BillionToOne Reports Third Quarter 2025 Results
Rhea-AI Summary
BillionToOne (NASDAQ: BLLN) reported strong third-quarter 2025 results and issued full-year guidance. Total revenue was $83.5M in Q3 2025, up 117% year-over-year; prenatal revenue was $74.1M (+102%) and oncology revenue was $8.7M (+664%).
Gross margin improved to 70% (vs. 53% prior year); operating income was $9.6M and net income available to common shareholders was $1.5M ($0.10 diluted). The company accessioned 162,900 tests in Q3 and delivered 165,000 tests.
Company raised $314.0M gross proceeds in its IPO and ended September 30, 2025 with approximately $195.2M cash. BillionToOne expects 2025 revenue of $293M–$299M and positive GAAP operating income for Q4 and full-year 2025.
Positive
- Total revenue +117% YoY to $83.5M
- Prenatal revenue +102% YoY to $74.1M
- Oncology revenue +664% YoY to $8.7M
- Gross margin improved to 70% (+17 percentage points YoY)
- Raised $314.0M gross proceeds in IPO
Negative
- Operating expenses increased 49% to $48.8M
- Net income of $1.5M on $83.5M revenue (limited net profitability)
- Clinical trial support & other services revenue down 25% year-to-date
News Market Reaction 3 Alerts
On the day this news was published, BLLN gained 4.65%, reflecting a moderate positive market reaction. Argus tracked a peak move of +5.6% during that session. Argus tracked a trough of -10.4% from its starting point during tracking. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $218M to the company's valuation, bringing the market cap to $4.90B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 02 | Earnings date notice | Neutral | +1.7% | Scheduled Q3 2025 earnings release and conference call logistics. |
| Nov 07 | IPO closing | Neutral | +2.2% | Closing of upsized IPO and underwriters’ full over-allotment exercise. |
| Nov 06 | IPO pricing/listing | Neutral | -8.2% | Pricing and Nasdaq listing of initial public offering of Class A shares. |
Limited public history so far: modest positive reactions to the IPO closing and earnings-date announcement, but one notable negative move on the IPO listing day suggests some early volatility around capital markets events.
Over the last month, BillionToOne transitioned into the public markets and then moved toward its first reported quarter as a listed company. The IPO on Nov 6–7, 2025 brought aggregate gross proceeds around $273–314 million with mixed short-term price reactions, including a -8.18% move on the listing day. The subsequent earnings-date notice on Dec 2, 2025 saw a mild +1.66% move, setting the stage for today’s detailed third-quarter 2025 results and guidance.
Market Pulse Summary
This announcement highlights BillionToOne’s rapid scale-up, with Q3 2025 revenue of $83.5M, up 117% year over year, and gross margin expanding to 70%. The company turned to operating income of $9.6M and reported net income of $1.5M, while ending the quarter with $195.2M in cash and cash equivalents. The new 2025 revenue outlook of $293M–$299M and expectations for positive GAAP operating income are key metrics to monitor.
Key Terms
molecular diagnostics medical
tests accessioned medical
gaap financial
AI-generated analysis. Not financial advice.
MENLO PARK, Calif., Dec. 09, 2025 (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 third quarter ended September 30, 2025 and initiated guidance for the remainder of 2025.
Recent Financial Highlights:
- Total revenue of
$83.5 million in the third quarter of 2025, compared to$38.4 million in the third quarter of 2024, an increase of117% . - Prenatal clinical testing revenue was
$74.1 million in the third quarter of 2025, an increase of102% from the third quarter last year. - Oncology clinical testing revenue was
$8.7 million in the third quarter of 2025, which represents an increase of 7.6x compared to$1.1 million in the same period last year and a76% sequential quarter over quarter increase from$4.9 million in the second quarter of 2025. - Gross margin was
70% in the third quarter of 2025, compared to53% in the third quarter of 2024, a 17 percentage-point increase year over year. - 162,900 tests accessioned in the third quarter of 2025, compared to 107,900 tests accessioned in the third quarter of 2024, an increase of
51% . - Operating income of
$9.6 million in the third quarter of 2025, compared to a ($12.6) million operating loss in the third quarter of 2024. - Positive cash-flow of
$6.2 million in the third quarter of 2025. - Raised gross proceeds of
$314.0 million in our initial public offering. - Expects 2025 full year revenue to be in a range of
$293 million to$299 million , which represents92% to96% growth over last year; expects fourth quarter 2025 revenue to be in a range of$84 million to$90 million , which represents86% to100% growth over the fourth quarter last year. - Expects positive operating income for both the fourth quarter of 2025 and for the full year 2025.
“This quarter reinforced our view about how a unique, innovative technology combined with disciplined execution can drive a differentiated financial profile in molecular diagnostics,” said Dr. Oguzhan Atay, Co-founder and CEO of BillionToOne. “The incredible strength and momentum across our prenatal and oncology businesses reflects a deliberate commitment to scientific rigor paired with resourceful, step-by-step execution. We continue to earn the trust of providers, patients, payors, and health systems, and rapidly grow our test volumes by solving unmet clinical needs. As we begin our path as a public company, we remain guided by the same principles we started with—relentless focus and an unwavering commitment to re-defining molecular diagnostics.”
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, (Unaudited) | September 30, (Unaudited) | ||||||||||||||||
| 2025 | 2024 | % | 2025 | 2024 | % | ||||||||||||
| Revenue ($ in millions) | |||||||||||||||||
| Prenatal | $ | 74.1 | $ | 36.6 | 101 | % | $ | 191.0 | $ | 102.7 | 86 | % | |||||
| Oncology | $ | 8.7 | $ | 1.1 | 664 | % | $ | 15.8 | $ | 1.9 | 754 | % | |||||
| Clinical Trial Support and Other Services | $ | 0.8 | $ | 0.7 | 12 | % | $ | 2.2 | $ | 3.0 | (25 | %) | |||||
| Total Revenue | $ | 83.5 | $ | 38.4 | 117 | % | $ | 209.1 | $ | 107.5 | 153 | % | |||||
| Note: Numbers may not add due to rounding. | |||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||
| September 30, (Unaudited) | September 30, (Unaudited) | ||||||||||||||||
| 2025 | 2024 | % | 2025 | 2024 | % | ||||||||||||
| Total tests accessioned | 162,900 | 107,900 | 51 | % | 447,900 | 294,900 | 52 | % | |||||||||
| Total tests delivered | 165,000 | 108,500 | 52 | % | 440,500 | 289,900 | 52 | % | |||||||||
| Overall ASP | $ | 501 | $ | 348 | 44 | % | $ | 469 | $ | 361 | 30 | % | |||||
Third Quarter 2025 Financial Results
Total revenue was
Gross profit was
Total operating expenses were
Operating income was
Net income available to common shareholders for the third quarter of 2025 was
As of September 30, 2025, BillionToOne held approximately
Financial Outlook
BillionToOne expects full year 2025 total revenue of
BillionToOne expects fourth quarter 2025 revenue to be
BillionToOne also expects positive GAAP operating income for the fourth quarter of 2025 and for the full year 2025.
Webcast and Conference Call Information
BillionToOne will host a conference call today, December 9, 2025, 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 fourth quarter of 2025 and the full year of 2025 and expected growth compared to the same periods in 2024. 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 its prospectus filed with the Securities and Exchange Commission on November 6, 2025. 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 and Comprehensive Income (Loss) (in thousands, except per share amounts, unaudited) | |||||||||||||||
| Three Months Ended September | Nine Months Ended September | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | $ | 83,523 | $ | 38,419 | $ | 209,059 | $ | 107,505 | |||||||
| Cost of revenue | 25,107 | 18,204 | 69,205 | 52,309 | |||||||||||
| Gross profit | 58,416 | 20,215 | 139,854 | 55,196 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 12,953 | 9,550 | 35,134 | 25,600 | |||||||||||
| Selling, general and administrative | 35,830 | 23,299 | 99,029 | 65,050 | |||||||||||
| Total operating expenses | 48,783 | 32,849 | 134,163 | 90,650 | |||||||||||
| Income (loss) from operations | 9,633 | (12,634 | ) | 5,691 | (35,454 | ) | |||||||||
| Other income (expense): | |||||||||||||||
| Interest income | 1,535 | 1,952 | 4,492 | 4,148 | |||||||||||
| Interest expense | (20 | ) | (422 | ) | (92 | ) | (2,339 | ) | |||||||
| Net (loss) gain on extinguishment of debt | — | (1,346 | ) | — | 7,289 | ||||||||||
| Change in fair value of term loan | (3,936 | ) | (2,283 | ) | (7,038 | ) | (2,283 | ) | |||||||
| Change in fair value of convertible notes | — | — | — | (835 | ) | ||||||||||
| Other expense, net | (1,630 | ) | (171 | ) | (1,591 | ) | (614 | ) | |||||||
| Total other (expense) income | (4,051 | ) | (2,270 | ) | (4,229 | ) | 5,366 | ||||||||
| Income (loss) before provision for income taxes | 5,582 | (14,904 | ) | 1,462 | (30,088 | ) | |||||||||
| Provision for income taxes | (129 | ) | — | (15 | ) | 5 | |||||||||
| Net income (loss) and comprehensive income (loss) | $ | 5,711 | $ | (14,904 | ) | $ | 1,477 | $ | (30,093 | ) | |||||
| Less: Net income attributable to participating securities | (4,204 | ) | — | (1,089 | ) | — | |||||||||
| Net income (loss) attributable to common shareholders | 1,507 | (14,904 | ) | 388 | (30,093 | ) | |||||||||
| Net income (loss) per share, basic and diluted: | |||||||||||||||
| Net income (loss) per share, basic | $ | 0.14 | $ | (1.47 | ) | $ | 0.04 | $ | (2.99 | ) | |||||
| Net income (loss) per share, diluted | $ | 0.10 | $ | (1.47 | ) | $ | 0.03 | $ | (2.99 | ) | |||||
| Weighted-average shares used in calculating net income (loss) per share, basic and diluted: | |||||||||||||||
| Weighted-average shares used in calculating net income (loss) per share, basic | 10,429,583 | 10,107,487 | 10,376,253 | 10,049,097 | |||||||||||
| Weighted-average shares used in calculating net income (loss) per share, diluted | 15,571,949 | 10,107,487 | 15,117,365 | 10,049,097 | |||||||||||
| BILLIONTOONE, INC. Balance Sheets (in thousands, except share amounts, unaudited) | |||||||
| September 30, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 195,152 | $ | 191,477 | |||
| Accounts receivable | 34,646 | 24,709 | |||||
| Inventories | 17,389 | 8,733 | |||||
| Prepaid expenses and other current assets | 4,529 | 2,898 | |||||
| Total current assets | 251,716 | 227,817 | |||||
| Property and equipment, net | 18,667 | 17,111 | |||||
| Operating lease right-of-use assets, net | 48,024 | 51,739 | |||||
| Other non-current assets | 9,114 | 5,392 | |||||
| Total assets | $ | 327,521 | $ | 302,059 | |||
| Liabilities, redeemable convertible preferred stock, and stockholders’ deficit | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 7,806 | $ | 4,304 | |||
| Accrued expenses and other current liabilities | 8,041 | 3,882 | |||||
| Accrued commissions | 2,922 | 2,756 | |||||
| Accrued compensation and employee benefits | 13,687 | 8,419 | |||||
| Deferred revenue, current | 2,683 | 2,806 | |||||
| Operating lease liabilities, current | 4,902 | 4,393 | |||||
| Financing lease liabilities, current | 744 | 1,826 | |||||
| Total current liabilities | 40,785 | 28,386 | |||||
| Operating lease liabilities, non-current | 47,046 | 50,802 | |||||
| Financing lease liabilities, non-current | 460 | 874 | |||||
| Long-term debt | 54,986 | 51,481 | |||||
| Other non-current liabilities | 4,348 | 2,763 | |||||
| Total liabilities | 147,625 | 134,306 | |||||
| Commitments and contingencies | |||||||
| Redeemable convertible preferred stock, | 419,409 | 419,409 | |||||
| Stockholders’ deficit: | |||||||
| Common stock, | – | – | |||||
| Additional paid-in capital | 41,211 | 30,545 | |||||
| Accumulated deficit | (280,724 | ) | (282,201 | ) | |||
| Total stockholders’ deficit | (239,513 | ) | (251,656 | ) | |||
| Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit | $ | 327,521 | $ | 302,059 | |||
Investor Contact
ir@billiontoone.com
Media Contact
billiontoone@moxiegrouppr.com
FAQ
What were BillionToOne (BLLN) Q3 2025 revenues and growth rates?
How profitable was BillionToOne (BLLN) in Q3 2025?
What guidance did BillionToOne (BLLN) give for full-year 2025 revenue?
How many tests did BillionToOne (BLLN) accession and deliver in Q3 2025?
What cash and IPO proceeds did BillionToOne (BLLN) report on Sept 30, 2025?
Did BillionToOne (BLLN) expect positive operating income for 2025?
