Revenue is highly volatile and insufficient to cover costs, with 2026Q2 revenue of $4.0M against $59.8M in operating expenses, resulting in a -15.5% operating margin and a -13.7% net margin.
AbCellera Biologics Inc. (ABCL) annual income statement — 8-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 |
|---|
| Sales/Revenue | 66.17M | 75.13M | 28.83M | 38.02M | 485.42M | 375.2M | 233.16M | 11.61M | 8.83M |
| Revenue Growth % | 101.28% | 160.56% | -24.17% | -92.17% | 29.38% | 60.92% | 1907.88% | 31.49% | - |
| Cost of Goods Sold | 16.57M | 28.82M | 0 | 0 | 66.44M | 45.52M | 27.14M | 0 | 0 |
| COGS % of Revenue | - | 38.36% | - | - | 13.69% | 12.13% | 11.64% | - | - |
| Gross Profit | 49.6M | 46.31M | 28.83M | 38.02M | 418.99M | 329.69M | 206.01M | 11.61M | 8.83M |
| Gross Margin % | 74.95% | 61.64% | 100% | 100% | 86.31% | 87.87% | 88.36% | 100% | 100% |
| Gross Profit Growth % | - | 60.6% | -24.17% | -90.92% | 27.09% | 60.03% | 1674.13% | 31.49% | - |
| Operating Expenses | 274.75M | 263.41M | 343.6M | 275.23M | 202.48M | 125.27M | 49.98M | 15.73M | 9.58M |
| OpEx % of Revenue | - | 350.62% | 1191.69% | 723.82% | 41.71% | 33.39% | 21.44% | 135.45% | 108.53% |
| Selling, General & Admin | 64.75M | 76.58M | 85.49M | 75.18M | 66.75M | 48.76M | 15.75M | 4.01M | 2.86M |
| SG&A % of Revenue | - | 101.93% | 296.5% | 197.71% | 13.75% | 13% | 6.76% | 34.55% | 32.42% |
| Research & Development | 197.77M | 186.83M | 167.26M | 175.66M | 107.88M | 62.06M | 29.39M | 10.11M | 5.8M |
| R&D % of Revenue | - | 248.68% | 580.1% | 461.95% | 22.22% | 16.54% | 12.61% | 87.09% | 65.71% |
| Other Operating Expenses | 2M | 0 | 90.85M | 24.39M | 27.84M | 14.45M | 4.84M | 1.6M | 918K |
| Operating Income | -225.16M | -217.1M | -314.77M | -237.21M | 216.51M | 204.41M | 156.03M | -4.12M | -753K |
| Operating Margin % | -340.25% | -288.98% | -1091.69% | -623.82% | 44.6% | 54.48% | 66.92% | -35.45% | -8.53% |
| Operating Income Growth % | - | 31.03% | -32.7% | -209.56% | 5.92% | 31.01% | 3889.92% | -446.75% | - |
| EBITDA | -183.91M | -188.28M | -217.77M | -206.31M | 249.61M | 221.66M | 161.3M | -2.27M | 165K |
| EBITDA Margin % | -277.92% | -250.61% | -755.27% | -542.57% | 51.42% | 59.08% | 69.18% | -19.55% | 1.87% |
| EBITDA Growth % | 13.58% | 13.54% | -5.55% | -182.65% | 12.61% | 37.42% | 7205.81% | -1475.76% | - |
| D&A (Non-Cash Add-back) | 41.25M | 28.82M | 97M | 30.89M | 33.1M | 17.25M | 5.27M | 1.85M | 918K |
| EBIT | -201.55M | -177.59M | -301.15M | -223.05M | 227.06M | 221.9M | 164.34M | -2M | 521K |
| Net Interest Income | 16.33M | 28.33M | 38.47M | 42.25M | 12.03M | -1.9M | -6.22M | -54K | -170K |
| Interest Income | 16.33M | 28.33M | 38.47M | 42.25M | 16.08M | 3.33M | 293K | 155K | 42K |
| Interest Expense | 0 | 0 | 0 | 0 | 4.04M | 5.22M | 6.51M | 209K | 212K |
| Other Income/Expense | 28.39M | 39.51M | 114.37M | 63.18M | 22.59M | 14.74M | 1.8M | 1.91M | 1.06M |
| Pretax Income | -196.77M | -177.59M | -200.4M | -174.03M | 239.1M | 219.15M | 157.83M | -2.21M | 309K |
| Pretax Margin % | -297.36% | -236.39% | -695.02% | -457.67% | 49.26% | 58.41% | 67.69% | -19.04% | 3.5% |
| Income Tax | -32.11M | -31.18M | -37.54M | -27.63M | 80.58M | 65.69M | 38.91M | 0 | 0 |
| Effective Tax Rate % | 16.32% | 17.56% | 18.73% | 15.88% | 33.7% | 29.97% | 24.66% | 0% | 0% |
| Net Income | -164.66M | -146.41M | -162.86M | -146.4M | 158.52M | 153.46M | 118.92M | -2.21M | 309K |
| Net Margin % | -248.83% | -194.88% | -564.83% | -385% | 32.66% | 40.9% | 51% | -19.04% | 3.5% |
| Net Income Growth % | 0.61% | 10.1% | -11.24% | -192.35% | 3.29% | 29.05% | 5478.47% | -815.53% | - |
| Net Income (Continuing) | -164.66M | -146.41M | -162.86M | -146.4M | 158.52M | 153.46M | 118.92M | -2.21M | 309K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.54 | -0.49 | -0.55 | -0.51 | 0.50 | 0.48 | 0.45 | -0.01 | 0.00 |
| EPS Growth % | 3.57% | 10.91% | -7.84% | -202% | 4.17% | 6.67% | 4468.93% | - | - |
| EPS (Basic) | - | -0.49 | -0.55 | -0.51 | 0.56 | 0.56 | 0.32 | -0.01 | 0.00 |
| Diluted Shares Outstanding | 305.56M | 298.71M | 294.33M | 289.17M | 314.83M | 318.29M | 263.13M | 237.72M | 151.04M |
| Basic Shares Outstanding | 305.56M | 298.71M | 294.33M | 289.17M | 285.06M | 275.76M | 267.82M | 215.41M | 151.06M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ABCL stock.
For fiscal year 2025, AbCellera Biologics Inc. (ABCL) reported total revenue of $75.1M. This represents a 750.7% increase compared to $8.8M in 2018.
AbCellera Biologics Inc. (ABCL) reported a net loss of $146.4M for the fiscal year ending 2025.
AbCellera Biologics Inc. (ABCL) reported an operating income of $-217.1M, resulting in an operating profit margin of -289.0%. This margin reflects the operational efficiency of the business before interest and taxes.
AbCellera Biologics Inc. (ABCL) generated $46.3M in gross profit for the year, representing a gross profit margin of 61.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Revenue base insufficient for costs
Metrics are mathematically derived from official filings.
Lumpy Revenue Growth Masks Underlying Volatility
Revenue swung from $10.0M in 2024Q1 to $44.9M in 2025Q4, then collapsed to $4.0M in 2026Q2, reflecting milestone-driven lumpiness rather than sustainable growth, as per quarterly filings.
The 160.6% TTM growth is misleading given the low base and extreme quarter-to-quarter swings. The $44.9M spike in 2025Q4 likely reflects a one-time milestone, while the subsequent drop to $4.0M in 2026Q2 underscores the absence of recurring revenue. Investors should monitor the frequency and size of milestone payments to assess whether the platform can generate predictable top-line expansion.
Gross Margin Distorted by Revenue Mix
Gross margin oscillated between -4.1% and 100% over the past ten quarters, with 2026Q1 showing negative gross profit due to COGS exceeding revenue, as reported in financial statements.
The 100% gross margins in quarters with zero COGS reflect pure licensing or royalty income, while the -4.1% in 2026Q1 indicates lab-intensive work with high direct costs. This volatility suggests the company's margin profile is highly sensitive to the mix of discovery services versus passive royalties. Without a stable royalty stream, gross margins will remain erratic, making it difficult to establish a structural margin baseline.
Operating Leverage Absent as Costs Outpace Revenue
Operating losses widened to -$62.8M in 2026Q2 despite revenue of only $4.0M, with R&D and SG&A totaling $59.8M, indicating no operating leverage, based on reported figures.
R&D expenses have remained consistently above $39M per quarter, while SG&A has fluctuated but not declined proportionally with revenue. The operating margin of -15.5% in 2026Q2, though improved from -63.7% in 2025Q4, still reflects a cost structure that is not scaling down with revenue. This suggests the company is investing heavily in platform capabilities, but the lack of revenue growth means these investments are not yet generating incremental profits.
Net Losses Driven by Operating Burn, Not One-Time Items
Net income has been negative for all ten quarters, with losses ranging from -$8.9M to -$57.1M, and stock-based compensation averaging $12M per quarter, as per income statement data.
The consistent net losses are primarily from operating activities, not non-operating items, indicating a core business that is not yet profitable. Stock-based compensation adds a non-cash drag, but even excluding it, cash burn remains substantial. The EPS improvements in some quarters are largely due to lower losses rather than revenue growth, suggesting that earnings quality is poor and dependent on cost control rather than operational success.
R&D Dominates Cost Structure, SG&A Shows Discipline
R&D expenses have remained elevated at $39-55M per quarter, while SG&A declined from $23.3M in 2024Q2 to $13.8M in 2026Q2, indicating a focus on research over overhead, as reported.
The company's cost structure is heavily weighted toward R&D, which is typical for a platform biotech but raises concerns about the efficiency of these expenditures. SG&A has been reduced by nearly 40% from its peak, suggesting management is tightening overhead, but R&D remains sticky. This may indicate a strategic commitment to platform development, but without corresponding revenue growth, the cost structure will continue to pressure margins.
2025Q4 Spike: A Milestone-Driven Anomaly
Revenue jumped to $44.9M in 2025Q4, the highest in the ten-quarter period, but operating income improved to -$28.6M, still negative, highlighting the non-recurring nature of the revenue, per financial data.
The 2025Q4 revenue surge appears to be a one-time milestone payment, as evidenced by the subsequent drop to $4.0M in 2026Q2. This inflection point demonstrates the company's ability to generate significant cash from partnerships, but it also exposes the fragility of the revenue model. The lasting impact is a higher cash balance, but it does not signal a sustainable shift toward profitability.
Revenue Base Insufficient to Justify Cost Structure
With quarterly revenue of $4.0M against operating expenses of $59.8M, the company's cash burn is unsustainable without new partnerships or milestones, as per latest quarter data.
The most significant risk is that the current revenue run-rate cannot support the existing cost base. Even with the recent $100M upfront from Jazz and Vertex collaborations, the company is burning through cash at a rate that will require either significant milestone achievements or further cost reductions. The market may be overestimating the near-term potential of the pipeline, given the deep negative operating margins and the lack of a clear path to profitability.