Cytek Biosciences Reports Third Quarter 2026 Financial Results

Gross margin improved, but net loss widened and adjusted EBITDA declined from the prior-year quarter.

Rhea-AI Summary

Cytek Biosciences (Nasdaq: CTKB) reported third-quarter 2026 revenue of $53.2 million, up 2% from the same quarter last year. GAAP gross margin rose to 59% from 53%, while operating loss narrowed to $8.4 million from $9.2 million. Net loss widened to $6.1 million, or $0.05 per share, from $5.5 million, or $0.04 per share.

Recurring service and reagent revenue reached $19.1 million; its trailing-12-month share of revenue increased to 36% from 33%. Adjusted EBITDA fell to $0.7 million from $2.5 million. Cash, restricted cash and marketable securities totaled $256.3 million, down $5.7 million from June 30, 2026. Cytek maintained its full-year revenue outlook midpoint and narrowed the range to $208 million–$211 million, assuming unchanged exchange rates. An August jury verdict favored Cytek on three asserted patent claims but found infringement under the doctrine of equivalents on a fourth.

13 points · 0 major

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0 major · 15 points

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

Positive

• Moderate pointThird-quarter revenue increased 2% year over year to $53.2 million.
• Moderate pointGAAP gross margin rose to 59% from 53% in the prior-year quarter.
• Moderate pointRecurring revenue reached $19.1 million; trailing-12-month revenue share rose to 36% from 33% a year earlier.
• Moderate pointOperating loss narrowed to $8.4 million from $9.2 million in the prior-year quarter.
• Moderate point. Forward-looking: it has not happened yet and may not happen.2026 revenue outlook narrowed to $208 million–$211 million with its midpoint maintained, assuming unchanged exchange rates.

8 minor points

• Minor pointGAAP gross profit increased 13% year over year to $31.2 million.
• Minor pointService revenue increased to $16.068 million from $14.179 million in the prior-year quarter.
• Minor pointU.S. revenue grew 12% year over year in the third quarter.
• Minor pointHigh-end Full Spectrum Profiling instrument revenue increased 11% year over year; Aurora Evo placements nearly doubled.
• Minor pointInstrument installed base reached 4,073 after 140 additions in the third quarter.
• Minor pointNine-month revenue increased to $145.504 million from $139.352 million a year earlier.
• Minor pointNine-month GAAP gross margin increased to 56% from 51% a year earlier.
• Minor pointAugust jury verdict found non-infringement and invalidity on three of four asserted patent claims.

Negative

• Moderate pointThird-quarter net loss widened to $6.1 million from $5.5 million a year earlier.
• Moderate pointAdjusted EBITDA fell to $0.7 million from $2.5 million in the prior-year quarter.
• Moderate pointProduct revenue declined to $37.161 million from $38.114 million in the prior-year quarter.
• Moderate pointGeneral and administrative expenses rose 14% to $18.4 million, primarily from higher litigation-related expenses.
• Minor pointQuarterly loss per share widened to $0.05 from $0.04, basic and diluted.

10 minor points

• Minor pointAdjusted EBITDA excluding investment income fell to negative $520,000 from positive $490,000 a year earlier.
• Minor pointResearch and development expenses rose 4% year over year to $9.4 million.
• Minor pointSales and marketing expenses rose 2% year over year to $11.9 million.
• Minor pointCash, restricted cash and marketable securities declined $5.7 million from June 30 to $256.3 million.
• Minor pointNine-month operating loss widened to $38.286 million from $34.790 million a year earlier.
• Minor pointNine-month net loss widened to $37.121 million from $22.463 million a year earlier.
• Minor pointNine-month loss per share widened to $0.29 from $0.18, basic and diluted.
• Minor pointNine-month adjusted EBITDA fell to negative $9.903 million from positive $469,000 a year earlier.
• Minor pointNine-month adjusted EBITDA excluding investment income fell to negative $14.147 million from negative $5.800 million.
• Minor pointFourth patent claim received a jury finding of infringement under the doctrine of equivalents, but no literal infringement.

News Explained

The company reported third-quarter results and disclosed 130,771,456 shares issued and outstanding on September 30, 2026, versus 128,550,136 on December 31, 2025. The higher outstanding count reduces each existing holder’s percentage ownership absent offsetting changes.

Key Figures

Revenue: $53.2 million; +2% YoY Recurring revenue: $19.1 million Recurring revenue share: 36%, up from 33% +5 more

Revenue

$53.2 million; +2% YoY

Third quarter 2026 compared with third quarter 2025

Recurring revenue

$19.1 million

Third quarter 2026

Recurring revenue share

36%, up from 33%

Trailing 12 months through Q3 2026 versus trailing 12 months through Q3 2025

GAAP gross margin

59% vs. 53%

Third quarter 2026 versus third quarter 2025

Adjusted gross margin

61% vs. 55%

Third quarter 2026 versus third quarter 2025

Adjusted EBITDA

$0.7 million vs. $2.5 million

Third quarter 2026 versus third quarter 2025

Net loss

$6.1 million vs. $5.5 million

Third quarter 2026 versus third quarter 2025

2026 revenue outlook

$208 million–$211 million

Full-year 2026; midpoint maintained and range narrowed

Previous Earnings Reports

2 past events · Latest: Aug 05

Same Type 2 events

1. Aug 05

   Q2 earnings

   24h Move

   -0.5%

   Prior-quarter revenue and gross margin grew, recurring revenue increased, and the company raised its guidance midpoint.

2. Nov 05

   Q3 earnings

   24h Move

   +13.2%

   Prior-year Q3 revenue and recurring revenue grew, providing same-quarter financial results for comparison.

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

Key Terms

gaap, at-the-market, stock-based compensation

3 terms

gaap financial

"GAAP gross profit was $31.2 million for the third quarter of 2026"

GAAP, or Generally Accepted Accounting Principles, are a set of standardized rules and guidelines that companies follow when preparing their financial statements. They ensure consistency, transparency, and comparability across different companies, making it easier for investors to understand and compare financial information accurately. This helps investors make informed decisions based on trustworthy and uniform financial reports.

View in glossary

at-the-market financial

"a non-recurring write-off of deferred at-the-market (“ATM”) facility offering costs"

"At-the-market" is a method for companies to sell new shares of stock directly into the open market over time, rather than all at once. It allows companies to raise money gradually, similar to selling slices of a pie instead of the entire pie at once, which can help manage the sale's impact on the stock price. This approach gives investors a steady supply of shares while providing companies with flexible funding options.

stock-based compensation financial

"after adjusting for stock-based compensation expense"

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.

View in glossary

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

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FREMONT, Calif., Nov. 04, 2026 (GLOBE NEWSWIRE) -- Cytek Biosciences, Inc. (“Cytek Biosciences” or “Cytek”) (Nasdaq: CTKB), a leading cell analysis solutions company, today reported financial results for the third quarter ended September 30, 2026.

Recent Highlights

• Total revenue for the third quarter of 2026 was $53.2 million, representing a 2% increase compared to the third quarter of 2025
  
• Total recurring revenue, comprised of service and reagent revenues, reached $19.1 million in the third quarter. On a trailing-12-month basis, recurring revenue represented 36% of total revenue, up from 33% on a trailing-12-month basis as of the third quarter of 2025
  
• Delivered GAAP gross margin of 59% representing a 590 basis point improvement compared to the third quarter of 2025
  
• Expanded to a total installed base of 4,073 Cytek instruments, adding 140 units in the third quarter of 2026
  
• Maintaining the midpoint of full year 2026 total revenue guidance and narrowing the range to $208 million to $211 million
  

“We delivered another solid third quarter, with growth led by the U.S., where revenue grew 12%, and double-digit growth in our service business,” said Wenbin Jiang, CEO of Cytek Biosciences. “Demand for our high-end instruments remained strong, with high-end Full Spectrum Profiling instrument revenue up 11% and Aurora Evo placements nearly doubling year over year. We also expanded gross margin by nearly 600 basis points. Looking ahead, we are reiterating the midpoint of our full-year revenue guidance and expect a strong finish to the year. We are well positioned to keep gaining market share, with our new product launches continuing to strengthen our technology leadership.”

Third Quarter 2026 Financial Results

Total revenue for the third quarter of 2026 was $53.2 million, a 2% increase compared to the third quarter of 2025. The increase in revenue was driven by growth in the U.S., led by strong demand for high-end instruments and continued growth in service.

GAAP gross profit was $31.2 million for the third quarter of 2026, a 13% increase compared to the third quarter of 2025. GAAP gross profit margin was 59% in the third quarter of 2026 compared to 53% in the third quarter of 2025. Adjusted gross profit margin, after adjusting for stock-based compensation expense and amortization of acquisition-related intangibles, was 61% in the third quarter of 2026 compared to 55% in the third quarter of 2025. This represents the best GAAP and adjusted gross margin for a third quarter since 2023.

Operating expenses were $39.6 million for the third quarter of 2026, an 8% increase compared to the third quarter of 2025, primarily due to higher general and administrative expenses.

Research and development expenses were $9.4 million for the third quarter of 2026, a 4% increase compared to the third quarter of 2025. The increase in expenses for the three months ended September 30, 2026 was primarily driven by higher personnel costs, offset by lower engineering expenses.

Sales and marketing expenses were $11.9 million for the third quarter of 2026, a 2% increase compared to the third quarter of 2025.

General and administrative expenses were $18.4 million for the third quarter of 2026, a 14% increase compared to the third quarter of 2025, primarily due to higher litigation-related expenses, partially offset by lower compensation and severance expenses and the non-recurrence of a write-off of deferred offering costs in the prior-year period.

Loss from operations in the third quarter of 2026 was $8.4 million, compared to loss from operations of $9.2 million in the third quarter of 2025. Net loss in the third quarter of 2026 was $6.1 million, compared to a net loss of $5.5 million in the third quarter of 2025.

Adjusted EBITDA was $0.7 million for the third quarter of 2026, compared to adjusted EBITDA of $2.5 million in the third quarter of 2025, after adjusting for stock-based compensation expense, foreign currency exchange impacts and, in the prior-year period, a non-recurring write-off of deferred at-the-market (“ATM”) facility offering costs.

Cash, cash equivalents, restricted cash and marketable securities totaled $256.3 million as of September 30, 2026, compared to $262.0 million as of June 30, 2026, a decrease of $5.7 million.

2026 Outlook

Cytek Biosciences is maintaining the midpoint of its revenue outlook for the full year 2026 and narrowing the range to $208 million to $211 million, assuming no change in current foreign currency exchange rates.

Corporate Update

On August 21, 2026, Cytek Biosciences announced that a jury in the U.S. District Court for the District of Delaware found in Cytek’s favor on three of the four asserted claims, finding both non-infringement and invalidity for each of those three claims. On the fourth claim, the jury found no literal infringement but did find infringement under the doctrine of equivalents. Cytek Biosciences has subsequently filed post-verdict motions and intends to pursue all available legal remedies, including a potential appeal.

Webcast Information

Cytek will host a conference call to discuss its third quarter 2026 financial results on Wednesday, November 4, 2026, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. A webcast of the conference call can be accessed at investors.cytekbio.com.

About Cytek Biosciences, Inc. 
Cytek Biosciences (Nasdaq: CTKB) is a leading cell analysis solutions company advancing the next generation of cell analysis tools by delivering high-resolution, high-content and high-sensitivity cell analysis utilizing its patented Full Spectrum Profiling™ (FSP®) technology. Cytek’s novel approach harnesses the power of information within the entire spectrum of a fluorescent signal to achieve a higher level of multiplexing with precision and sensitivity. Cytek’s platform includes: its core FSP instruments, the Cytek Aurora™, Northern Lights™, Cytek Aurora™ CS, Cytek Aurora™ Evo, and Cytek Borealis™ systems; the Cytek Orion™ reagent cocktail preparation system; the Enhanced Small Particle™ (ESP™) detection technology; the flow cytometers and imaging products under the Amnis® and Guava® brands; and reagents, software and services to provide a comprehensive and integrated suite of solutions for its customers. Cytek is headquartered in Fremont, California with offices and distribution channels across the globe. More information about the company and its products is available at www.cytekbio.com.

Cytek’s products are for research use only and not for use in diagnostic procedures (other than Cytek’s Northern Lights-CLC system and certain reagents, which are available for clinical use only in China and the European Union).

Cytek, Full Spectrum Profiling, FSP, Cytek Aurora, Cytek Borealis, Northern Lights, Enhanced Small Particle, ESP, Cytek Orion, Amnis and Guava are trademarks of Cytek Biosciences, Inc.

In addition to filings with the Securities and Exchange Commission (SEC), press releases, public conference calls and webcasts, Cytek uses its website (www.cytekbio.com), LinkedIn page and X account as channels of distribution for information about the company, its products, planned financial and other announcements, attendance at upcoming investor and industry conferences and other matters. Certain information disseminated through these channels may be material to investors, and Cytek may use these channels to disseminate such information in accordance with Regulation FD and other applicable disclosure requirements. Therefore, investors should monitor Cytek’s website, LinkedIn page, and X account in addition to following its SEC filings, news releases, public conference calls and webcasts.

Statement Regarding Use of Non-GAAP Financial Information
Cytek has presented certain financial information in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and also on a non-GAAP basis for the three- and nine-month periods ended September 30, 2026 and 2025. Management believes that non-GAAP financial measures, including “Adjusted gross profit,” “Adjusted gross margin,” “Adjusted EBITDA” and “Adjusted EBITDA excluding investment income,” referenced in this release, taken in conjunction with GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of the company’s core operating results. Management uses non-GAAP measures to compare the company’s performance relative to forecasts and strategic plans and to benchmark the company’s performance externally against competitors. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the company’s operating results as reported under U.S. GAAP. Cytek encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP operating results are presented in the accompanying tables of this release.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, without limitation, statements regarding Cytek’s business strategies, market opportunities, product plans and expectations, and continued investment in its products, people, and infrastructure; Cytek’s expanding installed base and future recurring revenue growth in its service and reagent businesses; Cytek’s intention to pursue additional post-trial remedies, including a potential appeal; and Cytek’s future financial performance, including its outlook for fiscal year 2026 and expectations for 2026 total revenue. These statements are based on management’s current expectations, forecasts, beliefs, assumptions and information currently available to management. These statements also deal with future events and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. In addition, new risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements. Factors that could cause actual results to differ materially include global geopolitical, economic and market conditions; Cytek’s ability to manage the impacts of recent and future export controls and licensing requirements, tariffs and NIH funding policies on its business; Cytek’s ability to evaluate its prospects for future viability and predict future performance; Cytek’s ability to accurately forecast customer demand and adoption of its products; Cytek’s ability to recognize the anticipated benefits of collaborations; Cytek’s dependence on certain sole and single source suppliers; competition; market acceptance of Cytek’s current and potential products; Cytek’s ability to manage the growth and complexity of its organization, maintain relationships with customers and suppliers and hire and retain key employees; Cytek’s ability to manufacture its products in high-quality commercial quantities successfully and consistently to meet demand; Cytek’s ability to increase penetration in its existing markets and expand into adjacent markets; Cytek’s ability to secure additional distributors or maintain good relationships with its existing distributors; Cytek’s ability to successfully develop and introduce new products; Cytek’s ability to maintain, protect and enhance its intellectual property; Cytek’s ability to continue to stay in compliance with its material contractual obligations, applicable laws and regulations; and foreign currency exchange impacts. You should refer to the section titled “Risk Factors” set forth in Cytek’s most recent Quarterly Report on Form 10-Q filed with the SEC on August 5, 2026, Cytek’s Quarterly Report on Form 10-Q to be filed with the SEC on or about the date hereof and other filings Cytek makes with the SEC from time to time for a discussion of important factors that may cause actual results to differ materially from those expressed or implied by Cytek’s forward-looking statements. Although Cytek believes that the expectations reflected in the forward-looking statements are reasonable, it cannot provide any assurance that these expectations will prove to be correct nor can it guarantee that the future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or occur. The forward-looking statements in this press release are applicable only as of the date on which they are made, and Cytek does not assume 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 Cytek’s views as of any date subsequent to the date of this press release. Information contained on, or that is referenced or can be accessed through, our website does not constitute part of this document and inclusions of any website addresses herein are inactive textual references only.

Media Contact:
Stephanie Olsen
Lages & Associates
(949) 453-8080
stephanie@lages.com 

Investor Contact:
Mark Meehan
Cytek Biosciences
mmeehan@cytekbio.com

Cytek Biosciences, Inc. Consolidated Balance Sheets (Unaudited)
(In thousands, except share and per share data)			September 30, 2026				December 31, 2025
Assets
Current assets:
Cash and cash equivalents			$	66,806			$	90,853
Restricted cash				385				—
Marketable securities				189,093				170,676
Trade accounts receivable, net				59,190				62,509
Inventories				52,371				48,428
Prepaid expenses and other current assets				11,090				19,530
Total current assets				378,935				391,996
Property and equipment, net				20,614				18,009
Operating lease right-of-use assets				10,329				11,315
Goodwill				16,691				16,697
Intangible assets, net				14,028				16,821
Other noncurrent assets				5,548				6,704
Total assets			$	446,145			$	461,542
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable			$	4,886			$	6,410
Legal settlement liability, current				2,427				2,495
Accrued expenses				27,149				23,417
Other current liabilities				20,211				16,978
Deferred revenue, current				30,281				28,504
Total current liabilities				84,954				77,804
Legal settlement liability, noncurrent				5,885				6,786
Deferred revenue, noncurrent				18,744				18,339
Operating lease liability, noncurrent				12,776				14,042
Long-term debt				99				525
Other noncurrent liabilities				2,333				2,307
Total liabilities				124,791				119,803
Stockholders’ equity:
Common stock, $0.001 par value; 1,000,000,000 authorized shares as of September 30, 2026 and December 31, 2025, respectively; 130,771,456 and 128,550,136 issued and outstanding shares as of September 30, 2026 and December 31, 2025, respectively				131				129
Additional paid-in capital				457,442				441,107
Accumulated deficit				(138,858	)			(101,738	)
Accumulated other comprehensive income				2,639				2,241
Total stockholders’ equity				321,354				341,739
Total liabilities and stockholders’ equity			$	446,145			$	461,542

Cytek Biosciences, Inc. Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
		Three Months Ended September 30,								Nine Months Ended September 30,
(In thousands, except share and per share data)			2026				2025				2026				2025
Revenue, net:
Product		$	37,161			$	38,114			$	98,496			$	97,639
Service			16,068				14,179				47,008				41,713
Total revenue, net			53,229				52,293				145,504				139,352
Cost of sales:
Product			14,435				17,728				43,240				48,178
Service			7,588				7,014				21,464				19,599
Total cost of sales			22,023				24,742				64,704				67,777
Gross profit			31,206				27,551				80,800				71,575
Operating expenses:
Research and development			9,355				8,956				28,700				27,506
Sales and marketing			11,911				11,666				36,731				36,309
General and administrative			18,363				16,121				53,655				42,550
Total operating expenses			39,629				36,743				119,086				106,365
Loss from operations			(8,423	)			(9,192	)			(38,286	)			(34,790	)
Other income (expense):
Interest expense			(260	)			(494	)			(803	)			(1,199	)
Interest income			1,024				573				2,630				1,636
Other income (expense), net			751				1,344				535				8,543
Total other income (expense), net			1,515				1,423				2,362				8,980
Loss before income taxes			(6,908	)			(7,769	)			(35,924	)			(25,810	)
(Benefit from) provision for income taxes			(811	)			(2,291	)			1,197				(3,347	)
Net loss		$	(6,097	)		$	(5,478	)		$	(37,121	)		$	(22,463	)
Net loss, basic and diluted		$	(6,097	)		$	(5,478	)		$	(37,121	)		$	(22,463	)
Net loss per share, basic and diluted		$	(0.05	)		$	(0.04	)		$	(0.29	)		$	(0.18	)
Weighted-average shares used in calculating net loss per share, basic and diluted			130,358,484				127,547,859				129,514,036				127,604,317
Comprehensive loss:
Net loss		$	(6,097	)		$	(5,478	)		$	(37,121	)		$	(22,463	)
Foreign currency translation adjustment, net of tax			61				741				906				784
Unrealized gain (loss) on marketable securities			(161	)			118				(509	)			20
Net comprehensive loss		$	(6,197	)		$	(4,619	)		$	(36,724	)		$	(21,659	)

Cytek Biosciences, Inc. Reconciliation of GAAP to Non-GAAP Measures (Unaudited)
		Three Months Ended								Nine Months Ended
(In thousands)		September 30, 2026				September 30, 2025				September 30, 2026				September 30, 2025
GAAP gross profit		$	31,206			$	27,551			$	80,800			$	71,575
Stock based compensation			711				906				2,176				3,102
Amortization of acquisition-related intangible assets			490				481				1,474				1,455
Non-GAAP adjusted gross profit		$	32,407			$	28,938			$	84,450			$	76,132
GAAP gross margin			59	%			53	%			56	%			51	%
Non-GAAP adjusted gross margin			61	%			55	%			58	%			55	%
GAAP net income		$	(6,097	)		$	(5,478	)		$	(37,121	)		$	(22,463	)
Depreciation and amortization			3,109				3,063				8,906				8,932
(Benefit from) provision for income taxes			(811	)			(2,291	)			1,197				(3,347	)
Interest income			(1,024	)			(573	)			(2,630	)			(1,636	)
Interest expense			260				494				803				1,199
Foreign currency exchange loss (gain)			421				886				2,301				(1,985	)
Stock based compensation			4,853				5,638				15,054				19,058
Non-recurring deferred ATM facility offering cost write-off							711								711
Write-off Investment			—				—				1,587				—
Non-GAAP adjusted EBITDA		$	711			$	2,450			$	(9,903	)		$	469
Investment income			(1,231	)			(1,960	)			(4,244	)			(6,269	)
Non-GAAP adjusted EBITDA excluding investment income		$	(520	)		$	490			$	(14,147	)		$	(5,800	)

FAQ

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

What were Cytek Biosciences' third-quarter 2026 revenue and earnings?

Cytek reported $53.2 million in revenue, up 2% year over year, and a net loss of $6.1 million. Basic and diluted loss per share was $0.05, compared with $0.04 in the third quarter of 2025. GAAP gross margin increased to 59% from 53%.

What is Cytek Biosciences' full-year 2026 revenue guidance?

Cytek's full-year 2026 revenue guidance is $208 million to $211 million, assuming no change in current foreign currency exchange rates. The company maintained the midpoint of its outlook while narrowing the range.

How did Cytek Biosciences' adjusted gross margin change in the third quarter of 2026?

Adjusted gross margin increased to 61% from 55% in the third quarter of 2025. This measure excludes stock-based compensation expense and amortization of acquisition-related intangible assets. GAAP and adjusted gross margins were the highest for a third quarter since 2023.