Revenue growth has decelerated to 7.7% year-over-year in 2026Q2 while operating losses remain entrenched at -$10.0 million per quarter, as gross margin improvement to 46.6% is fully offset by a persistent SG&A expense ratio of 57.1%.
Cryoport, Inc. (CYRX) annual income statement — 23-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'05 |
|---|
| Sales/Revenue | 186.45M | 176.18M | 233.25M | 237.28M | 222.61M | 222.61M | 78.7M | 33.94M | 19.63M | 11.95M | 7.68M | 5.88M | 3.94M | 2.66M | 1.1M | 555.64K | 475.5K | 117.96K | 35.12K | 83.56K | 67.1K | 152.3K | 271.43K | 271.43K |
| Revenue Growth % | -8.01% | -24.47% | -1.7% | 6.59% | 0% | 182.87% | 131.85% | 72.94% | 64.18% | 55.68% | 30.54% | 49.47% | 47.95% | 141.69% | 98.07% | 16.85% | 303.12% | 235.83% | -57.97% | 24.53% | -55.94% | -43.89% | - | - |
| Cost of Goods Sold | 98.68M | 93.12M | 133.92M | 133.4M | 126.03M | 126.03M | 42.36M | 16.59M | 9.39M | 5.99M | 4.58M | 3.99M | 2.77M | 2.22M | 1.59M | 1.39M | 1.3M | 717.71K | 546.15K | 386.37K | 176.94K | 315.65K | 499.65K | 499.65K |
| COGS % of Revenue | - | 52.86% | 57.41% | 56.22% | 56.62% | 56.62% | 53.83% | 48.88% | 47.82% | 50.09% | 59.61% | 67.86% | 70.3% | 83.57% | 144.28% | 250.61% | 274.02% | 608.46% | 1554.93% | 462.37% | 263.68% | 207.26% | 184.08% | 184.08% |
| Gross Profit | 87.77M | 83.05M | 99.33M | 103.87M | 96.58M | 96.58M | 36.33M | 17.35M | 10.24M | 5.97M | 3.1M | 1.89M | 1.17M | 436.95K | -487.28K | -836.82K | -827.48K | -599.75K | -511.03K | -302.81K | -109.84K | -163.35K | -228.22K | -228.22K |
| Gross Margin % | 47.08% | 47.14% | 42.59% | 43.78% | 43.38% | 43.38% | 46.17% | 51.12% | 52.18% | 49.91% | 40.39% | 32.14% | 29.7% | 16.43% | -44.28% | -150.61% | -174.02% | -508.46% | -1454.93% | -362.37% | -163.68% | -107.26% | -84.08% | -84.08% |
| Gross Profit Growth % | - | -16.39% | -4.37% | 7.55% | 0% | 165.8% | 109.39% | 69.45% | 71.63% | 92.38% | 64.07% | 61.71% | 167.52% | 189.67% | 41.77% | -1.13% | -37.97% | -17.36% | -68.76% | -175.69% | 32.76% | 28.42% | - | - |
| Operating Expenses | 127.39M | 119.86M | 214.49M | 135.78M | 114.41M | 114.41M | 66.34M | 35.03M | 18.88M | 13.86M | 11.87M | 10.63M | 6.76M | 5.52M | 5.84M | 6.6M | 4.77M | 3.6M | 2.68M | 2.72M | 1.99M | 1.28M | 721.5K | 721.5K |
| OpEx % of Revenue | - | 68.03% | 91.95% | 57.22% | 51.39% | 51.39% | 84.3% | 103.2% | 96.22% | 115.93% | 154.55% | 180.74% | 171.83% | 207.35% | 530.39% | 1187.44% | 1003.06% | 3049.85% | 7643.39% | 3251.41% | 2960.31% | 838.86% | 265.81% | 265.81% |
| Selling, General & Admin | 109.64M | 102.82M | 146.88M | 120.06M | 97.56M | 97.56M | 56.86M | 31.29M | 17.04M | 12.65M | 11.27M | 10.08M | 6.41M | 5.11M | 5.41M | 6.11M | 4.32M | 3.31M | 2.39M | 2.55M | 1.9M | 1.02M | 622.8K | 622.8K |
| SG&A % of Revenue | - | 58.36% | 62.97% | 50.6% | 43.83% | 43.83% | 72.25% | 92.17% | 86.84% | 105.85% | 146.76% | 171.38% | 162.87% | 191.97% | 491.73% | 1098.92% | 908.61% | 2808.36% | 6796.74% | 3052.48% | 2830.32% | 671.77% | 229.45% | 229.45% |
| Research & Development | 17.75M | 17.04M | 18.04M | 15.72M | 16.84M | 16.84M | 9.48M | 3.74M | 1.84M | 1.21M | 598.11K | 550.26K | 352.58K | 409.11K | 425.45K | 491.85K | 449.13K | 284.85K | 297.38K | 166.23K | 87.86K | 254.49K | 98.7K | 98.7K |
| R&D % of Revenue | - | 9.67% | 7.73% | 6.63% | 7.57% | 7.57% | 12.05% | 11.02% | 9.38% | 10.09% | 7.79% | 9.35% | 8.96% | 15.38% | 38.66% | 88.52% | 94.45% | 241.49% | 846.65% | 198.92% | 130.93% | 167.1% | 36.36% | 36.36% |
| Other Operating Expenses | 0 | 0 | 49.57M | 0 | 0 | 0 | 0 | 0 | 77.63K | 14.34K | -6.77K | -9.9K | -4.27K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -630 | -3 | 0 | 0 |
| Operating Income | -39.62M | -36.81M | -115.16M | -31.9M | -17.83M | -17.83M | -30.01M | -17.68M | -8.64M | -7.89M | -8.77M | -8.74M | -5.59M | -5.08M | -6.32M | -7.43M | -5.6M | -4.2M | -3.2M | -3.02M | -2.1M | -1.44M | -949.72K | -949.72K |
| Operating Margin % | -21.25% | -20.89% | -49.37% | -13.45% | -8.01% | -8.01% | -38.13% | -52.07% | -44.05% | -66.02% | -114.16% | -148.6% | -142.12% | -190.92% | -574.67% | -1338.05% | -1177.08% | -3558.31% | -9098.32% | -3613.77% | -3123.99% | -946.12% | -349.89% | -349.89% |
| Operating Income Growth % | - | 68.04% | -260.95% | -78.94% | 0% | 40.59% | -69.79% | -104.46% | -9.53% | 9.97% | -0.29% | -56.28% | -10.13% | 19.7% | 14.93% | -32.83% | -33.35% | -31.34% | -5.82% | -44.05% | -45.48% | -51.72% | - | - |
| EBITDA | -17.64M | -9.09M | -87.67M | -9.14M | 2.42M | 2.42M | -20.14M | -15.26M | -7.79M | -7.23M | -8.39M | -8.5M | -5.4M | -4.77M | -5.93M | -7.09M | -5.35M | -4.05M | -3.11M | -2.98M | -1.99M | -1.35M | -857.12K | -857.12K |
| EBITDA Margin % | -9.46% | -5.16% | -37.59% | -3.85% | 1.09% | 1.09% | -25.59% | -44.96% | -39.67% | -60.46% | -109.29% | -144.53% | -137.09% | -179.21% | -538.87% | -1276.31% | -1125.46% | -3431.06% | -8864.9% | -3564.35% | -2958.25% | -887.85% | -315.78% | -315.78% |
| EBITDA Growth % | 6.28% | 89.63% | -859.3% | -477.96% | 0% | 112.01% | -31.99% | -95.98% | -7.73% | 13.87% | 1.29% | -57.58% | -13.18% | 19.62% | 16.37% | -32.51% | -32.23% | -29.98% | -4.54% | -50.05% | -46.81% | -57.76% | - | - |
| D&A (Non-Cash Add-back) | 19.17M | 27.71M | 27.49M | 22.77M | 20.25M | 20.25M | 9.87M | 2.42M | 857.94K | 664.83K | 374.2K | 239.23K | 197.94K | 311.59K | 393.96K | 343.03K | 245.48K | 150.09K | 81.98K | 41.3K | 111.22K | 88.75K | 92.6K | 92.6K |
| EBIT | -28.89M | -29.81M | -93.84M | -28.95M | -269.15M | -269.15M | -30.18M | -16.9M | -9.47M | -7.88M | -13.79M | -8.75M | -5.6M | -18.78M | -6.31M | -7.3M | -5.53M | 1.38M | -14.01M | -2.97M | -2.1M | -1.44M | -949.72K | -949.72K |
| Net Interest Income | 4.11M | -2.36M | -5.5M | -6.14M | -4.69M | -4.69M | -2.56M | -1.37M | -69.25K | -15.69K | -139.42K | -1.07M | -1.43M | -784.45K | -72.86K | -515.81K | -603.19K | -7.02M | -2.66M | -1.54M | 0 | -80.38K | -85.77K | -85.77K |
| Interest Income | 6.22M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.94K | 15.57K | 8.16K | 32.1K | 50.08K | 0 | 0 | 0 | 0 |
| Interest Expense | 2.11M | 2.36M | 5.5M | 6.14M | 4.69M | 4.69M | 2.56M | 1.37M | 69.25K | 15.69K | 139.42K | 1.07M | 1.43M | 784.45K | 72.86K | 527.75K | 618.76K | 7.03M | 2.69M | 1.59M | 228.37K | 80.38K | 85.77K | 85.77K |
| Other Income/Expense | 8.62M | 4.64M | 15.81M | -3.19M | -256.01M | -256.01M | -2.73M | -595K | -891.03K | -1.36K | -4.34M | -1.08M | -1.43M | -14.49M | -56.38K | -396.65K | -553.6K | -1.45M | -13.51M | -1.54M | -228.37K | -80.38K | -87.59K | -87.59K |
| Pretax Income | -31M | -32.17M | -99.35M | -35.09M | -273.84M | -273.84M | -32.74M | -18.27M | -9.54M | -7.89M | -13.11M | -9.82M | -7.03M | -19.56M | -6.38M | -7.83M | -6.15M | -5.65M | -16.7M | -4.56M | -2.32M | -1.52M | -1.04M | -1.04M |
| Pretax Margin % | -16.63% | -18.26% | -42.59% | -14.79% | -123.02% | -123.02% | -41.6% | -53.83% | -48.59% | -66.03% | -170.7% | -166.89% | -178.52% | -735.5% | -579.79% | -1409.43% | -1293.51% | -4789.89% | -47555.95% | -5459.83% | -3464.31% | -998.9% | -382.17% | -382.17% |
| Income Tax | 1.9M | 1.8M | 239K | 2.24M | 1.69M | 1.69M | -45K | 62K | 19.95K | 5.14K | 5.67K | 3.63K | 1.6K | 1.6K | 1.6K | 1.6K | 1.6K | 1.6K | 1.6K | 1.6K | 1.6K | 800 | 800 | 800 |
| Effective Tax Rate % | -6.14% | -5.59% | -0.24% | -6.38% | -0.62% | -0.62% | 0.14% | -0.34% | -0.21% | -0.07% | -0.04% | -0.04% | -0.02% | -0.01% | -0.03% | -0.02% | -0.03% | -0.03% | -0.01% | -0.04% | -0.07% | -0.05% | -0.08% | -0.08% |
| Net Income | -36.27M | 78.3M | -99.59M | -37.33M | -275.53M | -275.53M | -32.69M | -18.33M | -9.56M | -7.9M | -13.11M | -9.82M | -7.03M | -19.57M | -6.38M | -7.83M | -6.15M | -5.65M | -16.71M | -4.56M | -2.33M | -1.52M | -1.04M | -1.04M |
| Net Margin % | -19.45% | 44.44% | -42.69% | -15.73% | -123.77% | -123.77% | -41.54% | -54.01% | -48.69% | -66.08% | -170.77% | -166.95% | -178.56% | -735.56% | -579.94% | -1409.72% | -1293.84% | -4791.24% | -47560.5% | -5461.75% | -3466.7% | -999.42% | -382.46% | -382.46% |
| Net Income Growth % | -148.16% | 178.63% | -166.75% | 86.45% | 0% | -742.77% | -78.34% | -91.85% | -20.97% | 39.76% | -33.53% | -39.75% | 64.09% | -206.55% | 18.52% | -27.32% | -8.86% | 66.17% | -266.02% | -96.2% | -52.83% | -46.62% | - | - |
| Net Income (Continuing) | -32.9M | -33.97M | -99.59M | -37.33M | -275.53M | -275.53M | -32.69M | -18.33M | -9.56M | -7.9M | -13.11M | -9.82M | -7.03M | -19.57M | -6.38M | -7.83M | -6.15M | -5.65M | -16.71M | -4.56M | -2.33M | -1.52M | -1.04M | -1.04M |
| Discontinued Operations | -1.25M | 112.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.72 | 1.40 | -2.21 | -0.93 | -6.18 | -6.18 | -1.94 | -0.55 | -0.34 | -0.34 | -0.92 | -1.34 | -2.27 | -4.48 | -1.89 | -3.03 | -5.18 | -12.63 | -45.35 | -12.96 | -8.42 | -5.70 | -6.49 | -6.49 |
| EPS Growth % | -161.65% | 163.35% | -137.63% | 84.95% | 0% | -218.56% | -252.73% | -61.76% | 0% | 63.04% | 31.34% | 40.97% | 49.33% | -137.04% | 37.62% | 41.51% | 58.99% | 72.15% | -249.92% | -53.92% | -47.72% | 12.17% | - | - |
| EPS (Basic) | - | 1.40 | -2.21 | -0.93 | -6.18 | -6.18 | -1.94 | -0.55 | -0.34 | -0.34 | -0.92 | -1.34 | -2.27 | -4.48 | -1.89 | -3.03 | -5.18 | -12.63 | -45.35 | -12.96 | -8.42 | -5.70 | -6.49 | -6.49 |
| Diluted Shares Outstanding | 50.44M | 50.07M | 48.74M | 48.99M | 45.93M | 45.93M | 38.58M | 33.39M | 28.21M | 22.96M | 14.22M | 7.87M | 5.01M | 4.37M | 3.37M | 2.59M | 1.19M | 447.59K | 368.34K | 352.15K | 276.39K | 266.97K | 159.95K | 159.95K |
| Basic Shares Outstanding | 50.44M | 50.07M | 48.74M | 48.99M | 45.93M | 45.93M | 38.58M | 33.39M | 28.21M | 22.96M | 14.2M | 7.87M | 5.37M | 4.37M | 3.37M | 2.59M | 1.19M | 447.59K | 368.34K | 352.15K | 276.39K | 266.97K | 159.95K | 159.95K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CYRX stock.
For fiscal year 2025, Cryoport, Inc. (CYRX) reported total revenue of $176.2M. This represents a 64807.2% increase compared to $0.3M in 2003.
Cryoport, Inc. (CYRX) is profitable, generating $78.3M in net income for the fiscal year ending 2025 with a net profit margin of 44.4%.
Cryoport, Inc. (CYRX) reported an operating income of $-36.8M, resulting in an operating profit margin of -20.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Cryoport, Inc. (CYRX) generated $83.1M in gross profit for the year, representing a gross profit margin of 47.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent Operating Losses
Metrics are mathematically derived from official filings.
Top Line Growth Stalls After Acquisition Integration
Revenue growth has decelerated sharply from double-digit year-over-year gains in early 2025 to just 7.7% in 2026Q2, suggesting the post-acquisition momentum from the CRYO/logistical network build-out is fading. According to recent SEC filings, the company's quarterly revenue of $49.0M represents a significant pullback from the $59.5M peak in 2024Q4.
The trajectory shows a clear deceleration from the 10-16% growth seen in early 2025 to high-single digits by mid-2026, indicating the organic growth engine is losing steam. The sharp year-over-year declines in late 2025 (Q3: -21.9%, Q4: -23.7%) followed by a modest rebound suggest the business is struggling to find a stable growth baseline. This pattern implies that integration benefits may be largely captured, and future growth will depend on new customer wins or market expansion in a competitive logistics space.
Gross Margin Stabilization at the Expense of Profitability
Gross margins have stabilized in the 46-48% range over the past four quarters, a notable improvement from the low-40% levels in early 2024, but this progress is completely offset by persistent, heavy operating losses. As reported in the latest financial statements, the 46.6% gross margin in 2026Q2 fails to support net profitability due to a SG&A burden that consumes nearly 60% of revenue.
The stabilization of gross margins suggests the company has achieved some cost control or pricing discipline in its core cryogenic logistics and services business. However, this is a hollow victory, as the operating margin remains deeply negative at -20.5% in the most recent quarter. The structural issue appears to be the fixed-cost nature of the R&D and SG&A expenses, which total over $32 million per quarter, creating a high breakeven revenue threshold that the current top line cannot reach.
Negative Operating Leverage Amplifies Losses
Operating leverage is working against Cryoport, as operating losses have remained stubbornly high around -$10 million per quarter despite a 27% rebound in revenue from the 2024Q2 trough. Based on the company's reported figures, SG&A expenses have remained elevated near $27-28 million quarterly, failing to scale down with the revenue declines experienced in 2025.
The data reveals a concerning lack of cost elasticity. When revenue fell by over 20% in late 2025, operating losses did not improve proportionally, indicating a significant portion of the cost base is fixed or committed. The consistent quarterly operating loss of approximately -$10 million, regardless of revenue fluctuations between $44M and $49M, suggests the company's overhead structure is misaligned with its current revenue capacity. This implies a need for significant restructuring or a substantial increase in scale to achieve operating breakeven.
Fixed Cost Burden Dominates Financial Profile
The primary cost challenge is the combination of high SG&A expenses and sustained R&D investment, which together total roughly $33 million per quarter and create a formidable hurdle to profitability. As of the latest quarter, SG&A alone represents 57.1% of revenue, a ratio that has shown minimal improvement even as the company consolidates its operational footprint.
The cost structure is dominated by SG&A, which is more than double the cost of goods sold and suggests a heavy investment in sales, administrative, and likely integration-related overhead. The persistent $4-5 million quarterly R&D spend, while important for a technology-enabled logistics firm, adds to the fixed-cost base. Management's expense discipline is questionable, as these overhead costs have not meaningfully declined during periods of revenue contraction, indicating potential inefficiencies or long-term contractual obligations.
Net Income Distorted by One-Time Events
Reported net income is a poor indicator of ongoing operational performance due to massive, non-recurring items, such as the $105.2 million net income recorded in 2025Q2 and the $78.0 million loss in 2024Q2. According to recent filings, these swings dwarf the underlying operating results, which consistently show significant losses.
The quality of earnings is extremely low. Adjusting for these one-time items, which likely represent impairments, gain/loss on investments, or tax adjustments, reveals a business that has not generated a single quarter of positive operating income in the past two and a half years. The 2025Q2 net income of $2.05 per share is entirely an anomaly, masking an operating loss of -$9.6 million. Investors should focus on operating income and cash flow metrics, as the GAAP net income figure is unreliable for forecasting future performance.
Structural Profitability Challenge Looms
The most significant challenge to the investment narrative is that Cryoport has been unable to translate a stabilized gross margin into meaningful operating profit, with losses persisting at a run-rate of approximately $40 million annually despite revenues exceeding $190 million. Based on peer comparisons, its negative operating margin stands in stark contrast to profitable or less-losing peers like XPOF and FWRD.
A short seller would focus on the apparent unbreakable link between revenue and operating losses. The data suggests that even if revenue grows, the high fixed-cost base may cause losses to expand rather than contract without a drastic restructuring of SG&A and R&D. Furthermore, the gross margin, while improved, remains well below asset-light or specialized logistics peers (e.g., XPOF at 75.6%), limiting the ultimate profit potential. This raises the risk that the company is stuck in a cycle of investing for growth that never reaches the scale needed to cover its overhead, necessitating future capital raises that would dilute current shareholders.