MaxCyte — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for Q3 2026 was $10.2 million, a 49% increase year-over-year compared to $6.8 million in Q3 2025.
• Core business revenue was $8.2 million in Q3 2026, up 27% from $6.4 million in Q3 2025.
• Strategic Platform License (SPL) Program-related revenue was $2.0 million in Q3 2026, compared to $0.4 million in Q3 2025.
• Gross profit was $8.5 million (83% gross margin) in Q3 2026, compared to $5.2 million (77% gross margin) in Q3 2025.
• Non-GAAP adjusted gross margin was 80% in Q3 2026, compared to 81% in Q3 2025.
• Operating expenses were $14.5 million in Q3 2026, down from $19.4 million in Q3 2025.
• Net loss was $4.8 million in Q3 2026, a significant improvement from the $12.4 million net loss in Q3 2025.
• EBITDA (non-GAAP) was a loss of $5.1 million in Q3 2026, compared to a loss of $13.1 million in Q3 2025.
• Stock-based compensation expense was $1.0 million in Q3 2026, down from $2.0 million in Q3 2025.
• Total cash, cash equivalents, and investments were $132.7 million as of September 30, 2026.
• Deferred revenue increased to $7.4 million (current portion) as of September 30, 2026, from $3.6 million as of December 31, 2025.

Guidance and Future Outlook:

• Full Year 2026 total revenue guidance has been raised to at least $34.5 million, excluding the impact of the Akron acquisition.
• Full Year 2026 guidance consists of approximately $28 million in core revenue and at least $6.5 million in SPL Program-related revenue (including ~$4 million in milestone payments and at least $2.5 million in commercial royalties).
• Management expects approximately 15% year-over-year core revenue growth in the second half of 2026.
• Assuming the close of the Akron acquisition, MaxCyte expects total cash, cash equivalents, and investments of approximately $40.0 to $45.0 million as of the end of 2026.
• The pro forma cash position excluding acquisition costs is estimated at approximately $133 million as of December 31, 2026, though this is not a forecast of the actual year-end cash position.
• The company anticipates two pivotal trials from SPL partners could result in approvals as early as next year.

Business Segments and Product Lines:

• Instruments revenue was $2.8 million in Q3 2026, up 102% from $1.4 million in Q3 2025.
• PAs and Consumables revenue was $3.1 million in Q3 2026, up 20% from $2.6 million in Q3 2025.
• Licenses revenue was $2.0 million in Q3 2026, up 9% from $1.8 million in Q3 2025.
• Assay Service revenue was $0.04 million in Q3 2026, down 83% from $0.25 million in Q3 2025.
• Total SPL agreements reached 28 as of September 30, 2026, including 13 programs in the clinic and one commercial program.
• MaxCyte announced a strategic, multi-platform technology license partnership with Genentech in July 2026.

Market and Competitive Landscape:

• SPL partners are at the forefront of cell therapy program development with more late-stage programs than ever before.
• The company reports strong momentum in early research adoption alongside its enterprise pharma partnership.
• The proposed acquisition of Akron Bio aims to expand MaxCyte's offering across cell therapy manufacturing and nearly double revenue.

Risks and Challenges:

• Risks related to the proposed acquisition of Akron Bio include the possibility that transaction conditions may not be satisfied, potential shareholder litigation, and the risk that the acquisition may not close on the expected timeline or at all.
• The acquisition involves significant costs, including $20.0 million of guaranteed deferred payments, which have reduced cash resources and increased fixed obligations.
• Risks include dilution to stockholders from issued shares and risks related to new indebtedness under the MidCap Financial credit facility, including debt service obligations.
• Forward-looking statements involve uncertainties regarding future growth, market size, customer activities, and capital availability.

Management Commentary and Tone:

• CEO Maher Masoud described the Akron Bio acquisition as a "transformational moment" expected to expand commercial opportunity, strengthen the financial profile, and drive long-term value.
• Management expressed confidence in the progress made throughout 2026, noting that core revenue growth in the second half is expected to exceed initial 2026 expectations.
• The tone indicates strong momentum heading into the end of the year with a commitment to executing priorities for durable long-term growth.

Other Key Points:

• MaxCyte announced the proposed acquisition of Akron Bio, a leading supplier of GMP-grade reagents and ancillary materials.
• The company incurred $105.0 million in cash and acquisition deal expenses related to the Akron acquisition, alongside $22.0 million drawn under the MidCap Financial credit facility.
• Repurchases of common stock totaled $5.5 million during the nine months ended September 30, 2026.
• The company reported a restructuring expense of $3.1 million in Q3 2025, with no such expense in Q3 2026.
• Stock-based compensation for the nine months ended September 30, 2026, was $3.3 million, down from $8.5 million in the same period in 2025.