20/20 BioLabs — Second Quarter 2026 Earnings Summary

Financial Performance

• Total revenue increased 36.5% year-over-year to $0.7 million for Q2 2026, compared to $0.5 million in Q2 2025.
• OneTest™ revenue grew 47.1% year-over-year to $0.7 million in Q2 2026, representing 95.3% of total revenue (up from 88.4% in the prior year period).
• Gross profit increased 86.6% to $0.3 million in Q2 2026, compared to $0.2 million in Q2 2025.
• Gross margin expanded to 41.7% in Q2 2026 from 30.5% in Q2 2025, driven by improved absorption of fixed laboratory costs.
• Operating expenses increased to $1.5 million in Q2 2026 from $1.0 million in Q2 2025, primarily due to Nasdaq listing costs and product development investments.
• Net loss for Q2 2026 was $1.5 million, compared to $0.8 million in Q2 2025; the loss included approximately $0.7 million in non-cash charges.
• For the six months ended June 30, 2026, total revenue was $1.1 million (flat vs. $1.1 million in the prior year period), while OneTest™ revenue increased 6.5% to $1.0 million.
• Net loss for the six months ended June 30, 2026, was $3.7 million, compared to $1.6 million in the prior year period.
• Cash and cash equivalents totaled $4.5 million as of June 30, 2026, up from $1.0 million as of December 31, 2025.
• Accounts receivable increased to approximately $0.3 million as of June 30, 2026, from $0.2 million as of December 31, 2025.
• Deferred revenue increased to $467,033 (current) and $32,924 (long-term) as of June 30, 2026, from $414,871 (current) and $41,816 (long-term) as of December 31, 2025.
• All convertible note debt was eliminated during the quarter, with no outstanding convertible notes payable as of June 30, 2026.

Guidance and Future Outlook

• State-funded firefighter screening programs in Vermont and Maryland are expected to generate more than $1.0 million of revenue through the end of 2026.
• The Company expects to have tested more than 35,000 firefighters by the end of 2026 to support regulatory and reimbursement strategies.
• Management expects MCED volume to remain the primary driver of revenue growth through the balance of 2026.
• A statutory Medicare pathway for FDA-authorized MCED blood tests is expected to begin in 2028.
• Growth has continued into the third quarter across fire department, occupational health, military service, and physician practice markets.

Business Segments and Product Lines

• OneTest™ for Cancer, the Multi-Cancer Early Detection (MCED) blood test, was the primary revenue driver, with Q2 2026 representing the strongest quarter of MCED testing to date.
• OneTest™ for Longevity, measuring inflammatory and cardiometabolic biomarkers, launched a three-month retail pilot with Giant Food via pharmacy-based blood collection and at-home self-collection kits.
• The Company executed a purchase agreement with the TF – 7294 Foundation to expand access to OneTest™ for Cancer within the U.S. Intelligence Community.
• Received a first commercial order from BodyMetRX, extending the OneTest™ for Cancer footprint into the health optimization and wellness market.
• Clayton County, Georgia, began its seventh year of OneTest™ for Cancer screening, demonstrating strong repeat business.
• Received orders from 29 new accounts during the second quarter, including occupational and preventive health companies, fire departments, and primary care physician practices.
• The Company continues to advance its patented protein tumor marker-based, machine learning-derived MCED methodology, which tracks biomarker trajectories over time.

Market and Competitive Landscape

• State-funded firefighter cancer screening programs in Vermont (12-month initiative for up to 4,500 firefighters) and Maryland ($520,000 awarded) are validating OneTest™ in a commercial setting.
• The Company believes its biomarker trajectory tracking approach may support earlier-stage detection compared to stand-alone circulating tumor DNA based MCEDs.
• The Company is building a body of real-world evidence from firefighter testing to support its regulatory and reimbursement strategy.

Risks and Challenges

• Forward-looking statements regarding expected revenue from state-funded programs, the number of firefighters tested, and the success of the Giant Food retail pilot are subject to risks and uncertainties.
• The Company's ability to obtain FDA authorization for OneTest™ for Cancer and Medicare coverage or reimbursement remains a key factor for future growth.
• Actual results may differ materially from expectations due to factors described in the Company's SEC filings, including risks related to regulatory approval and market adoption.

Management Commentary and Tone

• CEO Jonathan Cohen characterized Q2 2026 as the strongest quarter of MCED testing in the Company's history, highlighting the 47% year-over-year revenue growth and 11 percentage point expansion in gross margin.
• Cohen emphasized that the growth demonstrated operating leverage, with the laboratory absorbing incremental testing volume at attractive economics.
• CFO Alan Bergman noted a return to growth with meaningful operating leverage and a strengthened balance sheet, citing the elimination of convertible note debt and the raising of Series E capital.
• Management expressed confidence that the growing body of clinical data from firefighter programs supports the long-term reimbursement strategy.

Other Key Points

• Issued an additional 1,000 shares of Series E convertible preferred stock on June 16, 2026, for $1.0 million in gross proceeds, bringing total Series E proceeds to $6.0 million for the first half of 2026 under an agreement allowing up to $40.0 million in capital raises.
• On April 10, 2026, all principal and accrued interest under secured convertible promissory notes were exchanged for 583 shares of Series E convertible preferred stock.
• Entered into a standstill agreement with Streeterville on July 16, 2026, preventing the conversion of Series E preferred stock into common stock for 120 days unless the common stock trades at least 10% above the Nasdaq-defined "Minimum Price."
• Hosted the inaugural session of a monthly investor webinar series on July 1, 2026, focused on Medicare strategy and serial biomarker tracking.
• Total liabilities decreased to $2.96 million as of June 30, 2026, from $4.16 million as of December 31, 2025, primarily due to the elimination of convertible notes and derivative liabilities.
• Stockholders' equity turned positive to $1.62 million as of June 30, 2026, from a deficit of $19,225 as of December 31, 2025.