Cytek Biosciences — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the third quarter of 2026 was $53.2 million, a 2% increase compared to $52.3 million in the third quarter of 2025.
• GAAP gross profit was $31.2 million, a 13% increase compared to $27.6 million in the third quarter of 2025.
• GAAP gross margin was 59%, an improvement of 590 basis points from 53% in the third quarter of 2025.
• Adjusted gross margin was 61%, up from 55% in the third quarter of 2025.
• Total recurring revenue (service and reagents) reached $19.1 million in the third quarter; on a trailing-12-month basis, recurring revenue represented 36% of total revenue, up from 33% in the third quarter of 2025.
• Operating expenses were $39.6 million, an 8% increase compared to $36.7 million in the third quarter of 2025.
• Research and development expenses were $9.4 million, a 4% increase compared to $9.0 million in the third quarter of 2025.
• Sales and marketing expenses were $11.9 million, a 2% increase compared to $11.7 million in the third quarter of 2025.
• General and administrative expenses were $18.4 million, a 14% increase compared to $16.1 million in the third quarter of 2025.
• Loss from operations was $8.4 million, compared to a loss of $9.2 million in the third quarter of 2025.
• Net loss was $6.1 million, compared to a net loss of $5.5 million in the third quarter of 2025.
• Adjusted EBITDA was $0.7 million, compared to $2.5 million in the third quarter of 2025.
• Cash, cash equivalents, restricted cash, and marketable securities totaled $256.3 million as of September 30, 2026, down from $262.0 million as of June 30, 2026.
• Deferred revenue was $49.0 million total ($30.3 million current, $18.7 million noncurrent) as of September 30, 2026, compared to $46.8 million total ($28.5 million current, $18.3 million noncurrent) as of December 31, 2025.
• Long-term debt was $99 thousand as of September 30, 2026, down from $525 thousand as of December 31, 2025.

Guidance and Future Outlook:

• The company is maintaining the midpoint of its full-year 2026 total revenue guidance and narrowing the range to $208 million to $211 million, assuming no change in current foreign currency exchange rates.
• Management expects a strong finish to the year.

Business Segments and Product Lines:

• U.S. revenue grew 12% in the third quarter of 2026.
• High-end Full Spectrum Profiling instrument revenue increased 11% year over year.
• Aurora Evo placements nearly doubled year over year.
• The service business experienced double-digit growth.
• The installed base of Cytek instruments expanded to 4,073, adding 140 units in the third quarter of 2026.
• New product launches are continuing to strengthen technology leadership.

Market and Competitive Landscape:

• Management stated the company is well-positioned to continue gaining market share.
• Demand for high-end instruments remained strong.

Risks and Challenges:

• General and administrative expenses increased primarily due to higher litigation-related expenses.
• Forward-looking statements cite risks including global geopolitical, economic, and market conditions; export controls and licensing requirements; tariffs; NIH funding policies; dependence on sole and single-source suppliers; competition; and foreign currency exchange impacts.

Management Commentary and Tone:

• Wenbin Jiang, CEO, described the quarter as "solid," noting growth led by the U.S. and double-digit service business growth.
• Management expressed confidence in the strong finish to the year and the company's position to gain market share.

Other Key Points:

• On August 21, 2026, a jury in the U.S. District Court for the District of Delaware found in Cytek's favor on three of four asserted claims, ruling non-infringement and invalidity for those claims.
• On the fourth claim, the jury found no literal infringement but found infringement under the doctrine of equivalents.
• Cytek has filed post-verdict motions and intends to pursue all available legal remedies, including a potential appeal.
• A conference call to discuss results was scheduled for November 4, 2026, at 1:30 p.m. Pacific Time.