BillionToOne(BLLN) - 2025 Q4 - Annual Results

Revenue Growth - Total revenue for Q4 2025 was $96.1 million, a 113% increase from $45.1 million in Q4 2024[6] - Prenatal clinical testing revenue reached $86.1 million in Q4 2025, up 99% from $43.2 million in Q4 2024[4] - Oncology clinical testing revenue was $9.1 million in Q4 2025, more than 8x higher than $1.1 million in Q4 2024[4] - Full year 2025 total revenue was $305.1 million, a 100% increase from $152.6 million in 2024[10] - The company raised its 2026 revenue guidance to a range of $430 million to $445 million, representing 41% to 46% growth over 2025[13] Profitability - Gross profit margin improved to 71% in Q4 2025, up from 57% in Q4 2024, reflecting a 14 percentage-point increase year-over-year[4] - Operating income for Q4 2025 was $10.3 million, compared to an operating loss of $11.7 million in Q4 2024[8] - Net income for Q4 2025 was $4.4 million, or $0.11 per diluted share, compared to a net loss of $11.5 million, or $1.13 per diluted share, in Q4 2024[9] Operating Expenses - Total operating expenses for Q4 2025 were $58.3 million, an increase of 56% from $37.4 million in Q4 2024[8] Asset Growth - Total assets increased to $632.654 million in 2025 from $302.059 million in 2024, representing a growth of 109.5%[21] - Current assets rose to $560.558 million in 2025, up from $227.817 million in 2024, marking an increase of 146.1%[21] - Cash and cash equivalents surged to $495.975 million in 2025, up from $191.477 million in 2024, an increase of 159.7%[21] - Accounts receivable grew to $41.617 million in 2025, compared to $24.709 million in 2024, a rise of 68.2%[21] - Inventories increased to $17.545 million in 2025 from $8.733 million in 2024, representing a growth of 100.0%[21] Liability and Equity Changes - Total liabilities increased to $152.549 million in 2025 compared to $134.306 million in 2024, reflecting a rise of 13.6%[21] - Stockholders' equity improved to $480.105 million in 2025 from a deficit of $251.656 million in 2024, indicating a significant turnaround[21] - Long-term debt increased to $57.226 million in 2025 from $51.481 million in 2024, reflecting an increase of 11.9%[21] - Additional paid-in capital significantly increased to $756.644 million in 2025 from $30.545 million in 2024, a growth of 2391.5%[21] Product Development - The company launched new prenatal and oncology products in early 2026, expanding its product offerings significantly[4]