CYTEK(CTKB) - 2025 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2025 was $52.3 million, a 2% increase compared to Q3 2024[5] - Total recurring revenue grew by 19% compared to Q3 2024, driven by service and reagent revenues[8] - Total revenue for the three months ended September 30, 2025, was $52,293,000, a slight increase from $51,500,000 in the same period of 2024, representing a growth of 1.5%[25] - Worldwide revenue from biotechnology, pharmaceutical, and CRO customers grew by 14% year-over-year[8] Profitability - GAAP gross profit was $27.6 million, a 5% decrease from Q3 2024, with a gross profit margin of 53%[6] - Gross profit for the three months ended September 30, 2025, was $27,551,000, down from $29,005,000 in 2024, resulting in a gross margin of 53% compared to 56% in the prior year[29] - Net loss for Q3 2025 was $5.5 million, compared to a net income of $0.9 million in Q3 2024[12] - Net loss for the three months ended September 30, 2025, was $(5,478,000), compared to a net income of $941,000 in 2024, indicating a significant decline in profitability[25] - Adjusted EBITDA was $2.5 million, down from $7.6 million in Q3 2024[13] - The company reported a non-GAAP adjusted EBITDA of $2,450,000 for the three months ended September 30, 2025, down from $7,627,000 in 2024, indicating a decline of approximately 67.8%[29] Expenses - Operating expenses increased by 10% to $36.7 million, primarily due to higher general and administrative expenses[7] - Total operating expenses increased to $36,743,000 for the three months ended September 30, 2025, from $33,253,000 in 2024, marking an increase of 13.5%[25] - Research and development expenses for the three months ended September 30, 2025, were $8,956,000, a decrease from $9,882,000 in 2024, reflecting a reduction of approximately 9.3%[25] Cash and Assets - Cash and marketable securities totaled $261.7 million as of September 30, 2025[14] - Cash and cash equivalents as of September 30, 2025, were $93,281,000, a decrease from $98,716,000 as of December 31, 2024[27] - Total current assets decreased to $388,489,000 as of September 30, 2025, from $396,446,000 as of December 31, 2024[27] Guidance and Outlook - Cytek reaffirms its 2025 revenue guidance of $196 million to $205 million, indicating a growth of -2% to +2% over 2024[15] - The installed base expanded to 3,456 Cytek instruments, adding 161 units in Q3 2025[8] Financial Position - The accumulated deficit increased to $(57,662,000) as of September 30, 2025, from $(35,199,000) as of December 31, 2024, reflecting a worsening financial position[27] - Weighted-average shares used in calculating net loss per share, basic, were 127,547,859 for the three months ended September 30, 2025, compared to 131,003,744 in 2024[25]