10x Genomics Reports Q1 2026 Revenue of $150.8M, Net Loss of $13.5M

10x Genomics, Inc. reported its financial results for the first quarter of 2026, revealing a total revenue of $150.8 million, a decrease of 3% from $154.9 million in the same period last year. The decline was primarily attributed to a significant drop in license and royalty revenue, which fell by 94% to $947,000, compared to $17.1 million in the prior year, largely due to a one-time royalty revenue recognized in 2025 from a patent litigation settlement. In contrast, products and services revenue increased by 9% to $149.9 million, driven by a 13% rise in consumables revenue, which reached $129.8 million.

The company's gross profit for the quarter was $106.2 million, resulting in a gross margin of 70%, up from 68% a year earlier. This improvement was attributed to lower costs associated with inventory write-downs and warranty expenses, despite an increase in manufacturing costs. Operating expenses decreased significantly by 15% to $123.2 million, primarily due to reductions in research and development and selling, general, and administrative expenses. The company reported a net loss of $13.5 million, a notable improvement from a net loss of $34.4 million in the first quarter of 2025.

In terms of operational metrics, 10x Genomics saw a decrease in its instrument revenue, which fell by 24% to $11.3 million, while service revenue increased by 15% to $8.8 million. The company’s customer base and engagement metrics were not disclosed in the filing, but it noted ongoing efforts to manage expenses and improve operational efficiency. The company also highlighted its acquisition of Scale Biosciences, which included a milestone payment of $10 million in cash and $8.7 million in stock during the quarter.

Looking ahead, 10x Genomics anticipates moderate revenue growth for 2026, excluding the non-recurring license and royalty revenue from 2025. The company plans to continue investing in research and development, with expected capital expenditures between $10 million and $15 million over the next year. As of March 31, 2026, the company had approximately $539.8 million in cash and cash equivalents, which it believes will be sufficient to meet its operational needs for at least the next 12 months. However, it cautioned that future capital requirements may vary based on revenue growth and other factors, including potential acquisitions and investments.