Gross margins have collapsed to a nominal 1.8% in 2026Q1 from a 35.6% peak in 2024Q2, signaling that the company's high-fixed-cost laboratory infrastructure is failing to achieve necessary scale.
| Sales/Revenue | 64.52M | 0 | 84.61M | 73.48M | 65.05M | 85.49M | 78.65M | 65.21M | 37.77M | 9.39M |
| Revenue Growth % | -24.71% | -100% | 15.15% | 12.97% | -23.92% | 8.7% | 20.61% | 72.62% | 302.15% | - |
| Cost of Goods Sold | 55.66M | 53.87M | 57.79M | 55.27M | 51.7M | 53.84M | 58.53M | 43.13M | 25.97M | 11.74M |
| COGS % of Revenue | - | - | 68.3% | 75.22% | 79.48% | 62.97% | 74.43% | 66.14% | 68.75% | 124.94% |
| Gross Profit | 8.85M | -53.87M | 26.82M | 18.21M | 13.35M | 31.66M | 20.11M | 22.08M | 11.8M | -2.34M |
| Gross Margin % | 13.72% | - | 31.7% | 24.78% | 20.52% | 37.03% | 25.57% | 33.86% | 31.25% | -24.94% |
| Gross Profit Growth % | - | -300.82% | 47.33% | 36.39% | -57.83% | 57.39% | -8.9% | 87.04% | 603.84% | - |
| Operating Expenses | 111.37M | 34.19M | 95.09M | 128.14M | 128.88M | 97.01M | 62.26M | 44.5M | 25.57M | 19.82M |
| OpEx % of Revenue | - | - | 112.38% | 174.39% | 198.14% | 113.47% | 79.16% | 68.24% | 67.71% | 211.01% |
| Selling, General & Admin | 59.21M | 53.57M | 46.19M | 49.73M | 63.97M | 47.7M | 33.69M | 22.08M | 11.27M | 9.9M |
| SG&A % of Revenue | - | - | 54.59% | 67.67% | 98.34% | 55.79% | 42.84% | 33.86% | 29.84% | 105.41% |
| Research & Development | 52.16M | 50.26M | 48.91M | 64.78M | 64.91M | 49.31M | 28.57M | 22.42M | 14.3M | 9.92M |
| R&D % of Revenue | - | - | 57.8% | 88.15% | 99.79% | 57.68% | 36.32% | 34.38% | 37.87% | 105.6% |
| Other Operating Expenses | 1K | -69.65M | 0 | 13.64M | 0 | 0 | 0 | 0 | -33K | 0 |
| Operating Income | -102.52M | -88.06M | -68.27M | -109.94M | -115.53M | -65.35M | -42.15M | -22.42M | -13.77M | -22.16M |
| Operating Margin % | -158.91% | - | -80.68% | -149.61% | -177.61% | -76.44% | -53.59% | -34.38% | -36.45% | -235.95% |
| Operating Income Growth % | - | -28.99% | 37.9% | 4.84% | -76.78% | -55.06% | -88% | -62.8% | 37.87% | - |
| EBITDA | -92.69M | -78.01M | -57.33M | -98.64M | -107.1M | -59.34M | -36.39M | -17.67M | -10.7M | -20.95M |
| EBITDA Margin % | -143.68% | - | -67.75% | -134.24% | -164.65% | -69.41% | -46.27% | -27.1% | -28.34% | -223.01% |
| EBITDA Growth % | -64.37% | -36.08% | 41.88% | 7.9% | -80.49% | -63.07% | -105.93% | -65.08% | 48.9% | - |
| D&A (Non-Cash Add-back) | 9.83M | 10.05M | 10.94M | 11.3M | 8.43M | 6.01M | 5.76M | 4.75M | 3.07M | 1.22M |
| EBIT | -97.55M | -81.04M | -81.24M | -108.1M | -113.07M | -65.03M | -41.22M | -23.94M | -17.98M | -22.29M |
| Net Interest Income | 7.08M | 6.95M | 5.49M | 5.79M | 2.19M | 183K | 947K | 487K | -1.6M | -1.2M |
| Interest Income | 7.24M | 7.16M | 5.51M | 5.9M | 2.4M | 367K | 949K | 1.62M | 293K | 100K |
| Interest Expense | 160K | 205K | 24K | 110K | 201K | 184K | 2K | 1.13M | 1.89M | 1.3M |
| Other Income/Expense | 7M | 6.81M | -13M | 1.72M | 2.26M | 141K | 923K | -2.66M | -6.11M | -1.43M |
| Pretax Income | -95.52M | -81.25M | -81.27M | -108.21M | -113.28M | -65.21M | -41.22M | -25.07M | -19.88M | -23.59M |
| Pretax Margin % | -148.06% | - | -96.04% | -147.27% | -174.14% | -76.28% | -52.41% | -38.45% | -52.63% | -251.18% |
| Income Tax | 30K | 21K | 18K | 83K | 40K | 14K | 57K | 9K | 7K | 5K |
| Effective Tax Rate % | -0.03% | -0.03% | -0.02% | -0.08% | -0.04% | -0.02% | -0.14% | -0.04% | -0.04% | -0.02% |
| Net Income | -95.55M | -81.27M | -81.28M | -108.3M | -113.31M | -65.23M | -41.28M | -25.08M | -19.89M | -23.6M |
| Net Margin % | -148.11% | - | -96.06% | -147.38% | -174.2% | -76.29% | -52.49% | -38.47% | -52.64% | -251.23% |
| Net Income Growth % | -13.66% | 0.02% | 24.94% | 4.43% | -73.73% | -58.01% | -64.57% | -26.14% | 15.73% | - |
| Net Income (Continuing) | -95.55M | -81.27M | -81.28M | -108.3M | -113.31M | -65.23M | -41.28M | -25.08M | -19.89M | -23.6M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.92 | -0.91 | -1.37 | -2.25 | -2.48 | -1.49 | -1.20 | -1.39 | -0.91 | -1.08 |
| EPS Growth % | 20.93% | 33.58% | 39.11% | 9.27% | -66.44% | -24.17% | 13.67% | -52.75% | 15.74% | - |
| EPS (Basic) | - | -0.91 | -1.37 | -2.25 | -2.48 | -1.49 | -1.20 | -1.39 | -0.91 | -1.08 |
| Diluted Shares Outstanding | 104.19M | 89.24M | 59.25M | 48.18M | 45.7M | 43.89M | 34.37M | 18.01M | 21.75M | 21.75M |
| Basic Shares Outstanding | 104.19M | 89.24M | 59.25M | 48.18M | 45.7M | 43.89M | 34.37M | 18.01M | 21.75M | 21.75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Revenue volatility and liquidity
As reported in recent financial filings, Personalis experienced a significant revenue contraction, with quarterly figures falling to $15.5 million in 2026Q1, representing a 24.9% year-over-year decline that highlights the inherent instability of the company's current project-based revenue model and reliance on lumpy government contract cycles.
The sharp fluctuations in quarterly revenue suggest that the company has yet to achieve a predictable, recurring revenue base. Investors should monitor whether the recent strategic partnership with Tempus can stabilize these top-line swings by diversifying the customer base beyond the legacy VA contract.
Based on the provided income statement data, gross margins plummeted to a nominal 1.8% in 2026Q1, a stark departure from the 35.6% peak observed in 2024Q2, indicating that the company's high-fixed-cost laboratory infrastructure is currently failing to achieve the necessary scale to support profitable operations.
This collapse in margins suggests that the cost of sequencing reagents and laboratory overhead is disproportionately high relative to current sample volumes. Without a meaningful shift toward higher-margin clinical diagnostic tests, the company may continue to face structural difficulties in achieving gross profitability.
According to the latest quarterly results, operating expenses continue to outpace gross profit, resulting in an operating loss of $32.2 million in 2026Q1, which underscores the company's inability to scale its operating infrastructure efficiently while simultaneously navigating a period of significant top-line revenue contraction.
The persistent gap between SG&A and gross profit suggests that the company is currently unable to leverage its existing cost base to drive bottom-line improvement. This trend warrants further investigation into whether management can successfully implement cost-discipline measures without compromising the technical integrity of the NeXT platform.
Analysis of the income statement reveals that R&D expenditures remain consistently elevated, with $14.5 million allocated in 2026Q1, a figure that nearly equals the total revenue for the same period and highlights the company's aggressive, yet capital-intensive, commitment to maintaining its technical lead in MRD diagnostics.
While this spending is essential for maintaining the competitive moat of the NeXT Personal assay, it places immense pressure on the company's cash runway. Investors should consider whether this level of R&D investment is sustainable in the absence of a clear, near-term path to commercial reimbursement and revenue growth.
Quick answers to the most common questions about buying PSNL stock.
For fiscal year 2025, Personalis, Inc. (PSNL) reported total revenue of $0.0M. This represents a 100.0% decline compared to $9.4M in 2017.
Personalis, Inc. (PSNL) reported a net loss of $81.3M for the fiscal year ending 2025.