Gross margins have deteriorated significantly from a 64.4% peak in 2024Q2 to 42.7% in 2026Q1, reflecting ongoing challenges in maintaining pricing power and manufacturing efficiency.
| Sales/Revenue | 144.87M | 138.65M | 135.44M | 121.14M | 105.52M | 110.56M | 86.38M | 56.73M | 37.63M | 22.87M | 17.59M | 12.18M |
| Revenue Growth % | 8.18% | 2.38% | 11.8% | 14.8% | -4.55% | 27.99% | 52.25% | 50.76% | 64.52% | 30.08% | 44.38% | - |
| Cost of Goods Sold | 80.87M | 73.94M | 54.32M | 48.14M | 60.16M | 45.78M | 38.2M | 29.9M | 19.65M | 12.89M | 9.84M | 6.46M |
| COGS % of Revenue | - | 53.33% | 40.11% | 39.74% | 57.01% | 41.41% | 44.22% | 52.7% | 52.21% | 56.34% | 55.94% | 53.08% |
| Gross Profit | 63.93M | 64.72M | 81.12M | 73M | 45.36M | 64.77M | 48.18M | 26.84M | 17.98M | 9.99M | 7.75M | 5.71M |
| Gross Margin % | 44.13% | 46.67% | 59.89% | 60.26% | 42.99% | 58.59% | 55.78% | 47.3% | 47.79% | 43.66% | 44.06% | 46.92% |
| Gross Profit Growth % | - | -20.22% | 11.13% | 60.91% | -29.97% | 34.43% | 79.54% | 49.22% | 80.07% | 28.9% | 35.57% | - |
| Operating Expenses | 183.75M | 174.53M | 133.74M | 118.99M | 149.63M | 121.29M | 79.77M | 68.44M | 49.07M | 35.99M | 29.46M | 20.24M |
| OpEx % of Revenue | - | 125.88% | 98.74% | 98.22% | 141.8% | 109.71% | 92.35% | 120.63% | 130.39% | 157.35% | 167.52% | 166.16% |
| Selling, General & Admin | 135.9M | 138.85M | 104.64M | 92.82M | 91.85M | 92.91M | 59.59M | 52.25M | 33.78M | 19.69M | 12.47M | 10.15M |
| SG&A % of Revenue | - | 100.14% | 77.26% | 76.63% | 87.04% | 84.04% | 68.99% | 92.09% | 89.75% | 86.07% | 70.89% | 83.37% |
| Research & Development | 33.21M | 35.92M | 31.08M | 26.06M | 26.81M | 28.38M | 20.17M | 16.19M | 15.29M | 16.3M | 16.99M | 10.08M |
| R&D % of Revenue | - | 25.91% | 22.95% | 21.52% | 25.41% | 25.67% | 23.36% | 28.54% | 40.64% | 71.28% | 96.63% | 82.78% |
| Other Operating Expenses | 1.9M | -243K | -1.99M | 99K | 30.97M | 0 | 0 | 0 | -7K | -62K | -164K | 0 |
| Operating Income | -139.66M | -109.81M | -52.62M | -45.99M | -104.26M | -56.52M | -31.58M | -41.6M | -31.55M | -26M | -21.71M | -14.52M |
| Operating Margin % | -96.4% | -79.2% | -38.85% | -37.97% | -98.81% | -51.12% | -36.57% | -73.32% | -83.84% | -113.69% | -123.46% | -119.24% |
| Operating Income Growth % | - | -108.71% | -14.41% | 55.89% | -84.47% | -78.95% | 24.08% | -31.85% | -21.32% | -19.78% | -49.49% | - |
| EBITDA | -124.98M | -90.89M | -44.26M | -37.7M | -98.86M | -51.64M | -27.27M | -38.59M | -30.2M | -25.52M | -21.27M | -14.1M |
| EBITDA Margin % | -86.27% | -65.55% | -32.68% | -31.12% | -93.68% | -46.71% | -31.57% | -68.02% | -80.25% | -111.58% | -120.94% | -115.75% |
| EBITDA Growth % | -128.04% | -105.35% | -17.4% | 61.86% | -91.43% | -89.36% | 29.33% | -27.79% | -18.32% | -20.01% | -50.85% | - |
| D&A (Non-Cash Add-back) | 14.68M | 18.93M | 8.36M | 8.29M | 5.41M | 4.88M | 4.31M | 3.01M | 1.35M | 482K | 444K | 425K |
| EBIT | -89.3M | -109.81M | -52.62M | -44.66M | -73.3M | -56.52M | -31.58M | -41.6M | -31.55M | -26.07M | -21.88M | -14.9M |
| Net Interest Income | 5.3M | 8.57M | 14.65M | 15.84M | 5.13M | -403K | -273K | 627K | 46K | -951K | -1.3M | -1.04M |
| Interest Income | 6.19M | 8.57M | 14.65M | 15.84M | 5.13M | 0 | 0 | 627K | 46K | 1K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 403K | 273K | 0 | 0 | 952K | 1.3M | 1.04M |
| Other Income/Expense | 9.44M | -2.46M | 14.52M | 18.36M | 4.85M | 937K | -322K | 617K | 39K | -1.01M | -1.46M | -1.42M |
| Pretax Income | -106.4M | -112.27M | -38.1M | -27.64M | -99.41M | -55.58M | -31.91M | -40.98M | -31.05M | -27.02M | -23.17M | -15.94M |
| Pretax Margin % | -73.45% | -80.97% | -28.13% | -22.81% | -94.21% | -50.28% | -36.94% | -72.24% | -82.5% | -118.12% | -131.78% | -130.89% |
| Income Tax | -2.21M | -5.12M | 434K | 719K | 164K | -36K | -376K | -187K | 25K | 0 | 0 | 0 |
| Effective Tax Rate % | 2.08% | 4.56% | -1.14% | -2.6% | -0.16% | 0.06% | 1.18% | 0.46% | -0.08% | 0% | 0% | 0% |
| Net Income | -104.19M | -107.15M | -38.53M | -28.35M | -99.57M | -55.55M | -31.53M | -40.8M | -31.05M | -27.02M | -23.17M | -15.94M |
| Net Margin % | -71.92% | -77.28% | -28.45% | -23.41% | -94.36% | -50.24% | -36.5% | -71.91% | -82.5% | -118.12% | -131.78% | -130.89% |
| Net Income Growth % | -117.64% | -178.09% | -35.89% | 71.52% | -79.26% | -76.18% | 22.71% | -31.41% | -14.9% | -16.6% | -45.35% | - |
| Net Income (Continuing) | -104.19M | -107.15M | -38.53M | -28.35M | -99.57M | -55.55M | -31.53M | -40.8M | -31.54M | -27.02M | -23.17M | -15.94M |
| Discontinued Operations | 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 |
| EPS (Diluted) | -2.22 | -2.51 | -1.00 | -0.86 | -2.61 | -1.60 | -1.07 | -1.63 | -1.39 | -1.24 | -1.43 | -7.79 |
| EPS Growth % | -90.32% | -151% | -16.28% | 67.05% | -63.13% | -49.53% | 34.36% | -17.27% | -12.1% | 13.29% | 81.64% | - |
| EPS (Basic) | - | -2.51 | -1.00 | -0.86 | -2.61 | -1.60 | -1.07 | -1.63 | -1.41 | -1.24 | -1.43 | -7.79 |
| Diluted Shares Outstanding | 46.98M | 42.64M | 38.37M | 37.59M | 36.99M | 36M | 29.59M | 25.09M | 22.37M | 21.71M | 16.21M | 2.05M |
| Basic Shares Outstanding | 46.98M | 42.64M | 38.37M | 37.59M | 36.99M | 36M | 29.59M | 25.09M | 21.99M | 21.71M | 16.21M | 2.05M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and cash burn
As reported in recent quarterly filings, QTRX experienced significant revenue fluctuations, ranging from a 28.3% contraction in 2025Q2 to a 28.6% expansion in 2025Q4, suggesting that the company's reliance on project-based Accelerator services creates substantial lumpiness that complicates the assessment of underlying organic growth durability.
The inconsistent revenue trajectory indicates that the company has yet to establish a predictable recurring revenue base from its installed instrument fleet. Investors should monitor whether the recent volatility reflects a genuine shift in market demand or merely the timing of milestone-driven contract research revenue.
Based on the provided financial data, gross margins have deteriorated from a peak of 64.4% in 2024Q2 to 42.7% in 2026Q1, indicating that the company is struggling to maintain pricing power or manage the rising costs associated with its specialized bead-based assay manufacturing processes.
This downward trend in gross profitability suggests that the company's cost structure is not scaling efficiently with revenue. The inability to sustain higher margin levels may imply that competitive pressures or product mix shifts are forcing the company to sacrifice profitability to maintain its market footprint.
According to the income statement, QTRX reported an operating margin of -113.6% in 2026Q1, demonstrating that SG&A expenses continue to significantly outpace gross profit generation, which suggests that the company has not yet achieved the necessary scale to leverage its fixed operating cost base effectively.
The persistent operating losses highlight a fundamental disconnect between the company's high-growth aspirations and its current operational efficiency. Without a clear path to reducing SG&A intensity, the company appears to remain heavily dependent on external capital to fund its ongoing research and commercialization efforts.
As evidenced by the financial statements, the company's net income remains deeply negative, with a net margin of -48.2% in 2026Q1, further complicated by periodic stock-based compensation charges that suggest the reported losses may understate the true economic cost of operations for equity holders.
The reliance on non-operating adjustments and the absence of consistent profitability make it difficult to assess the underlying quality of earnings. Investors should be wary of the potential for further dilution as the company continues to burn cash to support its current operating model.
Based on the reported figures, the company's cash and equivalents of $29.8M against significant quarterly operating losses present a material liquidity risk, suggesting that the current business model may be unsustainable without a near-term capital raise or a drastic reduction in the ongoing cash burn.
Short-sellers would likely focus on the discrepancy between the company's technological promise and its deteriorating financial position. The lack of a clear path to break-even, combined with the potential for larger diagnostic incumbents to commoditize the market, warrants a cautious outlook on the company's long-term viability.
Quick answers to the most common questions about buying QTRX stock.
For fiscal year 2025, Quanterix Corporation (QTRX) reported total revenue of $138.7M. This represents a 1038.4% increase compared to $12.2M in 2015.
Quanterix Corporation (QTRX) reported a net loss of $107.2M for the fiscal year ending 2025.
Quanterix Corporation (QTRX) reported an operating income of $-109.8M, resulting in an operating profit margin of -79.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Quanterix Corporation (QTRX) generated $64.7M in gross profit for the year, representing a gross profit margin of 46.7%. This demonstrates the company's core pricing power and production efficiency.