Cytek Biosciences Reports Q2 2025 Revenue Decline to $45.6 Million

Cytek Biosciences, Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $45.6 million, a decrease of 2% from $46.6 million in the same period last year. For the first half of 2025, revenue totaled $87.1 million, down 5% from $91.5 million in the prior year. The decline in revenue was primarily attributed to lower product sales in the United States and EMEA regions, particularly among academic and government customers, despite an increase in service revenue, which rose 18% to $14.2 million for the quarter and 21% to $27.5 million for the six months.

The company's gross profit for the second quarter was $23.9 million, resulting in a gross margin of 52%, down from 55% in the previous year. The total cost of sales increased slightly to $21.7 million, driven by higher service costs associated with increased service revenue. Operating expenses rose to $34.5 million, leading to a loss from operations of $10.6 million, compared to a loss of $8.5 million in the same quarter of 2024. The net loss for the quarter was $5.6 million, a significant improvement from the $10.4 million loss reported in the prior year.

Cytek's balance sheet as of June 30, 2025, showed total assets of $493.3 million, a slight decrease from $499.5 million at the end of 2024. Cash and cash equivalents decreased to $75.5 million from $98.7 million, while marketable securities increased to $186.6 million. The company’s total liabilities rose to $115.8 million, up from $103.8 million, primarily due to an increase in current liabilities, including deferred revenue, which grew to $28.1 million from $25.5 million.

In terms of strategic developments, Cytek completed the acquisition of certain assets from Luminex Corporation in February 2023, enhancing its product portfolio with additional flow cytometry and imaging capabilities. The company continues to focus on expanding its global presence and product offerings, with plans to transition manufacturing operations from Seattle to Singapore by the end of 2025 to optimize efficiency and reduce costs. Cytek's workforce is expected to grow as it invests in research and development and commercial infrastructure to support its growth strategy.

Looking ahead, Cytek anticipates continued investment in research and development, aiming to enhance its product offerings and expand its market reach. The company expects to face challenges related to macroeconomic conditions, including inflation and supply chain constraints, which may impact its operating results. However, it remains committed to leveraging its installed base to drive recurring revenue from service contracts and reagents, which are expected to become increasingly significant contributors to overall revenue.