Revenue growth remains highly inconsistent, fluctuating from 44.9% in 2023Q4 to 11.1% in 2026Q1, while structural gross margin volatility persists with a 2026Q1 margin of only 4.6%.
| Sales/Revenue | 34.38M | 33.59M | 28.05M | 22.52M | 17.13M | 23.23M | 16.08M | 16.51M |
| Revenue Growth % | 15.99% | 19.74% | 24.57% | 31.44% | -26.25% | 44.5% | -2.63% | - |
| Cost of Goods Sold | 30.12M | 25.98M | 28.16M | 28M | 25.67M | 30.97M | 24.15M | 16.75M |
| COGS % of Revenue | - | 77.35% | 100.39% | 124.36% | 149.85% | 133.32% | 150.2% | 101.42% |
| Gross Profit | 4.26M | 7.61M | -109K | -5.49M | -8.54M | -7.74M | -8.07M | -234K |
| Gross Margin % | 12.4% | 22.65% | -0.39% | -24.36% | -49.85% | -33.32% | -50.2% | -1.42% |
| Gross Profit Growth % | - | 7079.82% | 98.01% | 35.77% | -10.32% | 4.09% | -3349.15% | - |
| Operating Expenses | 53.85M | 55M | 49.81M | 51.08M | 54.68M | 39.49M | 22.47M | 18.4M |
| OpEx % of Revenue | - | 163.75% | 177.57% | 226.82% | 319.14% | 169.99% | 139.76% | 111.43% |
| Selling, General & Admin | 37.26M | 34.84M | 35.21M | 38.26M | 41.81M | 29.71M | 15.94M | 12.97M |
| SG&A % of Revenue | - | 103.72% | 125.53% | 169.89% | 244.05% | 127.88% | 99.14% | 78.55% |
| Research & Development | 13.34M | 13.6M | 14.6M | 12.82M | 12.87M | 9.78M | 6.53M | 5.43M |
| R&D % of Revenue | - | 40.5% | 52.04% | 56.93% | 75.09% | 42.1% | 40.62% | 32.88% |
| Other Operating Expenses | 2M | 6.56M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -49.58M | -47.39M | -49.92M | -56.56M | -63.22M | -47.23M | -30.54M | -18.63M |
| Operating Margin % | -144.21% | -141.1% | -177.96% | -251.18% | -368.99% | -203.31% | -189.96% | -112.85% |
| Operating Income Growth % | - | 5.06% | 11.75% | 10.53% | -33.85% | -54.66% | -63.89% | - |
| EBITDA | -47.18M | -44.14M | -46.56M | -53.46M | -60.38M | -45.7M | -29.04M | -17.13M |
| EBITDA Margin % | -137.21% | -131.42% | -165.97% | -237.39% | -352.43% | -196.72% | -180.63% | -103.77% |
| EBITDA Growth % | -7.14% | 5.19% | 12.91% | 11.47% | -32.12% | -57.38% | -69.49% | - |
| D&A (Non-Cash Add-back) | 2.4M | 3.25M | 3.36M | 3.1M | 2.84M | 1.53M | 1.5M | 1.5M |
| EBIT | -48.99M | -47.39M | -49.92M | -56.56M | -63.22M | -47.23M | -33.5M | -18.37M |
| Net Interest Income | -430K | 419K | 3.16M | 4.21M | 1.78M | -2.65M | -3.45M | -2.38M |
| Interest Income | 1.44M | 1.51M | 3.16M | 4.21M | 1.78M | 0 | 0 | 0 |
| Interest Expense | 1.86M | 1.09M | 0 | 0 | 0 | 2.65M | 3.45M | 2.38M |
| Other Income/Expense | -511K | 309K | 3.05M | 4.13M | 1.84M | -26.2M | -6.4M | -2.11M |
| Pretax Income | -50.09M | -47.08M | -46.87M | -52.44M | -61.38M | -73.43M | -36.94M | -20.74M |
| Pretax Margin % | -145.69% | -140.18% | -167.08% | -232.85% | -358.27% | -316.09% | -229.79% | -125.63% |
| Income Tax | 41K | 40K | 22K | 31K | -576K | 91K | 134K | 427K |
| Effective Tax Rate % | -0.08% | -0.08% | -0.05% | -0.06% | 0.94% | -0.12% | -0.36% | -2.06% |
| Net Income | -50.14M | -47.12M | -46.89M | -52.47M | -60.81M | -73.52M | -37.08M | -21.17M |
| Net Margin % | -145.81% | -140.3% | -167.16% | -232.99% | -354.91% | -316.48% | -230.63% | -128.22% |
| Net Income Growth % | -11.84% | -0.5% | 10.63% | 13.71% | 17.3% | -98.3% | -75.14% | - |
| Net Income (Continuing) | -50.14M | -47.12M | -46.89M | -52.47M | -60.81M | -73.52M | -37.08M | -21.17M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.10 | -1.05 | -1.08 | -1.22 | -1.43 | -1.88 | -1.17 | -0.53 |
| EPS Growth % | -7.77% | 2.78% | 11.48% | 14.69% | 23.94% | -60.68% | -120.75% | - |
| EPS (Basic) | - | -1.05 | -1.08 | -1.22 | -1.43 | -1.88 | -1.17 | -0.53 |
| Diluted Shares Outstanding | 45.43M | 44.68M | 43.58M | 43.02M | 42.45M | 41.47M | 38.67M | 39.66M |
| Basic Shares Outstanding | 45.43M | 44.68M | 43.58M | 43.02M | 42.45M | 41.47M | 38.67M | 39.66M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Liquidity and capital exhaustion
According to the provided quarterly data, RPID's revenue growth has fluctuated significantly, ranging from a low of 3.1% in 2025Q3 to a high of 44.9% in 2023Q4, suggesting that the company's top-line expansion remains highly sensitive to the timing of capital equipment installations and site acceptance testing.
The volatility in quarterly revenue growth indicates that the company has yet to achieve a predictable, recurring revenue cadence. Investors should monitor whether the recent 11.1% growth in 2026Q1 represents a stabilization or a continued struggle to scale the installed base amidst long sales cycles.
As reported in financial statements, RPID's gross margin has exhibited extreme instability, swinging from a negative 27.1% in 2024Q1 to a peak of 29.0% in 2025Q3, which highlights the significant challenges in managing production costs and service delivery for the Growth Direct platform.
The inability to maintain consistent positive gross margins suggests that the company is struggling with manufacturing inefficiencies or high costs associated with initial system deployments. This lack of margin stability makes it difficult to forecast when the company might reach the economies of scale necessary for long-term viability.
Based on the income statement data, RPID continues to operate with a massive disconnect between revenue and operating expenses, as evidenced by a 2026Q1 operating margin of -173.1%, indicating that the company has failed to achieve any meaningful operating leverage despite its ongoing commercial efforts.
The persistent reliance on high SG&A spending relative to gross profit suggests that the company's current business model is not yet self-sustaining. Without a significant reduction in overhead or a dramatic increase in high-margin consumable pull-through, the current operating structure appears to be fundamentally misaligned with its revenue scale.
Analysis of the cost structure reveals that R&D and SG&A expenses consistently dwarf gross profit, with SG&A alone reaching $10.9 million in 2026Q1, a figure that far exceeds the company's total quarterly revenue of $8.0 million, underscoring a precarious reliance on external capital.
The company's expense discipline appears insufficient to offset the high costs of market penetration and product development. The persistent negative operating income suggests that management is prioritizing growth at any cost, which may not be sustainable given the current liquidity constraints and the lack of a clear path to profitability.
While the company touts its regulatory moat, the financial data suggests a high risk of insolvency, as the TTM net loss of approximately $47 million significantly outweighs the $20.03 million in cash and equivalents, raising serious questions about the company's ability to fund operations without further dilution.
Short-sellers would likely focus on the widening gap between cash burn and revenue generation, which suggests that the current trajectory is unsustainable. The reliance on capital-intensive hardware sales in a high-rate environment may force the company into unfavorable financing terms, further eroding shareholder value.
Quick answers to the most common questions about buying RPID stock.
For fiscal year 2025, Rapid Micro Biosystems, Inc. (RPID) reported total revenue of $33.6M. This represents a 103.4% increase compared to $16.5M in 2019.
Rapid Micro Biosystems, Inc. (RPID) reported a net loss of $47.1M for the fiscal year ending 2025.
Rapid Micro Biosystems, Inc. (RPID) reported an operating income of $-47.4M, resulting in an operating profit margin of -141.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Rapid Micro Biosystems, Inc. (RPID) generated $7.6M 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.