MAXCYTE, INC. (MXCT)·Q3 2025 Earnings Summary

Executive Summary

• Q3 2025 total revenue was $6.8M, down 16% y/y; core revenue $6.4M and SPL program-related revenue $0.4M. Non-GAAP gross margin was 81%; GAAP gross margin was 77% .
• Versus consensus, revenue missed (actual $6.83M vs $8.63M*) while EPS was a smaller loss than expected (Primary EPS actual -$0.0878 vs -$0.10*); Adjusted EBITDA was below consensus (actual -$10.0M vs -$8.9M*) .
• Guidance reiterated: FY2025 core revenue flat to down 10% y/y; SPL program revenue ≈$5M; year-end cash $152–$155M .
• Management announced a restructuring (34% workforce reduction) and expects $17–$19M annualized savings; CFO transition planned for 1H26, with search underway .
• Call highlighted timing shifts (Q4 weighting), continued tough funding for ex vivo therapies, growing SPL pipeline (32 SPLs), and CASGEVY royalty momentum as a medium-term catalyst .

What Went Well and What Went Wrong

What Went Well

• SPL momentum and diversification: Signed Moonlight Bio in October, bringing SPLs to 32; five active SPL programs expected to enter pivotal studies in 6–18 months, supporting medium-term royalty optionality .
• Cost actions and discipline: Restructuring to accelerate profitability with $17–$19M annualized savings (G&A ~$5.5M, R&D ~$7M, S&M ~$5M), cash burn targeted to ~$10–15M in 2026 .
• CASGEVY commercialization trajectory: Vertex reported ~$17M quarterly revenue, 165 collections cumulatively; management expects accelerating royalties as dosing ramps and 2026 outlook improves (“We really view CASGEVY as the beginning of a growing stream of commercial royalties…”) .

What Went Wrong

• Core revenue softness: Instruments ($1.4M), licenses ($1.8M), and PAs ($2.6M) were all down y/y due to program consolidations and slower capital purchases; Q3 total revenue declined 16% y/y .
• Estimate miss on revenue and EBITDA: Revenue came in below Street ($6.83M vs $8.63M*), and Adjusted EBITDA loss (-$10.0M) was worse than consensus (-$8.9M*), reflecting mix and lower volume* .
• Timing/scheduling pushed into Q4: Management cited timing of instrument orders and SecureDX revenue recognition (upon report delivery) shifting some Q3 activity into Q4 (“…things that we thought would happen in September that happened in October”) .

Financial Results

Consolidated Metrics vs Prior Year and Prior Quarter

Notes: Q3 2025 includes $3.1M restructuring expense; non-GAAP gross margin excludes SPL program revenue and E&O reserves .

Segment/Core Revenue Breakdown

KPIs and Balance Sheet Highlights

Guidance Changes

Management noted the Q3 revision reflects near-term cash use from the September restructuring .

Earnings Call Themes & Trends

Management Commentary

• “We remain on track to achieve our full year 2025 revenue guidance… announced an operational restructuring to significantly reduce costs and accelerate our path towards profitability…” — Maher Masoud, CEO .
• “Instrument, license, and PA revenue were adversely impacted by a large customer and clinical customers' consolidating programs… 53% of core revenue is derived from SPL customers…” — Doug Swirsky, CFO .
• “We anticipate this initiative will result in $17–$19 million of annualized savings… will be more impactful to the 2026 P&L.” — Maher Masoud, CEO .
• “We really view CASGEVY as the beginning of a growing stream of commercial royalties…” — Doug Swirsky, CFO .
• “We see three to five SPLs next year and for the foreseeable future as very doable…” — Maher Masoud, CEO .

Q&A Highlights

• Environment and FDA stance: Management sees cautious but stabilizing demand; FDA’s emphasis on curative therapies supportive; no program delays observed among customers .
• SecureDX ramp and revenue timing: Larger 2026 funnel; revenue recognized upon final report delivery, pushing some Q3 into Q4 .
• SPL cadence and funnel confidence: Ongoing lab collaboration gives visibility into customers approaching IND filings; 3–5 SPLs/year viewed as sustainable .
• M&A priorities: Continued disciplined pursuit to build an end-to-end platform without compromising financial health; SecureDX cited as template acquisition .
• CASGEVY royalties: Vertex activity (collections/dosing) viewed as leading indicator of royalty growth; potential for breaking out revenue in 2026 discussed but not guided .

Estimates Context

• FY 2025 consensus: Revenue $35,412,000*; EPS -$0.38498*.
• Note: S&P “EBITDA” and actuals align to Adjusted EBITDA in company reporting for Q3; company’s GAAP EBITDA in Q3 was -$13,077,000 .
• Values retrieved from S&P Global.*

Key Takeaways for Investors

• Revenue softness reflects timing and customer rationalization; Q4 is expected to carry more weight, and SecureDX recognition mechanics can shift revenue between quarters .
• Cost restructuring materially de-risks the 2026 P&L; near-term cash use lowers YE cash but improves medium-term cash burn trajectory ($10–15M in 2026) .
• Despite macro headwinds, SPL pipeline depth and pivotal progression underpin medium-term royalty optionality (CASGEVY plus 5 programs entering pivotal) .
• Mix shift toward lower-priced instruments and lower volumes compressed margins vs peak; margins should improve with volume recovery and product mix normalization .
• Asia is a relative bright spot; measured expansion supports instruments and PA pull-through .
• Near-term trading: Q3 revenue miss vs consensus and reiterated guidance may keep shares range-bound; watch for Q4 execution, incremental SPL adds, and any CASGEVY ramp updates .
• Medium-term thesis: Platform durability, SPL diversification, and disciplined M&A/product roadmap position MXCT to leverage the next wave of CGT approvals/royalties .

S&P Global disclaimer: All values marked with * are retrieved from S&P Global consensus/actuals. 

Citations:
Press release/8-K:
Earnings call transcript:
Prior quarters:
Other relevant press releases: