-- Reports total revenue of $7.3 million for the second quarter of 2026,
including $6.5 million of core revenue and $0.8 million of SPL
Program-related revenue
-- Reiterates Full Year 2026 Guidance
-- Repurchased approximately $5.5 million of common stock to date under the
Company's $10 million share repurchase program authorized by the Board
-- Following end of quarter, announced strategic, multi-platform technology
license partnership with Genentech in July
ROCKVILLE, Md., Aug. 12, 2026 (GLOBE NEWSWIRE) -- MaxCyte, Inc. $(MXCT)$, a leading, cell-engineering focused company providing enabling platform technologies to advance the discovery, development and commercialization of next-generation cell therapeutics, today announced its second quarter ended June 30, 2026 financial results and reiterated its 2026 guidance.
"We are pleased with our second quarter results, which were ahead of our expectations, driven by execution on instrument placements and stability in processing assembly sales," said Maher Masoud, President and CEO of MaxCyte. "A significant development for MaxCyte was the recent signing of our first multi-platform technology license partnership with large pharma, an enterprise-level agreement with Genentech that we believe will unlock meaningful new opportunities for MaxCyte. Separately, our SPL portfolio remains a key driver of long-term value as evident by growing commercial royalty revenue and the advancement of a significant number of SPL programs through the clinic. Lastly, our goal has been to return to revenue growth while reducing our net losses. In the first half of 2026, we delivered a meaningful reduction in net loss and expect to benefit further as we continue to execute against our plan and return to revenue growth."
Second Quarter Financial Results
-- Total revenue of $7.3 million in the second quarter of 2026, a decrease
of 15% over the second quarter of 2025.
-- Core business revenue of $6.5 million in the second quarter of
2026, a decrease of 21% over the second quarter of 2025.
-- Strategic Platform License (SPL) Program-related revenue was $0.8
million for the second quarter of 2026, compared to $0.3 million
in the second quarter of 2025.
-- Gross profit for the second quarter of 2026 was $5.6 million (77% gross
margin), compared to $7.0 million (82% gross margin) in the second
quarter of 2025.
-- Non-GAAP adjusted gross margin was 77% when excluding SPL Program-related
revenue and reserves for excess and obsolete inventory, compared to
non-GAAP adjusted gross margin of 83% in the second quarter of 2025.
-- Operating expenses for the second quarter of 2026 were $15.8 million,
compared to operating expenses of $21.2 million in the second quarter of
2025.
-- Second quarter 2026 net loss was $8.9 million compared to net loss of
$12.4 million for the same period in 2025.
-- EBITDA, a non-GAAP measure, was a loss of $9.3 million for the second
quarter of 2026, compared to a loss of $13.1 million for the second
quarter of 2025; stock-based compensation expense was $1.2 million in the
second quarter of 2026 compared to $3.5 million in the second quarter of
2025.
-- Total SPL agreements was 29 as of June 30, 2026, which includes 12
programs currently in the clinic (defined as programs with at least a
cleared IND or equivalent) and one commercial program.
-- Total cash, cash equivalents and investments were $141.9 million as of
June 30, 2026.
Full Year 2026 Guidance
-- Full year revenue expected to be $30 million to $32 million consisting
of:
-- Core revenue of $25 million to $27 million.
-- SPL Program-related revenue of approximately $5 million for the
year; SPL Program-related revenue guidance includes both revenue
of approximately $3 million from milestone payments and
approximately $2 million from commercial royalties.
-- MaxCyte expects to end 2026 with at least $130.5 million in total cash,
cash equivalents and investments, excluding any further capital deployed
toward the share repurchase program.
The following tables provide details regarding the sources of our revenue for the periods presented.
Three Months Ended
June 30
(Unaudited)
---------------------- -----
2026 2025 %
------------ -------- -----
(in thousands, except percentages)
Instruments $ 1,761 $ 2,141 (18%)
PAs and Consumables 2,337 3,128 (25%)
Licenses 1,822 2,619 (30%)
Assay Service 245 51 380%
Other 338 259 31%
-------- -------
Total Core Revenue $ 6,503 $ 8,198 (21%)
-------- -------
Milestones 4 4 0%
Royalties 764 305 150%
-------- -------
Total Revenue $ 7,271 $ 8,507 (15%)
======== =======
Webcast and Conference Call Details
MaxCyte will host a conference call today, August 12, 2026, at 4:30 p.m. Eastern Time. Investors interested in listening to the conference call are required to register online. A live and archived webcast of the event will be available on the "Events" section of the MaxCyte website at https://investors.maxcyte.com/.
About MaxCyte
At MaxCyte$(R)$ , we are committed to building better cells together. As a leading cell-engineering company, we are driving the discovery, development and commercialization of next-generation cell therapies. Our best-in-class Flow Electroporation(R) technology and SeQure$(TM)$ gene editing risk assessment services enable high-performance cell engineering and rigorous evaluation of editing outcomes, supporting confidence in therapeutic development. Supported by expert scientific, technical and regulatory guidance, our platform empowers researchers to engineer diverse cell types and payloads, accelerating the development of safe and effective treatments for human health. For more than 25 years, we've been advancing cell engineering, shaping the future of medicine.
Learn more at maxcyte.com and follow us on LinkedIn and Bluesky.
Non-GAAP Financial Measures
This press release contains EBITDA, which is a non-GAAP measure defined as earnings before interest income and expense, taxes, depreciation and amortization. MaxCyte believes that EBITDA provides useful information to management and investors relating to its results of operations. The Company's management uses these non-GAAP measures to compare the Company's performance to that of prior periods for trend analyses, and for budgeting and planning purposes. The Company believes that the use of EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company's financial measures with other companies, many of which present similar non-GAAP financial measures to investors, and that it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making.
This press release also contains Non-GAAP Gross Margin, which we define as Gross Margin when excluding SPL program related revenue and reserves for excess and obsolete inventory. The Company believes that the use of Non-GAAP Gross Margin provides an additional tool to investors because it provides consistency and comparability with past financial performance, as Non-GAAP Gross Margin excludes non-core revenues and inventory reserves, which can vary significantly between periods and thus affect comparability.
Management does not consider these Non-GAAP financial measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these Non-GAAP financial measures is that they exclude significant revenues and expenses that are required by GAAP to be recorded in the Company's financial statements. In order to compensate for these limitations, management presents these Non-GAAP financial measures along with GAAP results. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. Reconciliation tables of net loss, the most comparable GAAP financial measure, to EBITDA, and Gross Margin, the most comparable GAAP financial measure, to Non-GAAP Gross Margin, are included at the end of this release. MaxCyte urges investors to review the reconciliation and not to rely on any single financial measure to evaluate the Company's business.
Forward-Looking Statements
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