Cytek Biosciences (CTKB) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $44.1 million, up 6% year-over-year, driven by strong U.S. performance and growth in service and reagent revenue.

• Recurring revenue represented 35% of total revenue on a trailing 12-month basis, growing 19% year-over-year to $18.4 million.

• Net loss widened to $18.9 million from $11.4 million in Q1 2025, primarily due to higher operating expenses, especially litigation and consulting.

• The installed base expanded by 125 units to 3,789, with Aurora Evo driving revenue and unit growth.

• Strategic reorganization into three customer-aligned business units is planned for Q3 2026 to accelerate growth.

Financial highlights

• U.S. revenue grew 32% year-over-year to $24.4 million, while EMEA and APAC declined due to regional challenges.

• Product revenue was $28.8 million, up 2% year-over-year; service revenue was $15.4 million, up 15%.

• GAAP gross profit was $21.3 million (48% margin), down from 49% in Q1 2025; adjusted gross margin was 51%.

• Operating expenses rose 13% to $39.7 million, mainly due to a 43% increase in general and administrative expenses.

• Cash, cash equivalents, and marketable securities totaled $262.2 million as of March 31, 2026.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $205–$212 million, assuming stable currency rates.

• Growth expected to be driven by continued strength in services and reagents, with flat to modest instrument growth.

• Adjusted EBITDA expected to turn positive for the full year, with margin improvement in subsequent quarters.

• Management expects continued investment in R&D, commercial infrastructure, and geographic expansion.

• Inflation, supply chain constraints, and global macroeconomic factors may impact future results.