MaxCyte (MXCT) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $10.2M, up 49% YoY; core revenue rose 27% to $8.2M, while SPL revenue was $2.0M vs. $0.4M. Net loss narrowed to $4.8M from $12.4M.

• 9M revenue increased 5% to $27.1M; net loss narrowed to $18.4M from $35.0M.

• Signed a definitive agreement to acquire Akron Bio for $151.8M, adding a profitable, cash-generative reagent business and broadening cell therapy manufacturing offerings.

• Standalone FY2026 revenue guidance rose to at least $34.5M; the combined business is expected to generate more than $60M of 2026 revenue pro forma.

Financial highlights

• Q3 total revenue was $10.2M vs. $6.8M; core revenue was $8.2M vs. $6.4M, and SPL revenue was $2.0M vs. $0.4M.

• Q3 gross profit was $8.5M, up 62%; GAAP gross margin was 83% vs. 77%, while adjusted non-GAAP gross margin was 80% vs. 81%.

• Operating expenses were $14.5M vs. $19.4M; operating loss was $6.0M vs. $14.1M, and net loss was $4.8M vs. $12.4M.

• 9M gross profit rose 5% to $22.1M; operating loss narrowed to $22.5M from $40.7M, and operating cash use was $18.3M vs. $31.7M.

• Cash, cash equivalents and investments totaled $132.7M at September 30, 2026.

Outlook and guidance

• Standalone FY2026 revenue guidance is at least $34.5M: ~$28M core revenue and at least $6.5M in SPL milestones and royalties, including ~$4M milestones and at least $2.5M royalties.

• Standalone core revenue is expected to grow ~15% YoY in H2 2026; FY2026 total revenue is expected to grow.

• FY2026 gross margin is expected in the high 70%s; operating expenses are expected near current levels before acquisition synergies.

• Combined 2026 revenue is expected to exceed $60M; combined annual cash burn is expected below $10M in 2027, with further reductions as revenue grows.

• Post-close year-end cash is expected at $40M–$45M; ~$133M is a pro forma comparison excluding acquisition payments, expenses and other costs, not a forecast of actual year-end cash.