Revenue has rebounded to $32.9M, but gross margin fell from 64.4% to 38.5% and the operating margin of -150.2% in 2026Q2 shows losses widening rather than narrowing.
Quanterix Corporation (QTRX) annual income statement — 11-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 | Dec'15 |
|---|
| Sales/Revenue | 153.33M | 138.65M | 135.44M | 121.14M | 105.52M | 110.56M | 86.38M | 56.73M | 37.63M | 22.87M | 17.59M | 12.18M |
| Revenue Growth % | 23.41% | 2.38% | 11.8% | 14.8% | -4.55% | 27.99% | 52.25% | 50.76% | 64.52% | 30.08% | 44.38% | - |
| Cost of Goods Sold | 87.92M | 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 | 65.32M | 64.72M | 81.12M | 73M | 45.36M | 64.77M | 48.18M | 26.84M | 17.98M | 9.99M | 7.75M | 5.71M |
| Gross Margin % | 42.6% | 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 | 197.47M | 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 | 131.6M | 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 | 31.95M | 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 | -132.15M | -109.81M | -52.62M | -45.99M | -104.26M | -56.52M | -31.58M | -41.6M | -31.55M | -26M | -21.71M | -14.52M |
| Operating Margin % | -86.19% | -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 | -104.92M | -90.89M | -44.26M | -37.7M | -98.14M | -51.64M | -27.27M | -38.59M | -30.2M | -25.52M | -21.27M | -14.1M |
| EBITDA Margin % | -68.43% | -65.55% | -32.68% | -31.12% | -93% | -46.71% | -31.57% | -68.02% | -80.25% | -111.58% | -120.94% | -115.75% |
| EBITDA Growth % | -29.35% | -105.35% | -17.4% | 61.58% | -90.04% | -89.36% | 29.33% | -27.79% | -18.32% | -20.01% | -50.85% | - |
| D&A (Non-Cash Add-back) | 27.23M | 18.93M | 8.36M | 8.29M | 6.12M | 4.88M | 4.31M | 3.01M | 1.35M | 482K | 444K | 425K |
| EBIT | -125.31M | -112.27M | -38.1M | -44.66M | -73.3M | -55.18M | -31.58M | -41.6M | -31.55M | -26.07M | -21.88M | -14.9M |
| Net Interest Income | 4.26M | 8.57M | 14.65M | 15.84M | 5.13M | -403K | -273K | 627K | 46K | -951K | -1.3M | -1.04M |
| Interest Income | 4.26M | 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 | 6.85M | -2.46M | 14.52M | 18.36M | 4.85M | 937K | -322K | 617K | 39K | -1.01M | -1.46M | -1.42M |
| Pretax Income | -125.31M | -112.27M | -38.1M | -27.64M | -99.41M | -55.58M | -31.91M | -40.98M | -31.05M | -27.02M | -23.17M | -15.94M |
| Pretax Margin % | -81.72% | -80.97% | -28.13% | -22.81% | -94.21% | -50.28% | -36.94% | -72.24% | -82.5% | -118.12% | -131.78% | -130.89% |
| Income Tax | -2.2M | -5.12M | 434K | 719K | 164K | -36K | -376K | -187K | 25K | 0 | 0 | 0 |
| Effective Tax Rate % | 1.75% | 4.56% | -1.14% | -2.6% | -0.16% | 0.06% | 1.18% | 0.46% | -0.08% | 0% | 0% | 0% |
| Net Income | -123.11M | -107.15M | -38.53M | -28.35M | -99.57M | -55.55M | -31.53M | -40.8M | -31.05M | -27.02M | -23.17M | -15.94M |
| Net Margin % | -80.29% | -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 % | -74.63% | -178.09% | -35.89% | 71.52% | -79.26% | -76.18% | 22.71% | -31.41% | -14.9% | -16.6% | -45.35% | - |
| Net Income (Continuing) | -123.11M | -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) | -2.62 | -2.51 | -1.00 | -0.86 | -2.61 | -1.60 | -1.07 | -1.63 | -1.39 | -1.24 | -1.43 | -7.79 |
| EPS Growth % | -44.51% | -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 | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Persistent operating losses and margin erosion
Metrics are mathematically derived from official filings.
Revenue Rebounding From Volatile Base
Based on reported quarterly figures, QTRX revenue rose 34.6% year over year to $32.9M in 2026Q2 after a 28.3% decline in 2025Q2, pointing to lumpy rather than steadily compounding top-line demand.
The swing from double-digit contraction in mid-2025 to strong growth in the latest quarter suggests revenue is driven by episodic instrument placements or timing of large orders rather than a consistent recurring base. Investors should monitor whether the 2026Q1 growth of 20.3% and 2026Q2 growth of 34.6% reflect durable demand or a comparison-driven recovery off a weak 2025Q2 base. The data does not disclose the volume versus pricing or organic versus inorganic split, which limits confidence in growth durability.
Gross Margin Compressing From Peak Levels
As reported in the quarterly income statements, QTRX gross margin fell from 64.4% in 2024Q2 to 38.5% in 2026Q2, a decline of nearly 26 percentage points that warrants close scrutiny.
Such a sustained compression suggests either adverse product or customer mix, pricing pressure, or rising unit costs that the reported figures alone cannot isolate. Relative to the peer set, where SEER, CDNA and NTRA report gross margins between roughly 50% and 67%, QTRX now sits at the low end, which may indicate weakened pricing power. Investors should monitor whether the 2026 margin level stabilizes or continues to erode.
Operating Losses Widening Despite Revenue Growth
Based on reported figures, QTRX operating margin deteriorated to -150.2% in 2026Q2 on $32.9M revenue, with operating loss of $49.4M far exceeding the $12.7M gross profit generated.
The gap between gross profit and operating loss implies that operating expenses are scaling faster than gross profit, which is the inverse of positive operating leverage. Reported SG&A of $27.4M against gross profit of $12.7M suggests overhead is not being absorbed by the current revenue base. Investors should monitor whether SG&A discipline emerges as revenue scales, since the reported data does not yet show it.
Net Loss Magnitude Reflects Operating Deficit
According to the reported statements, QTRX net loss of $48.9M in 2026Q2 and EPS of -$1.04 closely track the operating loss, with stock-based compensation of $8.7M representing a notable non-cash component.
Because net income tracks operating income closely with no evident large non-operating offsets, the loss appears primarily operational rather than driven by one-time items. The $8.7M stock-based compensation charge in 2026Q2 is material relative to the quarter's gross profit and warrants attention when assessing the true cash cost of the business. The reported figures do not indicate tax anomalies, though the absence of meaningful tax benefit is consistent with ongoing losses.
Path to Breakeven Remains Unproven
The strongest bear case rests on reported figures showing operating margin worsening from -32.1% in 2024Q2 to -150.2% in 2026Q2, suggesting losses are structural rather than cyclical.
Short-seller focus would likely center on the fact that revenue growth has not translated into narrowing losses, which challenges the assumption that scale will eventually produce profitability. The combination of collapsing gross margin and rising operating expenses could imply a business model that requires continued capital to sustain. Based on the supplied data, the thesis that operating leverage will emerge warrants further investigation before being accepted.