<span item_type="fundamental" item_id="0271bf7ad7c2a461ad4a1e6f107e55df" counter_id="ST/US/CTKB" env="prod"></span><span item_type="announcement" item_id="645851780533786113" env="prod"></span><p>Revenue: As of FY2026 Q1, the actual value is USD 44.14 M, missing the estimate of USD 44.3 M.</p><p>EPS: As of FY2026 Q1, the actual value is USD -0.15.</p><p>EBIT: As of FY2026 Q1, the actual value is USD -18.99 M.</p><p></p><p>Cytek Biosciences, Inc. operates as a single reportable segment, with financial information reviewed on an aggregate basis by the chief operating decision maker.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span></p><h4>Revenue</h4><p>Total net revenue for the three months ended March 31, 2026, increased by 6% to $44.1 million from $41.5 million in the same period of 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Product revenue increased by 2% to $28.8 million in 2026 from $28.1 million in 2025, primarily due to higher reagent revenue.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Service revenue increased by 15% to $15.4 million in 2026 from $13.3 million in 2025, driven by continued growth of the installed base and related increases in service contracts and maintenance activity.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span></p><h4>Revenue by Sales Channel Mix</h4><p>Direct sales channel revenue was $30.3 million for the three months ended March 31, 2026, compared to $30.0 million for the same period in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Distributor channel revenue was $13.9 million in 2026, up from $11.5 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span></p><h4>Revenue by Customer Mix</h4><p>Revenue from Academia and government was $16.9 million for the three months ended March 31, 2026, compared to $17.1 million for the same period in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Revenue from Biotechnology, pharmaceutical, distributor, and contract research organizations was $27.2 million in 2026, compared to $24.3 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span></p><h4>Revenue by Geographical Markets</h4><p>United States revenue was $24.4 million for the three months ended March 31, 2026, compared to $18.5 million for the same period in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> EMEA revenue was $10.8 million in 2026, compared to $11.6 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> APAC revenue was $7.8 million in 2026, compared to $8.9 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Other geographical revenue was $1.2 million in 2026, compared to $2.5 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Revenue in China was $3.6 million in 2026, compared to $5.3 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span></p><h4>Cost of Sales</h4><p>Total cost of sales increased by 7% to $22.9 million for the three months ended March 31, 2026, from $21.3 million for the same period in 2025, primarily due to higher service overhead costs.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Product cost of sales increased by 3% to $15.9 million in 2026 from $15.5 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Service cost of sales increased by 21% to $7.0 million in 2026 from $5.8 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span></p><h4>Gross Profit and Gross Margin</h4><p>Gross profit was $21.3 million for the three months ended March 31, 2026, compared to $20.2 million for the same period in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Total gross margin decreased slightly to 48% in 2026 from 49% in 2025, mainly due to higher service costs of sales growing faster than service revenue.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Product gross profit was $12.9 million in 2026, up 2% from $12.6 million in 2025, with product gross margin remaining flat at 45% for both periods.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Service gross profit increased by 11% to $8.4 million in 2026 from $7.6 million in 2025, while service gross margin decreased to 55% in 2026 from 57% in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span></p><h4>Operating Expenses</h4><p>Research and development expenses were $9.6 million for the three months ended March 31, 2026, a slight decrease from $9.7 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Sales and marketing expenses decreased to $11.6 million in 2026 from $12.5 million in 2025, primarily due to lower compensation expenses on lower headcount.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> General and administrative expenses increased to $18.5 million in 2026 from $12.9 million in 2025, primarily due to higher litigation-related expenses, outside consulting expenses, and bad debt reserves.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span></p><h4>Other Income (Expense)</h4><p>Interest expense was -$0.3 million for both the three months ended March 31, 2026, and 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Interest income increased to $0.8 million in 2026 from $0.5 million in 2025, due to recognition of interest on the 2024 Federal Tax refund.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Other income, net decreased to $0.6 million in 2026 from $3.5 million in 2025, primarily due to an increase in realized and unrealized foreign exchange losses.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span></p><h4>Net Loss</h4><p>Net loss increased to -$18.9 million for the three months ended March 31, 2026, from -$11.4 million for the same period in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span></p><h4>Cash Flows</h4><p>Net cash used in operating activities was -$2.7 million for the three months ended March 31, 2026, compared to -$0.1 million for the same period in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Net cash used in investing activities was -$27.1 million in 2026, compared to net cash provided of $9.5 million for the same period in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Net cash provided by financing activities was $4.0 million in 2026, compared to net cash used of -$11.5 million for the same period in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span></p><h4>Key Operational Metrics</h4><p>Stock-based compensation expense was $4.9 million for the three months ended March 31, 2026, compared to $6.6 million for the same period in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Provision for credit losses was $0.5 million in 2026, compared to no provision in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Provision for excess and obsolete inventory was $0.2 million in 2026, compared to $0.3 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Depreciation and amortization expense remained flat at $1.9 million for both periods.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Amortization of operating lease-right-of use assets was $0.9 million in 2026, compared to $1.0 million in 2025.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span></p><h4>Outlook and Strategy</h4><p>Cytek Biosciences, Inc. anticipates revenue growth in absolute dollars through sales organization and territory expansion, broadening its customer base, and increasing product awareness.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> The company expects total cost of sales and operating expenses to rise in absolute dollars due to ongoing activities, investments in product development, and commercial infrastructure expansion.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span> Service revenue is projected to grow as a percentage of total revenue, and gross margins are expected to improve by leveraging fixed manufacturing and service overhead, optimizing manufacturing processes, and managing material cost fluctuations.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1831915/000162828026032293/ctkb-20260331.htm"></span></p>

Cytek Biosciences | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 44.14 M