Alamar Biosciences Reports Third Quarter 2026 Financial Results and Raises 2026 Revenue Guidance

Revenue growth and higher gross margin accompanied a wider quarterly loss as operating expenses increased 81%.

Rhea-AI Summary

Alamar Biosciences (Nasdaq: ALMR) reported third-quarter 2026 revenue of $33.5 million and raised its full-year revenue outlook. Revenue rose 68% from the corresponding 2025 quarter, while gross margin increased to 61.5% from 59.7%. Net loss widened to $13.3 million from $8.0 million as operating expenses rose 81% to $35.8 million.

The company now expects 2026 revenue of $121 million to $123 million, versus $116 million to $120 million previously, representing 64% growth at the new midpoint. Cash, cash equivalents, short-term investments and restricted cash totaled $231.5 million at September 30, 2026. UK Biobank selected Alamar to profile 80,000 samples, and a GSK collaboration covers a 60,000-sample study. President Tod White will retire at the end of 2026 and remain an advisor through June 2027.

11 points · 1 major

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Rhea-AI Sentiment measures something else, the tone of the wording.

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0 major · 7 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 revenue guidance raised to $121 million–$123 million from $116 million–$120 million; 64% midpoint growth expected.
• Moderate pointThird-quarter revenue increased 68% to $33.5 million from $19.9 million a year earlier.
• Minor pointThird-quarter instrument revenue grew 50% to $8.5 million from $5.7 million a year earlier.
• Minor pointThird-quarter consumable revenue grew 79% to $17.8 million from $10.0 million a year earlier.
• Minor pointThird-quarter services and other revenue grew 69% to $7.2 million from $4.3 million a year earlier.

6 minor points

• Minor pointThird-quarter gross margin increased to 61.5% from 59.7% a year earlier.
• Minor point. Forward-looking: it has not happened yet and may not happen.UK Biobank selected Alamar to profile 80,000 samples for a study targeting neurodegenerative conditions.
• Minor pointGSK scientific collaboration launched for a 60,000-sample study to advance precision medicine.
• Minor pointNine-month revenue increased to $89.007 million from $49.166 million in the corresponding 2025 period.
• Minor pointCash, equivalents, short-term investments and restricted cash totaled $231.5 million at September 30, 2026.
• Minor pointTerm debt declined to zero at September 30, 2026, from $9.810 million at December 31, 2025.

Negative

• Moderate pointThird-quarter operating loss widened to $15.139 million from $7.885 million a year earlier.
• Moderate pointThird-quarter net loss widened to $13.342 million from $8.001 million a year earlier.
• Moderate pointThird-quarter operating expenses rose 81% to $35.8 million, reflecting staffing, infrastructure, research supplies and public-company costs.
• Minor pointThird-quarter stock-based compensation increased to $3.916 million from $0.705 million a year earlier.
• Minor pointNine-month operating loss widened to $41.018 million from $24.357 million in the corresponding 2025 period.

2 minor points

• Minor pointNine-month net loss widened to $47.866 million from $22.683 million in the corresponding 2025 period.
• Minor pointNine-month convertible-note remeasurement loss was $9.971 million, versus none in the corresponding 2025 period.

News Explained

Alamar reported Q3 weighted-average common shares outstanding of 69,106,367, versus 11,599,353 a year earlier; if the increase reflects additional shares issued, the larger share base reduces existing holders’ percentage ownership.

Key Figures

Q3 revenue: $33.5 million, up 68% Gross margin: 61.5% Operating loss: $15.1 million +3 more

Q3 revenue

$33.5 million, up 68%

Third quarter 2026 versus the corresponding 2025 period

Gross margin

61.5%

Third quarter 2026; 59.7% in the corresponding 2025 period

Operating loss

$15.1 million

Third quarter 2026; $7.9 million in the corresponding 2025 period

Net loss

$13.3 million

Third quarter 2026; $8.0 million in the corresponding 2025 period

Cash and investments

$231.5 million

Cash, cash equivalents, short-term investments and restricted cash as of September 30, 2026

2026 revenue guidance

$121 million to $123 million

Raised from the previous range of $116 million to $120 million

Previous Earnings Reports

2 past events · Latest: Aug 10

Same Type 2 events

1. Aug 10

   2Q26 earnings report

   24h Move

   +30.6%

   Revenue grew 82%, gross margin improved, and full-year revenue guidance was provided.

2. May 08

   1Q26 earnings report

   24h Move

   +1.3%

   Revenue grew 99% year over year and gross margin improved.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

proteomics, convertible notes, stock-based compensation

3 terms

proteomics technical

"a leader in precision proteomics dedicated to enabling the earliest detection of disease"

Proteomics is the large-scale study of all the proteins produced by a cell, tissue or organism, like taking a full inventory and watching how the workforce and machines inside a factory behave. For investors, proteomics matters because it helps identify drug targets, disease indicators and responses to treatments—information that can speed development, reduce risk, guide partnerships and reveal new commercial opportunities in biotech and diagnostics.

convertible notes financial

"Loss on remeasurement of convertible notes"

Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.

stock-based compensation financial

"This includes $3.9 million of stock-based compensation for the third quarter of 2026"

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

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AI-generated analysis. How Rhea-AI works. Not financial advice.

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FREMONT, Calif., Nov. 03, 2026 (GLOBE NEWSWIRE) -- Alamar Biosciences, Inc. (Nasdaq: ALMR), a leader in precision proteomics dedicated to enabling the earliest detection of disease, today reported financial results for the quarter ended September 30, 2026.

Recent Highlights

• Generated $33.5 million of total revenue for the third quarter of 2026, an increase of 68% as compared to the corresponding period of 2025
• Selected by UK Biobank to profile 80,000 samples for study targeting earlier detection, prevention and treatment of Parkinson’s disease, Alzheimer’s disease and other neurodegenerative conditions
• Launched a strategic scientific collaboration with GSK for large-scale 60,000-sample study to advance precision medicine across respiratory, liver, kidney, neurological and autoimmune conditions
• Announced publication of first longitudinal treatment response for Alzheimer’s disease using NULISA platform published in Lancet Neurology
• Raising full-year 2026 revenue guidance to $121 million to $123 million, representing growth of 64% at the midpoint of the range as compared to 2025
  

“Our third quarter results reflect continued strong demand for our platform, with revenue up 68% and biopharma customers accounting for the largest portion of our revenue for the first time,” said Yuling Luo, PhD, founder, CEO, and chair of Alamar Biosciences. “Our selection by UK Biobank and new collaboration with GSK show that leading institutions and drug developers are choosing NULISA to reach the low-abundance proteome at scale.”

Third Quarter 2026 Financial Results

Revenue was $33.5 million for the third quarter of 2026, a 68% increase from $19.9 million for the corresponding prior-year period. Instrument revenue grew 50% to $8.5 million, from $5.7 million for the corresponding prior-year period, driven primarily by continued growth in new instrument placements. Consumable revenue grew 79% to $17.8 million, from $10.0 million for the corresponding prior-year period, driven primarily by strong demand for multiplex panels. Services and other revenue grew 69% to $7.2 million, from $4.3 million for the corresponding prior-year period, driven primarily by strong demand for custom assay development services.

Gross margin was 61.5% for the third quarter of 2026, as compared to 59.7% for the corresponding prior-year period. The increase in gross margin was primarily driven by lower instrument costs, higher average selling prices for consumables, improved margins on services, and a favorable shift in product mix.

Operating expenses were $35.8 million for the third quarter of 2026, an 81% increase from $19.8 million for the corresponding prior-year period. The year-over-year increase in operating expenses was primarily related to planned investments in headcount, infrastructure and R&D supplies as well as incremental public company costs.

Operating loss was $15.1 million for the third quarter of 2026, as compared to an operating loss of $7.9 million for the corresponding prior-year period. This includes $3.9 million of stock-based compensation for the third quarter of 2026, as compared to $0.7 million for the third quarter of 2025.

Net loss was $13.3 million for the third quarter of 2026 compared to an $8.0 million net loss in the corresponding prior-year period.

Cash, cash equivalents, short-term investments and restricted cash were $231.5 million as of September 30, 2026.

2026 Guidance

Alamar Biosciences now expects full year 2026 revenue to be in the range of $121 to $123 million, representing growth of 64% at the midpoint of the range compared to full year 2025. This compares to its previous expectations of $116 to $120 million for full year 2026.

President Tod White to Retire at Year-End

Tod White, president, will retire from Alamar at the end of 2026, after which he will continue to serve as an advisor to the company through June 2027. Mr. White joined Alamar as chief financial officer and chief business officer in March of 2021 and was promoted to president in October 2025. During his tenure, he led Alamar’s financial organization, scaled its operations, established numerous collaborations and partnerships, and helped guide the company through its initial public offering.

“Tod has been an outstanding partner and leader during a pivotal period for Alamar,” said Yuling Luo, PhD, founder, CEO and chair of Alamar Biosciences. “He helped build the foundation that is driving our growth today, managed multiple rounds of fundraising, and leaves the company well-positioned for its next phase. On behalf of our board and the entire team, I thank Tod for his many contributions and wish him the very best in his retirement.”

“It has been a privilege to work alongside this exceptional team,” said Mr. White. “Their talent, dedication, and belief in what precision proteomics can do to improve human health have driven everything we have accomplished. Alamar is well positioned to lead the next era of proteomics, and I have never been more confident in the company’s future.”

Webcast Information

Alamar Biosciences will host a conference call to discuss the third quarter 2026 financial results after market close on Tuesday, November 3, 2026 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at https://investors.alamarbio.com. 

About Alamar Biosciences, Inc.

Alamar is a commercial-stage proteomics company establishing a gold standard in protein detection and analysis. Leveraging our proprietary NULISA™ technology and the ARGO™ HT System, our platform is designed to detect protein biomarkers at extremely low concentrations in blood with ultra-high sensitivity, high specificity, flexible multiplexing, broad dynamic range and seamless automation. We refer to this combination of features as “precision proteomics,” and believe it fills a critical gap in the field of advanced proteomics, helping researchers unlock the full spectrum of protein biomarkers across disease states. Learn more at alamarbio.com.

Forward Looking Statements

This press release contains forward-looking statements, including statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "aims," "anticipates," "believes," "could," "estimates," "expects," "forecasts," "intends," "may," "plans," "possible," "potential," "seeks," "will" and variations of these words or similar expressions that are intended to identify forward-looking statements. Any such statements in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These forward-looking statements include, without limitation, statements regarding Alamar Biosciences’ future plans and prospects, its ability to accelerate adoption of its platform and establish a new gold standard in protein detection and analysis, anticipated timing and content regarding full-year 2026 guidance, and Alamar Biosciences’ ability to grow its business. Any forward-looking statements in this press release are based on Alamar Biosciences’ current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. Readers are cautioned that actual results could differ materially from those expressed or implied in Alamar Biosciences’ forward-looking statements due to a variety of risks and uncertainties, which include, without limitation, risks and uncertainties related to intense competition in the proteomics market, exposure to legal proceedings, regulatory inquiries and other legal matters, failure to develop new assays or instruments, dependence on researchers who rely heavily on government funding, reductions in spending by research and academic institutions, the potential for products to be subject to more onerous regulation by the FDA or other regulatory requirements, the complexity of manufacturing Alamar Biosciences’ instruments and consumables, failure to obtain marketing authorizations for future products that are intended for clinical or diagnostic use, Alamar Biosciences’ ability to protect its intellectual property and other risks and uncertainties described in Alamar Biosciences’ filings with the Securities and Exchange Commission (SEC), including those described from time to time under the caption “Risk Factors” and elsewhere in Alamar Biosciences’ filings with the SEC, including its Quarterly Report on Form 10-Q filed with the SEC, on August 11, 2026. Alamar Biosciences explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.

Investor contact:

investors@alamarbio.com

Media contact:

media@alamarbio.com

Alamar Biosciences, Inc. Condensed Consolidated Statements of Operations (Unaudited, in thousands, except share and per share data)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2026					2025			2026				2025
Revenue:
Product revenue	$	26,300			$	15,628			$	70,910			$	36,837
Service and other revenue		7,245				4,285				18,097				12,329
Total revenue(1)		33,545				19,913				89,007				49,166
Cost of revenue:
Cost of product revenue(2)		10,879				6,495				30,547				18,355
Cost of service and other revenue(2)		2,022				1,521				5,641				3,944
Total cost of revenue		12,901				8,016				36,188				22,299
Gross profit		20,644				11,897				52,819				26,867
Operating expenses:
Research and development(2)		16,167				10,206				43,001				27,403
Selling, general and administrative(2)		19,616				9,576				50,836				23,821
Total operating expenses		35,783				19,782				93,837				51,224
Loss from operations		(15,139	)			(7,885	)			(41,018	)			(24,357	)
Interest income, net		2,169				410				4,583				1,826
Interest expense		(153	)			(85	)			(600	)			(179	)
Loss on remeasurement of convertible notes		-				—				(9,971	)			—
Other (expense) income, net		(125	)			(1	)			(395	)			467
Net loss before income tax		(13,248	)			(7,561	)			(47,401	)			(22,243	)
Provision for income taxes		94				440				465				440
Net loss	$	(13,342	)		$	(8,001	)		$	(47,866	)		$	(22,683	)
Net loss per share, basic and diluted	$	(0.19	)		$	(0.69	)		$	(1.02	)		$	(1.99	)
Weighted-average common shares outstanding, basic and diluted		69,106,367				11,599,353				46,884,564				11,423,840

(1) The following table represents revenue by source for the periods indicated:

		Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands)		2026				2025				2026				2025
Instruments		$	8,468			$	5,652			$	23,637			$	15,571
Consumables			17,832				9,976				47,273				21,266
Services			7,245				4,285				18,097				12,079
Other revenue			—				—				—				250
Total		$	33,545			$	19,913			$	89,007			$	49,166

(2) Includes stock-based compensation expense as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands)		2026				2025				2026				2025
Cost of product revenue		$	64			$	7			$	123			$	22
Cost of service and other revenue			66				14				146				39
Research and development			991				240				2,221				731
Selling, general and administrative			2,795				444				6,173				1,212
Total stock-based compensation expense		$	3,916			$	705			$	8,663			$	2,004

Alamar Biosciences, Inc. Condensed Consolidated Balance Sheets (Unaudited, in thousands)
	September 30, 2026				December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents	$	121,532			$	30,002
Short-term investments		105,053				—
Accounts receivable		21,611				12,753
Inventory		54,133				38,482
Prepaid expenses and other current assets		15,359				13,468
Total current assets		317,688				94,705
Restricted cash		4,907				4,907
Property and equipment, net		15,244				10,498
Operating lease right-of-use assets		36,236				26,130
Capitalized software, net		1,443				1,988
Other assets—noncurrent		2,509				1,764
Total assets	$	378,027			$	139,992
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)
Current Liabilities
Accounts payable	$	16,549			$	5,872
Accrued and other current liabilities		14,450				15,759
Short-term operating lease liabilities		2,483				2,099
Total current liabilities		33,482				23,730
Long-term operating lease liabilities		39,867				29,564
Warrant liabilities		—				247
Term debt		—				9,810
Other noncurrent liabilities		974				599
Total liabilities		74,323				63,950
Convertible preferred stock		—				234,996
Stockholders’ equity (deficit)
Founders preferred stock		—				—
Common stock		7				1
Additional paid-in capital		520,511				9,892
Accumulated other comprehensive loss		(173	)			(72	)
Accumulated deficit		(216,641	)			(168,775	)
Total stockholders’ equity (deficit)		303,704				(158,954	)
Total liabilities, convertible preferred stock and stockholders' equity (deficit)	$	378,027			$	139,992

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is Alamar Biosciences' updated 2026 revenue guidance?

Alamar expects full-year 2026 revenue of $121 million to $123 million, up from its previous range of $116 million to $120 million. The new midpoint represents growth of 64% compared with full-year 2025.

What were Alamar Biosciences' third-quarter 2026 financial results?

Alamar reported $33.5 million in revenue, up 68% from the corresponding 2025 quarter, and a net loss of $13.3 million versus $8.0 million. Gross margin increased to 61.5% from 59.7%, while operating expenses rose 81% to $35.8 million.

Why did Alamar Biosciences' gross margin improve in the third quarter of 2026?

Alamar attributed its gross-margin improvement primarily to lower instrument costs, higher average selling prices for consumables, improved service margins and a favorable shift in product mix.