Teknova(US:TKNO)2025-11-07 21:06Revenue Performance - Revenue for the three months ended September 30, 2025, was $10.5 million, an increase of $0.9 million or 9.2% compared to $9.6 million for the same period in 2024[91]. - Lab Essentials revenue increased to $8.3 million, up $1.1 million or 16.0% from $7.2 million in the prior year, driven by higher average revenue per customer[97]. - Clinical Solutions revenue decreased to $1.7 million, down $0.3 million or 13.1% from $2.0 million in the prior year, attributed to lower average revenue per customer[98]. - Total revenue for the nine months ended September 30, 2025, was $30.5 million, an increase of $2.1 million or 7.2% compared to $28.5 million for the same period in 2024[107]. - Revenue from Lab Essentials increased by 9.8% to $24.2 million for the nine months ended September 30, 2025, compared to $22.1 million in 2024[108]. - Revenue from Clinical Solutions decreased by 6.1% to $4.9 million for the nine months ended September 30, 2025, down from $5.2 million in 2024[109]. Profitability and Loss - Gross profit for the three months ended September 30, 2025, was $3.2 million, a significant increase of $3.1 million or 3462.2% compared to $90, primarily due to the absence of non-recurring charges from the previous year[100]. - Gross profit for the nine months ended September 30, 2025, was $10.2 million, representing a 99.8% increase from $5.1 million in 2024, with a gross profit margin of 33.4% compared to 17.9% in 2024[112]. - Net loss for the nine months ended September 30, 2025, was $12.5 million, a reduction of 40.5% from a net loss of $21.0 million in 2024[106]. Operating Expenses - Operating loss for the three months ended September 30, 2025, was $4.0 million, a reduction of $3.4 million or 45.9% from a loss of $7.4 million in the same period of 2024[92]. - Total operating expenses decreased to $7.2 million, down $0.3 million or 4.0% from $7.5 million in the prior year[101]. - Operating expenses decreased by 11.9% to $22.6 million for the nine months ended September 30, 2025, down from $25.6 million in 2024[113]. - General and administrative expenses decreased to $4.6 million, down 6.5% from $5.0 million in the prior year, reflecting a general reduction in spending[102]. - Research and development expenses decreased to $0.5 million, down 13.6% from $0.6 million in the prior year[102]. - Research and development expenses were $1.7 million for the nine months ended September 30, 2025, a decrease of 22.6% from $2.2 million in 2024[113]. Cash Flow and Capital - As of September 30, 2025, the company had $29.6 million in net working capital, including $22.1 million in cash and cash equivalents[121]. - For the nine months ended September 30, 2025, net cash used in operating activities was $8.2 million, primarily due to a net loss of $12.5 million and non-cash charges of $8.5 million[126]. - The net cash provided by investing activities for the same period was $7.5 million, resulting from $22.0 million in maturities of short-term investments[128]. - The company reported a net cash decrease of $504,000 for the nine months ended September 30, 2025, compared to a decrease of $22.339 million in the same period of 2024[124]. - The company has a credit facility with loan commitments totaling up to $28.245 million, including a $23.245 million senior secured term loan and a $5.0 million working capital facility[122]. - Net cash provided by financing activities was $0.2 million for the nine months ended September 30, 2025, primarily from long-term debt proceeds of $1.1 million[130]. Tax and Other Expenses - The effective tax rate for the nine months ended September 30, 2025, was (1.0%), compared to 0.2% in 2024, primarily due to operating losses[119]. - Total other expenses, net for the nine months ended September 30, 2025, were not significant at $(0.014) million, compared to $(0.558) million in 2024, a decrease of 97.5%[118]. Future Outlook - The minimum net revenue requirement for the twelve months ending December 31, 2025, is set at $39.0 million, with a minimum cash requirement of $8.0 million[122]. - The company filed a "shelf" registration statement allowing for the offering of securities up to $225 million, providing flexibility for future capital needs[123]. - The company qualifies as an "emerging growth company," allowing it to take advantage of certain reporting exemptions under the JOBS Act[133].