CYTEK(CTKB) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 2025 was $41.5 million, a 7.6% decrease compared to Q1 2024[5] - Gross profit was $20.2 million for Q1 2025, a 12% decrease from Q1 2024, with a GAAP gross profit margin of 49%[6] - Net loss for Q1 2025 was $11.4 million, compared to a net loss of $6.2 million in Q1 2024[11] - Adjusted EBITDA loss was $3.3 million in Q1 2025, compared to a loss of $0.7 million in Q1 2024[12] - Non-GAAP adjusted EBITDA for Q1 2025 was $(3,251,000), compared to $(679,000) in Q1 2024, indicating a decline of approximately 378.4%[28] - GAAP net income for Q1 2025 was $(11,402,000), compared to $(6,169,000) in Q1 2024, indicating a worsening of approximately 84.5%[28] Operating Expenses and Assets - Operating expenses increased by 4.1% to $35.1 million in Q1 2025 compared to $33.7 million in Q1 2024[7] - Total current assets decreased from $396,446,000 as of December 31, 2024, to $380,501,000 as of March 31, 2025, a reduction of about 4.0%[26] - Total assets decreased from $499,500,000 as of December 31, 2024, to $482,596,000 as of March 31, 2025, representing a decline of approximately 3.6%[26] - Stockholders' equity decreased from $395,737,000 as of December 31, 2024, to $379,623,000 as of March 31, 2025, a decline of approximately 4.1%[26] - Total liabilities slightly decreased from $103,763,000 as of December 31, 2024, to $102,973,000 as of March 31, 2025, a decrease of approximately 0.8%[26] Product and Market Developments - The installed base expanded to 3,149 Cytek instruments, adding 115 units in Q1 2025[10] - Cytek launched the Cytek Muse® Micro instrument, enhancing ease-of-use and precision in flow cytometry[10] - Cytek commenced operations in Singapore to enhance manufacturing capacity and global supply flexibility[10] Revenue Guidance - The 2025 revenue guidance was revised to a range of $196 million to $210 million, indicating a potential growth of -2% to 5% over 2024[14] Profit Margins - GAAP gross profit for Q1 2025 was $20,157,000, down from $23,013,000 in Q1 2024, reflecting a decrease of about 12.1%[28] - Non-GAAP adjusted gross profit decreased from $24,461,000 in Q1 2024 to $21,736,000 in Q1 2025, a decline of approximately 11.1%[28] - GAAP gross margin decreased from 51% in Q1 2024 to 49% in Q1 2025[28] Inventory Changes - The company reported an increase in inventories from $43,893,000 as of December 31, 2024, to $45,347,000 as of March 31, 2025, an increase of about 3.3%[26]