Revenue growth has decelerated from 31.8% in 2024Q1 to 19.3% in 2026Q2, while SG&A expenses of $76.1M continue to outpace gross profit, preventing the realization of positive operating margins.
| Sales/Revenue | 409.48M | 376.57M | 312.97M | 245.11M | 203.56M | 132.33M | 90.1M | 54.38M | 25.43M | 10.77M | 2.27M |
| Revenue Growth % | 17.77% | 20.32% | 27.69% | 20.41% | 53.83% | 46.87% | 65.67% | 113.89% | 136.16% | 374.53% | - |
| Cost of Goods Sold | 196.25M | 185.57M | 179.63M | 155.38M | 119.33M | 80.62M | 61.41M | 47.43M | 32.19M | 24.02M | 9.42M |
| COGS % of Revenue | - | 49.28% | 57.39% | 63.39% | 58.62% | 60.92% | 68.15% | 87.2% | 126.59% | 223.09% | 415.2% |
| Gross Profit | 213.23M | 191M | 133.35M | 89.73M | 84.23M | 51.71M | 28.69M | 6.96M | -6.76M | -13.25M | -7.15M |
| Gross Margin % | 52.07% | 50.72% | 42.61% | 36.61% | 41.38% | 39.08% | 31.85% | 12.8% | -26.59% | -123.09% | -315.2% |
| Gross Profit Growth % | - | 43.23% | 48.61% | 6.52% | 62.89% | 80.22% | 312.33% | 202.91% | 48.98% | -85.3% | - |
| Operating Expenses | 352.05M | 327.26M | 354.18M | 306.89M | 319.01M | 204.44M | 168.77M | 115.81M | 63.8M | 45.23M | 36.5M |
| OpEx % of Revenue | - | 86.91% | 113.17% | 125.2% | 156.71% | 154.49% | 187.32% | 212.94% | 250.9% | 420.07% | 1608.81% |
| Selling, General & Admin | 272.95M | 246.98M | 218.4M | 189.74M | 212.95M | 135.9M | 103.27M | 80.13M | 43.45M | 26.06M | 18.27M |
| SG&A % of Revenue | - | 65.59% | 69.78% | 77.41% | 104.61% | 102.7% | 114.61% | 147.33% | 170.88% | 242.04% | 805.38% |
| Research & Development | 71.89M | 80.28M | 90.85M | 106.89M | 120.31M | 69.07M | 43.01M | 35.68M | 20.35M | 19.17M | 18.23M |
| R&D % of Revenue | - | 21.32% | 29.03% | 43.61% | 59.1% | 52.2% | 47.73% | 65.61% | 80.02% | 178.03% | 803.44% |
| Other Operating Expenses | 1000K | 0 | 44.93M | 10.26M | -14.24M | -534K | 22.5M | -265K | -121K | -55K | 73K |
| Operating Income | -138.82M | -136.26M | -220.83M | -217.16M | -234.78M | -152.73M | -140.08M | -108.85M | -70.56M | -58.48M | -43.66M |
| Operating Margin % | -33.9% | -36.18% | -70.56% | -88.6% | -115.33% | -115.41% | -155.47% | -200.15% | -277.5% | -543.16% | -1924.02% |
| Operating Income Growth % | - | 38.3% | -1.69% | 7.5% | -53.72% | -9.03% | -28.69% | -54.27% | -20.65% | -33.96% | - |
| EBITDA | -114.63M | -111.41M | -189.4M | -187.85M | -218.26M | -142.98M | -133.4M | -102.54M | -64.83M | -53.46M | -39.43M |
| EBITDA Margin % | -27.99% | -29.58% | -60.52% | -76.64% | -107.22% | -108.04% | -148.06% | -188.54% | -254.97% | -496.53% | -1737.64% |
| EBITDA Growth % | 33.91% | 41.18% | -0.83% | 13.93% | -52.66% | -7.18% | -30.1% | -58.16% | -21.27% | -35.59% | - |
| D&A (Non-Cash Add-back) | 24.19M | 24.85M | 31.43M | 29.31M | 16.51M | 9.75M | 6.68M | 6.31M | 5.73M | 5.02M | 4.23M |
| EBIT | -82.42M | -76.95M | -208.14M | -203.46M | -228.19M | -153.66M | -138.76M | -106.08M | -69.68M | -58.13M | -43.34M |
| Net Interest Income | 9.21M | 11.36M | 15.31M | 14.36M | 2.98M | 68K | 712K | 1.74M | -314K | -493K | -505K |
| Interest Income | 9.21M | 11.36M | 15.34M | 14.37M | 3.06M | 435K | 1.5M | 3.03M | 999K | 412K | 241K |
| Interest Expense | 0 | 0 | 29K | 5K | 80K | 367K | 787K | 1.29M | 1.31M | 905K | 746K |
| Other Income/Expense | 58.28M | 59.31M | 12.66M | 13.69M | 6.5M | -1.3M | 530K | 1.47M | -435K | -548K | -432K |
| Pretax Income | -80.53M | -76.95M | -208.17M | -203.47M | -228.27M | -154.03M | -139.55M | -107.38M | -70.99M | -59.03M | -44.09M |
| Pretax Margin % | -19.67% | -20.43% | -66.51% | -83.01% | -112.14% | -116.39% | -154.88% | -197.44% | -279.21% | -548.25% | -1943.06% |
| Income Tax | 743K | 719K | 560K | 1.15M | -10.41M | -1.93M | 382K | 292K | 242K | 280K | 0 |
| Effective Tax Rate % | -0.92% | -0.93% | -0.27% | -0.57% | 4.56% | 1.25% | -0.27% | -0.27% | -0.34% | -0.47% | 0% |
| Net Income | -81.28M | -77.67M | -208.73M | -204.62M | -217.86M | -152.1M | -139.93M | -107.67M | -71.24M | -59.31M | -44.09M |
| Net Margin % | -19.85% | -20.63% | -66.69% | -83.48% | -107.02% | -114.94% | -155.31% | -197.98% | -280.16% | -550.85% | -1943.06% |
| Net Income Growth % | 57.48% | 62.79% | -2.01% | 6.08% | -43.24% | -8.7% | -29.96% | -51.14% | -20.11% | -34.53% | - |
| Net Income (Continuing) | -81.28M | -77.67M | -208.73M | -204.62M | -217.86M | -152.1M | -139.93M | -107.67M | -71.24M | -59.31M | -44.09M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.32 | -1.30 | -3.60 | -3.60 | -4.04 | -3.15 | -3.57 | -3.92 | -2.68 | -3.16 | -2.35 |
| EPS Growth % | 59.2% | 63.89% | 0% | 10.89% | -28.25% | 11.76% | 8.93% | -46.27% | 15.19% | -34.47% | - |
| EPS (Basic) | - | -1.30 | -3.60 | -3.60 | -4.04 | -3.15 | -3.57 | -3.92 | -2.68 | -3.16 | -2.35 |
| Diluted Shares Outstanding | 61.7M | 59.81M | 58.02M | 56.88M | 53.88M | 48.25M | 39.19M | 27.46M | 26.61M | 18.78M | 18.78M |
| Basic Shares Outstanding | 61.7M | 59.81M | 58.02M | 56.88M | 53.88M | 48.25M | 39.19M | 27.46M | 26.61M | 18.78M | 18.78M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Persistent operating cash burn
According to the latest quarterly income statements, Twist Bioscience's year-over-year revenue growth has decelerated from 31.8% in 2024Q1 to 19.3% in 2026Q2, suggesting that the company is encountering natural market saturation or increased competitive pressure within its core synthetic biology and NGS tool segments.
The transition from high-twenties growth to sub-twenty percent levels indicates that the initial rapid adoption phase may be moderating. Investors should monitor whether this trend reflects a broader cooling in biotech R&D spending or if the company is struggling to maintain its penetration rate in the clinical diagnostics market.
As reported in financial statements, gross margins have improved from 40.5% in 2024Q1 to 51.6% in 2026Q2, yet the company continues to struggle with achieving the economies of scale necessary to offset its high-fixed-cost manufacturing model and significant ongoing research and development expenditures.
While the expansion in gross margin is a positive indicator of manufacturing efficiency, the lack of corresponding operating margin improvement suggests that fixed overheads remain a heavy burden. The company appears to be caught in a cycle where incremental gross profit is immediately absorbed by SG&A and R&D investments.
Based on the provided income statement data, SG&A expenses have risen to $76.1M in 2026Q2, consistently outpacing gross profit growth and preventing the company from achieving positive operating leverage despite the steady increase in top-line revenue over the last ten quarters.
The inability to scale operating income faster than gross profit suggests that the company's current cost structure is not yet optimized for profitability. This persistent gap between revenue growth and operating expense management warrants further investigation into the sustainability of the current corporate overhead.
Analysis of recent filings reveals that stock-based compensation remains a significant non-cash expense, reaching $18.9M in 2026Q2, which complicates the assessment of true GAAP profitability and suggests that reported net income figures may be heavily influenced by non-operational accounting adjustments.
The reliance on equity-based incentives to manage cash burn creates a disconnect between reported losses and the actual economic cost of operations. Investors should adjust for these non-cash items to better understand the underlying cash-flow trajectory and the true cost of talent retention.
As indicated by the income statement trends, the company's reliance on high R&D spending to fuel future DNA data storage initiatives may be masking the core business's inability to reach self-sustaining profitability, a point that short-sellers likely focus on given the current cash burn.
The market's valuation of the company as a platform technology firm appears to hinge on the success of long-term R&D projects rather than current operational performance. If these speculative initiatives fail to yield commercial results, the current cost structure may prove unsustainable without further dilutive financing.
Quick answers to the most common questions about buying TWST stock.
For fiscal year 2025, Twist Bioscience Corporation (TWST) reported total revenue of $376.6M. This represents a 16496.4% increase compared to $2.3M in 2016.
Twist Bioscience Corporation (TWST) reported a net loss of $77.7M for the fiscal year ending 2025.
Twist Bioscience Corporation (TWST) reported an operating income of $-136.3M, resulting in an operating profit margin of -36.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Twist Bioscience Corporation (TWST) generated $191.0M in gross profit for the year, representing a gross profit margin of 50.7%. This demonstrates the company's core pricing power and production efficiency.