Revenue growth has turned negative with a 33.6% contraction in 2026Q1, while gross margins remain volatile, fluctuating between a low of -4.3% and a peak of 52.1% over the observed period.
Seer, Inc. (SEER) annual income statement — 8-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 |
|---|
| Sales/Revenue | 13.85M | 16.12M | 13.95M | 15.18M | 14.69M | 6.39M | 656K | 116K | 0 |
| Revenue Growth % | -13.26% | 15.57% | -8.13% | 3.38% | 129.67% | 874.7% | 465.52% | - | - |
| Cost of Goods Sold | 7.44M | 8.11M | 7.12M | 13.73M | 14.3M | 6.77M | 1.61M | 701K | 100K |
| COGS % of Revenue | - | 50.33% | 51.01% | 90.46% | 97.39% | 105.85% | 244.82% | 604.31% | - |
| Gross Profit | 6.41M | 8.01M | 6.83M | 1.45M | 384K | -374K | -950K | -585K | -100K |
| Gross Margin % | 46.31% | 49.67% | 48.99% | 9.54% | 2.61% | -5.85% | -144.82% | -504.31% | - |
| Gross Profit Growth % | - | 17.18% | 371.5% | 277.34% | 202.67% | 60.63% | -62.39% | -485% | - |
| Operating Expenses | 77.24M | 86M | 106.93M | 106.39M | 98.43M | 71.32M | 32.7M | 16.3M | 6.66M |
| OpEx % of Revenue | - | 533.52% | 766.71% | 700.77% | 670.26% | 1115.45% | 4984.6% | 14050% | - |
| Selling, General & Admin | 40.05M | 42.58M | 56.57M | 58.95M | 52.63M | 42.2M | 15.36M | 4.61M | 2.98M |
| SG&A % of Revenue | - | 264.18% | 405.61% | 388.29% | 358.39% | 660.01% | 2341.92% | 3970.69% | - |
| Research & Development | 37.55M | 43.87M | 50.59M | 47.44M | 45.8M | 29.12M | 17.34M | 11.69M | 3.68M |
| R&D % of Revenue | - | 272.19% | 362.69% | 312.48% | 311.86% | 455.44% | 2642.68% | 10079.31% | - |
| Other Operating Expenses | -367K | -459K | -223K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -70.83M | -77.99M | -100.1M | -104.94M | -98.04M | -71.7M | -33.65M | -16.88M | -6.76M |
| Operating Margin % | -511.39% | -483.85% | -717.72% | -691.23% | -667.64% | -1121.3% | -5129.42% | -14554.31% | - |
| Operating Income Growth % | - | 22.09% | 4.61% | -7.04% | -36.75% | -113.07% | -99.31% | -149.82% | - |
| EBITDA | -64.85M | -71.89M | -93.92M | -99.36M | -94.1M | -69.14M | -32.04M | -16.18M | -6.73M |
| EBITDA Margin % | -468.23% | -445.98% | -673.44% | -654.49% | -640.8% | -1081.3% | -4884.6% | -13950% | - |
| EBITDA Growth % | 21.68% | 23.46% | 5.47% | -5.59% | -36.11% | -115.77% | -98.02% | -140.55% | - |
| D&A (Non-Cash Add-back) | 5.98M | 6.1M | 6.18M | 5.58M | 3.94M | 2.56M | 1.61M | 701K | 31K |
| EBIT | -68.73M | -77.99M | -86.5M | -86.28M | -92.97M | -71.17M | -32.77M | -16.03M | -6.31M |
| Net Interest Income | 9.59M | 11.52M | 16.67M | 17.76M | 4.6M | 304K | 883K | 845K | 451K |
| Interest Income | 9.59M | 11.52M | 16.67M | 17.76M | 4.6M | 326K | 883K | 850K | 451K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 22K | 0 | 5K | 0 |
| Other Income/Expense | 2.94M | 4.59M | 13.6M | 18.66M | 5.08M | 527K | 874K | 845K | 451K |
| Pretax Income | -67.89M | -73.4M | -86.5M | -86.28M | -92.97M | -71.17M | -32.77M | -16.04M | -6.31M |
| Pretax Margin % | -490.2% | -455.36% | -620.21% | -568.28% | -633.07% | -1113.06% | -4996.19% | -13825.86% | - |
| Income Tax | 71K | 201K | 98K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.1% | -0.27% | -0.11% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -67.96M | -73.6M | -86.6M | -86.28M | -92.97M | -71.17M | -32.77M | -16.04M | -6.31M |
| Net Margin % | -490.71% | -456.6% | -620.91% | -568.28% | -633.07% | -1113.06% | -4996.19% | -13825.86% | - |
| Net Income Growth % | 17.56% | 15.01% | -0.37% | 7.2% | -30.63% | -117.14% | -104.36% | -154.29% | - |
| Net Income (Continuing) | -67.96M | -73.6M | -86.6M | -86.28M | -92.97M | -71.17M | -32.77M | -16.04M | -6.31M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.23 | -1.28 | -1.39 | -1.35 | -1.42 | -1.13 | -0.51 | -0.26 | -0.29 |
| EPS Growth % | 10.95% | 7.91% | -2.96% | 4.93% | -25.66% | -121.57% | -96.15% | 10.34% | - |
| EPS (Basic) | - | -1.28 | -1.39 | -1.35 | -1.42 | -1.13 | -0.51 | -0.26 | -0.29 |
| Diluted Shares Outstanding | 55.16M | 57.45M | 62.35M | 63.85M | 62.43M | 60.86M | 60.91M | 60.91M | 21.45M |
| Basic Shares Outstanding | 55.16M | 57.45M | 62.35M | 63.85M | 62.43M | 60.86M | 60.91M | 60.91M | 21.45M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying SEER stock.
For fiscal year 2025, Seer, Inc. (SEER) reported total revenue of $16.1M.
Seer, Inc. (SEER) reported a net loss of $73.6M for the fiscal year ending 2025.
Seer, Inc. (SEER) reported an operating income of $-78.0M, resulting in an operating profit margin of -483.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Seer, Inc. (SEER) generated $8.0M in gross profit for the year, representing a gross profit margin of 49.7%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Insufficient liquidity runway
Metrics are mathematically derived from official filings.
Revenue Growth Faces Persistent Headwinds
As indicated by the most recent quarterly data, Seer's revenue growth has turned negative, with 2026Q1 revenue falling to $2.8M, representing a significant 33.6% contraction compared to previous periods, suggesting that the company's commercial adoption cycle is currently struggling to gain meaningful traction in the market.
The volatility in top-line performance suggests that Seer's reliance on capital equipment sales creates lumpy revenue recognition that is highly sensitive to academic and research budget cycles. Investors should monitor whether the recent decline reflects a structural saturation in early-adopter labs or merely a temporary delay in the sales pipeline.
Gross Margin Volatility Masks Efficiency
Based on reported financial statements, Seer's gross margin has exhibited extreme instability, fluctuating from a low of -4.3% in 2024Q1 to a peak of 52.1% in 2025Q2, which implies that the company's manufacturing processes have yet to achieve the necessary scale for consistent profitability.
The wide variance in gross margins suggests that the company may be grappling with high fixed-cost absorption issues or inconsistent product mix between hardware and consumables. Until the company demonstrates a stable, upward trend in margins, it remains difficult to assess the true unit economics of the Proteograph platform.
Operating Expenses Outpace Revenue Generation
According to the income statement, Seer continues to sustain high operating costs, with R&D and SG&A expenses consistently exceeding quarterly revenue, resulting in an operating margin of -486.7% and highlighting a business model that is currently prioritizing market penetration over immediate cost discipline or operational efficiency.
The persistent level of R&D spending suggests that management is still heavily invested in refining the technology, which is necessary but creates a significant drag on the bottom line. Without a clear path to reducing these overheads relative to revenue, the company may face increasing pressure to justify its current burn rate.
Stock-Based Compensation Distorts Expense Profile
Analysis of the provided figures reveals that Seer's net losses are exacerbated by significant stock-based compensation, which reached $7.7M in 2024Q2, suggesting that the reported net income figures may not fully capture the underlying cash-based operational burn required to sustain the company's current growth trajectory.
The reliance on equity-based incentives for talent retention is common in early-stage biotech, yet it complicates the assessment of true operational profitability. Investors should scrutinize the gap between GAAP losses and cash burn to determine how much of the current deficit is driven by non-cash accounting charges versus actual cash outflows.
Liquidity Constraints Threaten Future Viability
Based on the reported cash position of $47.3M and the current quarterly operating loss profile, Seer appears to be approaching a critical liquidity inflection point, which warrants further investigation into the company's ability to fund operations without resorting to dilutive financing in the near term.
The mismatch between the current cash balance and the scale of operating losses suggests that the company's runway may be shorter than the market anticipates. If revenue growth does not accelerate rapidly, the company may be forced to make difficult trade-offs between R&D investment and operational survival.