10-Q · May 8, 2026
Alamar Biosciences reported a robust Q1 2026, with total revenue reaching $26.0 million, marking a remarkable 99% increase year-over-year. Despite an EPS loss of $1.74, the company attributed its strong performance to a…
Earnings analysis · 10-Q
ALMR earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
Alamar delivered strong second-quarter commercial momentum, with $29.427 million of revenue, 147% year-over-year consumables growth and gross-margin expansion to 60%. The company also raised financial flexibility…
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Alamar delivered strong second-quarter commercial momentum, with $29.427 million of revenue, 147% year-over-year consumables growth and gross-margin expansion to 60%. The company also raised financial flexibility through a $197.8 million IPO net of offering costs and a potential $100.0 million revolving credit capacity. However, the business remains materially loss-making, dependent on research funding and single-source suppliers, and exposed to unresolved Olink litigation and increasing regulatory complexity.
Reported figures
- Earnings per share
- $-0.22
- Gross margin
- 60%
- Segment
- Consumables: revenue increased 147% year over year; the filing does not provide a dollar segment-revenue breakdown.
- Segment
- Other products and services: dollar revenue and growth were not disclosed in the supplied filing text.
What stood out
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Revenue and EPS beat estimates
Second-quarter revenue was $29.427 million, up from $25.961 million of consensus, while EPS was $(0.22) versus $(0.33) estimated. The filing materials therefore indicate a $3.466 million revenue beat and a $0.11 EPS beat versus consensus.
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Consumables drove growth and margin expansion
Gross margin increased to 60% from 53% in the prior-year period, a 7-percentage-point expansion. Consumables revenue increased 147% year over year, making it the primary disclosed growth driver.
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IPO materially strengthened liquidity
The company completed its IPO on April 20, 2026, issuing 12,937,500 shares at $17.00 per share for gross proceeds of $219.9 million and net proceeds of approximately $197.8 million.
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Debt maturity extended and capacity expanded
The company refinanced its existing debt on August 6, 2026 with a revolving facility of up to $60.0 million, plus an uncommitted accordion of up to $40.0 million, for potential capacity of $100.0 million. The facility matures July 1, 2029 and has no scheduled amortization before maturity.
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Commercial and operating capacity expanded
The company grew from 136 employees at December 31, 2024 to 286 employees at June 30, 2026, supporting expanded manufacturing, research and development, commercialization and international operations.
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International business remains material
International sales represented approximately 33% of second-quarter 2026 revenue, compared with 41% in the second quarter of 2025, indicating continued material exposure to overseas demand despite a lower mix.
What to watch
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Persistent losses and cash-burn risk
The company reported net losses of $13.2 million for the three months and $34.5 million for the six months ended June 30, 2026, with an accumulated deficit of approximately $203.3 million. Management expects losses to continue in the near term while it invests in NULISA, manufacturing and commercialization.
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Secured debt and covenant exposure
As of June 30, 2026, $10.0 million of term-loan principal was outstanding. The replacement credit facility bears interest at the greater of Prime Rate minus 0.5% and 6.0%, is secured by substantially all assets other than intellectual property, and includes customary covenants and events of default.
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Olink patent litigation remains unresolved
Olink’s litigation remains active: the PTAB issued a March 4, 2026 decision finding no claims of U.S. Patent No. 7,883,848 unpatentable, and the company filed an appeal on May 4, 2026. Olink also filed an amended complaint on April 2, 2026, creating ongoing litigation cost and intellectual-property risk.
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Customer demand depends on research funding
Research-institution demand is exposed to government funding: the filing states that NIH indirect costs represented $9 billion of the $35 billion in grants awarded in 2023, and describes a 15% standard indirect-cost rate imposed on NIH grants in February 2025. Funding reductions or delays could defer customer purchases.
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Single-source supply-chain concentration
The company relies on single-source suppliers for a majority of antibodies used in its NULISA assays and for certain instrument and consumable components; lead times for some antibodies and instruments can be several months or more. A supply interruption could reduce sales, gross margins and the ability to meet demand.
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AI and diagnostic regulation add execution risk
The company is developing AI-enabled software and faces evolving regulatory requirements, including potential EU AI Act fines of up to €35 million or 7% of worldwide annual turnover. It also expects future regulatory requirements for ARGO HT/DX, while the UK’s Draft Regulations are anticipated to be adopted in late 2026 with substantive provisions expected in June 2027.
Management's outlook
Full-year 2026 revenue outlook of $116 million-$120 million was introduced in the August 10, 2026 earnings release; the supplied 10-Q text does not identify a prior company outlook, so raised/maintained/lowered cannot be determined.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.