MaxCyte Reports $9.7 Million Revenue in Q1 2026, Down 7% Year-Over-Year

MaxCyte, Inc. reported a total revenue of $9.7 million for the first quarter of 2026, a decrease of 7% from $10.4 million in the same period of 2025. The decline was primarily attributed to a significant drop in core revenue, which fell by 25% to $6.2 million, driven by reduced processing assembly (PA) and license revenues. However, the company experienced a 60% increase in milestone and royalty revenues from its Strategic Platform Licenses (SPLs), contributing $3.4 million to the total revenue. The gross profit for the quarter was $8.1 million, resulting in a gross margin of 84%, slightly down from 86% in the previous year.

In terms of operating expenses, MaxCyte significantly reduced its costs, which totaled $14.3 million for the quarter, down from $21.2 million in the prior year. This reduction was largely due to decreased spending in research and development, sales and marketing, and general and administrative expenses, reflecting a strategic decision to streamline operations. The company reported a net loss of $4.8 million, an improvement compared to the net loss of $10.3 million in the first quarter of 2025. The basic and diluted net loss per share was $0.04, compared to $0.10 in the previous year.

MaxCyte's balance sheet as of March 31, 2026, showed total assets of $194.5 million, a decrease from $202.5 million at the end of 2025. Current assets increased slightly to $122.9 million, driven by higher short-term investments. The company’s total liabilities decreased to $26.6 million, down from $31.0 million, primarily due to a reduction in accrued expenses and accounts payable. Stockholders' equity also declined to $167.9 million from $171.5 million, reflecting the net loss incurred during the quarter.

Operationally, MaxCyte continues to focus on expanding its customer base and enhancing product adoption. The company reported a customer count that includes 29 SPL partners, with a significant portion of its revenue coming from both domestic and international markets. Revenue from U.S. customers was $6.6 million, while international sales contributed $3.0 million. The company is also investing in its sales force and manufacturing capabilities to support future growth.

Looking ahead, MaxCyte anticipates continued investment in research and development, as well as sales and marketing efforts, to drive future revenue growth. The company expects that as its customers advance their clinical programs, there will be an increase in demand for its products and services. However, it acknowledges that revenue may fluctuate due to the timing of product sales and the achievement of clinical milestones by its partners. MaxCyte remains committed to its long-term strategy of leveraging its proprietary technology to capture a larger share of the growing cell therapy market.