Seer (SEER) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $3.1 million, up sequentially but down year-over-year due to academic funding pressures and elongated sales cycles; the company continues to focus on commercializing its Proteograph Product Suite and expanding internationally.

• Scientific validation of the Proteograph platform is accelerating, with over 95 publications as of August 2026, an 80% increase in 12 months, and notable third-party studies and collaborations validating its depth and reliability.

• Strategic investments in AI-driven proteomics, collaborations with Mayo Clinic and population-scale studies, and new commercial leadership are positioning the company for future growth.

• Net loss for Q2 2026 was $16.9 million, an improvement from $19.4 million in Q2 2025; net loss for the first half of 2026 was $33.7 million, reflecting cost reductions.

• Cash, cash equivalents, and investments totaled $209.5 million at quarter end, with management expecting sufficient liquidity for at least the next twelve months.

Financial highlights

• Q2 2026 revenue was $3.1 million, down from $4.1 million in Q2 2025 but up from $2.8 million in Q1 2026; total revenue for the first half of 2026 was $5.9 million, down 29% year-over-year.

• Gross profit for Q2 2026 was $1.5 million with a gross margin of 49%, down from 52% in Q2 2025; gross profit for the first half was $2.5 million, with a 42% margin.

• Operating expenses for Q2 2026 were $18.3 million, down from $22.6 million in Q2 2025; for the first half, operating expenses were $36.6 million, down 19% year-over-year.

• Net loss per share for Q2 2026 was $0.31, compared to $0.33 in Q2 2025; net loss per share for the first half was $0.61.

• Free cash flow for the first half of 2026 was negative $25.3 million.

Outlook and guidance

• Full-year 2026 revenue guidance is reaffirmed at $16–18 million, representing ~3% growth at the midpoint over 2025.

• Management expects continued operating losses and negative cash flows as investments in commercialization and R&D persist, but believes current liquidity is adequate for at least the next twelve months.

• Growth catalysts include new product innovation, expanding installed base, and large-scale population cohort programs.