Alpha Teknova, Inc.

Alpha Teknova reported first-quarter 2026 revenue of more than $11 million, up 13% year over year, with Lab Essentials revenue of $8.4 million, up 3%, and Clinical Solutions revenue of $2.1 million, up 85% from $1.2 million last year. Gross profit was $3.8 million versus $3.0 million a year ago, and gross margin improved to 34.2% from 30.7%. Net loss was $4.6 million, or negative $0.08 per diluted share, versus a net loss of $4.6 million, or negative $0.09 per diluted share, in Q1 2025; adjusted EBITDA was negative $2.0 million versus negative $2.5 million. Cash, cash equivalents, and short-term investments were $17.8 million at March 31, 2026, with total borrowings of $13.2 million. For 2026, the company reiterated revenue guidance of $42 million to $44 million, expects gross margin in the mid-30s, expects free cash outflow of less than $10 million, and said adjusted EBITDA should turn positive at an annualized revenue run rate of $52 million to $57 million.

Stephen Gunstream framed the quarter as straightforward and in line with expectations, highlighting better-than-expected revenue and expenses, stabilization in end markets, and stronger customer activity. He said the company is seeing more large orders, more engagement from smaller biotechs, and growth across life science tools, diagnostics, and biopharma. He also emphasized operational execution, including larger bottle batch sizes, automated aseptic filling, and migration of paper batch records to digital systems, as part of a long-term scale and profitability plan.

Matthew C. Lowell focused on the financial outperformance versus the prior year and the company’s disciplined outlook. He broke out Lab Essentials at $8.4 million, Clinical Solutions at $2.1 million, gross profit at $3.8 million, and gross margin at 34.2%, and noted operating expenses were $8.1 million, driven mainly by higher sales and marketing spend tied to headcount and marketing. He highlighted free cash outflow of $3.6 million, cash and investments of $17.8 million, borrowings of $13.2 million, and reiterated full-year 2026 guidance for $42 million to $44 million of revenue, mid-30s gross margin, and less than $10 million of free cash outflow.

Analysts pressed on whether the recovery was broad-based or concentrated in later-stage biotech, and management said there are similarities to peers but that the quarter included growth in large pharma, diagnostics, and biotech, with some softness still in early-stage Lab Essentials. They also asked about customer mix and clinical funnel depth; management said it is supporting approximately 70 therapies, including five in phase two or phase three and 12 in phase one, with the rest preclinical, and expects those numbers to rise. On guidance, management said it saw no meaningful timing benefit in Q1 and wants more durability before raising the full-year outlook. Questions about the AI spending cycle and sales ramp got a constructive but cautious answer: it may be a tailwind, but it is not yet material, and new sales hires typically take six to twelve months to ramp.