BillionToOne Reports Fourth Quarter and Full Year 2025 Results and Raises 2026 Revenue Guidance
Rhea-AI Summary
BillionToOne (NASDAQ: BLLN) reported strong Q4 and full‑year 2025 results and raised 2026 revenue guidance. Q4 revenue was $96.1M (+113% YoY); FY2025 revenue was $305.1M (+100% YoY). Gross margin improved to 71% in Q4 and operating income turned positive for 2025. Management raised 2026 revenue guidance to $430M–$445M and expects positive GAAP operating income.
Deliveries totaled 170,000 tests in Q4 and overall ASP rose to $561 in Q4, with $496M cash on hand as of Dec 31, 2025.
Positive
- Total revenue +100% YoY to $305.1M in 2025
- Q4 revenue +113% YoY to $96.1M
- Gross margin improved to 71% in Q4 (from 57%)
- Raised 2026 revenue guidance to $430M–$445M (41%–46% growth)
- Held approximately $496M cash as of Dec 31, 2025
Negative
- Total operating expenses increased 50% in 2025
- Net income remained modest at $2.9M for 2025 despite large revenue gains
- Overall ASP increase contributed but could pressure payer reimbursement variability
News Market Reaction – BLLN
In the Mar 5 session, BLLN declined 10.71%, reflecting a significant negative market reaction. Argus tracked a peak move of +13.1% during that session. Argus tracked a trough of -13.4% from its starting point during tracking. Our momentum scanner triggered 24 alerts that day, indicating elevated trading interest and price volatility. Trading volume was above average at 1.6x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Dec 09 | Quarterly earnings | Positive | -5.3% | Reported strong Q3 2025 growth, higher margins, and positive operating income. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Limited earnings history shows one prior strong earnings print that was followed by a negative price reaction.
Over recent months, BillionToOne has focused on scaling its diagnostics platform and providing visibility on growth. A prior earnings release on Dec 9, 2025 showed strong Q3 2025 revenue and margin expansion but was followed by a -5.32% move. Subsequent guidance on Jan 12, 2026 and product launches in prenatal and oncology testing underscored growth ambitions. Today’s Q4 and full-year 2025 results, plus raised 2026 revenue guidance, extend that trajectory.
Key Terms
nipt medical
hemolytic disease of the fetus and newborn medical
fetal and neonatal alloimmune thrombocytopenia medical
clonal hematopoiesis medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
MENLO PARK, Calif., March 04, 2026 (GLOBE NEWSWIRE) -- BillionToOne, Inc. (NASDAQ: BLLN), a next-generation molecular diagnostics company with a mission to create powerful and accurate tests that are accessible to all, today reported its financial results for the fourth quarter and full year ended December 31, 2025 and raised guidance for full year 2026.
Financial Highlights:
- Total revenue of
$96.1 million in the fourth quarter of 2025, compared to$45.1 million in the fourth quarter of 2024, an increase of113% . - Prenatal clinical testing revenue was
$86.1 million in the fourth quarter of 2025, an increase of99% from the fourth quarter 2024. - Oncology clinical testing revenue was
$9.1 million in the fourth quarter of 2025, more than 8x higher than the$1.1 million reported in the fourth quarter of 2024. - Gross profit margin was
71% in the fourth quarter of 2025, compared to57% in the fourth quarter of 2024, a 14 percentage-point increase year-over-year. - 170,000 tests delivered in the fourth quarter of 2025, compared to 116,000 tests delivered in the fourth quarter of 2024, an increase of
47% . - Operating income of
$10.3 million in the fourth quarter of 2025, compared to a$11.7 million operating loss in the fourth quarter of 2024. - Net cash flow, excluding the net proceeds received from the issuance of common stock in connection with the IPO, was
$8.8 million in the fourth quarter of 2025 and$12.5 million in the full year 2025. - Raised 2026 full year revenue guidance to be in a range of
$430 million to$445 million , which represents41% to46% growth over 2025. - Expects positive operating income for the full year 2026.
Recent Operating Highlights:
- In February, we launched our expanded Red Blood Cell Fetal Antigen NIPT offering and our Platelet Fetal Antigen NIPT offering in prenatal product lines. These two products represent the first, and only, non-invasive prenatal tests in the U.S. designed to determine fetal antigen status across both red blood cell and platelet antigens in pregnancies affected by or at risk for Hemolytic Disease of the Fetus and Newborn (HDFN) and Fetal and Neonatal Alloimmune Thrombocytopenia (FNAIT).
- Also in Q1 of 2026, we launched Northstar PGx and Northstar Select CH in oncology products. Northstar PGx and Northstar CH are add-on applications for our Northstar Select test, and expand the Northstar platform beyond genomic profiling to address chemotherapy safety (PGx) and clonal hematopoiesis (CH)—two critical decision points in selecting the right therapy for patients.
"2025 demonstrated how the compounding power of a differentiated technology platform, category-defining products, and disciplined execution can produce an extraordinary outcome,” said Dr. Oguzhan Atay, Co-Founder and CEO of BillionToOne. "With new prenatal and oncology products already launched, expanding payer coverage, and a growing base of providers choosing our tests, we are executing to solve the hardest problems in healthcare and give patients the answers they need. Entering 2026, we believe we are still in the earliest chapters of what is possible, and remain confident that our smNGS platform will continue to unlock diagnostic capabilities that transform patient lives one molecule at a time.”
| Three Months Ended December 31, (Unaudited) | Year Ended December 31, (Unaudited) | ||||||||||||||||
| 2025 | 2024 | % | 2025 | 2024 | % | ||||||||||||
| Revenue ($ in millions) | |||||||||||||||||
| Prenatal | $ | 86.1 | $ | 43.2 | 99 | % | $ | 277.1 | $ | 145.9 | 90 | % | |||||
| Oncology | $ | 9.1 | $ | 1.1 | 735 | % | $ | 25.0 | $ | 2.9 | 748 | % | |||||
| Clinical Trial Support and Other Services | $ | 0.8 | $ | 0.8 | 6 | % | $ | 3.1 | $ | 3.7 | (18)% | ||||||
| Total Revenue | $ | 96.1 | $ | 45.1 | 113 | % | $ | 305.1 | $ | 152.6 | 100 | % | |||||
| Note: Numbers may not add due to rounding | |||||||||||||||||
| Three Months Ended December 31, (Unaudited) | Year Ended December 31, (Unaudited) | ||||||||||||||||
| 2025 | 2024 | % | 2025 | 2024 | % | ||||||||||||
| Total tests accessioned | 168,000 | 115,000 | 46 | % | 616,000 | 410,000 | 50 | % | |||||||||
| Total tests delivered | 170,000 | 116,000 | 47 | % | 610,000 | 405,000 | 51 | % | |||||||||
| Overall ASP | $ | 561 | $ | 382 | 47 | % | $ | 495 | $ | 368 | 35 | % | |||||
Fourth Quarter 2025 Financial Results
Total revenue was
Gross profit was
Total operating expenses were
Operating income was
Net income available to common shareholders in the fourth quarter of 2025 was
Full Year 2025 Financial Results
Total revenue was
Gross profit was
Total operating expenses were
Operating income was
Net income available to common shareholders for 2025 was
As of December 31, 2025, BillionToOne held approximately
Financial Outlook
BillionToOne now expects full year 2026 total revenue of
BillionToOne also expects positive GAAP operating income for the full year 2026.
Webcast and Conference Call Information
BillionToOne will host a conference call today, March 4, 2026, at 1:30pm Pacific Time / 4:30pm Eastern Time. Investors interested in listening to the conference call are required to register online. A live and archived webcast of the event can be accessed at https://investors.billiontoone.com/.
About BillionToOne
Headquartered in Menlo Park, California, BillionToOne is a molecular diagnostics company with a mission to create powerful and accurate tests that are accessible to all. The company's patented Quantitative Counting Templates™ (QCT™) molecular counting platform is the only multiplex technology that can accurately count DNA molecules at the single-molecule level.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements regarding revenue, income and other financial information for the full year of 2026. These statements are based on management’s current expectations, forecasts and assumptions, and actual outcomes and results could differ materially from these statements due to a number of factors, some of which are beyond BillionToOne’s control. These and additional risks and uncertainties that could affect BillionToOne’s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. These risks and uncertainties include those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in BillionToOne’s most recently filed quarterly report on Form 10-Q, the annual report on Form 10-K that BillionToOne will file for the year ended December 31, 2025, and other filings BillionToOne makes with the Securities and Exchange Commission from time to time. The forward-looking statements in this press release are based on information available to BillionToOne as of the date hereof, and BillionToOne disclaims any obligation to update any forward-looking statements provided to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing BillionToOne’s views as of any date subsequent to the date of this press release.
| BillionToOne, Inc. Statements of Operations (in thousands, except per share amounts, unaudited) | |||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | $ | 96,053 | $ | 45,077 | $ | 305,112 | $ | 152,582 | |||||||
| Cost of revenue | 27,449 | 19,358 | 96,654 | 71,667 | |||||||||||
| Gross profit | 68,604 | 25,719 | 208,458 | 80,915 | |||||||||||
| Operating expenses: | - | - | |||||||||||||
| Research and development | 14,250 | 10,996 | 49,384 | 36,596 | |||||||||||
| Selling, general and administrative | 44,022 | 26,415 | 143,051 | 91,465 | |||||||||||
| Total operating expenses | 58,272 | 37,411 | 192,435 | 128,061 | |||||||||||
| Income (loss) from operations | 10,332 | (11,692 | ) | 16,023 | (47,146 | ) | |||||||||
| Other income (expense): | |||||||||||||||
| Interest income | 3,258 | 1,671 | 7,750 | 5,819 | |||||||||||
| Interest expense | (3 | ) | (47 | ) | (95 | ) | (2,386 | ) | |||||||
| Net gain on extinguishment of debt | - | - | - | 7,289 | |||||||||||
| Change in fair value of term loan | (1,471 | ) | (854 | ) | (8,509 | ) | (3,137 | ) | |||||||
| Change in fair value of convertible notes | - | - | - | (835 | ) | ||||||||||
| Other expense, net | (5,819 | ) | (531 | ) | (7,410 | ) | (1,145 | ) | |||||||
| Total other income (expense) | (4,035 | ) | 239 | (8,264 | ) | 5,605 | |||||||||
| Income (loss) before provision for income taxes | 6,297 | (11,453 | ) | 7,759 | (41,541 | ) | |||||||||
| Provision for income taxes | 320 | 24 | 305 | 29 | |||||||||||
| Net income (loss) | $ | 5,977 | $ | (11,477 | ) | $ | 7,454 | $ | (41,570 | ) | |||||
| Less: Net income (loss) attributable to participating securities | (1,561 | ) | - | (4,535 | ) | - | |||||||||
| Net income (loss) attributable to common stockholders | $ | 4,416 | $ | (11,477 | ) | $ | 2,919 | $ | (41,570 | ) | |||||
| Net income (loss) per share attributable to common stockholders, basic and diluted: | |||||||||||||||
| Net income (loss) per share, basic | $ | 0.14 | $ | (1.13 | ) | $ | 0.18 | $ | (4.12 | ) | |||||
| Net income (loss) per share, diluted | $ | 0.11 | $ | (1.13 | ) | $ | 0.14 | $ | (4.12 | ) | |||||
| Weighted-average shares used in calculating net income (loss) per share attributable to common stockholders, basic and diluted: | |||||||||||||||
| Weighted-average shares used in calculating net income (loss) per share, basic | 32,192,298 | 10,171,740 | 15,875,091 | 10,079,925 | |||||||||||
| Weighted-average shares used in calculating net income (loss) per share, diluted | 39,391,610 | 10,171,740 | 21,230,752 | 10,079,925 | |||||||||||
| BillionToOne, Inc. Balance Sheets (in thousands, except share amounts, unaudited) | |||||||
| December 31, | |||||||
| 2025 | 2024 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 495,975 | $ | 191,477 | |||
| Accounts receivable | 41,617 | 24,709 | |||||
| Inventories | 17,545 | 8,733 | |||||
| Prepaid expenses and other current assets | 5,421 | 2,898 | |||||
| Total current assets | 560,558 | 227,817 | |||||
| Property and equipment, net | 20,361 | 17,111 | |||||
| Operating lease right-of-use assets, net | 46,742 | 51,739 | |||||
| Other non-current assets | 4,993 | 5,392 | |||||
| Total assets | $ | 632,654 | $ | 302,059 | |||
| Liabilities, redeemable convertible preferred stock, and stockholders’ deficit | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 7,184 | $ | 4,304 | |||
| Accrued expenses and other current liabilities | 7,247 | 3,882 | |||||
| Accrued commissions | 3,912 | 2,756 | |||||
| Accrued compensation and employee benefits | 12,551 | 8,419 | |||||
| Common stock warrant liability | 9,282 | — | |||||
| Deferred revenue, current | 2,188 | 2,806 | |||||
| Operating lease liabilities, current | 5,079 | 4,393 | |||||
| Financing lease liabilities, current | 519 | 1,826 | |||||
| Total current liabilities | 47,962 | 28,386 | |||||
| Operating lease liabilities, non-current | 45,723 | 50,802 | |||||
| Financing lease liabilities, non-current | 348 | 874 | |||||
| Deferred revenue, non-current | 1,290 | — | |||||
| Long-term debt | 57,226 | 51,481 | |||||
| Other non-current liabilities | — | 2,763 | |||||
| Total liabilities | 152,549 | 134,306 | |||||
| Redeemable convertible preferred stock, | — | 419,409 | |||||
| Stockholders’ equity: | |||||||
| Common stock, | – | – | |||||
| Class A common stock, | — | — | |||||
| Class B common stock, | — | — | |||||
| Additional paid-in capital | 756,644 | 30,545 | |||||
| Accumulated other comprehensive loss | (1,791 | ) | — | ||||
| Accumulated deficit | (274,748 | ) | (282,201 | ) | |||
| Total stockholders’ equity | 480,105 | (251,656 | ) | ||||
| Total liabilities, redeemable convertible preferred stock, and stockholders’ equity | $ | 632,654 | $ | 302,059 | |||
Investor Contact
ir@billiontoone.com
Media Contact
billiontoone@moxiegrouppr.com
