Revenue: As of FY2026 Q1, the actual value is USD 9.651 M, beating the estimate of USD 7.298 M.EPS: As of FY2026 Q1, the actual value is USD -0.04, beating the estimate of USD -0.076.EBIT: As of FY2026 Q1, the actual value is USD -7.62 M.<h4>Revenue</h4><ul><li>Total Revenue: MaxCyte, Inc. reported total revenue of $9.7 million in the first quarter of 2026, representing a 7% decrease compared to $10.39 million in the first quarter of 2025. Total revenue for the three months ended March 31, 2026, was $9.7 million, a 7% decrease compared to $10.4 million for the same period in 2025. In 2024, total revenue was $38.6 million, which decreased to $33.0 million in 2025, representing a year-over-year decline of 15%.</li><li>Core Business Revenue: Core business revenue was $6.2 million in the first quarter of 2026, a 25% decrease from $8.243 million in the first quarter of 2025. For the three months ended March 31, 2026, core revenue was $6.218 million, down 25% from $8.243 million in the prior year period. Core revenue was $32.5 million in 2024, declining by 9% to $29.6 million in 2025.<ul><li>Instruments: $1.346 million in Q1 2026, down from $1.444 million in Q1 2025.</li><li>PAs and consumables: $2.293 million in Q1 2026, down from $3.871 million in Q1 2025.</li><li>Licenses: $2.097 million in Q1 2026, down from $2.531 million in Q1 2025.</li><li>Assay service: $0.188 million in Q1 2026, up from $0.142 million in Q1 2025.</li><li>Other: $0.294 million in Q1 2026, up from $0.255 million in Q1 2025.</li></ul></li><li>Strategic Platform License (SPL) Program-related Revenue: SPL Program-related revenue was $3.4 million in the first quarter of 2026, compared to $2.1 million in the first quarter of 2025. For the three months ended March 31, 2026, SPL-Program Related Revenue was $3.433 million, showing a 60% increase compared to $2.147 million for the same period in 2025. This segment generated $6.1 million in 2024, decreasing by 44% to $3.4 million in 2025.<ul><li>Milestones: $3.004 million in Q1 2026, up from $2.004 million in Q1 2025.</li><li>Royalties: $0.429 million in Q1 2026, up from $0.143 million in Q1 2025.</li></ul></li></ul><h4>Profitability</h4><ul><li>Gross Profit: Gross profit for the first quarter of 2026 was $8.1 million, compared to $8.9 million in the first quarter of 2025. Gross profit was $31.5 million in 2024, $26.8 million in 2025, and $8.1 million for the three months ended March 31, 2026.</li><li>Gross Margin %: Gross margin was 84% for the first quarter of 2026, compared to 86% in the first quarter of 2025. The gross margin percentage was 82% in 2024, 81% in 2025, and 84% for the three months ended March 31, 2026.</li><li>Non-GAAP Adjusted Gross Margin %: Non-GAAP adjusted gross margin was 78% in the first quarter of 2026, compared to 83% in the first quarter of 2025. This metric was 84% in 2024, 81% in 2025, and 78% for the three months ended March 31, 2026.</li><li>Operating Expenses: Operating expenses for the first quarter of 2026 were $14.3 million, a decrease from $21.2 million in the first quarter of 2025. MaxCyte, Inc. reported operating expenses of $82.7 million in 2024, $78.7 million in 2025, and $14.3 million for the three months ended March 31, 2026.<ul><li>Research and development: $3.857 million in Q1 2026, down from $5.903 million in Q1 2025.</li><li>Sales and marketing: $3.428 million in Q1 2026, down from $5.698 million in Q1 2025.</li><li>General and administrative: $5.966 million in Q1 2026, down from $8.526 million in Q1 2025.</li></ul></li><li>Net Loss: MaxCyte, Inc. reported a net loss of -$4.8 million for the first quarter of 2026, an improvement from a net loss of -$10.3 million for the same period in 2025. MaxCyte, Inc. experienced a net loss of -$41.1 million in 2024, which widened to -$44.6 million in 2025. For the three months ended March 31, 2026, the net loss was -$4.8 million, compared to -$10.261 million for the same period in 2025.</li><li>EBITDA (Non-GAAP): EBITDA was a loss of -$5.1 million for the first quarter of 2026, compared to a loss of -$11.2 million for the first quarter of 2025. EBITDA was -$47.6 million in 2024 and -$46.9 million in 2025. For the three months ended March 31, 2026, EBITDA was -$5.138 million, an improvement from -$11.199 million in the prior year period.</li><li>Stock-based Compensation Expense: Stock-based compensation expense was $1.1 million in the first quarter of 2026, a decrease from $3.0 million in the first quarter of 2025.</li></ul><h4>Cash Flow and Financial Position</h4><ul><li>Net Cash Used in Operating Activities: Net cash used in operating activities was -$8.169 million for the three months ended March 31, 2026, compared to -$14.411 million for the same period in 2025.</li><li>Total Cash, Cash Equivalents and Investments: As of March 31, 2026, total cash, cash equivalents and investments stood at $147.7 million. As of March 31, 2026, MaxCyte, Inc. held $148 million in total cash, cash equivalents, and investments.</li><li>Cash and Cash Equivalents (End of Period): Cash and cash equivalents were $14.557 million at the end of the first quarter of 2026, compared to $23.385 million at the end of the first quarter of 2025.</li></ul><h4>Unique Metrics</h4><ul><li>Total SPL Agreements: As of March 31, 2026, MaxCyte, Inc. had 29 total SPL agreements, including 12 programs currently in the clinic and one commercial program. As of 2025, MaxCyte, Inc. had 29 Strategic Platform License (SPL) customers. As of May 2026, MaxCyte, Inc. had 29 SPL partners.</li><li>Share Repurchase Program: MaxCyte’s Board authorized a share repurchase program for up to $10 million of the Company’s outstanding common stock within a one-year period, with the company expecting to utilize a majority of this amount in the short to medium term.</li><li>Installed Base of Instruments: As of March 31, 2026, the company had an installed base of 877 instruments (sold or licensed).</li><li>Core Revenue from SPL Partners: 44% of core revenue was generated from SPL partners as of March 31, 2026.</li><li>Clinical and Commercial Therapies Supported: MaxCyte, Inc. supported 13 clinical and commercial therapies in 2025.</li><li>Active SPL Programs: As of May 2026, there were 12 active clinical programs representing approximately $110 million of precommercial milestone potential, with more than $30 million in milestone payments received to date through the SPL model.</li><li>Active Clinical Trials: As of March 2026, the SPL portfolio included 14 active clinical trials across various partners and disease areas, including one commercial program (CASGEVY®).</li></ul><h4>Outlook / Guidance</h4>MaxCyte, Inc. reiterated its full year 2026 revenue guidance to be between $30 million and $32 million, comprising $25 million to $27 million in core revenue and approximately $5 million in SPL Program-related revenue, which includes about $3 million from milestone payments and $2 million from commercial royalties. The company expects to end 2026 with at least $136 million in total cash, cash equivalents, and investments, excluding capital used for the share repurchase program. MaxCyte, Inc. is well capitalized and funded to achieve profitability with existing capital, committed to reducing annual cash burn, and plans to align spending and resources to growth areas while making organic and inorganic investments in new products and enhancements.

MaxCyte | 8-K: FY2026 Q1 Revenue Beats Estimate at USD 9.651 M