Maxcyte Stock Earnings Reports

MaxCyte reported Q1 2026 total revenue of $9.7M (core $6.2M; SPL milestones & royalties $3.4M). Core revenue declined 25% year-over-year, driven by discontinued SPL programs and inventory management at the company's largest SPL customer, while SPL program revenue increased due to a $3.0M regulatory milestone tied to a registrational dosing event. Management reiterated full-year 2026 guidance: total revenue $30–32M (core $25–27M and SPL milestones/royalties $5M). The company ended Q1 with $147.7M in cash, cash equivalents and investments, no debt, and the Board authorized a $10M share repurchase program (management intends to execute the majority by year-end). Operating expense reductions from the 2025 restructuring are flowing through the P&L (Q1 OpEx down ~ $7M vs. prior year), and management does not expect material OpEx growth from current levels (OpEx guidance ~ $60M for 2026). Gross margin was 84% (adjusted mid-70s expected going forward). Product and portfolio highlights: 29 SPL partners (30 programs), five programs that could reach commercial launch in 2027–2028 (including one that began registrational dosing in Q1), early commercial traction for the ExPERT DTx instrument with expected adoption growth in H2 2026 and into 2027, and continued ramp of SeQure (Q1 SeQure revenue $0.6M) supported by a favorable FDA draft guidance on genome editing safety assessments. Management expects core revenue growth in H2 2026 as comps ease and DTx/SeQure contributions expand.