Seer (SEER) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $2.8 million, down 34% year-over-year from $4.2 million, primarily due to depressed academic funding and increased competition.

• Net loss for Q1 2026 was $16.8 million, an improvement from $19.9 million in Q1 2025, with operating expenses reduced to $18.2 million.

• Achieved strong progress in innovation, commercial expansion, and strategic objectives, including 84 peer-reviewed publications and major biobank collaborations.

• Appointed a new Chief Commercial Officer and defended core patents, including a favorable PTAB verdict and new infringement lawsuit.

• Maintained a strong cash position, ending the quarter with $219.5–$220 million in cash, cash equivalents, and investments.

Financial highlights

• Gross profit was approximately $1 million, with a gross margin of 35%, down from 49% in Q1 2025.

• Free cash flow was negative $15.7 million for the quarter.

• Repurchased 1.5 million Class A shares in Q1, reducing total shares outstanding by 15%.

• Interest income was $2.2 million, offsetting some operating losses.

Outlook and guidance

• Reaffirmed full-year 2026 revenue guidance of $16–$18 million, representing about 3% growth at the midpoint over 2025.

• Guidance reflects expectations of continued challenging NIH funding and competitive pressures, with anticipated revenue growth weighted toward the second half of the year.

• Management expects continued operating losses and negative cash flows as investments in commercialization and R&D persist.

• Confident in instrument utilization and consumable pull-through building throughout 2026, supported by new leadership and large-scale opportunities.