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MaxCyte (MXCT) investor relations material

MaxCyte Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary6 Aug, 2025

Executive summary

  • Q2 2025 revenue was $8.5M, down 18% year-over-year, mainly due to lower SPL/program-related revenue, while core revenue grew 8% to $8.2M, driven by strong instrument sales.

  • Net loss for the quarter was $12.4M, compared to $9.4M last year; SeQure Dx acquisition expanded offerings and contributed $0.3M in revenue and $1.9M in net loss.

  • Three new SPL agreements were signed in 2025, bringing the total to 31 SPL clients and maintaining 18 active clinical programs.

  • Integration of SeQure Dx is progressing well, with robust project bookings and a sales pipeline more than double last year.

  • Portfolio includes 14 SPL clients, 18 active clinical programs, and 1 commercial program, supporting durable revenue streams.

Financial highlights

  • Total Q2 revenue was $8.5M, down 18% year-over-year; core revenue grew 8% to $8.2M; SPL program-related revenue was $0.3M, down from $2.9M.

  • Gross margin was 82% (non-GAAP adjusted 83%), down from 86% last year.

  • Operating expenses were $21.2M, slightly up from $20.9M year-over-year.

  • Net loss per share was $(0.12), compared to $(0.09) last year.

  • Cash, equivalents, and investments were $165.2M at quarter end, with no debt.

Outlook and guidance

  • 2025 core business revenue is expected to be flat to down 10% ($29.5M–$32.5M), including SeQure Dx revenue; previous guidance was 8–15% growth.

  • SPL program-related revenue guidance reiterated at ~$5M for 2025.

  • SecureDX revenue expected to be at least $2M for the year, weighted to the second half.

  • Year-end 2025 cash and investments projected at ~$155M.

  • Confident in achieving profitability without additional capital.

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Frequently asked questions

MaxCyte is a leading commercial cell-engineering company focused on providing enabling platform technologies to advance innovative cell-based research as well as next-generation cell therapeutic discovery, development and commercialization. Over the past 20 years, we have developed and commercialized our proprietary Flow Electroporation® platform, which facilitates complex engineering of a wide variety of cells. Our ExPERT™ platform, which is based on our Flow Electroporation technology, has been designed to support the rapidly expanding cell therapy market and can be utilized across the continuum of the high-growth cell therapy sector, from discovery and development through commercialization of next-generation, cell-based medicines. The ExPERT family of products includes: four instruments, the ATx™, STx™, GTx™, and VLx™; a portfolio of proprietary related processing assemblies or disposables; and software protocols, all supported by a robust worldwide intellectual property portfolio.

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