Rapid Micro Biosystems, Inc.

Total revenue increased 11% year over year to $8.1 million versus $7.3 million. Product revenue rose 10% to $5.3 million, service revenue rose 13% to $2.8 million, recurring revenue increased 14% to $5 million, and nonrecurring revenue was $3 million. Gross margin was a record 15% versus 4% last year, with product margin at negative 3% versus negative 11% and service margin at 49% versus 32%. Q2 net loss was $12.9 million, or $0.27 per share, versus a $11.9 million loss and $0.27 per share a year ago. For 2026, management reaffirmed revenue guidance of $37 million to $41 million and expects 30 to 38 system placements, Q3 revenue of at least $9.5 million, Q3 placements of at least 7, full-year gross margin of approximately 20%, Q3 gross margin of at least 20%, and Q4 gross margin in the mid- to high-20% range. Validation guidance was raised to at least 27 systems for the year, with at least 10 in Q3.

Rob Spignesi said the business is entering a stronger phase, citing a larger installed base, higher system utilization, record consumable revenue, and better visibility into future growth. He emphasized the Growth Direct platform’s role in automation, data integrity, and productivity, and said customer interest is broadening into enterprise deployments and multi-system opportunities. He also highlighted MilliporeSigma as an increasingly important commercial and operational partner, while noting reshoring and biomanufacturing capacity expansion could become more meaningful starting in 2027. His tone was confident and upbeat, but still framed around disciplined investment and capital allocation.

Sean Wirtjes detailed the quarter’s financial improvement, noting gross margin of 15% and adjusted EBITDA loss of $10.3 million, versus a $10.1 million loss a year ago. He attributed margin gains to material cost reductions, manufacturing efficiencies, service productivity improvements, and operating leverage, while saying Q2 product margin was slightly below expectations because some software revenue slipped into the second half. He ended Q2 with about $20 million in cash, cash equivalents and short-term investments, expects significantly lower cash usage in the second half, and said a focused efficiency program should reduce expenses and cash usage by about $1 million in the rest of 2026 and about $3 million annually beginning in 2027. He also reiterated full-year OpEx of $51 million to $53 million, CapEx of $1 million, and interest income/expense of $1 million and $2 million, respectively.

Analysts focused on why the company did not raise the low end of full-year guidance despite stronger commentary on MilliporeSigma; management said the low end already excluded the full annual Merck commitment and that contribution should still increase meaningfully in the second half. Questions also centered on consumables growth, with management saying Q3 should be relatively flat sequentially from Q2 before stepping up in Q4, while year-over-year pull-through remained healthy. On gross margins, management said Q4 should be in the mid- to high-20% range and that 2027 gross margin should be higher than the 2026 exit rate, while MilliporeSigma sourcing/procurement benefits are more of a 2027 event than a second-half 2026 driver. Analysts also asked about reshoring and CDMO demand; management said reshoring appears constructive but likely starts mid- to late 2027, and that CDMOs are showing stronger interest in fully automated integrated systems.