Revenue growth accelerated to 64.4% YoY in Q2 2026 ($109.4M), with gross margin improving to 70.5% from 57.1% in Q4 2024, though operating margin fell sequentially to 5.0% from 16.5% in Q1 2026.
BillionToOne, Inc. (BLLN) annual income statement — 3-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Sales/Revenue | 397.41M | 305.11M | 152.58M | 71.73M |
| Revenue Growth % | - | 99.97% | 112.72% | - |
| Cost of Goods Sold | 114.19M | 96.65M | 71.67M | 54.42M |
| COGS % of Revenue | - | 31.68% | 46.97% | 75.87% |
| Gross Profit | 283.22M | 208.46M | 80.92M | 17.31M |
| Gross Margin % | 71.27% | 68.32% | 53.03% | 24.13% |
| Gross Profit Growth % | - | 157.63% | 367.5% | - |
| Operating Expenses | 239.92M | 192.44M | 128.06M | 86.8M |
| OpEx % of Revenue | - | 63.07% | 83.93% | 121.02% |
| Selling, General & Admin | 180.71M | 143.05M | 91.47M | 64.39M |
| SG&A % of Revenue | - | 46.88% | 59.94% | 89.77% |
| Research & Development | 59.21M | 49.38M | 36.6M | 22.41M |
| R&D % of Revenue | - | 16.19% | 23.98% | 31.25% |
| Other Operating Expenses | 0 | 0 | 0 | 0 |
| Operating Income | 43.3M | 16.02M | -47.15M | -69.5M |
| Operating Margin % | 10.9% | 5.25% | -30.9% | -96.89% |
| Operating Income Growth % | - | 133.99% | 32.16% | - |
| EBITDA | 55.6M | 27.93M | -35.46M | -63.03M |
| EBITDA Margin % | 13.99% | 9.15% | -23.24% | -87.88% |
| EBITDA Growth % | - | 178.77% | 43.75% | - |
| D&A (Non-Cash Add-back) | 12.3M | 11.91M | 11.69M | 6.46M |
| EBIT | 37.95M | 7.85M | -39.16M | -79.4M |
| Net Interest Income | 14.09M | 7.66M | 3.43M | 184K |
| Interest Income | 14.13M | 7.75M | 5.82M | 3.46M |
| Interest Expense | 41K | 95K | 2.39M | 3.27M |
| Other Income/Expense | -5.4M | -8.26M | 5.61M | -13.18M |
| Pretax Income | 37.91M | 7.76M | -41.54M | -82.67M |
| Pretax Margin % | 9.54% | 2.54% | -27.23% | -115.26% |
| Income Tax | 194K | 305K | 29K | 9K |
| Effective Tax Rate % | 0.51% | 3.93% | -0.07% | -0.01% |
| Net Income | 33.51M | 7.45M | -41.57M | -82.68M |
| Net Margin % | 8.43% | 2.44% | -27.24% | -115.27% |
| Net Income Growth % | - | 117.93% | 49.72% | - |
| Net Income (Continuing) | 37.71M | 7.45M | -41.57M | -82.68M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.62 | 0.06 | -0.93 | -1.85 |
| EPS Growth % | - | 106.85% | 49.73% | - |
| EPS (Basic) | - | 0.06 | -0.93 | -1.85 |
| Diluted Shares Outstanding | 54.46M | 45.8M | 44.72M | 44.72M |
| Basic Shares Outstanding | 46.4M | 45.8M | 44.72M | 44.72M |
| Dividend Payout Ratio | - | - | - | - |
Quick answers to the most common questions about buying BLLN stock.
For fiscal year 2025, BillionToOne, Inc. (BLLN) reported total revenue of $305.1M. This represents a 325.4% increase compared to $71.7M in 2023.
BillionToOne, Inc. (BLLN) is profitable, generating $7.5M in net income for the fiscal year ending 2025 with a net profit margin of 2.4%.
BillionToOne, Inc. (BLLN) reported an operating income of $16.0M, resulting in an operating profit margin of 5.3%. This margin reflects the operational efficiency of the business before interest and taxes.
BillionToOne, Inc. (BLLN) generated $208.5M in gross profit for the year, representing a gross profit margin of 68.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Thin margins despite rapid growth
Triple-Digit Growth Momentum
BLLN's TTM revenue growth accelerated to 100% YoY, with Q2 2026 revenue of $109.4M up 64.4% YoY, according to recent financial statements.
The sequential revenue progression from $45.1M in Q4 2024 to $109.4M in Q2 2026 demonstrates a steepening growth curve, with quarterly growth rates remaining above 60% even as the base expands. This suggests strong commercial adoption of the core diagnostics franchise, likely driven by volume gains rather than price increases, given the stable gross margin. However, the sustainability of triple-digit growth is questionable as the base effect normalizes and competition intensifies.
Gross Margin Expansion with Pricing Power
Gross margin improved from 57.1% in Q4 2024 to 70.5% in Q2 2026, indicating enhanced pricing power or cost efficiencies, as per reported figures.
The 13.4 percentage point expansion in gross margin over seven quarters suggests that BLLN is achieving better reimbursement rates or lower per-unit costs as volumes scale. This margin profile is superior to peers like Natera (64.8%) and CareDx (67.0%), implying a competitive advantage in the diagnostics space. However, the recent slight dip from 73.0% in Q1 2026 to 70.5% in Q2 2026 warrants monitoring for potential pricing pressure or mix shift.
Operating Leverage Emerging but Uneven
Operating margin swung from -25.9% in Q4 2024 to 5.0% in Q2 2026, yet Q2 2026 saw a sharp drop from 16.5% in Q1 2026, per financial data.
The path to operating profitability has been non-linear: after reaching 16.5% operating margin in Q1 2026, Q2 2026 fell to 5.0% as SG&A expenses surged to $54.3M (50% of revenue) from $46.6M (43% of revenue) in the prior quarter. This suggests that while the company is scaling, it is reinvesting heavily in sales and marketing, which may be necessary to sustain growth but could delay meaningful operating leverage. Investors should monitor whether SG&A intensity moderates as revenue grows.
Net Income Volatility and SBC Impact
Net margin swung from -25.5% in Q4 2024 to 16.6% in Q1 2026, but Q2 2026 net income of $8.1M included $8.2M in stock-based compensation, per SEC filings.
The reported net income is heavily influenced by non-cash stock-based compensation, which in Q2 2026 nearly equaled net income, indicating that cash earnings are significantly lower than GAAP earnings. The tax rate appears to be volatile, with Q1 2026 net income of $18.0M on operating income of $17.8M implying a negligible tax provision, while Q2 2026 shows a more normalized rate. This earnings quality concern suggests that reported profitability may overstate the company's cash-generating ability.
SG&A Dominates Cost Structure
SG&A expenses grew from $26.4M in Q4 2024 to $54.3M in Q2 2026, representing roughly 50% of revenue, as reported in financial statements.
SG&A is the largest cost line item, exceeding R&D by a factor of three in Q2 2026 ($54.3M vs. $17.3M). This heavy investment in sales and marketing is typical for a high-growth diagnostics company seeking to expand market share, but it also explains the thin operating margins. R&D spending has grown more modestly, from $11.0M to $17.3M over the same period, suggesting a focus on commercial execution rather than new product development. The sustainability of this cost structure depends on whether revenue growth can outpace SG&A growth.
Margin Compression Risk Amid Rapid Growth
Despite 100% TTM revenue growth, operating margin of 5.3% and net margin of 2.4% remain thin, with Q2 2026 showing a sequential margin decline, per reported data.
Short-sellers would argue that the company's profitability is not keeping pace with its growth, and the recent Q2 2026 margin contraction (operating margin down from 16.5% to 5.0%) could signal that the business model requires constant reinvestment to maintain momentum. The absence of forward guidance in the latest earnings report may indicate management's uncertainty about future reimbursement or competitive dynamics. If growth decelerates while SG&A remains elevated, the company could face a profitability crunch, especially given the low ROE of 2.3% which suggests capital deployment is not yet generating adequate returns.