenses for the fourth quarter of 2025 were $16.9 million, compared to operating expenses of $19.3 million in the fourth quarter of 2024.
Fourth quarter 2025 net loss was $9.6 million compared to net loss of $10.6 million for the same period in 2024. EBITDA, a non-GAAP measure, was a loss of $10.2 million for the fourth quarter of 2025, compared to a loss of $11.8 million for the fourth quarter of 2024; stock-based compensation expense was $0.7 million in the fourth quarter of 2025 compared to $3.1 million in the fourth quarter of 2024.
Full Year 2025 Financial Results
Total revenue for 2025 was $33.0 million, compared to $38.6 million in 2024, representing a decrease of 15%.
Core business revenue (sales of instruments, PAs and consumables, assay services, and licenses, excluding SPL Program-related revenue) for 2025 was $29.6 million, compared to $32.5 million in 2024, representing a decrease of 9%.
SPL Program-related revenue was $3.4 million in 2025, as compared to $6.1 million in 2024.
Gross profit for 2025 was $26.8 million (81% gross margin), compared to $31.5 million (82% gross margin) in the prior year. Non-GAAP adjusted gross margin was 81% when excluding SPL Program-related revenue and reserves for excess and obsolete inventory, compared to non-GAAP adjusted gross margin of 84% in 2024.
Operating expenses for 2025 were $78.7 million, compared to operating expenses of $82.7 million in 2024.
Full year 2025 net loss was $44.6 million compared to a loss of $41.1 million in 2024. 2025 EBITDA was a loss of $47.6 million compared to a loss of $46.9 million in 2024; total stock-based compensation for 2025 was $9.2 million, compared to $13.1 million for 2024.
Total cash, cash equivalents and investments were $155.6 million as of December 31, 2025, compared to $190.3 million as of December 31, 2024.
Full Year 2026 Guidance
MaxCyte is providing initial revenue guidance for full year 2026
-- Full year revenue expected to be $30 million to $32 million consisting
of:
-- Core revenue of $25 million to $27 million.
-- SPL Program-related revenue of approximately $5 million for the
year; SPL Program-related revenue guidance includes both revenue
of approximately $3 million from milestone payments and
approximately $2 million from commercial royalties.
MaxCyte expects to end 2026 with at least $136 million in total cash, cash equivalents and investments.
Webcast and Conference Call Details
(MORE TO FOLLOW) Dow Jones Newswires
March 24, 2026 16:05 ET (20:05 GMT)