Revenue grew 30% sequentially to $22.4M in Q2 2026, but gross margin remains volatile at 21.2%, and operating losses widened to -$33.6M, reflecting a -150.2% operating margin.
Personalis, Inc. (PSNL) annual income statement — 9-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 |
|---|
| Sales/Revenue | 69.67M | 69.65M | 84.61M | 73.48M | 65.05M | 85.49M | 78.65M | 65.21M | 37.77M | 9.39M |
| Revenue Growth % | -13.26% | -17.69% | 15.15% | 12.97% | -23.92% | 8.7% | 20.61% | 72.62% | 302.15% | - |
| Cost of Goods Sold | 60.83M | 53.87M | 57.79M | 55.27M | 51.7M | 53.84M | 58.53M | 43.13M | 25.97M | 11.74M |
| COGS % of Revenue | - | 77.35% | 68.3% | 75.22% | 79.48% | 62.97% | 74.43% | 66.14% | 68.75% | 124.94% |
| Gross Profit | 8.84M | 15.78M | 26.82M | 18.21M | 13.35M | 31.66M | 20.11M | 22.08M | 11.8M | -2.34M |
| Gross Margin % | 12.69% | 22.65% | 31.7% | 24.78% | 20.52% | 37.03% | 25.57% | 33.86% | 31.25% | -24.94% |
| Gross Profit Growth % | - | -41.19% | 47.33% | 36.39% | -57.83% | 57.39% | -8.9% | 87.04% | 603.84% | - |
| Operating Expenses | 123.15M | 103.83M | 95.09M | 114.5M | 128.88M | 97.01M | 62.26M | 44.5M | 25.57M | 19.82M |
| OpEx % of Revenue | - | 149.08% | 112.38% | 155.83% | 198.14% | 113.47% | 79.16% | 68.24% | 67.71% | 211.01% |
| Selling, General & Admin | 67.03M | 53.57M | 46.19M | 49.73M | 63.97M | 47.7M | 33.69M | 22.08M | 11.27M | 9.9M |
| SG&A % of Revenue | - | 76.92% | 54.59% | 67.67% | 98.34% | 55.79% | 42.84% | 33.86% | 29.84% | 105.41% |
| Research & Development | 56.12M | 50.26M | 48.91M | 64.78M | 64.91M | 49.31M | 28.57M | 22.42M | 14.3M | 9.92M |
| R&D % of Revenue | - | 72.17% | 57.8% | 88.15% | 99.79% | 57.68% | 36.32% | 34.38% | 37.87% | 105.6% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -33K | 0 |
| Operating Income | -114.31M | -88.06M | -68.27M | -96.29M | -115.53M | -65.35M | -42.15M | -22.42M | -13.77M | -22.16M |
| Operating Margin % | -164.07% | -126.43% | -80.68% | -131.05% | -177.61% | -76.44% | -53.59% | -34.38% | -36.45% | -235.95% |
| Operating Income Growth % | - | -28.99% | 29.11% | 16.65% | -76.78% | -55.06% | -88% | -62.8% | 37.87% | - |
| EBITDA | -104.6M | -78.01M | -57.33M | -85M | -107.1M | -59.34M | -36.39M | -17.67M | -10.7M | -20.95M |
| EBITDA Margin % | -150.13% | -112.01% | -67.75% | -115.67% | -164.65% | -69.41% | -46.27% | -27.1% | -28.34% | -223.01% |
| EBITDA Growth % | -69.87% | -36.08% | 32.56% | 20.64% | -80.49% | -63.07% | -105.93% | -65.08% | 48.9% | - |
| D&A (Non-Cash Add-back) | 9.71M | 10.05M | 10.94M | 11.3M | 8.43M | 6.01M | 5.76M | 4.75M | 3.07M | 1.22M |
| EBIT | -106.93M | -81.04M | -81.24M | -108.1M | -113.07M | -65.03M | -41.22M | -23.94M | -17.98M | -22.29M |
| Net Interest Income | 7.17M | 6.95M | 5.49M | 5.79M | 2.19M | 183K | 947K | 487K | -1.6M | -1.2M |
| Interest Income | 7.39M | 7.16M | 5.51M | 5.9M | 2.4M | 367K | 949K | 1.62M | 293K | 100K |
| Interest Expense | 213K | 205K | 24K | 110K | 201K | 184K | 2K | 1.13M | 1.89M | 1.3M |
| Other Income/Expense | 7.16M | 6.81M | -13M | -11.92M | 2.26M | 141K | 923K | -2.66M | -6.11M | -1.43M |
| Pretax Income | -107.15M | -81.25M | -81.27M | -108.21M | -113.28M | -65.21M | -41.22M | -25.07M | -19.88M | -23.59M |
| Pretax Margin % | -153.79% | -116.66% | -96.04% | -147.27% | -174.14% | -76.28% | -52.41% | -38.45% | -52.63% | -251.18% |
| Income Tax | 33K | 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 | -107.18M | -81.27M | -81.28M | -108.3M | -113.31M | -65.23M | -41.28M | -25.08M | -19.89M | -23.6M |
| Net Margin % | -153.84% | -116.69% | -96.06% | -147.38% | -174.2% | -76.29% | -52.49% | -38.47% | -52.64% | -251.23% |
| Net Income Growth % | -17.37% | 0.02% | 24.94% | 4.43% | -73.73% | -58.01% | -64.57% | -26.14% | 15.73% | - |
| Net Income (Continuing) | -107.18M | -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) | -1.02 | -0.91 | -1.37 | -2.25 | -2.48 | -1.49 | -1.20 | -1.39 | -0.91 | -1.08 |
| EPS Growth % | 14.84% | 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 | 105.42M | 89.24M | 59.25M | 48.18M | 45.7M | 43.89M | 34.37M | 18.01M | 21.75M | 21.75M |
| Basic Shares Outstanding | 105.42M | 89.24M | 59.25M | 48.18M | 45.7M | 43.89M | 34.37M | 18.01M | 21.75M | 21.75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying PSNL stock.
For fiscal year 2025, Personalis, Inc. (PSNL) reported total revenue of $69.6M. This represents a 641.5% increase compared to $9.4M in 2017.
Personalis, Inc. (PSNL) reported a net loss of $81.3M for the fiscal year ending 2025.
Personalis, Inc. (PSNL) reported an operating income of $-88.1M, resulting in an operating profit margin of -126.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Personalis, Inc. (PSNL) generated $15.8M in gross profit for the year, representing a gross profit margin of 22.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cash burn and dilution risk
Metrics are mathematically derived from official filings.
Clinical Volume Surge vs. Revenue Contraction
Despite a 199% YoY surge in clinical volume reported by management, TTM revenue declined 17.7%, with Q2 2026 revenue up 30% sequentially but still below year-ago levels, per SEC filings.
The stark divergence between reported clinical volume growth and actual revenue suggests a lag between sample processing and revenue recognition, or a mix shift toward lower-priced services. The 30% sequential revenue increase in Q2 2026 is encouraging, but the -17.7% TTM growth indicates the company has not yet returned to sustainable expansion. Investors should monitor whether this volume acceleration translates into consistent revenue growth over the next few quarters.
Gross Margin Volatility Reflects Mix and Scale
Gross margin swung from 35.6% in Q2 2024 to 1.8% in Q1 2026, then recovered to 21.2% in Q2 2026, per income statement data, indicating structural instability.
The extreme volatility in gross margin—ranging from 1.8% to 35.6% over the past ten quarters—suggests a heavy reliance on low-margin population genomics contracts and inefficiencies in laboratory utilization. The Q1 2026 near-zero margin may reflect a one-time mix shift or underabsorption of fixed costs. While Q2 2026 improved to 21.2%, this remains far below peers like Natera (64.8%) and Guardant (64.5%), highlighting a competitive disadvantage in cost structure. Achieving durable margin expansion will require a sustained shift toward higher-value clinical diagnostics and better capacity utilization.
Operating Leverage Absent as Costs Outpace Revenue
Operating losses widened to -$33.6M in Q2 2026 from -$16.9M in Q2 2024, with operating margin deteriorating to -150.2%, per reported figures, indicating no operating leverage.
Despite revenue growth in Q2 2026, operating expenses (R&D plus SG&A) grew faster, with SG&A jumping to $22.0M from $12.0M in Q2 2024, a 83% increase. This suggests the company is investing heavily in commercial infrastructure and R&D to support clinical expansion, but without corresponding revenue scaling. The negative operating leverage is a red flag for investors, as it implies that even with volume growth, the company may struggle to reach profitability without significant cost discipline or a major revenue inflection.
Losses Deepen Despite SBC Adjustments
Net loss widened to -$31.7M in Q2 2026 from -$12.8M in Q2 2024, with SBC of $4.0M, per income statement data, indicating deteriorating earnings quality.
The net loss has more than doubled over two years, and while stock-based compensation (SBC) is a non-cash expense, it still dilutes shareholders. The Q3 2024 net loss of -$39.1M included a likely one-time impairment or charge, but the trend is clearly negative. The absence of formal guidance and the reliance on SBC to attract talent may mask the true cash burn. Investors should focus on cash flow from operations, which is not provided here, but the persistent operating losses suggest a high cash consumption rate.
R&D and SG&A Escalation Outpaces Revenue
Combined R&D and SG&A expenses rose to $38.3M in Q2 2026 from $25.0M in Q2 2024, a 53% increase, while revenue grew only 30% sequentially, per reported figures.
The cost structure is heavily weighted toward R&D (16.3M) and SG&A (22.0M) in Q2 2026, with SG&A now the largest expense line, reflecting increased commercial investment. This is typical for a company transitioning from research to commercial, but the pace of spending is concerning given the still-modest revenue base. Management appears to be prioritizing growth over profitability, which may be justified if clinical volume continues to accelerate, but it also heightens the risk of running out of cash before reaching scale.
Q2 2026: A Potential Turning Point
Q2 2026 marked a 33% sequential revenue increase and a 199% YoY clinical volume surge, per management commentary, suggesting a possible inflection in commercial traction.
The sequential revenue jump from $15.5M to $22.4M, coupled with the reported clinical volume acceleration, may indicate that the company is finally gaining traction with NeXT Personal. However, the gross margin of 21.2% remains low, and operating losses are still severe. This quarter could be the beginning of a growth phase, but it is too early to confirm a durable inflection. Investors should watch for sustained revenue growth and margin improvement in the coming quarters to validate this potential turning point.
The Bear Case: Cash Burn and Competitive Pressure
With operating margin at -150.2% and no guidance, the company's cash runway is a primary concern, while Natera's 64.8% gross margin underscores a structural disadvantage, per peer data.
Short-sellers would highlight the persistent negative revenue growth on a TTM basis, the thin gross margins, and the escalating operating losses as evidence that the company may not achieve profitability without dilutive financing. The competitive landscape is daunting: Natera and Guardant have significantly higher gross margins and established reimbursement, which could limit Personalis's pricing power. The lack of formal guidance adds uncertainty, and if clinical volume growth does not translate into revenue and margin improvement, the stock could face further downside. The company's high fixed-cost structure and reliance on Illumina reagents also expose it to supply chain risks.