Revenue growth has decelerated to a marginal 0.2% year-over-year as of 2025Q4, though gross margins have expanded significantly from 64.5% in 2023Q4 to 78.0%.
| Sales/Revenue | 539.57M | 515.82M | 537.43M | 563.24M | 507.86M | 429.9M | 381.68M | 208.87M | 111.17M |
| Revenue Growth % | 4.6% | -4.02% | -4.58% | 10.9% | 18.13% | 12.64% | 82.74% | 87.89% | - |
| Cost of Goods Sold | 136.65M | 153.42M | 174.21M | 183.2M | 143.72M | 115.98M | 108.34M | 73.81M | 39.47M |
| COGS % of Revenue | 25.33% | 29.74% | 32.41% | 32.53% | 28.3% | 26.98% | 28.39% | 35.34% | 35.51% |
| Gross Profit | 402.91M | 362.4M | 363.23M | 380.04M | 364.15M | 313.92M | 273.33M | 135.06M | 71.7M |
| Gross Margin % | 74.67% | 70.26% | 67.59% | 67.47% | 71.7% | 73.02% | 71.61% | 64.66% | 64.49% |
| Gross Profit Growth % | 11.18% | -0.23% | -4.42% | 4.36% | 16% | 14.85% | 102.38% | 88.38% | - |
| Operating Expenses | 457.76M | 719.96M | 1.03B | 1.36B | 1.16B | 726.33M | 442.43M | 296.45M | 192.56M |
| OpEx % of Revenue | 84.84% | 139.58% | 192.13% | 241.54% | 228.65% | 168.95% | 115.92% | 141.93% | 173.22% |
| Selling, General & Admin | 291.26M | 452.54M | 685.53M | 938.58M | 793.35M | 462.39M | 285.49M | 191.16M | 143.54M |
| SG&A % of Revenue | 53.98% | 87.73% | 127.56% | 166.64% | 156.21% | 107.56% | 74.8% | 91.52% | 129.12% |
| Research & Development | 166.49M | 232.29M | 347.02M | 421.87M | 367.86M | 263.94M | 156.94M | 105.3M | 49.02M |
| R&D % of Revenue | 30.86% | 45.03% | 64.57% | 74.9% | 72.43% | 61.4% | 41.12% | 50.41% | 44.1% |
| Other Operating Expenses | 0 | 35.13M | 0 | 0 | 0 | 0 | 0 | -488K | -32K |
| Operating Income | -54.84M | -357.56M | -669.32M | -980.41M | -797.06M | -412.4M | -169.09M | -161.4M | -120.87M |
| Operating Margin % | -10.16% | -69.32% | -124.54% | -174.07% | -156.94% | -95.93% | -44.3% | -77.27% | -108.73% |
| Operating Income Growth % | 84.66% | 46.58% | 31.73% | -23% | -93.27% | -143.89% | -4.77% | -33.53% | - |
| EBITDA | -33.08M | -305.36M | -535.92M | -856.31M | -749.3M | -379.1M | -137.73M | -136.72M | -99.55M |
| EBITDA Margin % | -6.13% | -59.2% | -99.72% | -152.03% | -147.54% | -88.18% | -36.09% | -65.46% | -89.55% |
| EBITDA Growth % | 89.17% | 43.02% | 37.42% | -14.28% | -97.65% | -175.24% | -0.74% | -37.33% | - |
| D&A (Non-Cash Add-back) | 21.76M | 52.2M | 133.4M | 124.1M | 47.77M | 33.31M | 31.36M | 24.68M | 21.31M |
| EBIT | -53.76M | -322.43M | -651.3M | -969.25M | -794.26M | -406.57M | -160.17M | -159.55M | -120.87M |
| Net Interest Income | 8.02M | 12.21M | 17.96M | 9.46M | 1.92M | 5.4M | 2.17M | -16.61M | -9.86M |
| Interest Income | 8.05M | 12.21M | 17.96M | 9.46M | 3.46M | 6.07M | 11.16M | 1.34M | 0 |
| Interest Expense | 30K | 0 | 0 | 0 | 1.54M | 667K | 8.99M | 17.95M | 9.86M |
| Other Income/Expense | 1.05M | 16.82M | 18.02M | 11.16M | 1.27M | 5.17M | -64K | -16.1M | -10.41M |
| Pretax Income | -53.79M | -340.74M | -651.3M | -969.25M | -795.8M | -407.24M | -169.16M | -177.5M | -131.28M |
| Pretax Margin % | -9.97% | -66.06% | -121.19% | -172.09% | -156.7% | -94.73% | -44.32% | -84.98% | -118.09% |
| Income Tax | 1.56M | 5.88M | 2.39M | 1.99M | 899K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -2.89% | -1.73% | -0.37% | -0.2% | -0.11% | 0% | 0% | 0% | 0% |
| Net Income | -55.35M | -346.63M | -653.69M | -971.23M | -796.7M | -407.24M | -168.34M | -177.5M | -131.28M |
| Net Margin % | -10.26% | -67.2% | -121.63% | -172.44% | -156.87% | -94.73% | -44.1% | -84.98% | -118.09% |
| Net Income Growth % | 84.03% | 46.97% | 32.69% | -21.91% | -95.64% | -141.92% | 5.16% | -35.21% | - |
| Net Income (Continuing) | -55.35M | -346.63M | -653.69M | -971.23M | -796.7M | -407.24M | -169.16M | -177.5M | -131.28M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -49.60 | -33.67 | -63.84 | -93.47 | -76.45 | -68.76 | -142.30 | -103.82 | -102.02 |
| EPS Growth % | -47.31% | 47.26% | 31.7% | -22.26% | -11.18% | 51.68% | -37.06% | -1.76% | - |
| EPS (Basic) | -49.60 | -33.67 | -63.84 | -93.47 | -76.45 | -68.76 | -142.30 | -103.82 | -102.02 |
| Diluted Shares Outstanding | 1.08M | 10.29M | 10.24M | 10.39M | 10.42M | 6.86M | 2.35M | 2.24M | 1.81M |
| Basic Shares Outstanding | 1.08M | 10.29M | 10.24M | 10.39M | 10.42M | 5.92M | 1.19M | 1.71M | 1.29M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Regulatory pricing and VBP
According to the latest quarterly filings, Burning Rock's revenue growth has decelerated to a marginal 0.2% year-over-year as of 2025Q4, reflecting the inherent challenges of scaling the in-hospital diagnostic model within a highly competitive and increasingly price-sensitive Chinese oncology testing landscape.
The transition from centralized laboratory services to the in-hospital model appears to have hit a plateau, suggesting that the initial rapid adoption phase has concluded. Investors should monitor whether the current revenue stagnation is a temporary byproduct of hospital budget constraints or a structural limitation of the company's current test menu.
Based on reported financial statements, Burning Rock achieved a notable gross margin of 78.0% in 2025Q4, representing a significant improvement from the 64.5% levels observed in late 2023, which suggests successful optimization of reagent production and a shift toward higher-value proprietary diagnostic panels.
This margin expansion is counter-intuitive given the broader industry trend toward price compression in molecular diagnostics. It may indicate that the company's proprietary NGS panels retain significant pricing power, though this resilience warrants further investigation as government-led volume-based procurement initiatives continue to expand across provinces.
As indicated by the income statement data, Burning Rock has successfully reduced its operating loss from a peak of $178.8M in 2023Q3 to $12.0M in 2025Q4, demonstrating a clear commitment to operational efficiency and a significant reduction in the burn rate relative to gross profit.
The dramatic contraction in SG&A expenses suggests that management has moved away from aggressive, high-cost market expansion toward a more sustainable, disciplined growth strategy. While this trend is encouraging, the company remains below the break-even threshold, and future profitability will depend on maintaining this lean cost structure while scaling test volumes.
Analysis of recent SEC filings reveals that Burning Rock's net income figures have been heavily influenced by fluctuating stock-based compensation, which peaked at $73.4M in 2023Q3 before moderating to $7.0M in 2025Q4, significantly altering the perceived path toward bottom-line profitability for shareholders.
The reduction in non-cash compensation expenses appears to be a primary driver of the improved net income profile, rather than purely operational gains. Analysts should be cautious in extrapolating these earnings improvements, as the volatility in SBC suggests that the underlying cash-based operating performance remains more strained than the headline net income figures might imply.
Quick answers to the most common questions about buying BNR stock.
For fiscal year 2025, Burning Rock Biotech Limited (BNR) reported total revenue of $539.6M. This represents a 385.4% increase compared to $111.2M in 2017.
Burning Rock Biotech Limited (BNR) reported a net loss of $55.3M for the fiscal year ending 2025.
Burning Rock Biotech Limited (BNR) reported an operating income of $-54.8M, resulting in an operating profit margin of -10.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Burning Rock Biotech Limited (BNR) generated $402.9M in gross profit for the year, representing a gross profit margin of 74.7%. This demonstrates the company's core pricing power and production efficiency.