Rapid Micro Biosystems — Second Quarter 2026 Earnings Summary

Financial Performance

• Total revenue for the second quarter of 2026 was $8.1 million, an 11% increase compared to $7.3 million in the second quarter of 2025.
• Product revenue increased 10.1% to $5.3 million, while service revenue increased 12.5% to $2.8 million.
• Recurring revenue reached $5.0 million, a 14% year-over-year increase, representing 63% of total revenue.
• Consumable revenue increased more than 20% year-over-year.
• Total cost of revenue decreased 2.1% to $6.8 million from $7.0 million in the prior year period.
• Gross margin reached a record 15.0% ($1.2 million), an increase of 11.2 percentage points from 3.8% in the second quarter of 2025.
• Total operating expenses increased 8.9% to $13.5 million, driven by an 11.3% rise in general and administrative expenses, a 10.3% rise in sales and marketing expenses, and a 3.2% rise in research and development expenses.
• Net loss was $12.9 million ($0.27 per share), compared to a net loss of $11.9 million ($0.27 per share) in the second quarter of 2025.
• Non-GAAP adjusted EBITDA loss was $10.3 million, compared to a loss of $10.1 million in the second quarter of 2025.
• Cash, cash equivalents, and short-term investments totaled approximately $20 million as of June 30, 2026.
• Deferred revenue increased to $5.5 million from $4.7 million as of December 31, 2025.
• Notes payable, net, increased to $19.1 million from $18.9 million as of December 31, 2025.

Guidance and Future Outlook

• Reaffirmed full year 2026 total revenue guidance of $37.0 million to $41.0 million.
• Reaffirmed full year 2026 gross margin percentage guidance of approximately 20%, with second half 2026 margins expected in the mid-20% range.
• Increased full year 2026 system validation guidance to at least 27 validations, up from the previous guidance of 25.
• Guidance includes 30 to 38 Growth Direct system placements for the full year.
• Management expects to enter 2027 with positive momentum driven by favorable industry tailwinds, including increased automation adoption, U.S. reshoring, and biomanufacturing capacity expansion.

Business Segments and Product Lines

• Placed four Growth Direct systems globally during the second quarter, bringing the total global placements to 200.
• Completed nine customer system validations in the second quarter, compared to two in the prior year period.
• Announced that Merck MilliporeSigma will host a European Growth Direct Day in October 2026 to support customer engagement and commercial pipeline development in Europe.
• The company highlighted strong momentum in multi-system and enterprise deployment opportunities.

Market and Competitive Landscape

• The company operates in the life sciences technology sector, providing automation solutions for microbial quality control testing in biologics, vaccines, cell and gene therapies, and sterile injectables.
• Management cited favorable industry tailwinds including increased adoption of automation and ongoing U.S. reshoring.
• The company maintains global locations in Switzerland, Germany, and the Netherlands, with U.S. manufacturing in Lowell, Massachusetts.

Risks and Challenges

• Forward-looking statements highlight risks related to the company's ability to achieve positive cash flow and meet business objectives.
• Risks include the company's significant losses since inception and the ability to fulfill customer orders on anticipated timelines.
• Potential impacts from existing and future indebtedness, supply chain disruptions, inflation, and macroeconomic uncertainty are noted.
• Risks associated with regulatory and intellectual property matters, as well as the ability to retain key management, are identified.

Management Commentary and Tone

• CEO Robert Spignesi stated that results reflect continued execution against strategic and financial priorities.
• Management described the record gross margin as a "positive inflection" reflecting progress on margin expansion initiatives and a path to positive cash flow.
• Spignesi expressed encouragement regarding strong customer engagement, multi-system deployment opportunities, and the expanding contribution from the collaboration with MilliporeSigma.
• The tone was confident regarding the company's position to achieve full-year objectives.

Other Key Points

• The company hosts a conference call on August 7, 2026, at 8:30 a.m. ET to discuss results.
• The company disclosed that it intends to use its Investor Relations website to disclose material nonpublic information in compliance with Regulation FD.
• The company's flagship Growth Direct system automates manual microbial quality control workflows to deliver faster results and greater accuracy.