Alamar Biosciences — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the quarter ended September 30, 2026, was $33.5 million, a 68% increase from $19.9 million in the prior-year period.
• Instrument revenue grew 50% to $8.5 million (from $5.7 million), driven by new instrument placements.
• Consumable revenue grew 79% to $17.8 million (from $10.0 million), driven by demand for multiplex panels.
• Services and other revenue grew 69% to $7.2 million (from $4.3 million), driven by custom assay development services.
• Gross margin improved to 61.5% from 59.7% in the prior-year period, driven by lower instrument costs, higher consumable average selling prices, improved service margins, and a favorable product mix shift.
• Operating expenses increased 81% to $35.8 million (from $19.8 million), primarily due to investments in headcount, infrastructure, R&D supplies, and incremental public company costs.
• Operating loss widened to $15.1 million from $7.9 million in the prior-year period; this includes $3.9 million in stock-based compensation compared to $0.7 million previously.
• Net loss was $13.3 million compared to $8.0 million in the prior-year period.
• Cash, cash equivalents, short-term investments, and restricted cash totaled $231.5 million as of September 30, 2026.

Guidance and Future Outlook:

• Full-year 2026 revenue guidance raised to $121 million to $123 million, representing 64% growth at the midpoint compared to 2025.
• Previous full-year 2026 guidance was $116 million to $120 million.

Business Segments and Product Lines:

• Biopharma customers accounted for the largest portion of revenue for the first time.
• Selected by UK Biobank to profile 80,000 samples for a study targeting earlier detection, prevention, and treatment of Parkinson's, Alzheimer's, and other neurodegenerative conditions.
• Launched a strategic scientific collaboration with GSK for a large-scale 60,000-sample study to advance precision medicine across respiratory, liver, kidney, neurological, and autoimmune conditions.
• Published the first longitudinal treatment response for Alzheimer's disease using the NULISA platform in Lancet Neurology.

Management Commentary and Tone:

• CEO Yuling Luo stated that third-quarter results reflect continued strong demand for the platform and noted that biopharma customers now represent the largest revenue portion.
• CEO Yuling Luo highlighted that the UK Biobank selection and GSK collaboration demonstrate that leading institutions and drug developers are choosing the NULISA platform to reach the low-abundance proteome at scale.
• President Tod White, retiring at year-end, expressed confidence in the company's future and its position to lead the next era of proteomics.

Other Key Points:

• President Tod White will retire from Alamar at the end of 2026 but will continue to serve as an advisor through June 2027.
• Mr. White joined Alamar as CFO and Chief Business Officer in March 2021, was promoted to President in October 2025, and led the company through its IPO.
• A conference call to discuss results is scheduled for November 3, 2026, at 1:30 pm Pacific Time.
• The company's balance sheet shows a significant increase in cash and cash equivalents to $121.5 million and short-term investments to $105.1 million as of September 30, 2026, compared to $30.0 million and $0 respectively at December 31, 2025.
• Term debt was eliminated, dropping from $9.8 million at December 31, 2025, to $0 at September 30, 2026.
• Convertible preferred stock was eliminated, dropping from $235.0 million at December 31, 2025, to $0 at September 30, 2026.
• Stockholders' equity turned positive to $303.7 million from a deficit of $159.0 million at December 31, 2025.