BillionToOne Reports Third Quarter 2026 Results and Raises 2026 Revenue Guidance
Higher test volumes and average selling prices accompanied revenue growth, while operating expenses increased 56% year over year.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
BillionToOne (NASDAQ: BLLN) raised its full-year revenue outlook after reporting third-quarter revenue of $123.0 million, up 47% year over year. The company now expects 2026 revenue of $460 million to $470 million, versus $450 million to $465 million previously, representing 51% to 54% growth.
Prenatal revenue rose 41% to $104.3 million, while oncology revenue increased 96% to $17.1 million. Tests delivered grew 25% to 206,000, and average selling price rose 18% to $589. Gross margin increased to 71% from 70%. Operating income reached $11.0 million, versus $9.6 million, despite a 56% increase in operating expenses. Net income was $17.391 million versus $5.711 million; diluted earnings per share rose to $0.32 from $0.10. Free cash flow was $8.6 million.
BillionToOne expects profitability similar to current levels despite continued investment. Its Northstar Clear blood-based residual cancer detection test is scheduled for commercial availability on December 15, 2026.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.2026 revenue guidance raised to $460 million–$470 million from $450 million–$465 million, implying 51%–54% growth.
- Moderate pointThird-quarter revenue increased 47% year over year to $123.0 million.
- Moderate pointThird-quarter operating income rose to $11.0 million from $9.6 million; operating margin was 9%.
- Moderate pointThird-quarter net income increased to $17.391 million from $5.711 million a year earlier.
- Moderate pointNine-month operating cash flow increased to $37.113 million from $13.803 million a year earlier.
26 minor points
- Minor pointThird-quarter prenatal revenue increased 41% year over year to $104.3 million.
- Minor pointThird-quarter oncology revenue increased 96% year over year to $17.1 million.
- Minor pointThird-quarter clinical trial support and other services revenue increased 115% year over year to $1.6 million.
- Minor pointThird-quarter tests delivered increased 25% year over year to 206,000.
- Minor pointThird-quarter tests accessioned increased 27% year over year to 207,000.
- Minor pointThird-quarter average selling price increased 18% year over year to $589.
- Minor pointThird-quarter gross margin increased to 71% from 70% a year earlier.
- Minor pointThird-quarter diluted earnings per share increased to $0.32 from $0.10 a year earlier.
- Minor pointThird-quarter free cash flow, operating cash flow minus capital expenditures, was $8.6 million.
- Minor point. Forward-looking: it has not happened yet and may not happen.BillionToOne expects profitability similar to current levels despite continued investment.
- Minor pointNine-month revenue increased 63% year over year to $340.8 million.
- Minor pointNine-month prenatal revenue increased 54% year over year to $295.1 million.
- Minor pointNine-month oncology revenue increased 162% year over year to $41.4 million.
- Minor pointNine-month clinical trial support and other services revenue increased 92% year over year to $4.3 million.
- Minor pointNine-month tests delivered increased 34% year over year to 590,000.
- Minor pointNine-month tests accessioned increased 32% year over year to 593,000.
- Minor pointNine-month average selling price increased 22% year over year to $571.
- Minor pointNine-month operating income increased to $34.360 million from $5.691 million a year earlier.
- Minor pointNine-month net income increased to $43.415 million from $1.477 million a year earlier.
- Minor pointNine-month diluted earnings per share increased to $0.81 from $0.03 a year earlier.
- Minor pointCash and equivalents reached $561.512 million at September 30, 2026, versus $495.975 million at December 31, 2025.
- Minor pointNine-month debt issuance provided $30 million in funding.
- Minor pointNine-month stock option exercises provided $12.236 million in cash proceeds.
- Minor pointNorthstar Response study showed 94% agreement with a tumor-informed assay on circulating tumor DNA change direction.
- Minor pointUnity Fetal Risk Screen prospective validation showed 94.4% sensitivity and 99.5% specificity.
- Minor pointBoth oncology products achieved cost-per-test improvements in the third quarter versus a year earlier.
Negative
- Moderate pointThird-quarter operating expenses increased 56% year over year to $76.1 million.
- Moderate pointAccounts receivable used $46.666 million of operating cash over nine months, versus $9.937 million a year earlier.
- Moderate pointNine-month stock-based compensation increased to $24.430 million from $9.581 million a year earlier.
- Minor pointOverall third-quarter cost per test increased slightly, reflecting product mix and slightly higher prenatal costs.
- Minor pointLong-term debt rose to $88.982 million at September 30, 2026, from $57.226 million at December 31, 2025.
2 minor points
- Minor pointNine-month capital expenditures increased to $12.466 million from $7.344 million a year earlier.
- Minor pointNine-month cash interest payments increased to $5.084 million from $3.626 million a year earlier.
News Explained
At
Key Figures
- Total revenue
- $123.0 million
- Q3 2026; up 47% year over year
- Gross margin
- 71%
- Q3 2026, compared with 70% in Q3 2025
- Net income
- $17.4 million
- Q3 2026
- Diluted EPS
- $0.32
- Q3 2026, compared with $0.10 in Q3 2025
- Free cash flow
- $8.6 million
- Q3 2026
- 2026 revenue guidance
- $460.0 million to $470.0 million
- Raised from previous guidance of $450.0 million to $465.0 million
- Tests delivered
- 206,000 tests
- Q3 2026; up 25% year over year
Previous Earnings Reports
-
Reported revenue growth and reiterated 2026 revenue guidance.
-
Reported first-quarter results and raised 2026 revenue guidance.
-
Reported full-year results and raised 2026 revenue guidance.
-
Reported quarterly results and issued full-year 2025 guidance.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
ctdna medical
specificity medical
gaap financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
MENLO PARK, Calif., Nov. 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 third quarter ended September 30, 2026 and raised guidance for full year 2026.
Financial Highlights:
- Total revenue of
$123.0 million in the third quarter of 2026, compared to$83.5 million in the third quarter of 2025, an increase of47% . - Prenatal clinical testing revenue was
$104.3 million in the third quarter of 2026, an increase of41% from the third quarter of 2025. - Oncology clinical testing revenue was
$17.1 million in the third quarter of 2026,96% higher than the$8.7 million reported in the third quarter of 2025. - Gross profit margin was
71% in the third quarter of 2026, compared to70% in the third quarter of 2025, a one percentage-point increase year-over-year. - 206,000 tests delivered in the third quarter of 2026, compared to 165,000 tests delivered in the third quarter of 2025, an increase of
25% . - Income from operations of
$11.0 million in the third quarter of 2026, compared to income from operations of$9.6 million in the third quarter of 2025. - Free cash flow, defined as cash flow from operations minus capital expenditures, was
$8.6 million in the third quarter of 2026. - Raising 2026 full year revenue guidance to be in a range of
$460 million to$470 million , which represents51% to54% growth over 2025. - Expects to operate the business such that it will continue to generate profitability similar to current levels, even with significant continued investments.
Recent Operating Highlights:
- Today, we announced the upcoming launch of Northstar Clear, a tissue-free MRD test for patients with all solid tumors, which will be commercially available on December 15, 2026. Its pan-cancer, blood-only design makes it available on day one for all solid tumors, and initial data in colorectal cancer will show head-to-head performance against a tumor-informed assay.
- In October 2026, we announced peer-reviewed data published in The Journal of Liquid Biopsy from the first head-to-head comparison of Northstar Response with the most widely used tumor-informed assay in patients on active treatment for advanced cancer. The two assays agreed on the direction of ctDNA change in
94% of sequential pairs (67 of 71), and in all four divergent cases clinical records supported Northstar Response’s findings. - In August 2026, we announced peer-reviewed data published in The Green Journal (Obstetrics & Gynecology) validating Unity Fetal Risk Screen as a first-line prenatal screen. The study is the first and largest prospective study of Unity Fetal Risk Screen in its intended-use population and was conducted in collaboration with nine U.S. institutions, demonstrating
94.4% sensitivity and99.5% specificity.
“Our third quarter was another period of strong execution,” said Dr. Oguzhan Atay, Co-Founder and CEO of BillionToOne. “We delivered rapid growth with continued GAAP profitability, and more clinicians are choosing our tests in both prenatal and oncology. This quarter we also strengthened the clinical evidence behind our platform. Published data validated Unity Fetal Risk Screen as a first-line prenatal screen, and Northstar Response delivered strong results in the first head-to-head study of its kind. I am also pleased to announce that next month, we plan to launch Northstar Clear, our MRD test. Overall, we are proud of our performance so far in 2026 and believe we are still in the early chapters of what our platform can achieve.”
| Three Months Ended September 30, (Unaudited) | Nine Months Ended September 30, (Unaudited) | ||||||||||||||||
| 2026 | 2025 | % | 2026 | 2025 | % | ||||||||||||
| Revenue ($ in millions) | |||||||||||||||||
| Prenatal | $ | 104.3 | $ | 74.1 | 41 | % | $ | 295.1 | $ | 191.0 | 54 | % | |||||
| Oncology | $ | 17.1 | $ | 8.7 | 96 | % | $ | 41.4 | $ | 15.8 | 162 | % | |||||
| Clinical trial support and other services | $ | 1.6 | $ | 0.8 | 115 | % | $ | 4.3 | $ | 2.2 | 92 | % | |||||
| Total Revenue | $ | 123.0 | $ | 83.5 | 47 | % | $ | 340.8 | $ | 209.1 | 63 | % | |||||
| Note: Numbers may not add due to rounding | |||||||||||||||||
| Three Months Ended September 30, (Unaudited) | Nine Months Ended September 30, (Unaudited) | ||||||||||||||||
| 2026 | 2025 | % | 2026 | 2025 | % | ||||||||||||
| Total tests accessioned | 207,000 | 163,000 | 27 | % | 593,000 | 448,000 | 32 | % | |||||||||
| Total tests delivered | 206,000 | 165,000 | 25 | % | 590,000 | 441,000 | 34 | % | |||||||||
| Overall ASP | $ | 589 | $ | 501 | 18 | % | $ | 571 | $ | 469 | 22 | % | |||||
Third Quarter 2026 Financial Results
Total revenue was
Gross profit was
Total operating expenses were
Income from operations was
Net income in the third quarter of 2026 was
Financial Outlook
BillionToOne now expects full year 2026 total revenue of
BillionToOne also expects to operate the business such that it will continue to generate profitability similar to current levels, even with significant continued investments.
Webcast and Conference Call Information
BillionToOne will host a conference call today, November 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 for interested listeners 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 Operations” and elsewhere in BillionToOne’s most recently filed quarterly report on Form 10-Q, the annual report on Form 10-K 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.
Non-GAAP financial measures
We use certain non-GAAP financial measures to supplement our unaudited financial results, which are presented in accordance with GAAP. These non-GAAP financial measures include EBITDA, adjusted EBITDA and free cash flow. By excluding the impact of certain items that we believe do not directly reflect our underlying operations, we are of the opinion that EBITDA, adjusted EBITDA and free cash flow provide meaningful supplemental information regarding our performance. Accordingly, we believe these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and forecasting. These metrics also provide investors and other users of our financial information with additional tools to compare business performance across companies and periods, while eliminating the effects of items that may vary for different companies for reasons unrelated to core operating performance. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures. A reconciliation between GAAP and non-GAAP financial information is provided immediately following the financial tables. A reconciliation of the forecasted range for adjusted EBITDA for the full year 2026 is not included in this release due to the number of variables in the projected range and because we are currently unable to quantify accurately certain amounts that would be required to be included in the U.S. GAAP measure or the individual adjustments for such reconciliation.
EBITDA
We define EBITDA as net income (loss) adjusted for income taxes, interest income, interest expense, and depreciation and amortization expense.
Adjusted EBITDA
We define Adjusted EBITDA as net income (loss) adjusted for income taxes, interest income, interest expense, depreciation and amortization expense, and certain other items which include significant non-cash items and events that are highly variable, significant in size, and that we do not believe are indicative of ongoing or future business operations, which include: stock-based compensation expense; change in fair value of term loan; and change in fair value of warrant liabilities.
Free Cash Flow
We define Free Cash Flow as net cash provided by operating activities adjusted for purchases of property and equipment.
| BillionToOne, Inc. Statements of Operations and Comprehensive Income (Loss) (in thousands, except per share amounts, unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenue | $ | 122,981 | $ | 83,523 | $ | 340,817 | $ | 209,059 | |||||||
| Cost of revenue | 35,836 | 25,107 | 97,469 | 69,205 | |||||||||||
| Gross profit | 87,145 | 58,416 | 243,348 | 139,854 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 20,216 | 12,953 | 52,223 | 35,134 | |||||||||||
| Selling, general and administrative | 55,906 | 35,830 | 156,765 | 99,029 | |||||||||||
| Total operating expenses | 76,122 | 48,783 | 208,988 | 134,163 | |||||||||||
| Income from operations | 11,023 | 9,633 | 34,360 | 5,691 | |||||||||||
| Other income (expense): | |||||||||||||||
| Interest income | 4,912 | 1,535 | 14,251 | 4,492 | |||||||||||
| Interest expense | (6 | ) | (20 | ) | (24 | ) | (92 | ) | |||||||
| Change in fair value of term loan | 1,482 | (3,936 | ) | (5,747 | ) | (7,038 | ) | ||||||||
| Other income (expense), net | (19 | ) | (1,630 | ) | 579 | (1,591 | ) | ||||||||
| Total other income (expense) | 6,369 | (4,051 | ) | 9,059 | (4,229 | ) | |||||||||
| Income before provision for income taxes | 17,392 | 5,582 | 43,419 | 1,462 | |||||||||||
| Provision for income taxes | 1 | (129 | ) | 4 | (15 | ) | |||||||||
| Net income | $ | 17,391 | $ | 5,711 | $ | 43,415 | $ | 1,477 | |||||||
| Less: Net income attributable to participating securities | - | (4,204 | ) | - | (1,089 | ) | |||||||||
| Net income attributable to common stockholders | $ | 17,391 | $ | 1,507 | $ | 43,415 | $ | 388 | |||||||
| Other comprehensive income, net of taxes: | |||||||||||||||
| Change in fair value of term loan attributable to instrument‑specific credit risk | $ | (1,069 | ) | $ | - | $ | (1,069 | ) | $ | - | |||||
| Other comprehensive loss, net of taxes | (1,069 | ) | - | (1,069 | ) | - | |||||||||
| Comprehensive income, net of taxes | $ | 16,322 | $ | 5,711 | $ | 42,346 | $ | 1,477 | |||||||
| Net income per share, basic and diluted: | |||||||||||||||
| Net income per share, basic | $ | 0.37 | $ | 0.14 | $ | 0.93 | $ | 0.04 | |||||||
| Net income per share, diluted | $ | 0.32 | $ | 0.10 | $ | 0.81 | $ | 0.03 | |||||||
| Weighted-average shares used in calculating net income per share, basic and diluted: | |||||||||||||||
| Weighted-average shares used in calculating net income per share, basic | 47,271,383 | 10,429,583 | 46,540,721 | 10,376,253 | |||||||||||
| Weighted-average shares used in calculating net income per share, diluted | 53,732,158 | 15,571,949 | 53,743,737 | 15,117,365 | |||||||||||
| BillionToOne, Inc. Balance Sheets (in thousands, except share amounts, unaudited) | |||||||
| September 30, 2026 | December 31, 2025 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 561,512 | $ | 495,975 | |||
| Accounts receivable | 88,283 | 41,617 | |||||
| Inventories | 21,891 | 17,545 | |||||
| Prepaid expenses and other current assets | 10,407 | 5,421 | |||||
| Total current assets | 682,093 | 560,558 | |||||
| Property and equipment, net | 26,784 | 20,361 | |||||
| Operating lease right-of-use assets, net | 46,300 | 46,742 | |||||
| Other non-current assets | 5,313 | 4,993 | |||||
| Total assets | $ | 760,490 | $ | 632,654 | |||
| Liabilities and stockholders’ equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 10,232 | $ | 7,184 | |||
| Accrued expenses and other current liabilities | 15,018 | 7,247 | |||||
| Accrued commissions | 3,465 | 3,912 | |||||
| Accrued compensation and employee benefits | 22,869 | 12,551 | |||||
| Common stock warrant liability | — | 9,282 | |||||
| Deferred revenue, current | 1,884 | 2,188 | |||||
| Operating lease liabilities, current | 6,784 | 5,079 | |||||
| Financing lease liabilities, current | 385 | 519 | |||||
| Total current liabilities | 60,637 | 47,962 | |||||
| Operating lease liabilities, non-current | 44,222 | 45,723 | |||||
| Financing lease liabilities, non-current | 75 | 348 | |||||
| Deferred revenue, non-current | 28 | 1,290 | |||||
| Long-term debt | 88,982 | 57,226 | |||||
| Total liabilities | 193,944 | 152,549 | |||||
| Stockholders’ equity: | |||||||
| Class A common stock, | — | — | |||||
| Class B common stock, | — | — | |||||
| Additional paid-in capital | 800,739 | 756,644 | |||||
| Accumulated other comprehensive loss | (2,861 | ) | (1,792 | ) | |||
| Accumulated deficit | (231,332 | ) | (274,747 | ) | |||
| Total stockholders’ equity | 566,546 | 480,105 | |||||
| Total liabilities and stockholders’ equity | $ | 760,490 | $ | 632,654 | |||
| BillionToOne, Inc. Statements of Cash Flows (in thousands, unaudited) | |||||||
| Nine Months Ended September 30, | |||||||
| 2026 | 2025 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 43,415 | $ | 1,477 | |||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Stock-based compensation | 24,430 | 9,581 | |||||
| Depreciation and amortization | 5,540 | 5,232 | |||||
| Amortization of operating right-of-use assets | 4,432 | 3,715 | |||||
| Loss on disposal of fixed assets | 82 | 7 | |||||
| Change in fair value of common stock warrant liability | (62 | ) | 1,409 | ||||
| Change in fair value of redeemable convertible preferred stock warrant liability | - | 176 | |||||
| Change in fair value of term loan | 687 | 3,505 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (46,666 | ) | (9,937 | ) | |||
| Inventories | (4,346 | ) | (8,656 | ) | |||
| Prepaid expenses and other current assets | (4,903 | ) | (1,727 | ) | |||
| Other non-current assets | (320 | ) | (62 | ) | |||
| Accounts payable | 4,025 | 3,047 | |||||
| Accrued expenses and other current liabilities | 7,871 | 3,972 | |||||
| Accrued commissions | (447 | ) | 166 | ||||
| Accrued compensation and employee benefits | 8,727 | 5,268 | |||||
| Deferred revenue | (1,566 | ) | (123 | ) | |||
| Operating lease liabilities | (3,786 | ) | (3,247 | ) | |||
| Net cash provided by operating activities | 37,113 | 13,803 | |||||
| Cash flows from investing activities: | |||||||
| Purchases of property and equipment | (12,466 | ) | (7,344 | ) | |||
| Net cash used in investing activities | (12,466 | ) | (7,344 | ) | |||
| BillionToOne, Inc. Statements of Cash Flows (in thousands, unaudited) | |||||||
| Nine Months Ended September 30, | |||||||
| 2026 | 2025 | ||||||
| Cash flows from financing activities: | |||||||
| Proceeds from issuance of debt | 30,000 | - | |||||
| Principal payments on finance lease liabilities | (407 | ) | (1,449 | ) | |||
| Payment of deferred offering costs | (504 | ) | (2,516 | ) | |||
| Proceeds from exercise of stock options | 12,236 | 1,181 | |||||
| Taxes paid related to net share settlement of equity awards | (435 | ) | - | ||||
| Net cash provided by (used in) financing activities | 40,890 | (2,784 | ) | ||||
| Net increase in cash and cash equivalents | 65,537 | 3,675 | |||||
| Cash and cash equivalents at beginning of period | 495,975 | 191,477 | |||||
| Cash and cash equivalents at end of period | $ | 561,512 | $ | 195,152 | |||
| Supplemental cash flow disclosure: | |||||||
| Cash payments for interest | $ | 5,084 | $ | 3,626 | |||
| Cash paid for income taxes | $ | 393 | $ | 460 | |||
| Supplemental cash flow information and non-cash investing and financing activities: | |||||||
| Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities | $ | 1,970 | $ | 500 | |||
| Deferred offering costs in accounts payable and accrued expenses and other current liabilities | $ | - | $ | 1,144 | |||
| Right-of-use assets obtained in exchange for new operating lease liabilities | $ | 4,034 | $ | - | |||
| Cash paid for amounts included in the measurement of operating lease liabilities | $ | 7,135 | $ | 6,594 | |||
| Net exercise of Class A common stock warrants | $ | 9,220 | $ | - | |||
| Operating cash flows from financing leases (interest paid) | $ | 24 | $ | 89 | |||
| Exercise of stock options for which cash had not been received | $ | 86 | $ | - | |||
| BillionToOne, Inc. Reconciliation of Net Income (Loss) to EBITDA (in thousands, unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net income | $ | 17,391 | $ | 5,711 | $ | 43,415 | $ | 1,477 | |||||||
| Provision for income taxes | 1 | (129 | ) | 4 | (15 | ) | |||||||||
| Interest (income) | (4,912 | ) | (1,535 | ) | (14,251 | ) | (4,492 | ) | |||||||
| Interest expense | 6 | 20 | 24 | 92 | |||||||||||
| Depreciation and amortization | 1,973 | 1,692 | 5,540 | 5,232 | |||||||||||
| EBITDA | $ | 14,459 | $ | 5,759 | $ | 34,732 | $ | 2,294 | |||||||
| Reconciliation of Net Income (Loss) to Adjusted EBITDA (in thousands, unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net income | $ | 17,391 | $ | 5,711 | $ | 43,415 | $ | 1,477 | |||||||
| Provision for income taxes | 1 | (129 | ) | 4 | (15 | ) | |||||||||
| Interest (income) | (4,912 | ) | (1,535 | ) | (14,251 | ) | (4,492 | ) | |||||||
| Interest expense | 6 | 20 | 24 | 92 | |||||||||||
| Depreciation and amortization | 1,973 | 1,692 | 5,540 | 5,232 | |||||||||||
| Stock-based compensation expense | 9,703 | 4,475 | 24,430 | 9,581 | |||||||||||
| Change in fair value of term loan | (1,482 | ) | 3,936 | 5,747 | 7,038 | ||||||||||
| Change in fair value of warrant liabilities | - | 1,627 | (62 | ) | 1,585 | ||||||||||
| Adjusted EBITDA | $ | 22,680 | $ | 15,797 | $ | 64,847 | $ | 20,498 | |||||||
| Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities (in thousands, unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net cash provided by operating activities | $ | 12,547 | $ | 9,996 | $ | 37,113 | $ | 13,803 | |||||||
| Purchases of property and equipment | (3,946 | ) | (2,123 | ) | (12,466 | ) | (7,344 | ) | |||||||
| Free cash flow | $ | 8,601 | $ | 7,873 | $ | 24,647 | $ | 6,459 | |||||||
Investor Contact
ir@billiontoone.com
Media Contact
rachel@fordhutmanmedia.com
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is BillionToOne's updated 2026 revenue guidance?
BillionToOne expects 2026 revenue of $460 million to $470 million, up from its previous range of $450 million to $465 million. The updated outlook represents growth of 51% to 54% compared with 2025.
How profitable was BillionToOne in the third quarter of 2026?
BillionToOne generated $17.391 million in net income and $0.32 in diluted earnings per share in the third quarter of 2026. Operating income was $11.0 million, and operating margin was 9%.
What did the Northstar Response comparison study show for BillionToOne?
Northstar Response and a tumor-informed assay agreed on the direction of circulating tumor DNA changes in 94% of sequential pairs, or 67 of 71. In all four divergent cases, clinical records supported Northstar Response's findings. The study involved patients receiving active treatment for advanced cancer and was published in The Journal of Liquid Biopsy.
What did BillionToOne's Unity Fetal Risk Screen validation study show?
The prospective study demonstrated 94.4% sensitivity and 99.5% specificity for Unity Fetal Risk Screen in its intended-use population. Conducted with nine U.S. institutions, the study validated its use as a first-line prenatal screen and was published in Obstetrics & Gynecology.