10x Genomics Reports 13% Revenue Decline and $17.9 Million Net Loss in Q2 2026

10x Genomics, Inc. reported its financial results for the second quarter of 2026, revealing a total revenue of $151.0 million, a decrease of 13% compared to $172.9 million in the same period last year. The decline was primarily attributed to a significant drop in license and royalty revenue, which fell by 93% to $1.9 million, largely due to the absence of one-time settlements from patent litigation that had boosted revenues in the previous year. In contrast, products and services revenue increased by 3% to $149.1 million, driven by a 7% rise in consumables revenue, which reached $130.8 million.

The company's net loss for the quarter was $17.9 million, or $0.14 per share, compared to a net income of $34.5 million, or $0.28 per share, in the prior year. This shift was influenced by a notable decrease in operating expenses, which rose to $132.1 million from $95.0 million, primarily due to a significant gain on settlement recorded in the previous year. Research and development expenses decreased by 7% to $56.8 million, while selling, general, and administrative expenses increased by 6% to $78.7 million.

In terms of operational developments, 10x Genomics completed the acquisition of Proteintech Genomics, Inc. for $6.1 million in cash on June 8, 2026. This acquisition is expected to enhance the company's capabilities in high-plex proteomic solutions for single-cell and spatial applications. The company also entered into a supply agreement with Proteintech, which will further support its product offerings. As of June 30, 2026, 10x Genomics had approximately 130,282,316 shares outstanding, reflecting an increase in its employee stock options and restricted stock units.

Geographically, the company saw a decline in revenue from the Americas, particularly the United States, which dropped from $103.5 million to $82.1 million year-over-year. In contrast, revenue from the Asia-Pacific region, including China, also decreased, although the company noted a slight increase in consumables sales in this market. The company’s cash and cash equivalents, along with marketable securities, totaled approximately $552.0 million, an increase of $28.6 million from the end of 2025, indicating a stable liquidity position.

Looking ahead, 10x Genomics anticipates moderate revenue growth for the remainder of 2026, excluding the non-recurring license and royalty revenue from patent settlements. The company plans to continue investing in research and development, with expected capital expenditures between $10 million and $15 million over the next year. Despite ongoing operating losses, management believes that existing cash resources will be sufficient to meet anticipated cash needs for at least the next 12 months, while also exploring additional funding sources to support future growth initiatives.