Cytek Biosciences (CTKB) Q1 2026 earnings summary

Executive summary

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

• Recurring revenue reached $18.4 million in Q1, now 35% of total revenue on a trailing 12-month basis, up 19% year-over-year.

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

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

• 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, driven by broad-based demand.

• EMEA revenue declined 7% due to Middle East conflict and shipping delays; APAC declined 13% due to prior year order timing in China.

• 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), up 5% year-over-year; adjusted gross margin was 51%.

• Operating expenses rose 13% to $39.7 million, with G&A up 43% due to litigation, consulting, and bad debt reserves.

• Adjusted EBITDA loss was $9.1 million, compared to $3.3 million in Q1 2025.

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

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $205–$212 million, representing 2–5% year-over-year growth, 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.