Bionano Genomics, Inc.

Bionano Genomics, Inc. (BNGO) reported total revenue of $28.5 million for FY 2025, a 7% decline from $30.8 million in FY 2024, driven by a 53% drop in service and other revenue to $1.8 million following discontinuation of certain clinical services, partially offset by 9% growth in consumables to $14.0 million. Product revenue dipped 1% to $26.7 million, with instruments down 21% to $6.4 million due to strategic shift toward existing installed base utilization, now at 387 systems (up 4%). Gross profit improved dramatically to $13.2 million (46% margin) from $0.4 million (1% margin), aided by absence of 2024's $9.8 million inventory charges and higher consumables mix. Operating loss narrowed to $33.3 million from $104.0 million, with R&D down 54% to $11.4 million and SG&A down 32% to $35.2 million post-restructuring. Net loss shrank 76% to $26.4 million, boosted by $7.0 million other income including fair value gains. Cash used in operations fell to $16.3 million from $68.9 million. Balance sheet shows $73.6 million assets, $3.0 million cash, $44.4 million equity, but $10.0 million current convertible debentures. Management flags substantial going concern doubt, needing additional capital soon to fund operations into Q1 2027; exploring financings, potential M&A or bankruptcy if unmet.

Key Takeaways