Cytek Biosciences, Inc.
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
CTKB$5.83+8.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001628280-26-032293
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001628280-26-053496
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 126 previous paragraphs and 126 current paragraphs.
86 unchanged; 33 reworded; 7 added; 7 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Product revenue increased by $1.1 million to $32.6 million, or 4%, and by $1.8 million to $61.3 million, or 3%, for the three and six months ended June 30, 2026, as compared to thethree and six months ended June 30, 2025, respectively. The higher revenue for the three and six months ended June 30, 2026 was primarily due to growth of instrument revenue in the United States, partially offset by lower instrument revenue in the EMEA, Rest of World, and APAC markets.
Current report
Total cost of sales decreased by $1.9 million to $19.8 million, or 9%, and by $0.4 million to $42.7 million or 1%, for the three and six months ended June 30, 2026, respectively, as compared to the three and six months ended June 30, 2025. The decrease in cost of sales was primarily driven bya one-time$2.8 million reduction in cost of goods sold related totariff refunds, partially offset by other product costs and higher service personnel costs.
Current report
Product revenue for the three and six months ended June 30, 2026 increased by 4% and 3%, respectively, as compared to the three and six months ended June 30, 2025. Product cost of sales for the three months ended June 30, 2026, decreased by 14% and 5%, respectively, as compared to the same period in 2025, primarily due to a one-time $2.8 million reduction in cost of goods sold related to tariff refunds during the second quarter of 2026, and lower manufacturing overhead, partially offset by higher material costs, inventory reserves and scrap expenses.
Current report
Product gross profit for the three and six months ended June 30, 2026 increased 19% and 12%, respectively, as compared to the three and six months ended June 30, 2025. Product gross profit margins for the three and six months ended June 30, 2026 were 60% and 53%, respectively, as compared to 53% and 49% for the corresponding periods in 2025. The increases were primarily driven by the $2.8 million tariff refunds, offset by other costs mentioned above. Excluding the tariff refunds, product gross margin would have been 52% and 48% for three and six months ended June 30, 2026, respectively.
Current report
Research and development expenses were $9.7 million and $19.3 million for the three and six months ended June 30, 2026, respectively, as compared to $8.8 million and $18.6 million for the three and six months ended June 30, 2025, respectively. The increase in expenses for the three months ended June 30, 2026 was primarily driven by higher personnel costs. The increase in expenses for the six months ended June 30, 2026 was primarily driven by higher outside services, personnel, and business expenses.
Current report
Sales and marketing expenses were $13.2 million and $24.8 million for the three and six months ended June 30, 2026, respectively, as compared to $12.1 million and $24.6 million for the three and six months ended June 30, 2025, respectively. The increase in expenses for the three months ended June 30, 2026 was primarily driven by higher severance, other personnel costs and higher advertising and marketing expenses.
Current report
Other income (expense), net
Removed paragraphs (7)
Previous report
In February 2026, the U.S. Supreme Court issued a ruling invalidating certain tariffs previously imposed under the International Emergency Economic Powers Act (“IEEPA”). The Company is currently evaluating whether it may be entitled to refunds related to these tariffs. As of March 31, 2026, the Company has not recognized any asset related to potential tariff refunds, as any such amounts are not expected to have a material impact on the Company’s future results of operation. The Company will continue to monitor developments and evaluate any new information as it becomes available.
Previous report
Product revenue increased by $0.7 million to $28.8 million, or 2%, for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025, primarily as a result of higher reagent revenue for thethree months ended March 31, 2026.
Previous report
Total cost of sales increased by $1.6 million, or 7%, for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The increase in cost of sales was primarily driven by higher service overhead costs in the three months ended March 31, 2026. The larger installed base for the three months ended March 31, 2026 required a larger service workforce, resulting in higher compensation and travel expenses.
Previous report
Product revenue for the three months ended March 31, 2026 increased by 2% as compared to the three months ended March 31, 2025. Product cost of sales for the three months ended March 31, 2026, increased by 3% as compared to the same period in 2025. Product gross profit for the three months ended March 31, 2026, increased 2% as compared to the three months ended March 31, 2025. Product gross profit margins in the three months ended March 31, 2026 were flat compared to the three months ended March 31, 2025. The effect of higher product revenue was partially offset by higher freight and duty costs for the three months ended March 31, 2026 compared to the prior year quarter.
Previous report
Research and development expenses were $9.6 million for the three months ended March 31, 2026 as compared to $9.7 million for the three months ended March 31, 2025.
Previous report
Sales and marketing expenses were $11.6 million for the three months ended March 31, 2026 as compared to $12.5 million for the three months ended March 31, 2025. Lower sales and marketing expenses in the three months ended March 31, 2026 were primarily a result of lower compensation expenses on lower headcount in the quarter.
Previous report
Other income, net
Reworded paragraphs (33)
Previous wording
We manufacture our instruments in our facilities in Fremont, California; Wuxi, China; Seattle, Washington; and Singapore. We have designed our operating model to be capital efficient and to scale efficiently as our product volumes grow.
Current wording
We manufacture our instruments in our facilities in Fremont, California; Wuxi, China; and Singapore. We have designed our operating model to be capital efficient and to scale efficiently as our product volumes grow.
Previous wording
Total revenue for the three months ended March 31, 2026 was $44.1 million, representing a 6% increase compared to revenue for the three months ended March 31, 2025 of $41.5 million.
Current wording
Total revenue for the three and six months ended June 30, 2026 was $48.1 million and $92.3 million, respectively, representing a 6% increase in revenue for both the three and six months ended June 30, 2025 of $45.6 million and $87.1 million, respectively.
Previous wording
To date, we have adopted a direct sales model in North America, Europe, China, and several other countries in the Asia-Pacific region, and sell our products through third-party distributors in certain countries in Europe, Latin America, the Middle East, Africa and the Asia-Pacific region. Revenue from direct sales represented 69% and 72% of total revenue for the three months ended March 31, 2026 and 2025, respectively, and revenue from distributors represented 31% and 28% of total revenue for the three months ended March 31, 2026 and 2025, respectively.
Current wording
To date, we have adopted a direct sales model in North America, Europe, China, and several other countries in the Asia-Pacific region, and sell our products through third-party distributors in certain countries in Europe, Latin America, the Middle East, Africa and the Asia-Pacific region. Revenue from direct sales represented 69% and 69% of total revenue for the three and six months ended June 30, 2026, respectively, and 73% and 73% of total revenue for the three and six months ended June 30, 2025, respectively. Revenue from distributors represented 31% and 31% of total revenue for the three and six months ended June 30, 2026, respectively, and 27% and 27% of total revenue for the three and six months ended June 30, 2025, respectively.
Previous wording
We focus a substantial portion of our resources on developing new products and solutions to meet our customers’ needs. Our research and development efforts focus on developing new and complementary instruments, reagents and reagent kits, and continued operating software development. We incurred research and development expenses of $9.6 million and $9.7 million for the three months ended March 31, 2026 and 2025, respectively. We intend to continue to make significant investments in research and development in the future.
Current wording
We focus a substantial portion of our resources on developing new products and solutions to meet our customers’ needs. Our research and development efforts focus on developing new and complementary instruments, reagents and reagent kits, and continued operating software development. We incurred research and development expenses of $9.7 million and $19.3 million for the three and six months ended June 30, 2026, respectively, and $8.8 million and $18.6 million for the three and six months ended June 30, 2025, respectively. We intend to continue to make significant investments in research and development in the future.
Previous wording
We expect to continue to invest in our commercial infrastructure through hiring additional employees with strong scientific and technical backgrounds to support growth in our instrument sales as well as our planned expansion of reagents offerings and panel design capabilities. We also plan to continue to invest in sales, marketing and business development across the globe to drive commercialization of our products. We incurred sales and marketing expenses of $11.6 million and $12.5 million for the three months ended March 31, 2026 and 2025, respectively.
Current wording
We expect to continue to invest in our commercial infrastructure through hiring additional employees with strong scientific and technical backgrounds to support growth in our instrument sales as well as our planned expansion of reagents offerings and panel design capabilities. We also plan to continue to invest in sales, marketing and business development across the globe to drive commercialization of our products. We incurred sales and marketing expenses of $13.2 million and $24.8 million for the three and six months ended June 30, 2026, respectively, and $12.1 million and $24.6 million for the three and six months ended June 30, 2025, respectively.
Previous wording
Our net loss was $18.9 million and $11.4 million for the three months ended March 31, 2026 and 2025, respectively. The change for the three months ended March 31, 2026 compared to the three months ended March 31, 2025, resulted primarily from a slight increase in revenues and gross profit, offset by higher operating expenses.
Current wording
Our net loss was $12.2 million and $31.0 million for the three and six months ended June 30, 2026, respectively, and $5.6 million and $17.0 million for the three and six months ended June 30, 2025, respectively. The change for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025, resulted primarily from an increase in revenues and gross profit as well as an increase in operating expenses.
Previous wording
Our financial performance has largely been driven by our ability to increase the adoption of our FSP platform, a key factor on which our future success depends. We plan to drive global customer adoption through business development efforts, direct sales and marketing and third-party distributions. We are investing in our direct sales organization and commercial support functions and developing third-party distributor relationships to support global expansion and drive revenue growth. We intend to continue increasing our workforce in line with our growth.
Current wording
Our financial performance has largely been driven by our ability to increase the adoption of our FSP platform, a key factor on which our future success depends. We plan to drive global customer adoption through business development efforts, direct sales and marketing and third-party distributions. We are investing in our direct sales organization and commercial support functions and developing third-party distributor relationships to support global expansion and drive revenue growth. We intend to continue increasing our workforce to support our growth.
Previous wording
Our business, results of operation and financial condition are dependent on both domestic and global macroeconomic conditions.
Current wording
Our business, results of operations and financial condition are dependent on both domestic and global macroeconomic conditions.
Previous wording
Certain of our pharmaceutical and biotech customers based in the United States have been impacted by the difficult fundraising environment for small companies and generally high interest rates. We believe these factors contributed to longer sales cycles, which adversely impacted our operating results for the three months ended March 31, 2026, and may adversely affect our operating results in the future.
Current wording
Certain of our pharmaceutical and biotech customers based in the United States have been impacted by the difficult fundraising environment for small companies and generally high interest rates. We believe these factors contribute to longer sales cycles, which have in the past adversely impacted our operating results for certain quarterly periods, and may adversely affect our operating results in the future.
Previous wording
The U.S. government has made and continues to signal additional changes to existing U.S. trade policies, including imposing and announcing plans for tariffs on all U.S. trading partners, including China, and renegotiating or potentially terminating existing bilateral and multi-lateral trade agreements. Certain foreign governments have announced or implemented retaliatory tariffs against U.S. goods and other non-tariff protectionist measures, such as procurement preferences or informal disincentives to engage with, purchase from or invest in U.S. entities, which may limit our ability to compete internationally and attract non-U.S. investment, employees, customers and suppliers. Although we cannot predict the ultimate extent to which the United States or other countries will impose quotas, duties, reciprocal tariffs, taxes, or other similar restrictions upon the import or export of our products, nor can we predict future trade policy or the terms of any renegotiated trade agreements and their impact on our business, the U.S. government’s imposition of tariffs as well as threatened and actual retaliatory tariffs against U.S. goods may have a negative impact on our revenue and costs in the future.
Current wording
Since 2025, the U.S. government has made and continues to signal additional changes to existing U.S. trade policies, including imposing and announcing plans for tariffs on all U.S. trading partners, including China, and renegotiating or potentially terminating existing bilateral and multi-lateral trade agreements. In February 2026, the U.S. Supreme Court issued a ruling invalidating certain tariffs previously imposed by the U.S. government under the International Emergency Economic Powers Act (“IEEPA”); following this ruling, we applied for certain tariff refunds, which have been received as of the date hereof. Certain foreign governments have announced or implemented retaliatory tariffs against U.S. goods and other non-tariff protectionist measures, such as procurement preferences or informal disincentives to engage with, purchase from or invest in U.S. entities, which may limit our ability to compete internationally and attract non-U.S. investment, employees, customers and suppliers. Although we cannot predict the ultimate extent to which the United States or other countries will impose quotas, duties, reciprocal tariffs, taxes, or other similar restrictions upon the import or export of our products, nor can we predict future trade policy or the terms of any renegotiated trade agreements and their impact on our business, the U.S. government’s imposition of tariffs as well as threatened and actual retaliatory tariffs against U.S. goods may have a negative impact on our revenue and costs in the future. The U.S. government recently increased tariffs rates applicable to certain imports from Singapore and China from 10% to 12.5%; while we do not currently anticipate a material impact on the Company’s results of operations, we cannot predict whether these or other tariff rates applicable to our supply chain will change further, or the ultimate impact any such changes may have on our business.
Previous wording
Product. Our product revenue primarily consists of sales of our instruments, including the Cytek Aurora, Northern Lights, Cytek Aurora Evo, Aurora CS, Amnis and Guava systems, instrument accessories, such as loaders, and consumables, such as reagents. We offer multiple versions of our FSP systems with different price points based on the number of lasers integrated in the systems. We also derive revenue from sales of our conventional flow cytometry system, which is available for sale in China. We recognize product revenue when control of the instrument is transferred to the customer.
Current wording
Product. Our product revenue primarily consists of sales of our instruments, including the Cytek Aurora, Northern Lights, Cytek Aurora Evo, Aurora CS, Aurora Borealis, Amnis and Guava systems, instrument accessories, such as loaders, and consumables, such as reagents. We offer multiple versions of our FSP systems with different price points based on the number of lasers integrated in the systems. We also derive revenue from sales of our conventional flow cytometry system, which is available for sale in China. We recognize product revenue when control of the instrument is transferred to the customer.
Previous wording
We expect our revenue to increase in absolute dollars as we expand our sales organization and sales territories, broaden our customer base, and expand awareness of our products with new and existing customers. Our revenue was $44.1 million and $41.5 million for the three months ended March 31, 2026 and 2025, respectively.
Current wording
We expect our revenue to increase in absolute dollars as we expand our sales organization and sales territories, broaden our customer base, and expand awareness of our products with new and existing customers. Our revenue was $48.1 million and $45.6 million for the three months ended June 30, 2026 and 2025, respectively, and $92.3 million and $87.1 million for the six months ended June 30, 2026 and 2025, respectively.
Previous wording
Gross profit is calculated as revenue less total cost of sales. Gross margin is gross profit expressed as a percentage of revenue. Our gross profit in future periods will depend on a variety of factors, including market conditions that may impact our pricing, sales mix changes among our instruments and service agreements, product mix changes between established products and new products, excess and obsolete inventories, our cost structure for manufacturing operations relative to volume and product warranty obligations.
Current wording
Gross profit is calculated as revenue less total cost of sales. Gross margin is gross profit expressed as a percentage of revenue. Our gross profit in future periods will depend on a variety of factors, including market conditions that may impact our pricing, sales mix changes among our instruments and service agreements, product mix changes between established products and new products, excess and obsolete inventories, and our cost structure for manufacturing operations relative to volume and product warranty obligations.
Previous wording
Other income, net. Our other income, net consists primarily of foreign exchange gains and losses.
Current wording
Other income (expense), net. Our other income, net consists primarily of foreign exchange gains and losses.
Previous wording
Comparison of the three months ended March 31, 2026 and 2025
Current wording
Comparison of the three and six months ended June 30, 2026 and 2025
Previous wording
Total revenue, net increased by $2.7 million to $44.1 million, or 6%, for the three months ended March 31, 2026 as compared to the three months ended March 31, 2025.
Current wording
Total revenue, net increased by $2.5 million to $48.1 million, or 6%, for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. Total revenue, net increased by $5.2 million to $92.3 million, or 6%, for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025.
Previous wording
Service revenue increased $2.0 million to $15.4 million, or 15% for the three months ended March 31, 2026, as compared to the three months ended March 31, 2025. The increase was primarily due to continued growth of the installed base with the related increase in service contracts and maintenance activity.
Current wording
Service revenue increased $1.4 million to $15.6 million, or 10%, and by $3.4 million to $30.9 million, or 12%, for the three and six months ended June 30, 2026, as compared to the three and six months ended June 30, 2025, respectively. The increase was primarily due to continued growth of the installed base with the related increase in service contracts and maintenance activity.
Previous wording
Total gross profit margin was 48% and 49% of total revenue for the three months ended March 31, 2026 and 2025, respectively. Gross profit margin declined slightly, primarily due to higher service costs of sales that grew faster than service revenue. Year-over-year service gross profit margin can fluctuate quarter to quarter due to uneven hiring and service engineer turnover throughout the year. Overall, gross profit margin can depend on many factors, including market conditions that might affect our pricing; services; product mix changes between instrument configurations; excess and obsolete inventories; our cost structure for manufacturing operations relative to volume, freight costs and product support.
Current wording
Total gross profit margin was 59% and 52% of total revenue for the three months ended June 30, 2026 and 2025, respectively, and 54% and 51% for the six months ended June 30, 2026 and 2025, respectively. The increase in gross profit margin was primarily due to the recognition ofa$2.8 million reduction in cost of goods sold related totariff refunds, as well as lower service material costs in 2026 compared to 2025. Excluding the tariff refunds, total gross margin would have been 53% and 51% for thethree and six months ended June 30, 2026, respectively. Overall, gross profit margin depends on many factors, including market conditions that might affect our pricing; services; product mix changes between instrument configurations; excess and obsolete inventories; our cost structure for manufacturing operations relative to volume, freight costs and product support.
Previous wording
Service revenue for the three months ended March 31, 2026 increased 15% as compared to the three months ended March 31, 2025. Service cost of sales for the three months ended March 31, 2026 increased by 21% as compared to the same period in 2025. Service gross profit for the three months ended March 31, 2026 increased 11% as compared to the three months ended March 31, 2025. The lower service gross margins in the three months ended March 31, 2026 compared to the three months ended March 31, 2025 were mainly driven by higher service overhead costs that grew faster than service revenue year over year.
Current wording
Service revenue for the three and six months ended June 30, 2026 increased 10% and 12%, respectively, as compared to the three and six months ended June 30, 2025. Service cost of sales for the three and six months ended June 30, 2026 increased by 1% and 10%, respectively, as compared to the same period in 2025. Service gross profit for the three and six months ended June 30, 2026 increased 18% and 14%, respectively, as compared to the three and six months ended June 30, 2025. Service gross margins for the three and six months ended June 30, 2026 were 56% and 55%, respectively, compared to 52% and 54% for the corresponding periods in 2025. The higher service gross margins in the three and six months ended June 30, 2026 compared to the corresponding periods in 2025, were mainly driven by lower service material costs.
Previous wording
General and administrative expenses were $18.5 million for the three months ended March 31, 2026 as compared to $12.9 million for the three months ended March 31, 2025. The increase of $5.6 million in general and administrative expenses was primarilydue to higher litigation-related expenses, outside consulting expenses, and bad debt reserves.
Current wording
General and administrative expenses were $16.8 million and $35.3 million for the three and six months ended June 30, 2026, respectively, as compared to $13.5 million and $26.4 million for the three and six months ended June 30, 2025, respectively. The increase in expenses for the three months ended June 30, 2026 was primarilydue to higher litigation-related expenses, and higher severance and other personnel costs. The increase in expenses for the six months ended June 30, 2026 was primarily due to higher litigation-related expenses, and also higher outside consulting expenses, bad debt reserves, severance, and other personnel costs.
Previous wording
Interest expense was $0.3 million for the three months ended March 31, 2026 as compared to $0.3 million for the three months ended March 31, 2025.
Current wording
Interest expense was $0.3 million and $0.5 million for the three and six months ended June 30, 2026, respectively, as compared to $0.4 million and $0.7 million for the three and six months ended June 30, 2025.
Previous wording
Interest income was $0.8 million for the three months ended March 31, 2026 as compared to $0.5 million for the three months ended March 31, 2025. The increase in interest income was the result of recognition of interest on the 2024 Federal Tax refund in the three months ended March 31, 2026.
Current wording
Interest income was $0.8 million and $1.6 million for the three and six months ended June 30, 2026, respectively, as compared to $0.6 million and $1.1 million for the three and six months ended June 30, 2025, respectively. The increase in interest income was primarily attributable to the $0.2 million of interest income on Federal income tax refunds recognized in Q1 2026, and a change in mix of marketable securities toward a higher proportion of interest income generating securities during thethree and six months ended June 30, 2026.
Previous wording
Other income, net was $0.6 million for the three months ended March 31, 2026 as compared to other income, net of $3.5 million for the three months ended March 31, 2025. The decrease in other income was primarily driven by an increase in realized and unrealized foreign exchange losses of $1.2 million in the three months ended March 31, 2026, compared with a realized and unrealized foreign exchange gain of $1.3 million in the three months ended March 31, 2025. Other factors included the year-over-year decline in interest rates and a decline in balances in marketable securities accounts.
Current wording
Other income (expense), net was $0.8 million and $0.2 million for the three and six months ended June 30, 2026, respectively, as compared to other income (expense), net of $3.7 million and $7.2 million for the three and six months ended June 30, 2025, respectively. The decrease in other income (expense), net was primarily driven by an increase in realized and unrealized foreign exchange losses of $0.7 million and $1.8 million in the three and six months ended June 30, 2026, respectively, compared with a realized and unrealized foreign exchange gain of $1.6 million and $2.9 million in the three and six months ended June 30, 2025, respectively. Other factors reducing other income included a $1.6 million impairment charge on a non-marketable equity investment in an early-stage technology company incurred in the second quarter of 2026, as well as the year-over-year decline in interest rates and a change in mix of marketable securities toward a lower proportion of investment income generating securities.
Previous wording
Provision for income taxes was $1.5 millionfor the three months ended March 31, 2026 as compared to a provision for income taxes of $0.1 million for the three months ended March 31, 2025. The net increase of $1.4 million for the three months ended March 31, 2026 was primarily due to the domestic valuation allowance established in the last quarter of 2025, which negates the tax benefit from losses within the U.S. jurisdiction for the current period.
Current wording
Provision for income taxes was $0.5 million and $2.0 millionfor thethree and six months ended June 30, 2026, respectively, as compared to a benefit from income taxes of $1.2 million and$1.1 millionfor thethree and six months ended June 30, 2025, respectively. The net increases of $1.7 million and $3.1 million for the three and six months ended June 30, 2026, respectively, were primarily due to the domestic valuation allowance established in the last quarter of 2025, which negates the tax benefit from losses within the U.S. jurisdiction for the current period.
Previous wording
To date, our primary sources of capital have been through sales of our securities and revenue from the sale of our products and services. As of March 31, 2026 and December 31, 2025, we had approximately $262.2 million and $261.5 million, respectively, in cash and cash equivalents and short term investments, which were primarily held in U.S. short-term bank deposit accounts, money market funds, U.S. Treasury notes, Federal agency security notes, and short term commercial paper.
Current wording
To date, our primary sources of capital have been through sales of our securities and revenue from the sale of our products and services. As of June 30, 2026 and December 31, 2025, we had approximately $262.0 million and $261.5 million, respectively, in cash and cash equivalents and marketable securities, which were primarily held in U.S. short-term bank deposit accounts, money market funds, U.S. Treasury notes, Federal agency security notes, and short term commercial paper.
Previous wording
In addition, we lease certain office facilities under operating lease arrangements that expire on various dates through fiscal year 2029. Under the terms of the leases, we are responsible for certain expenses related to operations, maintenance, repairs and management fees. Future minimum lease payments under non-cancelable operating leases totaled $20.5 million as of March 31, 2026.
Current wording
In addition, we lease certain office facilities under operating lease arrangements that expire on various dates through fiscal year 2030. Under the terms of the leases, we are responsible for certain expenses related to operations, maintenance, repairs and management fees. Future minimum lease payments under non-cancelable operating leases totaled $20.9 million as of June 30, 2026.
Previous wording
Net cash used inoperating activities for the three months ended March 31, 2026 was $2.7 million. The primary factors affecting our operating cash flows during the period were our net loss of$18.9 million and our non-cash charges of $7.1 million, primarily consisting ofstock-based compensation expense of $4.9 million, depreciation and amortization of $1.9 million, amortization of right-of-use assets of $0.9 million, and provision for credit losses of $0.5 million, partially offset by a gain on investments, accretion and amortization, net of $1.3 million, and deferred income taxes of $0.2 million. The cash provided by changes in our operating assets and liabilities of $9.0 million in the three months ended March 31, 2026 was primarily due to a decrease in trade accounts receivable of $9.6 million due to seasonality, with our first quarter typically being lower than our fourth quarter; a decrease in prepaid expenses and other assets of $3.9 million; and an increase in deferred revenue of $1.2 million. These amounts were partially offset by cash used from changes in our operating assets and liabilities, including a decrease in accrued expenses and other liabilities of $3.9 million and an increase in inventories of $1.6 million.
Current wording
Net cash used inoperating activities for thesix months ended June 30, 2026 was $1.4 million. The primary factors affecting our operating cash flows during the period were our net loss of$31.0 million and our non-cash charges of $16.5 million, primarily consisting ofstock-based compensation expense of $10.2 million, depreciation and amortization of $3.9 million, amortization of right-of-use assets of $1.9 million, provision for excess and obsolete inventory of $0.6 million, and provision for credit losses of $0.5 million, partially offset by a gain on investments, accretion and amortization, net of $2.6 million, and deferred income taxes of $0.2 million. The cash provided by changes in our operating assets and liabilities of $13.2 million in the six months ended June 30, 2026 was primarily due to a decrease in trade accounts receivable of $11.6 million due to seasonality, with our first quarter typically being lower than our fourth quarter, a decrease in prepaid expenses and other assets of $1.6 million, decrease in trade accounts payable of $2.1 million, decrease in operating lease liabilities of $1.9 million and a decrease in deferred revenue of $0.8 million. These amounts were partially offset by cash used from changes in our operating assets and liabilities, including an increase in inventories of $4.5 million and decrease in legal settlement liabilities of $0.6 million.
Previous wording
Net cash used in operating activities for the three months ended March 31, 2025 was $0.1 million. The primary factors affecting our operating cash flows during the period were our net loss of$11.4 million and our non-cash charges of $8.2 million, primarily consisting ofstock-based compensation expense of $6.6 million, depreciation and amortization of $1.9 million, amortization of right-of-use assets of $1.0 million, and excess and obsolete inventory of $0.3 million, partially offset by a gain on investments, accretion and amortization, net of $1.5 million, and deferred income taxes of $0.3 million. The cash provided by changes in our operating assets and liabilities of $3.0 million in the three months ended March 31, 2025 were primarily due to a decrease in trade accounts receivable of $6.4 million due to seasonality, with our first quarter typically being lower than our fourth quarter. These amounts were partially offset by cash used from changes in our operating assets and liabilities, including a decrease in accrued expenses and other liabilities of $2.1 million, an increase in inventories of $1.5 million, and a decrease in operating lease liabilities of $1.0 million.
Current wording
Net cash used in operating activities for thesix months ended June 30, 2025 was$0.02 million. The primary factors affecting our operating cash flows during the period were our net loss of$17.0 million and our non-cash charges of $14.7 million, primarily consisting ofstock-based compensation expense of $13.4 million, depreciation and amortization of $3.8 million, amortization of right-of-use assets of $2.1 million, and excess and obsolete inventory of $0.3 million, partially offset by a gain on investments, accretion and amortization, net of $3.1 million, and deferred income taxes of $2.4 million. The cash provided by changes in our operating assets and liabilities of $2.2 million in the six months ended June 30, 2025 were primarily due to a decrease in trade accounts receivable of $7.1 million due to seasonality, with our first quarter typically being lower than our fourth quarter, and increase in trade accounts payable of $1.2 million. These amounts were partially offset by cash used from changes in our operating assets and liabilities, including an increase in inventories of $5.1 million, a decrease in operating lease liabilities of $2.2 million, and decrease in legal settlement liabilities of $0.6 million.
Previous wording
Net cash used in investing activities during the three months ended March 31, 2026 was $27.1 million driven by purchases of marketable securities of $95.6 million and purchases of fixed assets and intangibles of approximately $2.2 million, partially offset by proceeds from maturities of marketable securities of $70.7 million.
Current wording
Net cash used in investing activities during the six months ended June 30, 2026 was $20.1 million driven by purchases of marketable securities of $156.9 million and purchases of fixed assets and intangibles of approximately $4.4 million, partially offset by proceeds from maturities of marketable securities of $141.3 million.
Previous wording
Net cash provided by investing activities during the three months ended March 31, 2025 was $9.5 million driven by proceeds from maturities of marketable securities of $70.4 million, partially offset by the purchases of marketable securities of $60.2 million, and purchase of fixed assets and intangibles of approximately $0.9 million.
Current wording
Net cash used in investing activities during the six months ended June 30, 2025 was $7.0 million driven by purchase of marketable securities of $141.4 million, and purchase of property and equipment of approximately $2.5 million, partially offset by proceeds from maturities of marketable securities of $136.9 million.
Previous wording
Net cash provided by financing activities during the three months ended March 31, 2026 was $4.0 million, primarily driven by the proceeds from a line of credit of $5.1 million, partially offset by the repayment of loans of $0.9 million.
Current wording
Net cash provided by financing activities during the six months ended June 30, 2026 was $3.2 million, primarily driven by the proceeds from a line of credit of $5.1 million, partially offset by the repayment of loans of $2.5 million.
Previous wording
Net cash used in financing activities during the three months ended March 31, 2025 was $11.5 million, primarily driven by payments for the repurchase of shares of $10.6 million and the repayment of loans of $1.5 million.
Current wording
Net cash used in financing activities during the six months ended June 30, 2025 was $14.1 million, primarily driven by payments for the repurchase of shares of $15.1 million and the repayment of loans of $1.7 million, partially offset by the proceeds from a line of credit of $2.1 million.
Previous wording
During the three months ended March 31, 2026, there were no material changes to our contractual obligations and commitments from those described under “Management’s Discussion and Analysis of Financial Condition” which is contained in our Form 10-K and filed with the SEC on February 26, 2026.
Current wording
During the six months ended June 30, 2026, there were no material changes to our contractual obligations and commitments from those described under “Management’s Discussion and Analysis of Financial Condition” which is contained in our Form 10-K and filed with the SEC on February 26, 2026.