BillionToOne (BLLN) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $123.0M, up 47.2% YoY, with 25% growth in delivered, billable tests and an 18% increase in overall ASP.

• GAAP operating income was $11.0M, with a 9% operating margin; adjusted EBITDA was $22.7M, up 44% YoY.

• Prenatal and oncology revenue grew 42% and 96% YoY, respectively; Northstar Clear is scheduled to launch Dec. 15, 2026.

Financial highlights

• Q3 revenue was $123.0M vs. $83.5M; gross profit was $87.1M vs. $58.4M, and operating expenses rose 56% to $76.1M.

• Net income attributable to common stockholders was $17.4M vs. $1.5M; diluted EPS was $0.32 vs. $0.10.

• Q3 operating cash flow was $12.5M and capital expenditures were $3.9M, yielding $8.6M free cash flow.

• Nine-month revenue rose 63% to $340.8M; adjusted EBITDA was $64.8M vs. $20.5M.

Outlook and guidance

• FY 2026 revenue guidance increased to $460M-$470M from $450M-$465M, implying 51%-54% growth; guidance excludes Q4 true-up revenue.

• Profitability is expected to remain near current levels while significant investments continue.

• Northstar Clear is planned for commercial launch Dec. 15, 2026; 2027 revenue contribution is expected to be modest, with further clinical data planned.

• The Austin lab is expected to be occupied in 2027 and process commercial samples in 2028; full utilization could nearly triple current testing capacity.