Revenue has collapsed to near zero, with 2026Q2 revenue at $0 and TTM revenue down 38.2%, while gross margin remains deeply negative at -319.4% TTM, reflecting a cost structure that far exceeds minimal sales.
Absci Corporation (ABSI) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 1.56M | 2.8M | 4.53M | 5.72M | 5.75M | 4.78M | 4.78M | 2.06M |
| Revenue Growth % | -62.28% | -38.24% | -20.71% | -0.5% | 20.18% | 0.04% | 132.04% | - |
| Cost of Goods Sold | 5.56M | 11.74M | 62.46M | 47.57M | 58.91M | 44.59M | 11.45M | 0 |
| COGS % of Revenue | - | 419.36% | 1377.57% | 831.88% | 1025.02% | 932.37% | 239.5% | - |
| Gross Profit | -4M | -8.94M | -57.92M | -41.85M | -53.16M | -39.8M | -6.67M | 2.06M |
| Gross Margin % | -255.93% | -319.36% | -1277.57% | -731.88% | -925.02% | -832.37% | -139.5% | 100% |
| Gross Profit Growth % | - | 84.56% | -38.41% | 21.28% | -33.56% | -496.94% | -423.69% | - |
| Operating Expenses | 127.31M | 115.78M | 50.96M | 73.67M | 53.59M | 35.43M | 6.63M | 8.32M |
| OpEx % of Revenue | - | 4134.86% | 1124.02% | 1288.32% | 932.47% | 740.99% | 138.77% | 404.13% |
| Selling, General & Admin | 26.84M | 35.06M | 0 | 0 | 0 | 0 | 5.5M | 3.52M |
| SG&A % of Revenue | - | 1252.07% | - | - | - | - | 115.1% | 171.02% |
| Research & Development | 86.49M | 81.42M | 63.86M | 48.07M | 58.91M | 44.59M | 11.45M | 4.31M |
| R&D % of Revenue | - | 2907.79% | 1408.45% | 840.63% | 1025.02% | 932.37% | 239.5% | 209.27% |
| Other Operating Expenses | 2M | -700K | -12.9M | 25.6M | -5.32M | -9.15M | -10.32M | 491K |
| Operating Income | -131.3M | -124.72M | -108.89M | -115.52M | -106.75M | -75.24M | -13.3M | -6.26M |
| Operating Margin % | -8411.27% | -4454.21% | -2401.59% | -2020.2% | -1857.49% | -1573.36% | -278.26% | -304.13% |
| Operating Income Growth % | - | -14.54% | 5.74% | -8.21% | -41.88% | -465.66% | -112.31% | - |
| EBITDA | -120.21M | -112.98M | -95.5M | -101.52M | -93.71M | -68.58M | -12.17M | -5.77M |
| EBITDA Margin % | -7700.58% | -4034.86% | -2106.29% | -1775.38% | -1630.64% | -1434.21% | -254.6% | -280.29% |
| EBITDA Growth % | -14.34% | -18.3% | 5.93% | -8.33% | -36.64% | -463.55% | -110.77% | - |
| D&A (Non-Cash Add-back) | 11.09M | 11.74M | 13.39M | 14M | 13.04M | 6.65M | 1.13M | 491K |
| EBIT | -121.02M | -114.91M | -107.49M | -93.68M | -104.39M | -74.34M | -13.72M | -6.32M |
| Net Interest Income | -58K | -209K | -565K | -1.01M | -972K | -3.43M | -634K | -268K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 58K | 209K | 565K | 1.01M | 972K | 3.43M | 634K | 268K |
| Other Income/Expense | 10.22M | 9.6M | 5.85M | 5.05M | 1.39M | -34.62M | -1.05M | -319K |
| Pretax Income | -121.08M | -115.11M | -103.04M | -110.47M | -105.36M | -109.86M | -14.35M | -6.58M |
| Pretax Margin % | -7756.37% | -4111.21% | -2272.52% | -1931.9% | -1833.39% | -2297.34% | -300.27% | -319.61% |
| Income Tax | 0 | 69K | 70K | 100K | -461K | -8.9M | 0 | 0 |
| Effective Tax Rate % | 0% | -0.06% | -0.07% | -0.09% | 0.44% | 8.1% | 0% | 0% |
| Net Income | -121.08M | -115.18M | -103.11M | -110.57M | -104.9M | -100.96M | -14.35M | -6.58M |
| Net Margin % | -7756.37% | -4113.68% | -2274.06% | -1933.65% | -1825.37% | -2111.25% | -300.27% | -319.61% |
| Net Income Growth % | -6.87% | -11.71% | 6.75% | -5.4% | -3.91% | -603.41% | -118% | - |
| Net Income (Continuing) | -121.08M | -115.18M | -103.11M | -110.57M | -104.9M | -100.96M | -14.35M | -6.58M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.77 | -0.84 | -0.94 | -1.20 | -1.15 | -1.11 | -0.54 | -0.07 |
| EPS Growth % | 14.89% | 10.64% | 21.67% | -4.35% | -3.6% | -105.56% | -632.7% | - |
| EPS (Basic) | - | -0.84 | -0.94 | -1.20 | -1.15 | -1.11 | -0.54 | -0.07 |
| Diluted Shares Outstanding | 157.47M | 136.78M | 110.24M | 92.03M | 90.85M | 92.65M | 92.25M | 92.25M |
| Basic Shares Outstanding | 157.47M | 136.78M | 110.24M | 92.03M | 90.85M | 92.65M | 92.25M | 92.25M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ABSI stock.
For fiscal year 2025, Absci Corporation (ABSI) reported total revenue of $2.8M. This represents a 35.9% increase compared to $2.1M in 2019.
Absci Corporation (ABSI) reported a net loss of $115.2M for the fiscal year ending 2025.
Absci Corporation (ABSI) reported an operating income of $-124.7M, resulting in an operating profit margin of -4454.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Absci Corporation (ABSI) generated $-8.9M in gross profit for the year, representing a gross profit margin of -319.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cash runway insufficient
Metrics are mathematically derived from official filings.
Revenue Contraction Amidst Pipeline Transition
Absci's revenue fell 38.2% year-over-year to $2.8 million TTM, with latest quarterly revenue at $0.3 million, indicating a sharp deceleration in partnership activity, as per recent financial statements.
The revenue decline is not a one-off but a persistent trend, with quarterly revenue oscillating between $0.2 million and $1.7 million over the past ten quarters, showing no stable growth trajectory. The drop to $0.3 million in 2026Q2 suggests that the company is either completing early-stage pilots without replacement or facing delays in partner onboarding. This pattern implies that the commercial pipeline has not yet translated into recurring revenue, and the reliance on a few collaborations makes the top line highly volatile.
Gross Margin Deeply Negative
Gross margin worsened to -319.4% on a TTM basis, with quarterly gross losses exceeding revenue in most periods, indicating that direct costs of fulfilling contracts are structurally higher than revenue, as reported in SEC filings.
The gross margin has been consistently negative, with the exception of one quarter (2025Q3) where COGS was zero, likely due to data reporting anomalies. The negative gross margin suggests that Absci is subsidizing early-stage proof-of-concept work for partners, possibly to demonstrate platform efficacy. This is not sustainable in the long term unless the company transitions to higher-margin royalty streams or significantly automates its data generation processes. Investors should monitor whether management can improve gross margins as the platform scales.
Operating Leverage Absent at Pre-Scale Stage
Operating losses have remained in the $23-$36 million range per quarter despite revenue fluctuations, with operating margin at -4454% TTM, indicating that fixed costs dominate and no operating leverage exists at current scale, per financial data.
R&D expenses have grown from $12.2 million in 2024Q1 to $22.6 million in 2026Q2, while SG&A has been inconsistent, sometimes reported as zero, which may be a data artifact. The lack of operating leverage is expected for a pre-revenue biotech, but the magnitude of the burn relative to revenue is extreme. The company's ability to scale revenue without proportional cost increases is unproven, and the current cost structure suggests that any revenue growth will initially be accompanied by even larger losses.
Losses Deepen Despite SBC Adjustments
Net losses have widened to $33.2 million in 2026Q2, with stock-based compensation averaging $4.5 million per quarter, suggesting that reported losses understate the cash burn, as per income statement data.
The net loss of $33.2 million in 2026Q2 is the largest in the ten-quarter period, and while SBC is non-cash, it represents a real economic cost to shareholders through dilution. The tax rate appears to be zero, which is typical for loss-making companies, but the absence of EPS data in some quarters limits analysis. The quality of earnings is low, as the company is entirely dependent on external financing to fund operations, and the reported losses do not reflect the full cash consumption.
R&D Burn Drives Cost Structure
R&D expenses have escalated to $22.6 million in 2026Q2, up from $12.2 million in 2024Q1, while SG&A has been volatile, indicating that R&D is the primary cost driver and management is prioritizing platform development, per financial statements.
The increase in R&D spending suggests a deliberate strategy to invest in the platform's capabilities, but it also raises concerns about cost discipline. SG&A has been reported as zero in several quarters, which may be a data reporting issue, but when present, it has ranged from $8.6 million to $9.3 million, indicating a stable overhead base. The company's expense structure is heavily weighted toward R&D, which is typical for a biotech, but the lack of revenue growth to offset these costs is a red flag.
2025Q2 Marks Margin Deterioration
In 2025Q2, gross margin plunged to -33.5% from -12.9% in the prior quarter, and revenue dropped 53.3% year-over-year, signaling a potential inflection point where costs outpaced revenue, as per quarterly data.
The 2025Q2 period saw a significant increase in COGS to $20.5 million, which was not matched by revenue, leading to a gross loss of $19.9 million. This may indicate a shift in the mix of projects or a one-time cost spike. The subsequent quarters have not shown a recovery, with gross margins remaining deeply negative. This inflection suggests that the company's cost structure is not aligned with its revenue generation capabilities, and the trend has persisted, warranting close monitoring.
Cash Burn Threatens Going Concern
With only $20 million in cash and quarterly operating losses exceeding $30 million, Absci's runway appears limited to less than two quarters, raising doubts about its ability to continue without dilutive financing, based on balance sheet data.
The cash balance of $20 million is insufficient to sustain the current burn rate, which is approximately $30 million per quarter. Even if the company reduces spending, the lack of revenue growth and negative gross margins suggest that external financing will be required imminently. The CEO's commentary about a strengthened balance sheet may refer to a recent capital raise, but the data indicates a precarious liquidity position. Short-sellers would likely focus on the risk of substantial dilution or the possibility of a distressed sale, as the company's scientific promise may not be enough to secure funding at favorable terms.