Rapid Micro Biosystems (RPID) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $8.1 million, up 11% year-over-year, driven by strong consumables and service growth, with recurring revenue up 14% and consumable revenue up over 20%.

• Four Growth Direct Systems were placed in Q2, with the 200th system milestone achieved and nine system validations completed.

• Gross margin improved to a record 15% in Q2 2026, up from 3.8% in Q2 2025, driven by higher consumables sales and improved product and service margins.

• Net loss for Q2 2026 was $12.9 million ($0.27/share), compared to $11.9 million ($0.27/share) in Q2 2025.

• Collaboration with MilliporeSigma is expanding commercial reach and expected to contribute more meaningfully in the second half and into 2027.

Financial highlights

• Product revenue was $5.3 million (+10.1% YoY); service revenue was $2.8 million (+13% YoY); recurring revenue accounted for 62.7–63% of Q2 revenue.

• Gross margin for Q2 2026 was $1.2 million (15.0%), up from $0.3 million (3.8%) in Q2 2025.

• Operating expenses rose 8.9% year-over-year to $13.5 million, mainly due to non-recurring corporate expenses and higher headcount.

• Adjusted EBITDA loss for Q2 was $10.3 million, slightly higher than $10.1 million in Q2 2025.

• Cash, cash equivalents, and short-term investments totaled approximately $20 million at quarter end.

Outlook and guidance

• Full-year 2026 revenue guidance reaffirmed at $37–$41 million, with 30–38 system placements expected.

• Q3 2026 revenue expected at least $9.5 million, with at least seven system placements.

• Full-year validation guidance increased to at least 27 systems.

• Q3 gross margin expected at least 20%, with Q4 margin in the mid to high-20% range; long-term targets include 50%+ gross margin and positive cash flow by end of 2028.

• Management expects existing cash, investments, and borrowing capacity to fund operations for at least 12 months; cost reduction actions in August 2026 are expected to yield $3 million in annual savings for 2027 and $1 million for the remainder of 2026.