Revenue growth remains in a contractionary phase, declining 7.1% year-over-year in 2026Q1, while operating margins remain deeply negative at -64.1% due to heavy fixed-cost burdens.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 32.29M | 33.03M | 38.63M | 41.29M | 44.26M | 33.89M | 26.17M | 21.62M | 16.67M | 13.98M | 12.27M | 9.29M | 7.16M | 6.8M | 5.06M |
| Revenue Growth % | -14.3% | -14.5% | -6.44% | -6.72% | 30.59% | 29.52% | 21.04% | 29.72% | 19.18% | 13.98% | 32.07% | 29.67% | 5.28% | 34.5% | - |
| Cost of Goods Sold | 6.23M | 6.22M | 7.1M | 4.74M | 5.1M | 3.65M | 2.77M | 2.5M | 1.84M | 1.45M | 1.31M | 1.03M | 957.5K | 808.6K | 830.4K |
| COGS % of Revenue | - | 18.84% | 18.38% | 11.49% | 11.52% | 10.76% | 10.57% | 11.56% | 11.04% | 10.39% | 10.66% | 11.11% | 13.36% | 11.88% | 16.41% |
| Gross Profit | 26.06M | 26.8M | 31.53M | 36.55M | 39.16M | 30.25M | 23.4M | 19.12M | 14.83M | 12.53M | 10.96M | 8.26M | 6.21M | 6M | 4.23M |
| Gross Margin % | 80.7% | 81.16% | 81.62% | 88.51% | 88.48% | 89.24% | 89.43% | 88.44% | 88.96% | 89.61% | 89.34% | 88.89% | 86.64% | 88.12% | 83.59% |
| Gross Profit Growth % | - | -14.98% | -13.73% | -6.68% | 29.48% | 29.25% | 22.39% | 28.96% | 18.31% | 14.32% | 32.73% | 33.05% | 3.51% | 41.79% | - |
| Operating Expenses | 64.71M | 72.09M | 82.72M | 84.84M | 66.52M | 48.44M | 34.46M | 31.54M | 23.25M | 21.82M | 13.69M | 9.02M | 7.48M | 6.8M | 6.19M |
| OpEx % of Revenue | - | 218.28% | 214.16% | 205.5% | 150.3% | 142.9% | 131.68% | 145.89% | 139.51% | 156.05% | 111.54% | 97.09% | 104.44% | 99.94% | 122.38% |
| Selling, General & Admin | 42.18M | 47.04M | 56.35M | 57.04M | 44.48M | 31.68M | 15.7M | 13.41M | 12.01M | 10.54M | 8.99M | 6.01M | 4.99M | 4.59M | 3.98M |
| SG&A % of Revenue | - | 142.43% | 145.89% | 138.16% | 100.5% | 93.46% | 59.99% | 62.01% | 72.05% | 75.36% | 73.26% | 64.71% | 69.68% | 67.39% | 78.76% |
| Research & Development | 18.78M | 20.82M | 22.23M | 23.82M | 19.51M | 15.41M | 17.73M | 17.59M | 11.24M | 11.28M | 4.7M | 3.01M | 2.49M | 2.22M | 2.21M |
| R&D % of Revenue | - | 63.05% | 57.54% | 57.68% | 44.09% | 45.46% | 67.77% | 81.37% | 67.46% | 80.69% | 38.28% | 32.38% | 34.76% | 32.56% | 43.62% |
| Other Operating Expenses | 3M | 4.23M | 4.14M | 3.98M | 2.53M | 1.35M | 1.03M | 541.3K | 0 | 0 | 15.7K | 20K | 0 | 0 | 0 |
| Operating Income | -38.66M | -45.28M | -51.2M | -48.3M | -27.36M | -18.19M | -11.06M | -12.42M | -8.42M | -9.29M | -2.72M | -761.1K | -1.28M | -804.7K | -1.96M |
| Operating Margin % | -119.73% | -137.12% | -132.54% | -116.98% | -61.82% | -53.66% | -42.25% | -57.44% | -50.55% | -66.44% | -22.2% | -8.19% | -17.81% | -11.83% | -38.79% |
| Operating Income Growth % | - | 11.55% | -6% | -76.53% | -50.43% | -64.5% | 10.98% | -47.42% | 9.33% | -241.18% | -257.82% | 40.34% | -58.53% | 59% | - |
| EBITDA | -34.18M | -40.14M | -46.41M | -44.13M | -24.66M | -16.76M | -10.01M | -11.81M | -8.08M | -9.15M | -2.62M | -667.8K | -1.18M | -688.3K | -1.85M |
| EBITDA Margin % | -105.85% | -121.55% | -120.14% | -106.88% | -55.72% | -49.46% | -38.25% | -54.61% | -48.48% | -65.42% | -21.34% | -7.19% | -16.52% | -10.11% | -36.51% |
| EBITDA Growth % | 25.93% | 13.5% | -5.16% | -78.92% | -47.11% | -67.5% | 15.22% | -46.1% | 11.67% | -249.5% | -291.99% | 43.58% | -71.97% | 62.74% | - |
| D&A (Non-Cash Add-back) | 4.48M | 5.14M | 4.79M | 4.17M | 2.7M | 1.42M | 1.05M | 613.5K | 344K | 142.9K | 105.7K | 93.3K | 92K | 116.4K | 115.2K |
| EBIT | -40.5M | -45.28M | -51.2M | -48.3M | -27.36M | -18.04M | -10.99M | -12.21M | -8.25M | -9.29M | -2.71M | -741.1K | -1.28M | -804.7K | -1.93M |
| Net Interest Income | 6.67M | 7.27M | 10.14M | 10.38M | 3.79M | -893.6K | -759.7K | -475K | -444.3K | -625.3K | -637.8K | -704.4K | -561.3K | -153.5K | -25.9K |
| Interest Income | 6.67M | 7.27M | 10.14M | 10.38M | 3.92M | 150.8K | 65.9K | 206.1K | 170.3K | 0 | 0 | 0 | 0 | 0 | 35.8K |
| Interest Expense | 0 | 0 | 0 | 0 | 126.9K | 1.04M | 825.6K | 681.1K | 614.6K | 625.3K | 637.8K | 704.4K | 561.3K | 153.5K | 61.7K |
| Other Income/Expense | -463K | 655K | 10.14M | 10.38M | 3.79M | -893.6K | -759.7K | -475K | -444.3K | -625.3K | -622.1K | -684.4K | -561.3K | -153.5K | -25.9K |
| Pretax Income | -39.12M | -44.63M | -41.05M | -37.92M | -23.57M | -19.08M | -11.82M | -12.89M | -8.87M | -9.92M | -3.35M | -1.45M | -1.84M | -958.2K | -1.99M |
| Pretax Margin % | -121.16% | -135.14% | -106.29% | -91.85% | -53.25% | -56.3% | -45.15% | -59.64% | -53.21% | -70.91% | -27.27% | -15.56% | -25.64% | -14.08% | -39.3% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -39.12M | -44.63M | -41.05M | -37.92M | -23.57M | -19.08M | -11.82M | -12.89M | -8.87M | -9.92M | -3.35M | -1.45M | -1.84M | -958.2K | -1.99M |
| Net Margin % | -121.16% | -135.14% | -106.29% | -91.85% | -53.25% | -56.3% | -45.15% | -59.64% | -53.21% | -70.91% | -27.27% | -15.56% | -25.64% | -14.08% | -39.3% |
| Net Income Growth % | 6.39% | -8.71% | -8.26% | -60.89% | -23.52% | -61.49% | 8.36% | -45.39% | 10.57% | -196.43% | -131.44% | 21.31% | -91.71% | 51.81% | - |
| Net Income (Continuing) | -39.12M | -44.63M | -41.05M | -37.92M | -23.57M | -19.08M | -11.82M | -12.89M | -8.87M | -9.92M | -3.35M | -1.45M | -1.84M | -958.2K | -1.99M |
| Discontinued Operations | 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 |
| EPS (Diluted) | -0.37 | -0.42 | -0.39 | -0.37 | -0.19 | -0.22 | -0.18 | -0.24 | -0.17 | -0.20 | -0.10 | -0.03 | -1.59 | -0.02 | -0.05 |
| EPS Growth % | 6.33% | -7.69% | -5.41% | -94.74% | 13.64% | -22.22% | 25% | -41.18% | 15% | -100.4% | -199.7% | 97.91% | -7127.27% | 51.86% | - |
| EPS (Basic) | - | -0.42 | -0.39 | -0.37 | -0.19 | -0.22 | -0.18 | -0.24 | -0.17 | -0.20 | -0.10 | -0.03 | -1.59 | -0.02 | -0.05 |
| Diluted Shares Outstanding | 106.88M | 106.43M | 104.85M | 103.27M | 101.7M | 90.62M | 69.46M | 56.4M | 51.18M | 48.64M | 33.52M | 43.47M | 1.15M | 43.47M | 43.47M |
| Basic Shares Outstanding | 106.88M | 106.43M | 104.85M | 103.27M | 101.7M | 90.62M | 69.46M | 56.4M | 51.18M | 48.64M | 33.52M | 43.47M | 1.15M | 43.47M | 43.47M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High cash burn rate
As reported in recent financial filings, MaxCyte has experienced a sustained period of top-line decline, with revenue growth rates consistently negative over the last several quarters, culminating in a -7.1% year-over-year contraction as of 2026Q1, reflecting significant volatility in its milestone-dependent licensing model.
The consistent revenue decline suggests that the company is struggling to offset the absence of large, non-recurring milestone payments with its core consumable sales. Investors should monitor whether this trend indicates a broader slowdown in clinical program progression among its biopharma partners or merely the inherent lumpiness of the Strategic Platform License model.
Despite the broader revenue contraction, MaxCyte has maintained robust gross margins, which reached 73.2% in 2026Q1, demonstrating the inherent pricing power of its proprietary disposable processing assemblies that remain critical to the manufacturing workflows of its clinical-stage biopharma partners.
The ability to sustain high gross margins despite top-line pressure suggests that the company's core consumables retain significant value within the cell therapy manufacturing ecosystem. However, the fluctuation in these margins across recent periods warrants further investigation into potential shifts in product mix or manufacturing efficiencies.
Based on the company's reported figures, MaxCyte continues to operate with a significant disconnect between gross profit and operating expenses, resulting in a deeply negative operating margin of -64.1% in 2026Q1, which highlights the heavy fixed-cost burden required to support its R&D and technical sales infrastructure.
The lack of meaningful operating leverage suggests that the company has yet to reach the necessary scale to absorb its high overhead costs. Without a substantial increase in recurring revenue, the current cost structure appears to place significant pressure on the company's long-term financial viability.
According to recent income statements, MaxCyte's operating expenses, particularly SG&A and R&D, consistently exceed gross profit, with SG&A alone reaching $9.4 million in 2026Q1, indicating a management strategy that prioritizes long-term pipeline positioning over immediate expense discipline or near-term path-to-profitability.
The company's cost structure appears heavily weighted toward maintaining a specialized technical sales force and ongoing R&D, which are essential for securing and supporting Strategic Platform Licenses. Investors should monitor whether management can successfully pivot toward a more efficient operating model if the current funding environment for biotech customers remains challenging.
The company's persistent operating losses, combined with a cash balance of approximately $20 million, suggest a precarious liquidity position, as the current burn rate may necessitate future dilutive capital raises to fund ongoing operations in the absence of a significant, near-term revenue inflection.
While the company maintains a strong regulatory moat, the financial data suggests that the market may be underestimating the risk of a liquidity crunch if the current revenue contraction persists. The lack of debt provides some flexibility, but the reliance on equity markets to fund deep operating losses remains a primary concern for long-term shareholders.
Quick answers to the most common questions about buying MXCT stock.
For fiscal year 2025, MaxCyte, Inc. (MXCT) reported total revenue of $33.0M. This represents a 552.8% increase compared to $5.1M in 2012.
MaxCyte, Inc. (MXCT) reported a net loss of $44.6M for the fiscal year ending 2025.
MaxCyte, Inc. (MXCT) reported an operating income of $-45.3M, resulting in an operating profit margin of -137.1%. This margin reflects the operational efficiency of the business before interest and taxes.
MaxCyte, Inc. (MXCT) generated $26.8M in gross profit for the year, representing a gross profit margin of 81.2%. This demonstrates the company's core pricing power and production efficiency.