10-Q · May 13, 2026
Seer, Inc. reported disappointing Q1 2026 results, with revenue of $2.793 million, down 34% year-over-year, and an EPS of -$0.30. Despite these challenges, management reaffirmed its full-year revenue guidance of $16…
Earnings analysis · 10-Q
SEER earnings analysis
Filed August 11, 2026 · Our reading of the company's report
The latest report
Seer’s Q2 2026 results were weak, with revenue of $3.1 million declining 23% year over year and missing the $3.55 million consensus estimate, while diluted EPS of $(0.31) missed the $(0.25) estimate. Operating expenses…
Read full summary
Seer’s Q2 2026 results were weak, with revenue of $3.1 million declining 23% year over year and missing the $3.55 million consensus estimate, while diluted EPS of $(0.31) missed the $(0.25) estimate. Operating expenses fell 19% to $18.3 million and the six-month net loss narrowed to $33.7 million from $39.4 million, but the company continues to generate significant losses and negative cash flow. Liquidity of $209.5 million supports at least 12 months of expected needs, and full-year 2026 revenue guidance of $16 million to $18 million was reaffirmed. Newly disclosed Nanomics litigation and adverse patent proceedings add material intellectual-property risk.
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
- $-0.31
What stood out
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Revenue declined and missed consensus
Q2 2026 revenue was $3.1 million, down 23% year over year from approximately $4.0 million in Q2 2025, but up from approximately $3.0 million in Q1 2026. Revenue was $3.55 million expected, a $0.45 million shortfall.
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EPS loss improved year over year
Reported diluted EPS was $(0.31), versus $(0.25) expected and $(0.33) in Q2 2025. The year-over-year loss improved by $0.02 per share, although the quarter missed consensus by $0.06 per share.
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Operating expenses fell 19%
Operating expenses decreased 19% to $18.3 million, indicating continued cost control despite the revenue contraction.
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Liquidity supports near-term operations
The company reported $209.5 million of liquidity and stated that current cash, cash equivalents and investments are expected to fund anticipated cash flow requirements for at least 12 months from the filing date.
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Six-month net loss narrowed
Management reported net losses of $33.7 million for the six months ended June 30, 2026, compared with $39.4 million in the prior-year period, an improvement of $5.7 million.
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Share repurchases continued
The company repurchased 202,979 shares during the quarter at an average price of $1.68 per share; approximately $25.138 million remained available under the repurchase programs at June 30, 2026.
What to watch
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Commercial adoption remains weak
Revenue was $3.1 million in Q2 2026, down 23% year over year, while management identifies unpredictable sales cycles, customer budget constraints and delayed purchase decisions as factors that can materially affect commercialization.
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Persistent losses and cash burn
The company incurred a six-month net loss of $33.7 million and had an accumulated deficit of $499.7 million as of June 30, 2026. Management expects losses and negative cash flows to continue and may need to raise additional capital if available resources are insufficient.
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New Nanomics IP proceedings
Seer initiated litigation against Nanomics involving five U.S. patents, including an ITC investigation instituted on June 29, 2026. The district-court action was stayed on July 21, 2026, and the ITC investigation has a target completion date of January 4, 2028, creating ongoing litigation cost and intellectual-property uncertainty.
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Patent protection faces challenges
The PTAB found six of eleven challenged claims of U.S. Patent No. 11,435,360 unpatentable on March 23, 2026, while upholding five claims. The company also disclosed an ongoing German nullity action and a July 14, 2026 Chinese patent invalidation petition.
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NOL utilization may be limited
The Board adopted a tax benefit preservation plan on February 26, 2026, and the company disclosed U.S. federal and state NOLs of $262.4 million and $226.6 million, respectively, that may be limited by ownership changes or tax-law changes.
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Capital allocation amid losses
The company repurchased 202,979 shares during the quarter while continuing to report a six-month net loss of $33.7 million. Repurchases reduce cash available for commercialization and may compete with future capital needs.
Management's outlook
Full-year 2026 revenue guidance was reaffirmed at $16 million to $18 million, representing approximately 3% growth at the midpoint versus full-year 2025. No numeric EPS guidance was provided.
Earlier filings 4
10-K · April 30, 2026
Seer, Inc.'s 10-K filing for the year ending December 31, 2025, reveals a stabilization in revenues at $16.6 million while facing challenges in profitability, reflected in a negative EPS trend. The company continues to…
10-K · March 2, 2026
Seer positions the Proteograph Product Suite as a proprietary, high‑throughput, peptide‑level proteomics platform (consumables, automation instrument, and software) and launched Proteograph ONE and the SP200 in May…
10-Q · May 13, 2025
Seer reported Q1 revenue of $4,205,000, up $1,139,000 (37.2%) year-over-year, driven by product ($2,890,000) and service ($1,203,000) growth. Gross profit improved to $2,061,000 (49.0% margin) and operating loss…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.