Cryoport, Inc.

Previous wording

This Quarterly Report contains forward-looking statements that have been made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995 and concern matters that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. In some cases, you can identify these statements by terminology such as “believes,” “may,” “will,” “expects,” “intends,” “estimates,” “anticipates,” “plans,” “seeks,” “continues,” “predicts,” “potential,” “likely,” or “opportunity”, or similar words which are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Reference is made in particular to forward-looking statements regarding our expectations about future business plans, new products or services, regulatory approvals, strategies, development timelines, prospective financial performance and opportunities, including potential acquisitions; expectations about future benefits of our acquisitions and our ability to successfully integrate those businesses and our plans related thereto; expectations about future benefits relating to the CRYOPDP divestiture and strategic partnership with DHL (as defined in this Quarterly Report); liquidity and capital resources; assumptions relating to the impairment of assets; plans relating to any repurchase of our common stock and/or convertible notes; projected trends in the markets in which we operate, including the anticipated expansion of the cell and gene therapy market; expectations relating to current supply chain impacts, tariffs, and other trade restrictions; inflationary pressures and the effect of foreign currency fluctuations; anticipated regulatory filings or approvals with respect to the products of our clients; expectations about securing and managing strategic relationships with global couriers or large clinical research organizations; plans and expectations regarding the potential or benefits of our existing and future products and technologies; our future capital needs and ability to raise capital on favorable terms or at all; results of our research and development efforts; and approval of our patent applications.

Current wording

This Quarterly Report contains forward-looking statements that have been made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995 and concern matters that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. In some cases, you can identify these statements by terminology such as “believes,” “may,” “will,” “expects,” “intends,” “estimates,” “anticipates,” “plans,” “seeks,” “continues,” “predicts,” “potential,” “likely,” or “opportunity”, or similar words which are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Reference is made in particular to forward-looking statements regarding our expectations about future business plans, new products or services, regulatory approvals, strategies, development timelines, prospective financial performance and opportunities, including long-term revenue opportunities from our support of commercial therapies; acquisition plans and strategies, including expectations about future benefits of our acquisitions and our ability to successfully integrate those businesses; expectations about future benefits relating to the CRYOPDP divestiture and strategic partnership with DHL (as defined in this Quarterly Report); liquidity and capital resources; assumptions relating to the impairment of assets; plans relating to any repurchase of our common stock and/or convertible notes; projected trends in the markets in which we operate, including the anticipated expansion of the cell and gene therapy market; expectations relating to current supply chain impacts, tariffs, and other trade restrictions; inflationary pressures and the effect of foreign currency fluctuations; anticipated regulatory filings or approvals with respect to the products of our clients; expectations about securing and managing strategic relationships with global couriers or large clinical research organizations; plans and expectations regarding the potential or benefits of our existing and future products and technologies; our future capital needs and ability to raise capital on favorable terms or at all; results of our research and development efforts; and approval of our patent applications.

Previous wording

Although we believe that our opinions and expectations reflected in the forward-looking statements are reasonable as of the date of this Quarterly Report, we cannot guarantee future results, levels of activity, performance or achievements, and our actual results may differ substantially from the views and expectations set forth in this Quarterly Report. You should be aware that these statements are projections or estimates as to future events and are subject to a number of factors that may tend to influence the accuracy of the statements, including, but not limited to, risks and uncertainties associated with the effects of changing economic and geopolitical conditions, such as those resulting from the war with Iran, supply chain constraints, inflationary pressures, the effects of foreign currency fluctuations, trends in the products markets, variations in the Company’s cash flow, market acceptance risks, the effects of tariffs and other trade restrictions, and technical development risks. Additional risks and uncertainties relating to the CRYOPDP divestiture include, but are not limited to, the risk that any disruption resulting from the CRYOPDP divestiture may adversely affect our businesses and business relationships, including with employees and suppliers. Other important factors that could cause our actual results to differ materially from those in our forward-looking statements include those we describe in the reports we file from time to

Current wording

Although we believe that our opinions and expectations reflected in the forward-looking statements are reasonable as of the date of this Quarterly Report, we cannot guarantee future results, levels of activity, performance or achievements, and our actual results may differ substantially from the views and expectations set forth in this Quarterly Report. You should be aware that these statements are projections or estimates as to future events and are subject to a number of factors that may tend to influence the accuracy of the statements, including, but not limited to, risks and uncertainties associated with the effects of changing economic and geopolitical conditions, such as those resulting from the war with Iran, supply chain constraints, inflationary pressures, the effects of foreign currency fluctuations, trends in the products markets, variations in the Company’s cash flow, market acceptance risks, the effects of

Previous wording

The following management’s discussion and analysis of the Company’s financial condition and results of operations (“MD&A”) should be read in conjunction with the condensed consolidated balance sheet as of June 30, 2026 (unaudited) and the consolidated balance sheet as of December 31, 2025 (audited) and the related unaudited condensed consolidated statements of operations, comprehensive income (loss), and stockholders’ equity for the three and six months ended June 30, 2026 and 2025, and cash flows for the six months ended June 30, 2026 and 2025 and the related notes thereto (see Part I, Item 1. Financial Statements), as well as the audited consolidated financial statements of the Company for the years ended December 31, 2025, 2024 and 2023, included in the Company’s 2025 Annual Report.

Current wording

The following management’s discussion and analysis of the Company’s financial condition and results of operations (“MD&A”) should be read in conjunction with the condensed consolidated balance sheet as of September 30, 2026 (unaudited) and the consolidated balance sheet as of December 31, 2025 (audited) and the related unaudited condensed consolidated statements of operations, comprehensive income (loss), and stockholders’ equity for the three and nine months ended September 30, 2026 and 2025, and cash flows for the nine months ended September 30, 2026 and 2025 and the related notes thereto (see Part I, Item 1. Financial Statements), as well as the audited consolidated financial statements of the Company for the years ended December 31, 2025, 2024 and 2023, included in the Company’s 2025 Annual Report.

Previous wording

Over the past several years, we have established ourselves as a leading provider of temperature-controlled supply chain solutions supporting the clinical development and commercial launch of cell and gene therapies globally. As of June 30, 2026, we supported 779 clinical trials, of which 94 were in Phase 3, and 22 commercial therapies. We believe regenerative medicine advanced therapies that successfully advance through the clinical trial process and obtain regulatory approval represent a significant long-term revenue opportunity for the Company, as the majority of these therapies require comprehensive, temperature-controlled supply chain solutions and related services at commercial scale. We also expect to retain many of these programs as commercial customers, given our involvement during the clinical trial phase and our track record of innovation and responsiveness to customer needs. Revenue generated from our support of commercial therapies (“Commercial Cell and Gene Therapy revenue”) currently consists of BioLogistics Solutions revenue, BioServices revenue, and Life Sciences Products revenue.

Current wording

Over the past several years, we have established ourselves as a leading provider of temperature-controlled supply chain solutions supporting the clinical development, commercialization, and ongoing growth of cell and gene therapies globally. As of September 30, 2026, we supported 788 clinical trials, including 99 in Phase 3, and 23 commercial therapies. We believe regenerative medicine and other advanced therapies that successfully progress through the clinical development process and obtain regulatory approval represent a significant long-term revenue opportunity for the Company. These therapies typically require comprehensive, temperature-controlled supply chain solutions and related services not only to support their initial commercial launch, but also to sustain ongoing operations and accommodate increasing demand as they expand into new markets, reach more patients, and scale production. Our established relationships with customers during the clinical development phase, together with our track record of innovation, reliability, and responsiveness to evolving customer needs, position us to retain and grow our involvement with these programs throughout their commercial lifecycles. Revenue generated from our support of commercial therapies (“Commercial Cell and Gene Therapy revenue”) currently consists of BioLogistics Solutions revenue, BioServices revenue, and Life Sciences Products revenue.

Previous wording

On June 11, 2025, the Company completed the previously disclosed divestiture of its specialty courier CRYOPDP business to designated affiliates of DHL Supply Chain International Holding B.V. (“DHL”) for $133.0 million. Pursuant to the terms of the sale and purchase agreement, DHL acquired 100% of the capital stock and voting rights of certain entities conducting business under the trade name “CryoPDP”, including each of PDP Courier Services (USA), Inc., Courier Polar Expres S.L., Advanced Therapy Logistics and Solutions, SAS and Cryo Express GmbH (collectively, the “Transaction”). The Transaction also included the repayment of

Current wording

On June 11, 2025, the Company completed the previously disclosed divestiture of its specialty courier CRYOPDP business to designated affiliates of DHL Supply Chain International Holding B.V. (“DHL”) for $133.0 million. Pursuant to the terms of the sale and purchase agreement, DHL acquired 100% of the capital stock and voting rights of certain entities conducting business under the trade name “CryoPDP”, including each of PDP Courier Services (USA), Inc., Courier Polar Expres S.L., Advanced Therapy Logistics and Solutions, SAS and Cryo Express GmbH (collectively, the “Transaction”). The Transaction also included the repayment of approximately $77.2 million of outstanding intercompany loans owed by CRYOPDP to the Company. The Company and DHL also entered into certain related transaction agreements at the closing date of the Transaction, including a master partnership agreement, a transition services agreement and other customary agreements. The divestiture and strategic partnership with DHL are expected to enhance the Company’s ability to develop its business, particularly in the EMEA and APAC regions, and to provide differentiated and high-value services aligned with the Company’s long-term growth strategy.

Previous wording

Life Sciences Services revenue increased by $3.6 million, or 14.8%, from $24.4 million to $28.0 million for the three months ended June 30, 2026, as compared to the same period in 2025. This increase was driven by year-over-year growth in BioLogistics Solutions revenue and BioStorage/BioServices revenue of 12.5% and 24.8%, respectively, demonstrating strong demand for our services offerings. Commercial Cell and Gene Therapy revenue included in Life Sciences Services revenue increased by $1.9 million, or 26.5%, from $7.5 million to $9.4 million for the three months ended June 30, 2026, as compared to the prior period, and included BioLogistics and BioStorage/BioServices revenue of $8.8 million and $0.6 million, respectively, compared to $7.5 million and $0, respectively, in the prior period. We also continued to gain clinical trial market share with Cryoport supporting a total of 779 clinical trials globally at June 30, 2026, of which 94 of these clinical trials were in phase 3, representing an overall increase of 51 clinical trials from 728 clinical

Current wording

Life Sciences Services revenue increased by $4.3 million, or 17.8%, from $24.3 million to $28.6 million for the three months ended September 30, 2026, as compared to the same period in 2025. This increase was driven by year-over-year growth in BioLogistics Solutions revenue and BioStorage/BioServices revenue of 15.9% and 25.1%, respectively, demonstrating strong demand for our services offerings. Commercial Cell and Gene Therapy revenue included in Life Sciences Services revenue increased by $2.2 million, or 29.0%, from $7.4 million to $9.6 million for the three months ended September 30, 2026, as compared to the prior year period, and included BioLogistics and BioStorage/BioServices revenue of $9.0 million and $0.6 million, respectively, compared to $7.4 million and $0, respectively, in the prior year period. We also continued to gain clinical trial market share with Cryoport supporting a total of 788 clinical trials globally at September 30, 2026, of which 99 of these clinical trials were in phase 3, representing an overall increase of 43

Previous wording

trials at June 30, 2025. Revenue from the support of CGT clinical trials was $13.4 million for the three months ended June 30, 2026, representing a 12.6% year-over-year increase from $11.9 million in the prior period. Our Company continues to lead the way in providing advanced temperature-controlled supply chain solutions designed to support the development of cell and gene therapies and our future growth.

Current wording

clinical trials from 745 clinical trials at September 30, 2025. Revenue from the support of CGT clinical trials included in Life Sciences Services revenue was $13.4 million for the three months ended September 30, 2026, representing a 15.5% year-over-year increase from $11.6 million in the prior year period. Our Company continues to lead the way in providing advanced temperature-controlled supply chain solutions designed to support the development of cell and gene therapies and our future growth.

Previous wording

Life Sciences Products revenue decreased by $0.1 million, or 0.4%, from $21.1 million to $21.0 million for the three months ended June 30, 2026, as compared to the same period in 2025. Life Sciences Products revenue was primarily driven by demand from customers in the Americas region. Commercial Cell and Gene Therapy revenue included in Life Sciences Products revenue was $0 and $1.2 million for the three months ended June 30, 2026 and 2025, respectively.

Current wording

Life Sciences Products revenue increased by $1.7 million, or 8.4%, from $20.0 million to $21.7 million for the three months ended September 30, 2026, as compared to the same period in 2025. Life Sciences Products revenue was primarily driven by demand from customers in the Americas region. Commercial Cell and Gene Therapy revenue included in Life Sciences Products revenue was $0.4 and $0.9 million for the three months ended September 30, 2026 and 2025, respectively. Revenue from the support of CGT clinical trials included in Life Sciences Products revenue was $0.3 million for each of the three months ended September 30, 2026 and 2025.

Previous wording

Gross margin and cost of revenue. Gross margin for the three months ended June 30, 2026 was 46.6% of total revenue, as compared to 47.0% of total revenue for the three months ended June 30, 2025. Cost of total revenue increased $2.1 million, or 8.6%, to $26.1 million for the three months ended June 30, 2026, as compared to $24.1 million in the same period in 2025.

Current wording

Gross margin and cost of revenue. Gross margin for the three months ended September 30, 2026 was 47.5% of total revenue, as compared to 48.2% of total revenue for the three months ended September 30, 2025. Cost of total revenue increased by $3.5 million, or 15.2%, to $26.4 million for the three months ended September 30, 2026, as compared to $22.9 million in the same period in 2025.

Previous wording

Gross margin for our Life Sciences Services revenue was 49.9%, as compared to 48.9% for the three months ended June 30, 2025. Our cost of services revenue was primarily comprised of freight charges, payroll and associated expenses related to our global logistics and supply chain centers, depreciation expenses of our Cryoport Express® Shippers and supplies and consumables used for our solutions.

Current wording

Gross margin for our Life Sciences Services revenue was 50.4%, as compared to 49.7% for the three months ended September 30, 2025. Our cost of services revenue was primarily comprised of freight charges, payroll and associated expenses related to our global logistics and supply chain centers, depreciation expenses of our Cryoport Express® Shippers and supplies and consumables used for our solutions.

Previous wording

Gross margin for our Life Sciences Products revenue was 42.2%, as compared to 44.9% for the three months ended June 30, 2025. Life Sciences Products revenue, related cost of revenue and resulting gross margins were primarily driven by our MVE Biological Solutions (“MVE”) business. Our cost of products revenue was primarily comprised of materials, direct and indirect labor, inbound freight charges, purchasing and receiving, inspection, and distribution and warehousing of inventory. In addition, shop supplies, facility maintenance costs and depreciation expense for assets used in the manufacturing process were included in cost of products revenue.

Current wording

Gross margin for our Life Sciences Products revenue was 43.6%, as compared to 46.4% for the three months ended September 30, 2025. Life Sciences Products revenue, related cost of revenue and resulting gross margins were primarily driven by our MVE Biological Solutions (“MVE”) business. Our cost of products revenue was primarily comprised of materials, direct and indirect labor, inbound freight charges, purchasing and receiving, inspection, and distribution and warehousing of inventory. Cost of products revenue also included shop supplies, facility maintenance costs and depreciation expense related to manufacturing assets. The decrease in gross margin was primarily attributable to a shift in product mix toward lower-margin aluminum dewars, reflecting increased demand from MVE’s Animal Health customers, and favorable manufacturing cost adjustments recognized in the prior year period that did not recur in the current period.

Previous wording

Engineering and development expenses**.** Engineering and development expenses increased by $0.7 million, or 17.8%, for the three months ended June 30, 2026, as compared to the same period in 2025. We continue to invest in enhancing and expanding the capabilities of our Cryoport Express®, Cryoport ELITE™ Solutions and broader portfolio of temperature-controlled services, as well as in advancing our digital and information strategy, including the deployment of generative artificial intelligence (AI). These initiatives are focused on enabling the safe, reliable, and efficient transport and storage of life sciences commodities through innovative, technology-driven solutions.

Current wording

Engineering and development expenses**.** Engineering and development expenses increased by $0.2 million, or 4.7%, for the three months ended September 30, 2026, as compared to the same period in 2025. We continue to invest in enhancing and expanding the capabilities of our Cryoport Express®, Cryoport ELITE™ Solutions and broader portfolio of temperature-controlled services, as well as in advancing our digital and information strategy, including the deployment of generative artificial intelligence (AI). These initiatives are focused on enabling the safe, reliable, and efficient transport and storage of life sciences commodities through innovative, technology-driven solutions.

Previous wording

Investment income. Investment income increased by $3.2 million for the six months ended June 30, 2026, as compared to the prior year.

Current wording

Investment income. Investment income decreased by $0.4 million for the three months ended September 30, 2026, as compared to the prior year period.

Previous wording

Interest expense**.** Interest expense decreased by $0.1 million for the three months ended June 30, 2026, as compared to the prior year.

Current wording

Interest expense**.** Interest expense remained substantially unchanged for the three months ended September 30, 2026, as compared to the prior year period.

Previous wording

Other expense, net. Other expense, net decreased by $2.6 million for the three months ended June 30, 2026, as compared to the prior year. This was primarily due to an increase of $1.3 million in short-term investment net unrealized gains and a decrease of $1.3 million related to foreign currency losses.

Current wording

Other income (expense), net. Other income (expense), net decreased by $4.9 million for the three months ended September 30, 2026, as compared to the prior year period. This was primarily due to an increase of $4.8 million in short-term investment net unrealized losses and an increase of $0.1 million related to foreign currency losses.

Previous wording

Provision for income taxes. The provision for income taxes increased by $0.2 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, resulting in effective tax rates of negative 6.5% and negative 2.3%, respectively. The increase in tax expense and the decrease in the effective tax rate for the three months ended June 30, 2026, as compared to the prior year is primarily due to lower taxable foreign earnings. The effective tax rate of negative 6.5% for the three months ended June 30, 2026, differed from the U.S. federal statutory rate of 21% primarily due to changes in the valuation allowance that we maintain against our deferred tax assets, income earned by certain foreign subsidiaries being taxed at different rates than the U.S. federal statuary rate, and excess tax benefits associated with share-based compensation.

Current wording

Provision for income taxes. The provision for income taxes remained substantially unchanged for the three months ended September 30, 2026, as compared to the three months ended September 30, 2025, resulting in effective tax rates of negative 1.8% and negative 2.5%, respectively. The increase in tax expense and the increase in the effective tax rate for the three months ended September 30, 2026, as compared to the prior year is primarily due to a larger pretax loss. The effective tax rate of negative 1.8% for the three months ended September 30, 2026, differed from the U.S. federal statutory rate of 21% primarily due to changes in the valuation allowance that we maintain against our deferred tax assets, income earned by certain foreign subsidiaries being taxed at different rates than the U.S. federal statuary rate, and excess tax benefits associated with share-based compensation.

Previous wording

Discontinued operations. Income (loss) from discontinued operations, net of income tax decreased $116.7 million for the six months ended June 30, 2026, as compared to the same period in 2025, due to the gain on sale of the CRYOPDP business recorded in discontinued operations in the second quarter of 2025.

Current wording

Discontinued operations. Loss from discontinued operations, net of income tax decreased by $0.2 million for the three months ended September 30, 2026, as compared to the same period in 2025, due to adjustments to the gain on sale of the CRYOPDP business in the prior year period.

Previous wording

Six months ended June 30, 2026 compared to six months ended June 30, 2025:

Current wording

Nine months ended September 30, 2026 compared to nine months ended September 30, 2025:

Previous wording

Life Sciences Services revenue increased by $7.6 million, or 16.2%, from $47.2 million to $54.9 million for the six months ended June 30, 2026, as compared to the same period in 2025. This increase was driven by year-over-year growth in BioLogistics Solutions revenue and BioStorage/BioServices revenue of 14.6% and 22.8%, respectively, demonstrating strong demand for our services offerings. Commercial Cell and Gene Therapy revenue included in Life Sciences Services revenue increased by $3.4 million, or 23.2%, from $14.6 million to $18.0 million for the six months ended June 30, 2026, as compared to the prior period, and included BioLogistics and BioStorage/BioServices revenue of $16.9 million and $1.1 million, respectively, compared to $14.6 million and $0, respectively, in the prior period. We also continued to gain clinical trial market share with Cryoport supporting a total of 779 clinical trials globally at June 30, 2026, of which 94 of these clinical trials were in phase 3, representing an overall increase of 51 clinical trials from 728 clinical trials at June 30, 2025. Revenue from the support of CGT clinical trials was $26.3 million for the six months ended June 30, 2026, representing a 14.8% year-over-year increase from $22.9 million in the prior period. Our Company continues to lead the way in providing advanced temperature-controlled supply chain solutions designed to support the development of Cell and Gene therapies and our future growth.

Current wording

Life Sciences Services revenue increased by $11.9 million, or 16.7%, from $71.5 million to $83.4 million for the nine months ended September 30, 2026, as compared to the same period in 2025. This increase was driven by year-over-year growth in BioLogistics Solutions revenue and BioStorage/BioServices revenue of 15.1% and 23.6%, respectively, demonstrating strong demand for our services offerings. Commercial Cell and Gene Therapy revenue included in Life Sciences Services revenue increased by $5.6 million, or 25.3%, from $22.1 million to $27.7 million for the nine months ended September 30, 2026, as compared to the prior period, and included BioLogistics and BioStorage/BioServices revenue of $26.0 million and $1.7 million, respectively, compared to $22.1 million and $0, respectively, in the prior period. We also continued to gain clinical trial market share with Cryoport supporting a total of 788 clinical trials globally at September 30, 2026, of which 99 of these clinical trials were in phase 3, representing an overall increase of 43 clinical trials from 745 clinical trials at September 30, 2025. Revenue from the support of CGT clinical trials included in Life Sciences Services revenue was $39.4 million for the nine months ended September 30, 2026, representing a 16.2% year-over-year increase from $33.9 million in the prior year period. Our Company continues to lead the way in providing advanced temperature-controlled supply chain solutions designed to support the development of cell and gene therapies and our future growth.

Previous wording

Life Sciences Products revenue increased by $2.6 million, or 6.7%, from $39.3 million to $41.9 million for the six months ended June 30, 2026, as compared to the same period in 2025. Life Sciences Products revenue consists primarily of revenue from our portfolio of cryogenic stainless-steel freezers, aluminum dewars and related ancillary equipment used in the storage and transport of life sciences commodities, which includes the rapidly growing Cell and Gene Therapy market through a global network of distributors and direct client relationships. Life Sciences Products revenue was primarily driven by demand from customers in the EMEA and APAC regions and strong demand from Animal Health customers in the Americas. Commercial Cell and Gene Therapy revenue included in Life Sciences Products revenue was $0.4 million and $1.2 million for the six months ended June 30, 2026 and 2025, respectively.

Current wording

Life Sciences Products revenue increased by $4.4 million, or 7.3%, from $59.2 million to $63.6 million for the nine months ended September 30, 2026, as compared to the same period in 2025. Life Sciences Products revenue consists primarily of revenue from our portfolio of cryogenic stainless-steel freezers, aluminum dewars and related ancillary equipment used in the storage and transport of life sciences commodities, which includes the rapidly growing Cell and Gene Therapy market through a global network of distributors and direct client relationships. Life Sciences Products revenue was primarily driven by demand from customers in the EMEA and APAC regions and strong demand from Animal Health customers in the Americas. Commercial Cell and Gene Therapy revenue included in Life Sciences Products revenue was $0.8 million and $2.1 million for the nine months ended September 30, 2026 and 2025, respectively. Revenue from the support of CGT clinical trials included in Life Sciences Products revenue was $0.6 and $0.9 million for the nine months ended September 30, 2026 and 2025, respectively.

Previous wording

Gross margin and cost of revenue. Gross margin for the six months ended June 30, 2026 was 46.2% of total revenue, as compared to 46.3% of total revenue for the six months ended June 30, 2025. Cost of total revenue increased $5.6 million to $52.0 million for the six months ended June 30, 2026, as compared to $46.5 million in the same period in 2025.

Current wording

Gross margin and cost of revenue. Gross margin for the nine months ended September 30, 2026 was 46.7% of total revenue, as compared to 46.9% of total revenue for the nine months ended September 30, 2025. Cost of total revenue increased by $9.0 million to $78.4 million for the nine months ended September 30, 2026, as compared to $69.4 million in the same period in 2025.

Previous wording

Gross margin for our Life Sciences Services revenue was 49.4%, as compared to 48.4% for the six months ended June 30, 2025. Our cost of services revenue was primarily comprised of freight charges, payroll and associated expenses related to our global logistics and supply chain centers, depreciation expenses of our Cryoport Express® Shippers and supplies and consumables used for our solutions.

Current wording

Gross margin for our Life Sciences Services revenue was 49.7%, as compared to 48.8% for the nine months ended September 30, 2025. Our cost of services revenue was primarily comprised of freight charges, payroll and associated expenses related to our global logistics and supply chain centers, depreciation expenses of our Cryoport Express® Shippers and supplies and consumables used for our solutions.

Previous wording

Gross margin for our Life Sciences Products revenue was 42.1%, as compared to 43.7% for the six months ended June 30, 2025. Our cost of products revenue was primarily comprised of materials, direct and indirect labor, inbound freight charges, purchasing and receiving, inspection, and distribution and warehousing of inventory. In addition, shop supplies, facility maintenance costs and depreciation expense for assets used in the manufacturing process were included in cost of products revenue.

Current wording

Gross margin for our Life Sciences Products revenue was 42.6%, as compared to 44.6% for the nine months ended September 30, 2025. Our cost of products revenue was primarily comprised of materials, direct and indirect labor, inbound freight charges, purchasing and receiving, inspection, and distribution and warehousing of inventory. Cost of products revenue also included shop supplies, facility maintenance costs and depreciation expense related to manufacturing assets. The decrease in gross margin was primarily attributable to a shift in product mix toward lower-margin aluminum dewars, reflecting increased demand from MVE’s Animal Health customers.

Previous wording

SG&A expenses increased by $6.8 million, or 14.0%, as compared to the same period in 2025. This increase was primarily driven by the release of contingent consideration of $5.2 million in the first quarter of 2025 that did not recur in 2026, and increases of $1.4 million in wages and associated employee costs and $0.2 million in marketing costs.

Current wording

SG&A expenses increased by $8.0 million, or 10.6%, as compared to the same period in 2025. This increase was primarily driven by the release of contingent consideration of $5.2 million in the first quarter of 2025 that did not recur in 2026, and increases of $1.3 million in wages and associated employee costs, $0.3 million in marketing costs, $0.3 million in cost reduction initiatives, and $0.2 million in travel expenses.

Previous wording

Engineering and development expenses. Engineering and development expenses increased by $0.7 million, or 8.8%, for the six months ended June 30, 2026, as compared to the same period in 2025. We continue to invest in enhancing and expanding the capabilities of our Cryoport Express®, Cryoport ELITE™ Solutions, and broader portfolio of temperature-controlled services, as well as in advancing our digital and information strategy, including the deployment of generative artificial intelligence (AI). These initiatives are focused on enabling the safe, reliable, and efficient transport and storage of life sciences commodities through innovative, technology-driven solutions.

Current wording

Engineering and development expenses. Engineering and development expenses increased by $0.9 million, or 7.3%, for the nine months ended September 30, 2026, as compared to the same period in 2025. We continue to invest in enhancing and expanding the capabilities of our Cryoport Express®, Cryoport ELITE™ Solutions, and broader portfolio of temperature-controlled services, as well as in advancing our digital and information strategy, including the deployment of generative artificial intelligence (AI). These initiatives are focused on enabling the safe, reliable, and efficient transport and storage of life sciences commodities through innovative, technology-driven solutions.

Previous wording

Investment income. Investment income increased by $1.7 million for the three months ended June 30, 2026, as compared to the prior year.

Current wording

Investment income. Investment income increased by $2.8 million for the nine months ended September 30, 2026, as compared to the prior year.

Previous wording

Interest expense**.** Interest expense decreased by $0.3 million for the six months ended June 30, 2026, as compared to the prior year.

Current wording

Interest expense**.** Interest expense decreased by $0.3 million for the nine months ended September 30, 2026, as compared to the prior year.

Previous wording

Provision for income taxes. The provision for income taxes increased by $0.1 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, resulting in effective tax rates of negative 3.6% and negative 2.8%, respectively. The increase in tax expense and decrease in the effective tax rate for the six months ended June 30, 2026, as compared to the prior year is primarily due to lower taxable foreign earnings. The effective tax rate of negative 3.6% for the six months ended June 30, 2026 differed from the U.S. federal statutory rate of 21% primarily due to changes in the valuation allowance that we maintain against our deferred tax assets, income earned by certain foreign subsidiaries being taxed at different rates than the U.S. federal statuary rate, and excess tax benefits associated with share-based compensation.

Current wording

Provision for income taxes. The provision for income taxes increased by $0.1 million for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, resulting in effective tax rates of negative 2.9% and negative 2.7%, respectively. The increase in tax expense and decrease in the effective tax rate for the nine months ended September 30, 2026, as compared to the prior year is primarily due to lower taxable foreign earnings. The effective tax rate of negative 2.9% for the nine months ended September 30, 2026 differed from the U.S. federal statutory rate of 21% primarily due to changes in the valuation allowance that we maintain against our deferred tax assets, income earned by certain foreign subsidiaries being taxed at different rates than the U.S. federal statuary rate, and excess tax benefits associated with share-based compensation.

Previous wording

Discontinued operations. Income (loss) from discontinued operations, net of income tax decreased $120.9 million for the three months ended June 30, 2026, as compared to the same period in 2025, due to the gain on sale of the CRYOPDP business recorded in discontinued operations in the second quarter of 2025.

Current wording

Discontinued operations. Income (loss) from discontinued operations, net of income tax decreased by $116.5 million for the nine months ended September 30, 2026, as compared to the same period in 2025, due to the gain on sale of the CRYOPDP business recorded in discontinued operations in the second quarter of 2025.

Previous wording

We provide adjusted EBITDA from continuing operations, a non-GAAP financial measure, as a supplemental measure to U.S. GAAP measures regarding our operating performance. Non-GAAP financial measures are not calculated in accordance with U.S. GAAP, are not based on any comprehensive set of accounting rules or principles and may be different from non-GAAP financial measures presented by other companies. Non-GAAP financial measures, including adjusted EBITDA from continuing operations, should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP.

Current wording

We provide adjusted EBITDA from continuing operations, a non-GAAP financial measure, as a supplemental measure to U.S. GAAP measures regarding our operating performance. Non-GAAP financial measures are not calculated in accordance with U.S. GAAP, are not based on any comprehensive set of accounting rules or principles and may be different from non-GAAP financial

Previous wording

As of June 30, 2026, the Company had cash and cash equivalents of $269.3 million, short-term investments of $127.4 million and had working capital of $239.2 million. We expect to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term while we make investments in new supply chain initiatives, geographic expansion and technology to support our anticipated growth, and repay our 2026 Convertible Senior Notes. Historically, we have financed our operations primarily through sales of equity securities and debt instruments. Following the divestiture of the CRYOPDP business, we also expect to use the net proceeds from the divestiture for general corporate purposes.

Current wording

As of September 30, 2026, the Company had cash and cash equivalents of $279.2 million, short-term investments of $113.9 million and working capital of $232.5 million. The Company intends to use a portion of its existing cash, cash equivalents, and short-term investments to repay the $186.2 million principal amount of its outstanding 0.75% Convertible Senior Notes due in 2026 (the “2026 Convertible Senior Notes”) upon maturity in December 2026. Following this repayment, the Company expects to retain substantial liquidity to support its ongoing operations and strategic priorities. We expect to continue to incur significant expenses and operating losses in the near term as we invest in new supply chain initiatives, geographic expansion, and technology to support anticipated growth. Historically, we have financed our operations primarily through sales of equity securities and debt instruments.

Previous wording

For the six months ended June 30, 2026, our cash provided by operating activities of $4.9 million reflects the net loss of $18.8 million offset by non-cash expenses of $22.8 million primarily comprised of $13.0 million of depreciation and amortization, $4.8 million of stock-based compensation, $2.4 million of non-cash operating lease expense, and a loss on available-for-sale investments of $1.4 million. Also contributing to the cash impact of our net operating loss, excluding non-cash items was an increase in accounts receivable of $3.1 million, a decrease in operating lease liabilities of $2.3 million, and a decrease in accrued compensation and related expenses of $0.8 million, which were partially offset by a decrease in prepaid expenses and other current assets of $2.8 million, a decrease in inventories of $1.7 million, and an increase in accounts payable and other accrued expenses of $1.2 million.

Current wording

For the nine months ended September 30, 2026, our cash provided by operating activities of $10.1 million reflects the net loss of $29.7 million offset by non-cash expenses of $37.9 million primarily comprised of $19.5 million of depreciation and amortization, $7.1 million of stock-based compensation, $4.1 million on unrealized loss on investments in equity securities, $3.3 million of non-cash operating lease expense, and a loss on available-for-sale investments of $2.0 million. Also contributing to the cash impact of our net operating loss, excluding non-cash items was a decrease in prepaid expenses and other current assets of $3.2 million, an increase in accrued compensation and related expenses of $1.8 million, and an increase in accounts payable and other accrued expenses of $1.6 million, which were partially offset by an increase in accounts receivable of $3.0 million, and a decrease in operating lease liabilities of $3.0 million.

Previous wording

Net cash provided by investing activities of $12.9 million during the six months ended June 30, 2026 was primarily due to the proceeds from the maturity of short-term investments of $33.0 million, which were partially offset by facility expansions (including leasehold improvements, furniture and equipment) and additional purchases of Cryoport Express® Shippers, Smart Pak IITM Condition Monitoring Systems, freezers and computer equipment for $19.1 million.

Current wording

Net cash provided by investing activities of $17.1 million during the nine months ended September 30, 2026 was primarily due to the proceeds from the maturity of short-term investments of $43.0 million, which were partially offset by facility expansions (including leasehold improvements, furniture and equipment) and additional purchases of Cryoport Express® Shippers, Smart Pak IITM Condition Monitoring Systems, freezers and computer equipment for $24.3 million.

Previous wording

Net cash provided by financing activities totaled $0.7 million during the six months ended June 30, 2026, primarily comprised of proceeds of $1.0 million from the exercise of stock options, which were partially offset by the repayment of lease liabilities of $0.2 million.

Current wording

Net cash provided by financing activities totaled $1.0 million during the nine months ended September 30, 2026, primarily comprised of proceeds of $1.4 million from the exercise of stock options, which were partially offset by the repayment of lease liabilities of $0.3 million.

Previous wording

In August 2024, the Company’s Board of Directors authorized a repurchase program through December 31, 2027, authorizing the repurchase of common stock and/or Convertible Senior Notes in the amount of up to $200.0 million from time to time, on the open market or otherwise, in such quantities, at such prices, and in such manner as determined by the Company’s management at its discretion (the “2024 Repurchase Program”). The authorized amount under the 2024 Repurchase Program was in addition to the 2022 Repurchase Program and did not modify the 2022 Repurchase Program. The size and timing of any repurchases under the 2024 Repurchase Program will depend on a number of factors, including the market price of the Company’s common stock, general market and economic conditions, and applicable legal requirements.

Current wording

In August 2024, the Company’s Board of Directors authorized a repurchase program through December 31, 2027, authorizing the repurchase of common stock and/or Convertible Senior Notes in the amount of up to $200.0 million from time to time, on the open market or otherwise, in such quantities, at such prices, and in such manner as determined by the Company’s management at its discretion (the “2024 Repurchase Program” and together with the 2022 Repurchase Program, the “Repurchase Programs”). The authorized amount under the 2024 Repurchase Program was in addition to the 2022 Repurchase Program and did not modify the 2022 Repurchase Program.

Previous wording

There were no repurchases of the 2026 Convertible Senior Notes during the six months ended June 30, 2026 and 2025.

Current wording

There were no repurchases of the 2026 Convertible Senior Notes during the nine months ended September 30, 2026 and 2025.

Previous wording

There were no shares repurchased during the six months ended June 30, 2026. During the six months ended June 30, 2025, the Company purchased 628,217 shares of its common stock under the Repurchase Programs at an average price of $6.76 per share, for an aggregate purchase price of $4.2 million. These shares were returned to the status of authorized but unissued shares of common stock. All share repurchases were made using cash resources and are reported in the period based on the settlement date of the applicable repurchase.

Current wording

There were no shares of common stock repurchased during the nine months ended September 30, 2026. During the nine months ended September 30, 2025, the Company purchased 1,111,614 shares of its common stock under the Repurchase Programs at an average price of $7.18 per share, for an aggregate purchase price of $8.0 million. These shares were returned to the status of authorized but unissued shares of common stock. All share repurchases were made using cash resources and are reported in the period based on the settlement date of the applicable repurchase.