Cytek Biosciences Reports $44.1 Million Revenue with 6% Growth and $18.9 Million Net Loss

Cytek Biosciences, Inc. reported a total revenue of $44.1 million for the three months ended March 31, 2026, marking a 6% increase from $41.5 million in the same period of the previous year. The growth was driven by a 2% rise in product revenue, which reached $28.8 million, and a more significant 15% increase in service revenue, which totaled $15.4 million. The increase in service revenue was attributed to the expansion of the installed customer base, leading to higher service contracts and maintenance activities. Despite the revenue growth, the company reported a net loss of $18.9 million, compared to a loss of $11.4 million in the prior year, primarily due to increased operating expenses.

Operating expenses for the first quarter of 2026 totaled $39.7 million, up from $35.1 million in the same quarter of 2025. The increase was largely driven by a significant rise in general and administrative expenses, which surged to $18.5 million from $12.9 million, reflecting higher litigation-related costs and consulting fees. Research and development expenses remained relatively stable at $9.6 million, while sales and marketing expenses decreased to $11.6 million from $12.5 million, attributed to lower compensation costs due to a reduced headcount.

Cytek's balance sheet as of March 31, 2026, showed total assets of $449.1 million, a decrease from $461.5 million at the end of 2025. The decline was primarily due to a reduction in cash and cash equivalents, which fell to $65.7 million from $90.9 million. The company also reported a slight increase in total liabilities, which rose to $121.5 million from $119.8 million, driven by higher accrued expenses and other current liabilities. The company's stockholders' equity decreased to $327.6 million from $341.7 million, reflecting the net loss incurred during the quarter.

In terms of operational metrics, Cytek's direct sales accounted for 69% of total revenue in the first quarter of 2026, down from 72% in the previous year, while distributor sales increased to 31% from 28%. The company continues to focus on expanding its product offerings and enhancing its commercial infrastructure, with plans to hire additional employees to support growth in instrument sales and reagent offerings. Cytek's strategic initiatives include ongoing investments in research and development to drive innovation and meet customer needs.

Looking ahead, Cytek anticipates continued revenue growth driven by the expansion of its installed base and increased adoption of its Full Spectrum Profiling technology. The company plans to invest in its sales and marketing efforts globally, as well as in product development to enhance its competitive position in the cell analysis market. However, the company also acknowledges potential challenges, including macroeconomic conditions, inflationary pressures, and changes in trade policies that could impact its operations and financial performance.