CAI earnings analysis
What we found in CAI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Caris Life Sciences posted a robust Q1 2026 with revenue of $216.2 million, a significant 79% increase year-over-year, and an EPS of $0.00, better than the expected loss of $0.02. The company reported a notable improvement in Adjusted EBITDA and free cash flow, signaling enhanced operational efficiency. Despite ongoing losses, management emphasized growth driven by increased molecular profiling service revenues and positive future market penetration.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Total Revenue Growth
- Revenue rose to $216.2 million, up 78.8% from $120.9 million in Q1 2025.
- Loss Reduction
- Net loss reduced to $0.5 million compared to a loss of $102.6 million in Q1 2025.
- Positive Adjusted EBITDA
- Adjusted EBITDA improved to $26.2 million, compared to a loss of $36.2 million in Q1 2025.
- Operating Cash Flow Improvement
- Operating cash flow was positive at $32.9 million, recovering from negative $31.3 million in Q1 2025.
- Molecular Profiling Services Revenue Surge
- Molecular profiling services revenue increased by 84.8%, reaching $210.8 million.
- Increased Cash Position
- Cash and cash equivalents stood at $825.7 million as of March 31, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Net Loss Continues
- The company reported a net loss of $0.5 million, indicating ongoing financial strain.
- Increasing Operating Expenses
- Total operating expenses have risen to $210.9 million from $178.9 million, possibly affecting margins.
- Regulatory Investigations
- The company is under investigation by the U.S. DOJ regarding compliance with Medicare's 14-day rule, which poses legal risks.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.0
- Gross margin
- 65.4%
- Operating margin
- 2.4%
- Segment
- Molecular Profiling Services
- Segment
- Pharma Research and Development Services
What they said about what is next.
Management reaffirmed full year 2026 revenue guidance of $1.0B to $1.02B, expecting continued growth driven by increased case volumes.
The filing reads better than the one before it.
What came before.
- 10-K · March 3, 2026
- Caris presents itself as a data- and AI-driven precision oncology platform with a strategy to monetize a large multi‑omic clinico‑genomic dataset, expand tissue- and blood-based offerings, and commercialize WGS-based…
- 10-Q · November 5, 2025
- Caris reported a strong operational quarter: Q3 2025 revenue of $216,833 (amounts in thousands) and GAAP net income of $24,325 (thousands), reversing the prior-year Q3 loss. Gross margin expanded to 68.0% and operating…
- 10-Q · August 12, 2025
- Caris reported Q2 revenue of $181.398M, up materially from $100.049M in Q2 2024, driven by molecular profiling and pharma R&D services. Gross margin expanded to ~62.7% and operating loss narrowed to $(17.989)M from…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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