Revenue growth has accelerated significantly to $108.4 million in 2026Q1, supported by a structural expansion in gross margins from 57.1% in 2024Q4 to 73.0%.
| Sales/Revenue | 354.54M | 305.11M | 152.58M | 71.73M |
| Revenue Growth % | - | 99.97% | 112.72% | - |
| Cost of Goods Sold | 104.95M | 96.65M | 71.67M | 54.42M |
| COGS % of Revenue | - | 31.68% | 46.97% | 75.87% |
| Gross Profit | 249.58M | 208.46M | 80.92M | 17.31M |
| Gross Margin % | 70.4% | 68.32% | 53.03% | 24.13% |
| Gross Profit Growth % | - | 157.63% | 367.5% | - |
| Operating Expenses | 213.41M | 192.44M | 128.06M | 86.8M |
| OpEx % of Revenue | - | 63.07% | 83.93% | 121.02% |
| Selling, General & Admin | 159.76M | 143.05M | 91.47M | 64.39M |
| SG&A % of Revenue | - | 46.88% | 59.94% | 89.77% |
| Research & Development | 53.65M | 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 | 36.17M | 16.02M | -47.15M | -69.5M |
| Operating Margin % | 10.2% | 5.25% | -30.9% | -96.89% |
| Operating Income Growth % | - | 133.99% | 32.16% | - |
| EBITDA | 43.86M | 16.02M | -35.46M | -63.03M |
| EBITDA Margin % | 12.37% | 5.25% | -23.24% | -87.88% |
| EBITDA Growth % | - | 145.19% | 43.75% | - |
| D&A (Non-Cash Add-back) | 7.69M | 0 | 11.69M | 6.46M |
| EBIT | 33.57M | 16.02M | -39.16M | -79.4M |
| Net Interest Income | 10.82M | 7.66M | 3.43M | 184K |
| Interest Income | 10.89M | 7.75M | 5.82M | 3.46M |
| Interest Expense | 65K | 95K | 2.39M | 3.27M |
| Other Income/Expense | -6.02M | -8.26M | 5.61M | -13.18M |
| Pretax Income | 30.16M | 7.76M | -41.54M | -82.67M |
| Pretax Margin % | 8.51% | 2.54% | -27.23% | -115.26% |
| Income Tax | 744K | 305K | 29K | 9K |
| Effective Tax Rate % | 2.47% | 3.93% | -0.07% | -0.01% |
| Net Income | 25.21M | 7.45M | -41.57M | -82.68M |
| Net Margin % | 7.11% | 2.44% | -27.24% | -115.27% |
| Net Income Growth % | - | 117.93% | 49.72% | - |
| Net Income (Continuing) | 29.41M | 7.45M | -41.57M | -82.68M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.48 | 0.06 | -0.93 | -1.85 |
| EPS Growth % | - | 106.85% | 49.73% | - |
| EPS (Basic) | - | 0.06 | -0.93 | -1.85 |
| Diluted Shares Outstanding | 53.03M | 45.8M | 44.72M | 44.72M |
| Basic Shares Outstanding | 45.93M | 45.8M | 44.72M | 44.72M |
| Dividend Payout Ratio | - | - | - | - |
Rapid Scaling Execution Risk
According to the provided quarterly income statements, BillionToOne has demonstrated aggressive top-line growth, with revenue surging from $45.1 million in 2024Q4 to $108.4 million by 2026Q1, representing a significant acceleration in market penetration and adoption of their diagnostic testing platform within the competitive healthcare landscape.
The consistent quarter-over-quarter revenue growth suggests that the company is successfully capturing market share, likely driven by increased test volume or expanded clinical utility. Investors should monitor whether this trajectory remains sustainable as the company moves beyond its initial high-growth phase and faces potential saturation in its core diagnostic segments.
As reported in the financial data, BillionToOne's gross margin has expanded significantly from 57.1% in 2024Q4 to 73.0% in 2026Q1, indicating improved operational efficiency and potential economies of scale in their diagnostic manufacturing processes as they continue to scale their testing volume across the US market.
This margin expansion appears to be a key driver of the company's transition to profitability, suggesting that the cost of goods sold is not scaling linearly with revenue. Such performance implies strong pricing power or successful optimization of laboratory workflows, which warrants further investigation into the sustainability of these efficiency gains.
Based on the provided income statement figures, the company has achieved positive operating income of $17.8 million in 2026Q1, a stark reversal from the $11.7 million operating loss recorded in 2024Q4, demonstrating effective management of operating expenses relative to the rapid growth in gross profit.
The ability to scale operating income faster than revenue suggests that the company is successfully leveraging its fixed cost base. This trend indicates that the business model is becoming increasingly efficient, though investors should remain cautious about whether this operating leverage can be maintained if R&D or SG&A spending accelerates to support future growth.
As indicated by the reported financial statements, BillionToOne has maintained a relatively clean earnings profile with minimal stock-based compensation impact in recent quarters, allowing the company to transition from a net loss of $11.5 million in 2024Q4 to a net income of $18.0 million in 2026Q1.
The absence of significant non-operating items or heavy stock-based compensation suggests that the reported net income is primarily driven by core operational performance. This quality of earnings appears robust, though analysts should continue to monitor for any future shifts in compensation strategy that could dilute shareholders or obscure underlying profitability.
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.