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.…
Earnings analysis · 10-Q
MXCT earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.08
What stood out
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Revenue Beat Estimates
Q2 revenue was $7.271 million, exceeding the $6.474 million consensus estimate by approximately 12.3%.
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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.
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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.
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Liquidity Outlook Maintained
Management continued to expect year-end cash, cash equivalents and investments of at least $130.5 million, excluding further share repurchases.
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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.
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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.
What to watch
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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.
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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.
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.