Revenue growth has decelerated to 35.1% in 2026Q1, while operating margins remain negative at -27.1% due to high fixed-cost infrastructure.
| Sales/Revenue | 295.41M | 276.98M | 178.96M | 170.28M | 185.31M | 154.34M | 98.38M | 85.07M | 55.66M | 38.45M |
| Revenue Growth % | 55.87% | 54.77% | 5.1% | -8.11% | 20.06% | 56.88% | 15.65% | 52.83% | 44.77% | - |
| Cost of Goods Sold | 73.09M | 71.36M | 72.08M | 75.55M | 57.91M | 49.3M | 22.53M | 22.27M | 19.67M | 15.68M |
| COGS % of Revenue | - | 25.76% | 40.28% | 44.37% | 31.25% | 31.94% | 22.9% | 26.18% | 35.33% | 40.78% |
| Gross Profit | 222.32M | 205.62M | 106.88M | 94.72M | 127.4M | 105.04M | 75.85M | 62.8M | 35.99M | 22.77M |
| Gross Margin % | 75.26% | 74.24% | 59.72% | 55.63% | 68.75% | 68.06% | 77.1% | 73.82% | 64.67% | 59.22% |
| Gross Profit Growth % | - | 92.39% | 12.83% | -25.65% | 21.28% | 38.48% | 20.79% | 74.46% | 58.09% | - |
| Operating Expenses | 269.04M | 262.74M | 269.43M | 321.76M | 327.58M | 314.01M | 228.67M | 141.19M | 85.75M | 66.4M |
| OpEx % of Revenue | - | 94.86% | 150.55% | 188.96% | 176.78% | 203.45% | 232.43% | 165.96% | 154.05% | 172.71% |
| Selling, General & Admin | 174.16M | 167.27M | 157.56M | 172.51M | 184.13M | 169.97M | 110.89M | 68.78M | 44.9M | 32.71M |
| SG&A % of Revenue | - | 60.39% | 88.05% | 101.31% | 99.36% | 110.12% | 112.72% | 80.86% | 80.66% | 85.09% |
| Research & Development | 93.19M | 93.77M | 102.95M | 122.12M | 141.76M | 142.34M | 116.07M | 70.7M | 39.16M | 32M |
| R&D % of Revenue | - | 33.85% | 57.53% | 71.72% | 76.5% | 92.22% | 117.98% | 83.11% | 70.35% | 83.22% |
| Other Operating Expenses | 1.7M | 1.7M | 8.91M | 27.13M | 1.7M | 1.7M | 1.7M | 1.7M | 1.7M | 1.69M |
| Operating Income | -46.73M | -57.12M | -162.55M | -227.03M | -200.19M | -208.97M | -152.82M | -78.39M | -49.76M | -44.48M |
| Operating Margin % | -15.82% | -20.62% | -90.83% | -133.33% | -108.03% | -135.39% | -155.33% | -92.15% | -89.39% | -115.68% |
| Operating Income Growth % | - | 64.86% | 28.4% | -13.41% | 4.2% | -36.74% | -94.94% | -57.55% | -11.87% | - |
| EBITDA | -33.62M | -39.29M | -143.29M | -204.8M | -179.27M | -195.01M | -144.34M | -70.6M | -43.76M | -38.68M |
| EBITDA Margin % | -11.38% | -14.19% | -80.07% | -120.28% | -96.74% | -126.35% | -146.72% | -82.99% | -78.61% | -100.6% |
| EBITDA Growth % | 73.36% | 72.58% | 30.03% | -14.25% | 8.07% | -35.1% | -104.45% | -61.35% | -13.13% | - |
| D&A (Non-Cash Add-back) | 13.1M | 17.83M | 19.26M | 22.23M | 20.92M | 13.95M | 8.47M | 7.79M | 6M | 5.8M |
| EBIT | -39.96M | -47.68M | -148.01M | -211.5M | -196.13M | -207.3M | -152.82M | -78.39M | -49.76M | -43.63M |
| Net Interest Income | -2.11M | -2.33M | 2.95M | 1.73M | -182K | 1.67M | 6.59M | 9.79M | 3.31M | 1.64M |
| Interest Income | 6.76M | 9.44M | 14.53M | 15.53M | 4.06M | 1.67M | 6.59M | 9.79M | 3.31M | 1.64M |
| Interest Expense | 5.98M | 11.78M | 11.58M | 13.8M | 4.24M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -2.93M | -2.33M | 2.95M | 1.73M | -182K | 1.67M | 6.59M | 9.79M | 3.31M | 1.64M |
| Pretax Income | -49.66M | -59.46M | -159.59M | -225.3M | -200.37M | -207.3M | -146.23M | -68.61M | -46.45M | -42.83M |
| Pretax Margin % | -16.81% | -21.47% | -89.18% | -132.32% | -108.13% | -134.31% | -148.63% | -80.65% | -83.44% | -111.4% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -49.68M | -59.5M | -159.49M | -225.25M | -200.19M | -207.28M | -146.23M | -68.61M | -46.45M | -42.83M |
| Net Margin % | -16.82% | -21.48% | -89.12% | -132.29% | -108.03% | -134.3% | -148.63% | -80.65% | -83.44% | -111.4% |
| Net Income Growth % | 64.97% | 62.69% | 29.19% | -12.52% | 3.42% | -41.75% | -113.14% | -47.71% | -8.44% | - |
| Net Income (Continuing) | -49.66M | -59.46M | -159.59M | -225.3M | -200.37M | -207.3M | -146.23M | -68.61M | -46.45M | -42.83M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 7.9M | 6.21M | -224K | -121K | -67K | 110K | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.32 | -0.39 | -1.08 | -1.56 | -1.00 | -1.46 | -1.06 | -0.47 | -0.44 | -0.41 |
| EPS Growth % | 65.47% | 63.89% | 30.77% | -56% | 31.51% | -37.74% | -125.53% | -6.82% | -7.32% | - |
| EPS (Basic) | - | -0.39 | -1.08 | -1.56 | -1.00 | -1.46 | -1.06 | -0.47 | -0.44 | -0.41 |
| Diluted Shares Outstanding | 155.52M | 151.72M | 147.1M | 144.38M | 142.52M | 140.35M | 131.22M | 124.34M | 105.43M | 105.43M |
| Basic Shares Outstanding | 155.52M | 151.72M | 147.1M | 144.38M | 142.52M | 140.35M | 131.22M | 124.34M | 105.43M | 105.43M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Limited liquidity and cash runway
As reported in recent financial statements, Adaptive Biotechnologies experienced significant revenue fluctuations, peaking at a 102.4% year-over-year growth rate in 2025Q3 before decelerating to 35.1% by 2026Q1, highlighting the inherent instability of relying on non-recurring milestone payments alongside core clinical diagnostic testing volumes.
The sharp revenue spike in 2025Q3 appears to be an outlier driven by partnership-related inflows rather than organic clinical adoption. Investors should monitor whether the company can sustain consistent double-digit growth in its clonoSEQ segment without the support of lumpy, non-recurring collaboration revenue.
Based on the company's reported figures, gross margins improved from 55.3% in 2024Q2 to a peak of 80.7% in 2025Q3, though they have since moderated to 73.6% in 2026Q1, suggesting that the cost of sequencing remains sensitive to product mix and operational scale.
While the current 70%+ gross margin profile is encouraging for a diagnostic service provider, the recent compression suggests that the company has not yet achieved the necessary economies of scale. Sustained margin stability will likely depend on the company's ability to optimize its laboratory throughput and reduce reliance on high-cost, low-volume research projects.
According to quarterly income statements, Adaptive Biotechnologies continues to struggle with operating leverage, as SG&A expenses of $47.3M in 2026Q1 significantly outpace gross profit, resulting in a persistent operating loss that underscores the company's heavy reliance on high fixed-cost infrastructure.
The inability to scale operating income alongside revenue growth indicates that the company's current cost structure is not yet optimized for profitability. Unless management can demonstrate a meaningful reduction in SG&A as a percentage of revenue, the path to positive operating cash flow appears increasingly difficult to navigate.
Analysis of the company's filings reveals that stock-based compensation remains a material component of operating expenses, reaching $11.9M in 2026Q1, which masks the true cash burn rate and complicates the assessment of underlying profitability for shareholders.
The reliance on equity-based incentives suggests that the company is attempting to preserve cash, yet this practice dilutes existing shareholders and obscures the true cost of talent acquisition. Investors should adjust reported net losses to account for these non-cash charges to better understand the company's actual operational efficiency.
With reported cash and equivalents of $70.5M against a trailing twelve-month operating loss exceeding $50M, the company's financial position appears vulnerable, raising concerns about the potential for future dilutive financing if operational break-even is not achieved in the near term.
The current cash runway warrants close monitoring, as the company's high burn rate leaves little room for operational missteps or unexpected market volatility. A failure to secure additional capital or reach profitability could force management to make drastic cuts to R&D, potentially undermining the long-term competitive moat of the immune-medicine platform.
Quick answers to the most common questions about buying ADPT stock.
For fiscal year 2025, Adaptive Biotechnologies Corporation (ADPT) reported total revenue of $277.0M. This represents a 620.4% increase compared to $38.4M in 2017.
Adaptive Biotechnologies Corporation (ADPT) reported a net loss of $59.5M for the fiscal year ending 2025.
Adaptive Biotechnologies Corporation (ADPT) reported an operating income of $-57.1M, resulting in an operating profit margin of -20.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Adaptive Biotechnologies Corporation (ADPT) generated $205.6M in gross profit for the year, representing a gross profit margin of 74.2%. This demonstrates the company's core pricing power and production efficiency.