Cytek Biosciences Reports Q3 Revenue Growth of 2% to $52.3M, Net Loss of $5.5M

Cytek Biosciences, Inc. reported its financial results for the third quarter and nine months ended September 30, 2025, revealing a total revenue of $52.3 million for the quarter, a 2% increase from $51.5 million in the same period last year. However, for the nine-month period, revenue decreased by 3% to $139.4 million compared to $143.0 million in 2024. The growth in quarterly revenue was primarily driven by a 19% increase in service revenue, which reached $14.2 million, attributed to a larger installed base of instruments. In contrast, product revenue fell by 4% to $38.1 million, largely due to lower sales in the EMEA region, although this was partially offset by increased sales in the APAC region.

The company's gross profit for the third quarter was $27.6 million, resulting in a gross margin of 53%, down from 56% in the prior year. For the nine months, gross profit was $71.6 million, with a gross margin of 51%, compared to 54% in the same period last year. The decline in gross margins was attributed to increased costs associated with service labor and materials, as well as higher overhead costs related to a manufacturing site transition. Operating expenses rose significantly, totaling $36.7 million for the quarter, up from $33.3 million a year earlier, driven by increased general and administrative costs, including ongoing patent litigation expenses.

Cytek's net loss for the third quarter was $5.5 million, compared to a net income of $0.9 million in the same quarter of 2024. For the nine-month period, the net loss was $22.5 million, worsening from a loss of $15.7 million in the previous year. The increase in losses was primarily due to decreased revenues and higher operating expenses. The company reported a basic net loss per share of $0.04 for the third quarter, compared to earnings of $0.01 per share in the prior year.

In terms of operational developments, Cytek completed the acquisition of certain assets from Luminex Corporation in February 2023, which expanded its product offerings in flow cytometry and imaging. The company continues to focus on research and development, investing $9.0 million in the third quarter, a slight decrease from $9.9 million in the same period last year. Cytek's workforce is expected to grow as it aims to enhance its commercial infrastructure and expand its product offerings.

Looking ahead, Cytek anticipates continued investment in research and development, sales, and marketing to drive growth. The company plans to leverage its expanding installed base to increase service and reagent revenue, which are expected to become more significant contributors to overall revenue. Despite the challenges posed by market conditions and increased competition, Cytek remains focused on its strategic goals to enhance its product portfolio and expand its market presence globally.