Cytek Biosciences, Inc.

Second quarter revenue was $48.1 million, up 6% from $45.6 million in Q2 2025. Product revenue was $32.6 million, up 4%, and service revenue was $15.6 million, up 10%. GAAP gross profit was $28.3 million with gross margin of 59%; excluding a one-time $2.8 million tariff refund, gross margin would have been 53% versus 52% in Q2 2025. Adjusted gross margin was 61%, or 56% excluding the tariff refund, versus 56% a year ago. Operating expenses were $39.7 million, operating loss was $11.4 million, GAAP net loss was $12.2 million, and adjusted EBITDA was a loss of $1.5 million. Cash, cash equivalents, and marketable securities were $262 million as of June 30, 2026, and free cash flow was approximately neutral. For full-year 2026, Cytek raised revenue guidance to $207 million-$212 million and expects around break-even adjusted EBITDA. Management also said gross margins, excluding the tariff refund, should increase in subsequent quarters as revenue rises, and that Q4 revenue should be significantly higher than Q3 due to seasonality.

Wenbin Jiang said the quarter showed continued positive momentum and called the results evidence of Cytek’s technology leadership in flow cytometry. He emphasized the new Borealis and Aurora Evo launches as proof that the company is extending its product portfolio and setting up the next phase of growth. His tone was confident and forward-looking, with repeated focus on market penetration, recurring revenue growth, and sustainable profitability.

Bill McCombe focused on the financial bridge: revenue of $48.1 million, GAAP gross profit of $28.3 million, and adjusted EBITDA of negative $1.5 million. He explained that margin strength was distorted by a one-time $2.8 million tariff refund; excluding that, gross margin would have been 53% and adjusted gross margin 56%. He also noted cash and marketable securities were $262 million, free cash flow was approximately neutral, and the balance sheet gives Cytek flexibility to invest. On outlook, he said full-year revenue guidance was raised to $207 million-$212 million, adjusted EBITDA should improve in the second half, and the company still expects around break-even adjusted EBITDA for 2026.

Analysts focused on geographic growth balance, the installed-base replacement opportunity, China’s clinical adoption, and the planned reorganization into three business units. Management said the U.S. remained strong, Europe was still pressured by government funding constraints, China was very good, and Asia-Pacific should be a strong long-term market. On the reorganization, Bill said the initiative is already being implemented in Q3, is meant to improve growth and market penetration, is baked into guidance, and will take time to bear fruit; Wenbin added that they do not expect customer disruption. On clinical, management said Cytek has approvals outside the U.S. but not in the U.S., which limits current share, while panels, reagents, and software are being used to expand penetration.