10x Genomics, Inc.

Revenue for Q2 2026 was $151 million, including $1.6 million of license and royalty revenue from the Takara settlement; excluding that non-recurring revenue, revenue was $149.4 million, up 3% YoY. Gross margin was 74% versus 72% a year ago; excluding settlement revenue in both periods, gross margin was 74% versus 67% last year. Total consumables revenue increased 7%, single-cell consumables rose 3%, and spatial consumables rose 16%; total instrument revenue declined 47%. Operating expenses were $132.1 million versus $95 million, though excluding patent-litigation settlement gains, operating expenses were approximately flat YoY. Cash, cash equivalents, and marketable securities ended at $552 million, up $105 million YoY and $12 million sequentially. For 2026, revenue is now expected to be $610 million-$630 million, or 2%-5% growth ex-settlement revenue versus 2025. Management expects Q3 total revenue to step down modestly sequentially from Q2 due to spatial transition dynamics, then a significant step up in Q4 as Atera shipments ramp; the Atera shipment outlook remains about 40 units for the year.

Serge Saxonov framed Atera as the biggest highlight of the year and said customer response has been extraordinary, with orders arriving very quickly from universities, academic medical centers, and biopharma. He emphasized that Atera is designed as a long-duration platform with future expansion into automation, base-by-base spatial sequencing, and protein multi-omics, and said the early reaction reinforces his view that it could reshape spatial biology. He also repeatedly tied the company’s opportunity to AI, arguing that high-quality single-cell and spatial data are becoming foundational inputs for biological model-building and drug discovery.

Adam Taich led with the key numbers: $151 million in revenue, $149.4 million ex-settlement, 3% ex-settlement growth, 74% gross margin, and $552 million in cash and marketable securities. He said gross margin improved mainly from lower manufacturing costs, including $2.6 million of tariff refunds, and lower inventory write-downs, partially offset by less settlement revenue. He also explained that instrument revenue fell because customers moderated purchases of existing spatial products ahead of Atera, raised the full-year revenue guide to $610 million-$630 million, and reiterated that the company still expects to ship about 40 Atera units in 2026 while manufacturing ramps.

Analysts focused heavily on Atera: manufacturing capacity, how quickly shipments can scale next year, whether Q4 placements are a good baseline for 2027, and how strong early demand affects the revenue transition away from Xenium and Visium. Management said demand is not the issue; the constraint is shifting manufacturing capacity, and they still expect to ship about 40 units this year, mostly in Q4. On single-cell, management said Flex Apex is driving reaction growth and that by year-end the majority of customers intending to convert should have done so. Questions about AI monetization drew a more qualitative answer: management said AI is already influencing demand across segments, but it is still early and they will provide more granular revenue color later as the category matures.