BillionToOne raises 2026 revenue outlook to $460M–$470M
The revised full-year revenue range is $460.0 million to $470.0 million, with expected growth of 51% to 54% over 2025.
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.
Form Type
8-K
Rhea-AI Filing Summary
BillionToOne, Inc. (BLLN) reported third-quarter 2026 revenue of $123.0 million, up 47% from $83.5 million a year earlier. Revenue included $104.3 million from prenatal testing, up 41%, and $17.1 million from oncology testing, up 96%. The company delivered 206,000 tests, up 25%, and gross margin was 71%, compared with 70%.
Income from operations was $11.0 million, compared with $9.6 million; operating expenses were $76.1 million, up 56%. Net income attributable to common stockholders was $17.4 million, compared with $1.5 million; diluted earnings per share were $0.32 versus $0.10. Free cash flow, defined as cash flow from operations minus capital expenditures, was $8.6 million.
BillionToOne raised its 2026 revenue guidance to $460.0 million to $470.0 million from $450.0 million to $465.0 million, representing 51% to 54% growth over 2025, and expects profitability similar to current levels despite significant continued investments. Northstar Clear is scheduled to become commercially available December 15, 2026. Peer-reviewed Unity Fetal Risk Screen data reported 94.4% sensitivity and 99.5% specificity.
4 points · 1 major0 major · 0 points
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 was raised to $460.0 million to $470.0 million from $450.0 million to $465.0 million.
- Moderate pointThird-quarter revenue rose 47% to $123.0 million year over year.
- Moderate pointNet income to common stockholders rose to $17.4 million from $1.5 million.
- Moderate pointNet cash provided by operating activities was $12.547 million, versus $9.996 million a year earlier.
Negative
- None.
Filing Explained
At September 30, 2026, reported cash was $561,512 thousand and long-term debt was $88,982 thousand.
The attached unaudited balance sheet lists 43,128,349 Class A and 4,502,650 Class B shares outstanding at
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total revenue: $123.0 million
Net income attributable to common stockholders: $17.4 million
Income from operations: $11.0 million
+5 more
8 metrics
Total revenue
$123.0 million
Third quarter 2026; $83.5 million in third quarter 2025; up 47%.
Net income attributable to common stockholders
$17.4 million
Third quarter 2026, compared with $1.5 million in third quarter 2025.
Income from operations
$11.0 million
Third quarter 2026, compared with $9.6 million in third quarter 2025.
Net cash provided by operating activities
$12.547 million
Third quarter 2026, compared with $9.996 million in third quarter 2025.
Total tests delivered
206,000 tests
Third quarter 2026, compared with 165,000 tests in third quarter 2025; up 25%.
Gross profit margin
71%
Third quarter 2026, compared with 70% in third quarter 2025.
Full-year 2026 revenue guidance
$460.0 million to $470.0 million
Raised from $450.0 million to $465.0 million; represents 51% to 54% growth over 2025.
Free cash flow
$8.6 million
Third quarter 2026.
Key Terms
Overall ASP, Free cash flow, Adjusted EBITDA, ctDNA, +1 more
5 terms
Overall ASP financial
"an 18% increase in Overall ASP"
Free cash flow financial
"Free cash flow, defined as cash flow from operations minus capital expenditures"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Adjusted EBITDA financial
"We define Adjusted EBITDA as net income (loss) adjusted"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
ctDNA medical
"direction of ctDNA change in 94% of sequential pairs"
Circulating tumor DNA (ctDNA) is tiny fragments of genetic material shed by cancer cells into the bloodstream, like breadcrumbs that can reveal a tumor’s presence and genetic makeup without needing a biopsy. For investors, ctDNA matters because tests and technologies that detect and analyze these fragments can speed diagnosis, track treatment response, and signal relapse, creating commercial opportunities in diagnostics, personalized therapies, and monitoring services.
Quantitative Counting Templates™ (QCT™) technical
"Quantitative Counting Templates™ (QCT™) molecular counting platform"
Earnings Snapshot
Total revenue: $123.0 million · Guidance included
Third quarter 2026
Total revenue
$123.0 million
47% year over year
Prenatal clinical testing revenue
$104.3 million
41% year over year
Oncology clinical testing revenue
$17.1 million
96% year over year
Net income attributable to common stockholders
$17.4 million
Compared with $1.5 million in third quarter 2025
Diluted net income per share
$0.32
Compared with $0.10 in third quarter 2025
Guidance
Full-year 2026 total revenue of $460.0 million to $470.0 million, representing 51% to 54% growth over 2025.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue did BLLN report for the third quarter of 2026?
BillionToOne reported $123.0 million in third-quarter 2026 revenue, up 47% from $83.5 million in the third quarter of 2025. Prenatal testing revenue was $104.3 million, while oncology testing revenue was $17.1 million.
What is BLLN's 2026 revenue guidance?
BillionToOne raised its full-year 2026 revenue guidance to $460.0 million to $470.0 million, from $450.0 million to $465.0 million previously. The new range represents 51% to 54% growth over full-year 2025.
When will BLLN's Northstar Clear test become commercially available?
Northstar Clear, described as a tissue-free MRD test for patients with all solid tumors, will be commercially available on December 15, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 4, 2026
___________________________________
(Exact name of Registrant as specified in its charter)
___________________________________
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices including zip code)
Registrant’s telephone number, including area code: (650 ) 460-2551
(Former name or former address, if changed since last report)
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 4, 2026 , BillionToOne, Inc. (the “Company”) issued a press release announcing financial results for the quarter ended September 30, 2026. A copy of the Company’s press release is attached hereto as Exhibit 99.1.
The information in this Current Report on Form 8-K and the accompanying Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and is not to be incorporated by reference into any filing by the Company under the Securities Act of 1933, as amended or the Exchange Act, regardless of any general incorporation language contained in such filing, unless otherwise expressly stated in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit | Description | ||||
| 99.1 | Press Release of BillionToOne, Inc. dated November 4, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
BillionToOne, Inc. | |||||||||||||||||
Date: | By: | /s/ Ross Taylor | |||||||||||||||
Name: | Ross Taylor | ||||||||||||||||
Title: | Chief Financial Officer | ||||||||||||||||
BillionToOne Reports Third Quarter 2026 Results and Raises 2026 Revenue Guidance
MENLO PARK, CA, November 4, 2026 - 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 of 47%.
●Prenatal clinical testing revenue was $104.3 million in the third quarter of 2026, an increase of 41% 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 to 70% 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 represents 51% to 54% 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 and 99.5% 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
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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 $123.0 million in the third quarter of 2026 compared to $83.5 million in the third quarter of 2025, an increase of 47%. The increase in total revenue was driven by a 25% increase in the number of total tests delivered and an 18% increase in Overall ASP. Both prenatal and oncology delivered strong test volume growth year-over-year.
Gross profit was $87.1 million in the third quarter of 2026, compared to $58.4 million in the third quarter of 2025, representing a gross margin of 71% in the third quarter of 2026 and 70% in the third quarter of 2025. An increase in Overall ASP drove the improvement in gross profit margin compared to the third quarter of 2025. Overall cost-per-test increased slightly in the third quarter of 2026 compared to last year. The increase was driven by the faster growth of our oncology products, which have higher costs per test, and a slight increase in our prenatal cost per test, partially offset by improvements in cost-per-test for both of our oncology products.
Total operating expenses were $76.1 million in the third quarter of 2026, compared to $48.8 million in the third quarter of 2025, an increase of 56%.
Income from operations was $11.0 million in the third quarter of 2026, compared to income from operations of $9.6 million in the third quarter of 2025. Operating margin was 9% in the third quarter of 2026.
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Net income in the third quarter of 2026 was $17.4 million, or $0.32 per diluted share, compared to net income of $1.5 million, or $0.10 per diluted share, in the third quarter of 2025.
Financial Outlook
BillionToOne now expects full year 2026 total revenue of $460.0 million to $470.0 million, representing growth of 51% to 54% compared to full year 2025. This compares to the company's previous guidance of $450.0 million to $465.0 million.
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.
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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.
4
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 | |||||||||||||||||||
5
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, $0.00001 par value, 800,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 43,128,349 and 41,252,105 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | — | — | |||||||||
Class B common stock, $0.00001 par value; 10,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 4,502,650 and 4,552,650 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | — | — | |||||||||
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 | |||||||
6
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) | |||||||||
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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 | $ | - | |||||||
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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 | |||||||||||||||
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Investor Contact
ir@billiontoone.com
Media Contact
billiontoone@moxiegrouppr.com
billiontoone@moxiegrouppr.com
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