Revenue growth has stalled significantly to 6.5% in 2026Q1, while the company continues to grapple with negative operating leverage as reflected in a -41.8% operating margin.
| Sales/Revenue | 204.17M | 201.49M | 200.45M | 193.01M | 164.04M | 127.95M | 92.84M | 57.88M |
| Revenue Growth % | 3.61% | 0.52% | 3.85% | 17.67% | 28.2% | 37.82% | 60.39% | - |
| Cost of Goods Sold | 98.61M | 97.03M | 89.35M | 83.59M | 63.06M | 48.81M | 41.13M | 29.21M |
| COGS % of Revenue | - | 48.16% | 44.57% | 43.31% | 38.44% | 38.14% | 44.3% | 50.46% |
| Gross Profit | 105.56M | 104.46M | 111.11M | 109.43M | 100.97M | 79.14M | 51.71M | 28.67M |
| Gross Margin % | 51.7% | 51.84% | 55.43% | 56.69% | 61.56% | 61.86% | 55.7% | 49.54% |
| Gross Profit Growth % | - | -5.98% | 1.54% | 8.37% | 27.58% | 53.05% | 80.34% | - |
| Operating Expenses | 149.43M | 144.84M | 131.63M | 137.27M | 102.78M | 69.99M | 38.05M | 45.93M |
| OpEx % of Revenue | - | 71.89% | 65.67% | 71.12% | 62.66% | 54.7% | 40.99% | 79.35% |
| Selling, General & Admin | 113.08M | 108.38M | 92.23M | 93.12M | 67.92M | 45.55M | 24.36M | 16.98M |
| SG&A % of Revenue | - | 53.79% | 46.01% | 48.24% | 41.41% | 35.6% | 26.24% | 29.34% |
| Research & Development | 36.35M | 36.47M | 39.4M | 44.15M | 34.86M | 24.44M | 13.69M | 8.93M |
| R&D % of Revenue | - | 18.1% | 19.66% | 22.87% | 21.25% | 19.1% | 14.75% | 15.43% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.02M |
| Operating Income | -43.87M | -40.38M | -20.52M | -27.84M | -1.8M | 9.16M | 13.66M | -17.26M |
| Operating Margin % | -21.49% | -20.04% | -10.24% | -14.43% | -1.1% | 7.16% | 14.71% | -29.81% |
| Operating Income Growth % | - | -96.77% | 26.3% | -1443.51% | -119.7% | -32.96% | 179.16% | - |
| EBITDA | -31.97M | -28.41M | -10.03M | -18.61M | 3.85M | 10.4M | 14.26M | -16.95M |
| EBITDA Margin % | -15.66% | -14.1% | -5.01% | -9.64% | 2.35% | 8.13% | 15.36% | -29.28% |
| EBITDA Growth % | -130.82% | -183.16% | 46.1% | -582.88% | -62.93% | -27.09% | 184.16% | - |
| D&A (Non-Cash Add-back) | 11.9M | 11.97M | 10.49M | 9.23M | 5.66M | 1.24M | 603K | 309K |
| EBIT | -35.41M | -29.37M | -20.52M | -13.64M | 3.83M | 7.68M | 14.76M | -16.29M |
| Net Interest Income | 600K | 1.74M | 10.36M | 4.34M | 2.05M | -1.69M | -223K | 710K |
| Interest Income | 2.5M | 2.22M | 10.36M | 6.41M | 4.62M | 49K | 110K | 711K |
| Interest Expense | 1.9M | 474K | 0 | 2.07M | 2.57M | 1.74M | 333K | 1K |
| Other Income/Expense | 7.92M | 10.54M | 14.82M | 12.14M | 3.06M | -3.22M | 771K | 962K |
| Pretax Income | -35.95M | -29.84M | -5.7M | -15.71M | 1.26M | 5.94M | 14.43M | -16.29M |
| Pretax Margin % | -17.61% | -14.81% | -2.84% | -8.14% | 0.77% | 4.64% | 15.54% | -28.15% |
| Income Tax | 38.05M | 36.7M | 320K | -3.56M | -1.22M | 2.91M | -4.98M | 533K |
| Effective Tax Rate % | -105.86% | -122.98% | -5.61% | 22.67% | -97.14% | 49.02% | -34.52% | -3.27% |
| Net Income | -74M | -66.54M | -6.02M | -12.15M | 2.58M | 3M | 19.41M | -16.83M |
| Net Margin % | -36.25% | -33.02% | -3% | -6.29% | 1.57% | 2.35% | 20.91% | -29.07% |
| Net Income Growth % | -557.69% | -1005.3% | 50.44% | -571.58% | -14.16% | -84.54% | 215.36% | - |
| Net Income (Continuing) | -74M | -66.54M | -6.02M | -12.15M | 2.48M | 3.03M | 19.41M | -16.83M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 251K | 343K | 0 | 0 |
| EPS (Diluted) | -0.58 | -0.52 | -0.05 | -0.09 | 0.02 | 0.03 | 0.02 | -0.13 |
| EPS Growth % | -543.14% | -1027.98% | 48.66% | -582.8% | -43.64% | 36.36% | 118.62% | - |
| EPS (Basic) | - | -0.52 | -0.05 | -0.09 | 0.02 | 0.03 | 0.02 | -0.13 |
| Diluted Shares Outstanding | 128.7M | 127.75M | 130.61M | 135.28M | 138.56M | 133.75M | 132.99M | 132.99M |
| Basic Shares Outstanding | 128.7M | 127.75M | 130.61M | 135.28M | 134.51M | 133.75M | 132.99M | 132.99M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Negative operating leverage
As evidenced by the most recent quarterly filings, Cytek's revenue growth has decelerated significantly to 6.5% in 2026Q1, reflecting a marked departure from the double-digit expansion observed in prior periods and suggesting potential saturation within the core research-focused flow cytometry market.
The transition from high-growth phases to single-digit revenue increases indicates that the company's primary instrument sales may be facing cyclical pressure from constrained academic and biopharma capital budgets. Investors should monitor whether this deceleration is a temporary pause in adoption or a structural shift in the demand for high-parameter spectral instrumentation.
According to historical income statements, Cytek's gross margin has fluctuated between 48.2% and 58.5% over the last ten quarters, highlighting the sensitivity of the company's cost structure to product mix shifts and the integration of lower-margin acquired assets.
The inability to maintain gross margins above the 55% threshold in recent periods suggests that the company's hardware-heavy revenue model remains vulnerable to manufacturing inefficiencies and competitive pricing pressures. Sustained margin expansion appears contingent on a successful pivot toward higher-margin reagent pull-through, which has yet to materialize in the reported data.
Based on reported financial figures, Cytek continues to struggle with negative operating leverage, as evidenced by an operating margin of -41.8% in 2026Q1, which indicates that SG&A expenses are currently scaling disproportionately relative to the company's stagnant top-line performance.
The persistent gap between gross profit and operating expenses suggests that the company's current infrastructure is optimized for a growth trajectory that is not currently being realized. This misalignment warrants further investigation into management's ability to rationalize the cost base without compromising the technical R&D required to maintain its competitive moat.
As reported in recent quarterly statements, Cytek consistently utilizes stock-based compensation, with figures reaching $4.9M in 2026Q1, which serves to dilute shareholders while the company simultaneously reports significant net losses and struggles to achieve consistent bottom-line profitability.
The reliance on equity-based incentives in an environment of negative net income suggests that the true cost of talent acquisition is not fully captured in the cash-based operating expenses. Investors should consider the impact of this ongoing dilution on future EPS growth, particularly if the company fails to reach a sustainable inflection point in its core business.
Quick answers to the most common questions about buying CTKB stock.
For fiscal year 2025, Cytek Biosciences, Inc. (CTKB) reported total revenue of $201.5M. This represents a 248.1% increase compared to $57.9M in 2019.
Cytek Biosciences, Inc. (CTKB) reported a net loss of $66.5M for the fiscal year ending 2025.
Cytek Biosciences, Inc. (CTKB) reported an operating income of $-40.4M, resulting in an operating profit margin of -20.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Cytek Biosciences, Inc. (CTKB) generated $104.5M in gross profit for the year, representing a gross profit margin of 51.8%. This demonstrates the company's core pricing power and production efficiency.