TXG · 10x Genomics, Inc.

10x Genomics reported first quarter 2026 financial results that showed a mixed performance. Revenue of $150.8 million declined 3% year-over-year, but excluding $16.8 million in one-time license and royalty revenue from the prior year, revenue grew 9%, driven by double-digit growth in Single Cell consumables reaction volumes and Spatial consumables revenue. Gross margin improved to 70% from 68%, benefiting from lower warranty costs and inventory write-downs, partially offset by the absence of high-margin license revenue. Operating expenses decreased 15% to $123.2 million, primarily due to lower outside legal and personnel expenses, leading to a significantly reduced operating loss of $17.0 million compared to $39.3 million in the prior year. Net loss improved to $13.5 million from $34.4 million. The company ended the quarter with $539.8 million in cash and marketable securities, up $112.9 million from a year ago. Management highlighted the launch of Atera, a new spatial biology platform, which is expected to begin shipping in the second half of 2026. The company maintained its full-year 2026 revenue guidance of $600 million to $625 million, which represents 0% to 4% growth excluding the prior-year non-recurring license revenue. The strong cash position and improved operating trends suggest the company is well-positioned to invest in its new platform while managing costs.