MXCT earnings analysis
What we found in MXCT'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
MaxCyte reported Q2 revenue of $7.271 million and diluted EPS of $(0.08), beating consensus estimates, while EPS improved from $(0.12) in the prior-year quarter. Revenue nevertheless declined approximately 19% year over year, and the filing does not provide current-quarter gross margin, operating margin, free cash flow or balance-sheet figures in the supplied text. Full-year revenue guidance of $30 million-$32 million and minimum year-end cash of $130.5 million were maintained, supporting a neutral overall assessment.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Beat Estimates
- Q2 revenue was $7.271 million, exceeding the $6.474 million consensus estimate by approximately 12.3%.
- Loss Narrowed Year Over Year
- Diluted EPS was $(0.08), better than the $(0.10) consensus estimate. EPS also improved from $(0.12) in Q2 2025 and $(0.04) in Q1 2026 was the prior-quarter result.
- Full-Year Outlook Reiterated
- Full-year 2026 revenue guidance was maintained at $30 million-$32 million, comprising core revenue of $25 million-$27 million and approximately $5 million of SPL Program-related revenue.
- Liquidity Outlook Maintained
- Management continued to expect year-end cash, cash equivalents and investments of at least $130.5 million, excluding further share repurchases.
- Share Repurchases Continued
- The company repurchased 1,313,066 shares during the quarter at an average price of $1.13 per share, leaving $8.522 million available under the $10 million authorization.
- Controls Remained Effective
- Management concluded that disclosure controls and procedures were effective as of June 30, 2026, and reported no changes in internal control that materially affected, or were reasonably likely to materially affect, financial reporting.
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.
- Revenue Declined Year Over Year
- Revenue of $7.271 million declined from approximately $9 million in Q2 2025, a year-over-year decrease of about 19%, indicating continued pressure in the business despite the quarterly consensus beat.
- Core Revenue Remains Under Pressure
- Core revenue guidance of $25 million-$27 million is below the total $30 million-$32 million outlook, with approximately $5 million dependent on SPL Program-related revenue, increasing reliance on program-related activity.
- Repurchases Reduce Available Liquidity
- The company repurchased 1,313,066 shares for approximately $1.478 million during the quarter, while only $8.522 million remained under the authorization; the stated year-end cash outlook excludes further repurchases.
- No New Material Risk Factors
- The filing states that there were no material changes to the risk factors in the 2025 Form 10-K. It also states that the company had no indebtedness, so interest-rate risk from debt increases was not present.
- Unhedged Foreign Currency Exposure
- The company earns revenue in U.S. dollars, Euros and British Pounds and incurs expenses in those currencies and others; it has not entered into hedging arrangements for foreign currency risk.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.08
What they said about what is next.
Full-year 2026 revenue guidance was reiterated at $30 million-$32 million, including core revenue of $25 million-$27 million and approximately $5 million of SPL Program-related revenue. Year-end cash, cash equivalents and investments are expected to remain at least $130.5 million, excluding further share repurchases.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 13, 2026
- MaxCyte's Q4 2026 results reflect a continued struggle with revenue generation, reporting $7 million in revenue, a 22% decline from $9 million in the previous quarter and a considerable drop from $10 million in Q4 2025.…
- 10-K · March 25, 2026
- MaxCyte reports 2025 revenue of $33,026 (thousands) versus $38,627 in 2024, with strong gross margins (gross profit $26,804) but a large operating loss and continued cash burn. The company highlights its ExPERT…
- 10-Q · August 6, 2025
- MaxCyte reported Q2 revenue of $8.507M and GAAP net loss per share of $(0.12). Revenue declined versus both Q1 2025 (derived Q1 revenue $10.390M) and Q2 2024 ($10.429M); gross margin remained healthy at ~82.2% but…
- 10-Q · November 6, 2024
- MaxCyte reported Q3 revenue of $8,164,000 (up $160,000 versus $8,004,000 in Q3 2023) and GAAP diluted loss per share of $(0.11). Gross margin compressed to 76.4% as cost of goods sold rose to $1,928,000. The company…
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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