Maxcyte (MXCT) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MXCT SEC filings page.
Maxcyte (MXCT) reported $31.1M in revenue over the twelve months to Jun 30, 2026, down 13.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
High-gross-margin business whose shrinking revenue base is being overwhelmed by operating expenses
In FY2025, gross margin was81.2% while operating margin was-157.1% ; that gap shows the central constraint is the operating-cost base, not direct production cost. High gross profit is still insufficient to absorb selling, administrative, and development spending.
Cash conversion is deteriorating alongside earnings: operating cash flow moved from
Debt-to-equity was 0.2x and the current ratio was 8.3x in FY2025, pointing to limited leverage and substantial near-term asset coverage. Yet total equity fell to
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Maxcyte's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Maxcyte held $155.6M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $34.4M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Maxcyte scores 68/100 among other emerging companies.
Maxcyte had 107M shares outstanding at the end of fiscal year 2025, against 106M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Maxcyte scores 68/100 among other emerging companies.
Maxcyte spent $20.8M on research and development in fiscal year 2025, which was 24.5% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Maxcyte scores 56/100 among other emerging companies.
Maxcyte reported revenue of $33.0M in fiscal year 2025, against $38.6M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Maxcyte scores 29/100 among other emerging companies.
Maxcyte's operations used $34.4M of cash in fiscal year 2025, against $27.6M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Maxcyte scores 26/100 among other emerging companies.
Maxcyte's cash, cash equivalents and investments came to $155.6M at the end of fiscal year 2025, against $31.0M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Maxcyte scores 89/100 among other emerging companies.
Maxcyte scores 0.50, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($122.8M) relative to total liabilities ($31.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Maxcyte passes 2 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Maxcyte reported a net loss of $44.6M while operations used $34.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Maxcyte generated $7.3M in revenue in Q2 2026. This represents a decrease of 14.5% from the same quarter a year earlier. Against the prior quarter it is down 24.7%.
Maxcyte's EBITDA was -$9.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 29.4% from the same quarter a year earlier. Against the prior quarter it is down 80.6%.
Maxcyte reported -$8.9M in net income in Q2 2026. This represents an increase of 28.2% from the same quarter a year earlier. Against the prior quarter it is down 86.8%.
Maxcyte earned -$0.08 per diluted share (EPS) in Q2 2026. This represents an increase of 33.3% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.
Cash & Balance Sheet
Maxcyte recorded an outflow of $4.7M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 54.7% from the same quarter a year earlier. Against the prior quarter it is up 42.7%.
Maxcyte held $15.0M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Maxcyte's gross margin was 77.0% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 5.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 6.8 percentage points.
Maxcyte's ROE was -5.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.8 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Maxcyte invested $4.3M in research and development in Q2 2026. This represents a decrease of 32.2% from the same quarter a year earlier. Against the prior quarter it is up 10.3%.
Maxcyte invested $62K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 89.4% from the same quarter a year earlier. Against the prior quarter it is down 13.9%.
Not reported for Q2 2026.
MXCT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.3M-14.5% | $9.7M-7.1% | $7.3M-16.0% | $6.8M-16.4% | $8.5M-18.4% | $10.4M-8.4% | $8.7M-44.5% | $8.2M+2.0% |
| Cost of Revenue | $1.7M+10.3% | $1.6M+4.8% | $1.6M-29.4% | $1.6M-17.2% | $1.5M+2.1% | $1.5M+6.7% | $2.3M+45.0% | $1.9M+143.1% |
| Gross Profit | $5.6M-19.9% | $8.1M-9.1% | $5.7M-11.2% | $5.2M-16.1% | $7.0M-21.8% | $8.9M-10.5% | $6.4M-54.5% | $6.2M-13.5% |
| R&D Expenses | $4.3M-32.2% | $3.9M-34.7% | $3.3M-27.7% | $5.3M0.0% | $6.3M+11.6% | $5.9M-11.6% | $4.6M-21.0% | $5.3M-15.1% |
| SG&A Expenses | $7.3M-10.2% | $6.0M-30.0% | $5.5M-23.9% | $6.0M-22.2% | $8.1M+5.8% | $8.5M+20.0% | $7.2M-10.9% | $7.7M+13.6% |
| Operating Income | -$10.2M+28.1% | -$6.2M+49.7% | -$11.2M+13.0% | -$14.1M-0.7% | -$14.2M-18.9% | -$12.3M-0.2% | -$12.9M-59.4% | -$14.1M-0.7% |
| EBITDA | -$9.3M+29.4% | -$5.1M+54.1% | -$10.1M+14.7% | -$13.1M-0.9% | -$13.1M-20.8% | -$11.2M-0.3% | -$11.8M-69.3% | -$13.0M-0.9% |
| Net Income | -$8.9M+28.2% | -$4.8M+53.7% | -$9.6M+9.4% | -$12.4M-7.4% | -$12.4M-31.8% | -$10.3M-7.7% | -$10.6M-100.8% | -$11.6M-2.7% |
| EPS (Basic) | -$0.08+33.3% | -$0.04+60.0% | -$0.09+10.0% | -$0.12-9.1% | -$0.12-33.3% | -$0.10-11.1% | -$0.10-100.0% | -$0.110.0% |
| EPS (Diluted) | -$0.08+33.3% | -$0.04+60.0% | -$0.09+10.0% | -$0.12-9.1% | -$0.12-33.3% | -$0.10 | -$0.10-100.0% | -$0.110.0% |
| Diluted Shares (Avg) | 107M+0.4% | 107M+0.9% | N/A | 107M+1.4% | 106M+1.7% | 106M+1.8% | N/A | 105M+1.6% |
Not reported in any period shown, so not listed: Interest Expense, Income Tax.
MXCT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $184.7M-16.0% | $194.5M-15.4% | $202.5M-15.4% | $213.5M-14.1% | $219.8M-12.6% | $230.0M-10.8% | $239.5M-10.7% | $248.6M-6.8% |
| Current Assets | $121.3M-15.3% | $122.9M-21.1% | $118.4M-31.1% | $124.6M-27.9% | $143.2M-18.5% | $155.7M-12.8% | $171.7M-9.7% | $172.9M-19.3% |
| Cash & Equivalents | $15.0M-1.2% | $14.6M-37.8% | $20.1M-28.0% | $13.0M-64.9% | $15.2M-59.4% | $23.4M+5.1% | $27.9M-40.0% | $37.0M-24.8% |
| Short-Term Investments | $90.6M-18.6% | $92.3M-19.7% | $83.0M-34.5% | $92.8M-20.6% | $111.3M-7.1% | $114.9M-15.1% | $126.6M+4.0% | $116.9M-17.2% |
| Inventory | $7.8M-1.7% | $7.6M-7.8% | $7.5M-15.3% | $7.6M-26.8% | $7.9M-28.9% | $8.3M-30.8% | $8.9M-27.1% | $10.4M-17.1% |
| Accounts Receivable | $3.9M-31.8% | $4.2M-23.1% | $3.5M-25.2% | $8.3M+82.1% | $5.8M+25.6% | $5.5M-7.8% | $4.7M-19.0% | $4.6M-44.2% |
| Long-Term Investments | $36.2M-6.1% | $40.8M+12.0% | $52.6M+46.9% | $52.3M+22.1% | $38.6M-9.1% | $36.4M-19.1% | $35.8M-16.7% | $42.8M+132.2% |
| Goodwill | N/A | N/A | N/A | $3.6M | $3.7M | $3.9M | N/A | N/A |
| Total Liabilities | $25.9M-10.7% | $26.6M-13.0% | $31.0M-6.6% | $33.2M-6.0% | $29.0M-4.0% | $30.5M-3.2% | $33.2M-8.0% | $35.3M+5.9% |
| Current Liabilities | $9.9M-14.4% | $10.2M-19.8% | $14.3M-9.6% | $16.1M-8.6% | $11.6M-5.9% | $12.7M-5.5% | $15.8M-11.6% | $17.6M+5.8% |
| Non-Current Liabilities | $16.0M-8.3% | $16.4M-8.1% | $16.8M-4.0% | $17.1M-3.3% | $17.5M-2.7% | $17.8M-1.5% | $17.4M-4.4% | $17.7M+5.9% |
| Total Equity | $158.8M-16.8% | $167.9M-15.8% | $171.5M-16.9% | $180.3M-15.5% | $190.7M-13.8% | $199.4M-11.9% | $206.3M-11.2% | $213.3M-8.6% |
| Retained Earnings | -$275.1M-14.9% | -$266.2M-17.2% | -$261.5M-20.6% | -$251.9M-22.1% | -$239.5M-23.0% | -$227.1M-22.5% | -$216.9M-23.4% | -$206.3M-21.0% |
Not reported in any period shown, so not listed: Long-Term Debt.
MXCT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.7M+52.7% | -$8.2M+43.3% | -$2.7M+65.6% | -$7.5M-69.8% | -$9.9M-103.8% | -$14.4M-36.4% | -$7.8M-897.2% | -$4.4M+46.7% |
| Depreciation & Amortization | $953K-11.8% | $1.0M-4.5% | $1.1M+1.4% | $1.0M-2.1% | $1.1M-0.1% | $1.1M-1.4% | $1.1M-4.1% | $1.1M-1.4% |
| Stock-Based Compensation | $1.2M-67.0% | $1.1M-62.5% | N/A | $2.0M-42.0% | $3.5M-1.4% | $3.0M+0.8% | N/A | $3.4M-6.6% |
| Capital Expenditures | $62K-89.4% | $72K-89.0% | $231K+57.1% | $300K-26.1% | $584K+98.6% | $653K-18.8% | $147K-83.9% | $406K-43.6% |
| Free Cash Flow | -$4.7M+54.7% | -$8.2M+45.3% | -$2.9M+63.4% | -$7.8M-61.7% | -$10.4M-103.5% | -$15.1M-32.5% | -$8.0M-12172.7% | -$4.8M+46.5% |
| Investing Cash Flow | $6.6M+326.9% | $2.7M-72.1% | $9.7M+681.1% | $5.2M+43.9% | $1.5M-92.1% | $9.5M+166.2% | -$1.7M+59.8% | $3.6M+28.2% |
| Financing Cash Flow | -$1.4M-1022.1% | $5K-98.7% | $105K-74.5% | $14K-93.9% | $154K-78.4% | $383K-45.5% | $412K-16.4% | $228K+516.2% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
MXCT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.0%-5.2pp | 83.7%-1.8pp | 78.0%+4.2pp | 76.6%+0.2pp | 82.1%-3.6pp | 85.6%-2.0pp | 73.8%-16.2pp | 76.4%-13.7pp |
| Operating Margin | -140.7% | -64.1% | -153.8% | -207.2% | -167.2% | -118.3% | -148.4% | -172.1% |
| Net Margin | -122.0% | -49.2%+49.5pp | -131.4% | -181.8% | -145.3% | -98.8%-14.8pp | -121.9% | -141.6% |
| Return on Equity | -5.6%+0.9pp | -2.8%+2.3pp | -5.6%-0.5pp | -6.9%-1.5pp | -6.5%-2.2pp | -5.1%-0.9pp | -5.1%-2.9pp | -5.4%-0.6pp |
| Return on Assets | -4.8%+0.8pp | -2.4%+2.0pp | -4.7%-0.3pp | -5.8%-1.2pp | -5.6%-1.9pp | -4.5%-0.8pp | -4.4%-2.5pp | -4.7%-0.4pp |
| Current Ratio | 12.26-0.1x | 12.04-0.2x | 8.30-2.6x | 7.74-2.1x | 12.39-1.9x | 12.23-1.0x | 10.88+0.2x | 9.81-3.1x |
| Debt-to-Equity | 0.160.0x | 0.160.0x | 0.180.0x | 0.180.0x | 0.150.0x | 0.150.0x | 0.160.0x | 0.170.0x |
| Asset Turnover | 0.040.0x | 0.050.0x | 0.040.0x | 0.030.0x | 0.040.0x | 0.050.0x | 0.040.0x | 0.030.0x |
| FCF Margin | -65.0% | -85.4% | -40.0%+51.7pp | -113.6% | -122.7% | -145.0% | -91.7%-92.1pp | -58.8% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Maxcyte MXCT | FY2025 | $33.0M | -$44.6M | N/A | $122.8M | 56/100 |
| Lensar Inc LNSR | FY2025 | $58.4M | -$34.3M | -58.7% | $102.1M | 41/100 |
| Sight Sciences, Inc. SGHT | FY2025 | $77.4M | -$38.4M | -49.7% | $443.5M | 56/100 |
| Accuray Incorp ARAY | FY2026 | $401.9M | -$49.2M | -12.2% | $29.9M | 22/100 |
| Rapid Micro Biosystems, Inc. RPID | FY2025 | $33.6M | -$47.1M | N/A | $60.7M | 45/100 |
| Profound Med Corp PROF | FY2025 | $16.1M | -$42.6M | N/A | $248.5M | 55/100 |
Where Maxcyte Ranks
Frequently Asked Questions
What is Maxcyte's annual revenue?
Maxcyte (MXCT) reported $33.0M in total revenue for fiscal year 2025. This represents a -14.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Maxcyte's revenue growing?
Maxcyte (MXCT) revenue declined by 14.5% year-over-year, from $38.6M to $33.0M in fiscal year 2025.
Is Maxcyte profitable?
No, Maxcyte (MXCT) reported a net income of -$44.6M in fiscal year 2025.
What is Maxcyte's EBITDA?
Maxcyte (MXCT) had EBITDA of -$47.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Maxcyte's gross margin?
Maxcyte (MXCT) had a gross margin of 81.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Maxcyte's return on equity (ROE)?
Maxcyte (MXCT) has a return on equity of -26.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Maxcyte's free cash flow?
Maxcyte (MXCT) recorded an outflow of $36.2M in free cash flow during fiscal year 2025. This represents a -23.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Maxcyte's operating cash flow?
Maxcyte (MXCT) recorded an outflow of $34.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Maxcyte's total assets?
Maxcyte (MXCT) had $202.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Maxcyte's capital expenditures?
Maxcyte (MXCT) invested $1.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Maxcyte spend on research and development?
Maxcyte (MXCT) invested $20.8M in research and development during fiscal year 2025.
What is Maxcyte's current ratio?
Maxcyte (MXCT) had a current ratio of 8.30 as of fiscal year 2025, which is generally considered healthy.
What is Maxcyte's debt-to-equity ratio?
Maxcyte (MXCT) had a debt-to-equity ratio of 0.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Maxcyte's return on assets (ROA)?
Maxcyte (MXCT) had a return on assets of -22.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Maxcyte's P/E ratio?
Maxcyte (MXCT) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $122.8M as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Maxcyte's price-to-sales ratio?
Maxcyte (MXCT) trades at 4.0x sales, its market capitalization divided by revenue of $31.1M revenue, trailing 12 months to June 30, 2026. The market capitalization is $122.8M as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Maxcyte's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Maxcyte (MXCT) held $155.6M in cash, cash equivalents and investments, and reported an operating cash outflow of $34.4M over that year. Dividing the one by the other, the reported balance equals about 54 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Maxcyte's Altman Z-Score?
Maxcyte (MXCT) has an Altman Z-Score of 0.50, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Maxcyte's Piotroski F-Score?
Maxcyte (MXCT) has a Piotroski F-Score of 2 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Maxcyte's earnings high quality?
Maxcyte (MXCT) reported a net loss of $44.6M while operations used $34.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Maxcyte?
Maxcyte (MXCT) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.