Bionano Genomics (BNGO) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $6.7 million, up 4% year-over-year, driven by strong consumables and flow cell sales, with 8,178 flow cells sold, a 17% increase from Q1 2025.

• Gross margin improved to 49% from 46% in Q1 2025, with adjusted gross margin also at 49%.

• Net loss widened to $8.3 million from $3.1 million in Q1 2025, reflecting increased R&D expenses and lower other income.

• Cash, cash equivalents, and available-for-sale securities totaled $24.7 million as of March 31, 2026, with $10.3 million subject to restrictions.

• Business momentum supported by new CPT codes, increased reimbursement rates, and expanding clinical evidence for OGM.

Financial highlights

• Product revenue reached $6.1 million, with consumables revenue up 20% year-over-year to $3.9 million and instrument revenue up 40% to $1.0 million.

• Adjusted gross margin was 49% in Q1 2026, up from 46% in Q1 2025.

• Adjusted operating expense was $9.1 million, up from $8.5 million in Q1 2025.

• Cash and investments totaled $14.4 million as of March 31, 2026; working capital stood at $17.7 million.

• Ended Q1 with $24.7 million in cash, cash equivalents, and available-for-sale securities.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $30–33 million, representing 5–16% growth over 2025.

• Q2 2026 revenue guidance set at $7.5–7.8 million, up 12–16% year-over-year.

• Cash runway expected to extend into 2027, but management warns of substantial doubt about continuing as a going concern without new capital.

• Not expecting to reach cash flow break even by end of 2026; targeting significant burn reduction by Q4 2027.

• Additional capital is required in the near term to fund operations and strategic plans.