Cryoport — Second Quarter 2026 Earnings Summary

Financial Performance

• Total revenue for Q2 2026 was $49.0 million, an 8% year-over-year increase compared to $45.5 million in Q2 2025; H1 2026 revenue was $96.8 million, a 12% increase from $86.5 million in H1 2025.
• Life Sciences Services revenue grew 15% year-over-year to $28.0 million in Q2 2026 (57% of total revenue) and 16% to $54.9 million in H1 2026.
• BioStorage/BioServices revenue grew 25% year-over-year to $5.6 million in Q2 2026 and 23% to $10.8 million in H1 2026.
• BioLogistics Solutions revenue increased 13% year-over-year to $22.4 million in Q2 2026 and 15% to $44.0 million in H1 2026.
• Life Sciences Products revenue was flat at $21.0 million in Q2 2026 (0% change) and grew 7% to $41.9 million in H1 2026.
• Total gross margin was 46.6% in Q2 2026 (down from 47.0% in Q2 2025) and 46.2% in H1 2026 (down from 46.3% in H1 2025).
• Life Sciences Services gross margin was 49.9% in Q2 2026 (up from 48.9%) and 49.4% in H1 2026 (up from 48.4%).
• Life Sciences Products gross margin was 42.2% in Q2 2026 (down from 44.9%) and 42.1% in H1 2026 (down from 43.7%).
• Operating costs and expenses were $32.9 million in Q2 2026 (up from $31.0 million) and $64.4 million in H1 2026 (up from $56.9 million).
• Loss from continuing operations was $8.3 million in Q2 2026 (improved from $12.0 million loss) and $17.7 million in H1 2026 (improved from $18.8 million loss).
• Net loss attributable to common stockholders was $10.3 million ($0.20 per share) in Q2 2026 and $22.8 million ($0.45 per share) in H1 2026.
• Adjusted EBITDA from continuing operations was positive $0.4 million in Q2 2026 (improved from negative $0.9 million) and negative $0.2 million in H1 2026 (improved from negative $3.7 million).
• Cash, cash equivalents, and short-term investments totaled $396.7 million as of June 30, 2026.
• Deferred revenue was $1.7 million as of June 30, 2026, compared to $0.9 million as of December 31, 2025.
• Current portion of convertible senior notes, net, was $185.7 million as of June 30, 2026.

Guidance and Future Outlook

• Management anticipates upcoming growth catalysts from the expansion of the Global Supply Chain Center Network and new product/service launches.
• The company expects to further expand margins, enhance operating efficiency, and deliver sustainable, profitable long-term growth.
• For the balance of 2026, the company anticipates 11 possible BLA/MAA applications, five possible additional new therapy approvals, and one possible additional approval for label/geographic expansion from its customer base.
• BioServices operations at the Global Supply Chain Center in Paris, France, are expected to launch in Q4 2026.
• The state-of-the-art Global Supply Chain Center in Santa Ana, California, is expected to launch in Q4 2026.

Business Segments and Product Lines

• Commercial CGT support revenue grew 9% year-over-year to $9.4 million in Q2 2026; the Life Sciences Services portion of this revenue grew 26% year-over-year.
• CGT clinical trial support revenue increased 12% year-over-year to $13.4 million in Q2 2026.
• Cryoport supported a record 779 clinical trials globally as of June 30, 2026, a net increase of 51 trials from June 30, 2025.
• Of the 779 supported trials, 94 were in Phase 3.
• Commercial cell and gene therapies supported increased to 22 as of June 30, 2026.
• Cryoport Systems' IntegriCell® cryopreservation services were selected by Verismo Therapeutics for its SynKIR™-110 and SynKIR™-310 platforms.
• The first HE freezers "made in China for China" were shipped from the Chengdu, China manufacturing facility.
• Four customers filed BLA/MAA applications during Q2 2026.
• Customer Orca Bio received FDA approval for TREGZI™, the first precision-engineered cell therapy for allogeneic stem cell transplant in adults with hematological malignancies.
• Customer Vertex Pharmaceuticals received supplemental FDA approval to expand the label of CASGEVY® for patients aged two and older with sickle cell disease or transfusion-dependent beta thalassemia.

Market and Competitive Landscape

• The company supports the temperature-controlled supply chain for life sciences, with a focus on regenerative medicine and cell and gene therapies.
• The CGT market continues to advance, with customers' clinical pipelines advancing and maturing.
• Cryoport maintains an industry-leading position in supporting clinical trials and commercial CGT therapies.
• The company operates globally with a network spanning the Americas, EMEA, and APAC regions.

Risks and Challenges

• Forward-looking statements note risks including changing economic and geopolitical conditions, such as the war with Iran.
• Potential risks include supply chain constraints, inflationary pressures, foreign currency fluctuations, and trade restrictions/tariffs.
• Market acceptance risks, variations in cash flow, and technical development risks are cited as factors that could cause actual results to differ materially from projections.

Management Commentary and Tone

• CEO Jerrell Shelton stated that revenue momentum continued into the second quarter, driven by growth in Life Sciences Services and BioStorage/BioServices.
• Management highlighted achieving positive adjusted EBITDA in Q2 2026 as a meaningful milestone on the "pathway to profitability."
• Shelton expressed confidence in the company's ability to optimize global operations, leverage expanding infrastructure, and benefit from operating leverage as it scales.
• Management remains focused on executing its strategy to drive financial performance and capitalize on significant opportunities.

Other Key Points

• The CRYOPDP specialty courier business was divested to DHL Group on June 11, 2025; results are presented as discontinued operations and excluded from non-GAAP measures.
• Net income for Q2 2025 ($108.9 million) and H1 2025 ($96.9 million) was primarily driven by the sale of CRYOPDP, which contributed $120.9 million and $115.6 million, net of taxes, respectively.
• A paid-in-kind dividend on Series C convertible preferred stock of $2.0 million was recorded for Q2 2026 and $4.0 million for H1 2026.
• The company filed its Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, with the SEC on August 6, 2026.
• An earnings conference call was scheduled for August 6, 2026, at 5:00 p.m. ET.