STOCK TITAN
  1. Home
  2. Sec-filings
  3. BLLN
  4. [8-K] BillionToOne, Inc. Reports Material Event

BillionToOne (NASDAQ: BLLN) posts $109.4M Q2 2026 revenue and net profit

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

BillionToOne, Inc. reported second-quarter 2026 results with total revenue of $109.4 million, up 64% from $66.6 million a year earlier, driven by 196,000 tests delivered and a 21% increase in overall average selling price.

Prenatal testing revenue was $94.2 million and oncology testing revenue $13.7 million, up 55% and 176% year-over-year, respectively. Gross margin improved to 70% from 65%, with income from operations of $5.5 million and net income of $8.1 million, or $0.15 per diluted share. Free cash flow was $5.1 million, and cash and cash equivalents were $548,628 (in thousands) as of June 30, 2026.

The company reaffirmed 2026 revenue guidance of $450.0 million to $465.0 million, representing 48% to 52% growth over 2025, and expects to generate profitability similar to current levels while continuing to invest. Product updates include a 130-gene Unity Fetal Risk Screen panel and the Northstar Origin tissue-of-origin feature, with commercial availability beginning in August and September 2026.

Positive

  • Total revenue increased 64% to $109.4 million in Q2 2026, supported by higher test volumes and pricing relative to the prior-year quarter.
  • Profitability improved, with income from operations of $5.5 million and net income of $8.1 million, or $0.15 per diluted share, versus an operating and net loss a year earlier.
  • The company generated free cash flow of $5.1 million in Q2 2026, and cash and cash equivalents were $548,628 (in thousands) as of June 30, 2026.
  • The company reiterated 2026 revenue guidance of $450.0–$465.0 million, indicating expected growth of 48%–52% over 2025 and stating it expects to operate the business such that it will continue to generate profitability similar to current levels.

Negative

  • Long-term debt was $91,031 (in thousands) at June 30, 2026, compared with $57,226 (in thousands) at December 31, 2025, indicating a higher debt balance alongside business expansion.

Filing Explained

As of June 30, cash was $548,628 thousand, but long-term debt was $91,031 thousand and the Class A share count was higher.

The August 5 Form 8-K reports completed second-quarter results and shows a higher Class A share base: $42,283,900 shares were issued and outstanding at June 30, 2026, versus 41,252,105 at year-end; absent offsetting changes, additional shares reduce an existing holder’s percentage ownership.

Class B shares were 4,542,650 at June 30 versus 4,552,650 at December 31, so the filing reports the change by share class rather than presenting a supplied net-share calculation.

The balance sheet reports $548,628 thousand of cash and $91,031 thousand of long-term debt as of June 30, while the six-month cash-flow statement shows $30,000 thousand of debt proceeds and $7,412 thousand from stock-option exercises.

Six-month operating cash flow was $24,566 thousand against $8,520 thousand of capital expenditures; the disclosed cash position therefore reflects operating inflows alongside financing proceeds, while debt remains an explicit obligation.

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, and exhibit attachments filed with this report.
Q2 2026 total revenue $109.4 million Total revenue for the quarter ended June 30, 2026; 64% higher than $66.6 million in Q2 2025
Q2 2026 prenatal revenue $94.2 million Prenatal clinical testing revenue in Q2 2026; 55% increase over the second quarter of 2025
Q2 2026 oncology revenue $13.7 million Oncology clinical testing revenue in Q2 2026; 176% higher than $4.9 million in Q2 2025
Q2 2026 gross margin 70% Gross profit margin in the second quarter of 2026; up from 65% in the second quarter of 2025
Q2 2026 net income $8.1 million Net income in Q2 2026; compared to a net loss of $0.2 million in Q2 2025
Q2 2026 free cash flow $5.1 million Free cash flow in the second quarter of 2026, defined as cash flow from operations minus capital expenditures
2026 revenue guidance range $450.0–$465.0 million Expected full year 2026 total revenue; represents 48%–52% growth over full year 2025
Cash and cash equivalents $548,628 (in thousands) Cash and cash equivalents as of June 30, 2026
free cash flow financial
"Free cash flow, defined as cash flow from operations minus capital expenditures, was $5.1 million"
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 for income taxes, interest income"
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.
non-GAAP financial measures financial
"We use certain non-GAAP financial measures to supplement our unaudited financial results"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
tissue-of-origin medical
"Northstar Origin, an add-on tissue-of-origin feature for our Northstar Select test"
Tissue-of-origin is the medical identification of the specific body tissue where a disease, especially a tumor or a circulating biomarker, first began. For investors, knowing tissue-of-origin matters because it guides which tests, drugs, or treatments are appropriate and affects potential market size, regulatory path, and reimbursement—similar to reading a postcard’s return address to decide where to send resources and what solutions will work best.
cfDNA testing medical
"reinforces BillionToOne's position as the leader in cfDNA testing for recessive conditions"
Cell-free DNA (cfDNA) testing is a blood test that detects tiny fragments of DNA shed into the bloodstream by cells, including those from a fetus or a tumor. Think of it like analyzing dust in the air to identify what’s burning: the test gives a noninvasive snapshot of biological activity inside the body. Investors care because clinical adoption, regulatory approval, and reimbursement determine how widely the test is used and how much revenue and growth a company offering it can generate.
Quantitative Counting Templates™ technical
"The company's patented Quantitative Counting Templates™ (QCT™) molecular counting platform"
Total revenue $109.4 million vs $66.6 million 64% increase year-over-year
Net income $8.1 million vs $0.2 million net loss returned to profitability compared to the prior-year quarter
Gross margin 70% vs 65% 5 percentage-point improvement year-over-year
Free cash flow $5.1 million moved from negative free cash flow in the prior-year quarter to positive
Guidance

BillionToOne expects full year 2026 total revenue of $450.0 million to $465.0 million, representing growth of 48% to 52% compared to full year 2025, and expects to operate the business such that it will continue to generate profitability similar to current levels.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
Understanding 8-K Material Events →

FAQ

How did BillionToOne (BLLN) perform financially in Q2 2026?
BillionToOne reported Q2 2026 revenue of $109.4 million, up 64% from $66.6 million a year earlier, with net income of $8.1 million, or $0.15 per diluted share, and a gross margin of 70% versus 65% in Q2 2025.

What were BillionToOne (BLLN)'s prenatal and oncology revenues in Q2 2026?
In Q2 2026, BillionToOne generated $94.2 million in prenatal clinical testing revenue, up 55% year-over-year, and $13.7 million in oncology clinical testing revenue, 176% higher than the $4.9 million recorded in the second quarter of 2025.

What 2026 revenue guidance did BillionToOne (BLLN) reiterate?
BillionToOne reaffirmed 2026 full year revenue guidance of $450.0 million to $465.0 million, which represents expected growth of 48% to 52% over full year 2025, and it expects to operate the business to maintain profitability similar to current levels.

How many tests did BillionToOne (BLLN) deliver in Q2 2026 and what was the ASP?
The company delivered 196,000 tests in Q2 2026, up from 145,000 a year earlier, and reported an overall average selling price of $551, a 21% increase compared to $455 in the second quarter of 2025.

What is BillionToOne (BLLN)'s cash and debt position as of June 30, 2026?
As of June 30, 2026, BillionToOne held cash and cash equivalents of $548,628 (in thousands) and reported long-term debt of $91,031 (in thousands), alongside total stockholders’ equity of $536,806 (in thousands).

What new products is BillionToOne (BLLN) launching in 2026?
BillionToOne plans a 130-gene Unity Fetal Risk Screen panel, the largest single-gene NIPT panel, available commercially on August 17, 2026, and Northstar Origin, a tissue-of-origin feature for Northstar Select, available commercially on September 1, 2026.

How did BillionToOne (BLLN)'s free cash flow and Adjusted EBITDA trend in 2026?
In Q2 2026, BillionToOne generated free cash flow of $5.1 million, and for the first half of 2026 it reported Adjusted EBITDA of $42.2 million, compared with $4.7 million in the first half of 2025, reflecting higher profitability.
FALSE000207084900020708492026-05-062026-05-06


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): August 5, 2026
___________________________________
BillionToOne, Inc.
(Exact name of Registrant as specified in its charter)
___________________________________
Delaware
001-42934
81-1082020
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1035 O’Brien Drive
Menlo Park, CA 94025
(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
Class A common stock, par value $0.00001 per share
BLLN
The Nasdaq Stock Market LLC
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 August 5, 2026, BillionToOne, Inc. (the “Company”) issued a press release announcing financial results for the quarter ended June 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 August 5, 2026
104Cover 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:
August 5, 2026
By:
/s/ Ross Taylor
Name:
Ross Taylor
Title:
Chief Financial Officer


bllnlogoa.jpg
BillionToOne Reports Second Quarter 2026 Results and Reiterates 2026 Revenue Guidance
MENLO PARK, CA, August 5, 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 second quarter ended June 30, 2026 and reiterated guidance for full year 2026.
Financial Highlights:
●Total revenue of $109.4 million in the second quarter of 2026, compared to $66.6 million in the second quarter of 2025, an increase of 64%.
●Prenatal clinical testing revenue was $94.2 million in the second quarter of 2026, an increase of 55% from the second quarter of 2025.
●Oncology clinical testing revenue was $13.7 million in the second quarter of 2026, 176% higher than the $4.9 million reported in the second quarter of 2025.
●Gross profit margin was 70% in the second quarter of 2026, compared to 65% in the second quarter of 2025, a 5 percentage-point increase year-over-year.
●196,000 tests delivered in the second quarter of 2026, compared to 145,000 tests delivered in the second quarter of 2025, an increase of 35%.
●Income from operations of $5.5 million in the second quarter of 2026, compared to a $1.6 million operating loss in the second quarter of 2025.
●Free cash flow, defined as cash flow from operations minus capital expenditures, was $5.1 million in the second quarter of 2026.
●Reiterating 2026 full year revenue guidance to be in a range of $450 million to $465 million, which represents 48% to 52% 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 expansion of our Unity Fetal Risk Screen with the addition of a 130-gene panel, which is the largest single-gene NIPT panel available. Our expanded panel significantly broadens the addressable market for Unity and reinforces BillionToOne's position as the leader in cfDNA testing for recessive conditions. This expanded panel will be available commercially on August 17, 2026.
●Today, we announced the planned launch of Northstar Origin, an add-on tissue-of-origin feature for our Northstar Select test that can benefit patients with unknown or uncertain diagnoses. This feature will be available commercially on September 1, 2026.
●In June 2026, we announced the peer-reviewed data published in The Journal of Liquid Biopsy, in collaboration with Allegheny Health Network, demonstrating that Northstar Response was a stronger predictor of survival than standard-of-care imaging in patients with advanced solid tumors receiving immunotherapy or immunotherapy combination therapy.
"Our second quarter demonstrated the durability of our model, with our differentiated technology platform, category-defining products, and disciplined execution driving continued growth and profitability," said Dr. Oguzhan Atay, Co-Founder and CEO of BillionToOne. "We grew revenue 64% year-over-year to a $438
1
bllnlogoa.jpg
million annualized run-rate while advancing our product roadmap with the launch of Unity Confirm and the upcoming launches of our expanded Fetal Risk Screen and Northstar Origin. We believe we are still in the earliest chapters of what our smNGS platform can achieve, and we remain relentlessly focused on transforming molecular diagnostics and healthcare.”
Three Months Ended
June 30, (Unaudited)		Six Months Ended
June 30, (Unaudited)
20262025%20262025%
Revenue ($ in millions)
Prenatal$94.2 $60.9 55 %$190.8 $116.9 63 %
Oncology$13.7 $4.9 176 %$24.4 $7.1 242 %
Clinical trial support and other services$1.5 $0.8 99 %$2.7 $1.5 81 %
Total Revenue$109.4 $66.6 64 %$217.8 $125.5 74 %
Note: Numbers may not add due to rounding
Three Months Ended
June 30, (Unaudited)		Six Months Ended
June 30, (Unaudited)
20262025%20262025%
Total tests accessioned197,000 148,000 33 %386,000 285,000 35 %
Total tests delivered196,000 145,000 35 %384,000 275,000 40 %
Overall ASP$551 $455 21 %$561 $450 25 %
Second Quarter 2026 Financial Results
Total revenue was $109.4 million in the second quarter of 2026 compared to $66.6 million in the second quarter of 2025, an increase of 64%. The increase in total revenue was driven by a 35% increase in the number of total tests delivered and a 21% increase in Overall ASP. Both prenatal and oncology delivered strong test volume growth year-over-year.
Gross profit was $77.1 million in the second quarter of 2026, compared to $43.5 million in the second quarter of 2025, representing a gross margin of 70% in the second quarter of 2026 and 65% in the second quarter of 2025. An increase in Overall ASP drove the improvement in gross profit margin compared to the second quarter of 2025. Overall cost-per-test increased slightly in the second quarter of 2026 compared to last year, as improvements in cost-per-test for both of our oncology products and for our prenatal products were offset by the faster growth of our oncology products, which have higher costs-per-test.
Total operating expenses were $71.6 million in the second quarter of 2026, compared to $45.1 million in the second quarter of 2025 an increase of 59%.
Income from operations was $5.5 million in the second quarter of 2026, compared to a loss from operations of $1.6 million in the second quarter of 2025. Operating margin was 5% in the second quarter of 2026.
Net income in the second quarter of 2026 was $8.1 million, or $0.15 per diluted share, compared to a net loss of $0.2 million, or $(0.02) per diluted share, in the second quarter of 2025.
2
bllnlogoa.jpg
Financial Outlook
BillionToOne continues to expect full year 2026 total revenue of $450.0 million to $465.0 million, representing growth of 48% to 52% compared to full year 2025.
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, August 5, 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 Operation” 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
3
bllnlogoa.jpg
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 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
bllnlogoa.jpg
BillionToOne, Inc.
Statements of Operations and Comprehensive Income (Loss)
(in thousands, except per share amounts, unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Revenue$109,448 $66,573 $217,836 $125,536 
Cost of revenue32,341 23,107 61,633 44,098 
Gross profit77,107 43,466 156,203 81,438 
Operating expenses:
Research and development17,315 11,751 32,007 22,181 
Selling, general and administrative54,289 33,342 100,859 63,199 
Total operating expenses71,604 45,093 132,866 85,380 
Income (loss) from operations5,503 (1,627)23,337 (3,942)
Other income (expense):
Interest income4,694 1,451 9,339 2,957 
Interest expense(8)(32)(18)(72)
Change in fair value of term loan(2,968)(10)(7,229)(3,102)
Other income (expense), net297 (14)598 39 
Total other income (expense)2,015 1,395 2,690 (178)
Income (loss) before provision for income taxes7,518 (232)26,027 (4,120)
Provision for income taxes(536)14 3 114 
Net income (loss) and comprehensive income (loss)$8,054 $(246)$26,024 $(4,234)
Net income (loss) per share, basic and diluted:
Net income (loss) per share, basic$0.17 $(0.02)$0.56 $(0.41)
Net income (loss) per share, diluted$0.15 $(0.02)$0.48 $(0.41)
Weighted-average shares used in calculating net income (loss) per share, basic and diluted:
Weighted-average shares used in calculating net income (loss) per share, basic46,403,35010,385,00046,169,33510,349,146
Weighted-average shares used in calculating net income (loss) per share, diluted54,455,52310,385,00053,743,24110,349,146
5
bllnlogoa.jpg
BillionToOne, Inc.
Balance Sheets
(in thousands, except share amounts, unaudited)
June 30, 2026December 31, 2025
Assets
Current assets:
Cash and cash equivalents$548,628 $495,975 
Accounts receivable74,894 41,617 
Inventories21,135 17,545 
Prepaid expenses and other current assets6,719 5,421 
Total current assets651,376 560,558 
Property and equipment, net
24,932 20,361 
Operating lease right-of-use assets, net
47,829 46,742 
Other non-current assets
5,559 4,993 
Total assets$729,696 $632,654 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$12,205 $7,184 
Accrued expenses and other current liabilities12,603 7,247 
Accrued commissions3,833 3,912 
Accrued compensation and employee benefits18,000 12,551 
Common stock warrant liability— 9,282 
Deferred revenue, current2,328 2,188 
Operating lease liabilities, current6,343 5,079 
Financing lease liabilities, current413 519 
Total current liabilities55,725 47,962 
Operating lease liabilities, non-current45,981 45,723 
Financing lease liabilities, non-current153 348 
Deferred revenue, non-current— 1,290 
Long-term debt91,031 57,226 
Total liabilities192,890 152,549 
Stockholders’ equity:
Class A common stock, $0.00001 par value, 800,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 42,283,900 and 41,252,105 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
— — 
Class B common stock, $0.00001 par value; 10,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 4,542,650 and 4,552,650 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
— — 
Additional paid-in capital
787,321 756,644 
Accumulated other comprehensive loss(1,792)(1,792)
Accumulated deficit
(248,723)(274,747)
Total stockholders’ equity
536,806 480,105 
Total liabilities and stockholders’ equity
$729,696 $632,654 
6
bllnlogoa.jpg
BillionToOne, Inc.
Statements of Cash Flows
(in thousands, unaudited)

Six Months Ended June 30,
20262025
Cash flows from operating activities:
Net income (loss)
$26,024 $(4,234)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation
14,726 5,106 
Depreciation and amortization
3,567 3,540 
Amortization of operating right-of-use assets
2,819 2,455 
Loss on disposal of fixed assets
64 3 
Change in fair value of common stock warrant liability
(62)(63)
Change in fair value of redeemable convertible preferred stock warrant liability
- 21 
Change in fair value of term loan
3,805 591 
Changes in operating assets and liabilities:
Accounts receivable
(33,277)(5,729)
Inventories
(3,590)(5,002)
Prepaid expenses and other current assets
(1,025)2,417 
Other non-current assets
(566)(2,698)
Accounts payable
4,866 3,313 
Accrued expenses and other current liabilities
6,333 2,393 
Accrued commissions
(79)216 
Accrued compensation and employee benefits
4,495 4,207 
Deferred revenue
(1,150)(590)
Operating lease liabilities
(2,384)(2,139)
Net cash provided by operating activities24,566 3,807 
Cash flows from investing activities:
Purchases of property and equipment
(8,520)(5,221)
Net cash used in investing activities(8,520)(5,221)
7
bllnlogoa.jpg
BillionToOne, Inc.
Statements of Cash Flows
(in thousands, unaudited)

Six Months Ended June 30,
20262025
Cash flows from financing activities:
Proceeds from issuance of debt30,000 - 
Principal payments on finance lease liabilities
(301)(1,011)
Payment of deferred offering costs
(504)(625)
Proceeds from exercise of stock options
7,412 531 
Net cash provided by (used in) financing activities36,607 (1,105)
Net increase (decrease) in cash and cash equivalents52,653 (2,519)
Cash and cash equivalents at beginning of period
495,975 191,477 
Cash and cash equivalents at end of period
$548,628 $188,958 
Supplemental cash flow disclosure:
Cash payments for interest
$3,442 $2,583 
Cash paid for income taxes
$173 $444 
Supplemental non-cash investing and financing activities:
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities
$2,073 $1,365 
Deferred offering costs in accounts payable and accrued expenses and other current liabilities
$- $1,916 
Right-of-use assets obtained in exchange for new operating lease liabilities
$4,010 $- 
Cash paid for amounts included in the measurement of operating lease liabilities
$4,647 $4,391 
Net exercise of Class A common stock warrants
$9,220 $- 
Operating cash flows from financing leases (interest paid)
$18 $68 
Exercise of stock options for which cash had not been received$276 $- 

8
bllnlogoa.jpg
BillionToOne, Inc.
Reconciliation of Net Income (Loss) to EBITDA
(in thousands, unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Net income (loss)$8,054 $(246)$26,024 $(4,234)
Provision for income taxes(536)14 3 114 
Interest (income)(4,694)(1,451)(9,339)(2,957)
Interest expense8 32 18 72 
Depreciation and amortization1,829 1,746 3,567 3,540 
EBITDA$4,661 $95 $20,273 $(3,465)
Reconciliation of Net Income (Loss) to Adjusted EBITDA
(in thousands, unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Net income (loss)$8,054 $(246)$26,024 $(4,234)
Provision for income taxes(536)14 3 114 
Interest (income)(4,694)(1,451)(9,339)(2,957)
Interest expense8 32 18 72 
Depreciation and amortization1,829 1,746 3,567 3,540 
Stock-based compensation expense8,217 2,732 14,726 5,106 
Change in fair value of term loan2,968 10 7,229 3,102 
Change in fair value of warrant liabilities297 14 (62)(42)
Adjusted EBITDA$16,143 $2,851 $42,166 $4,701 
Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities
(in thousands, unaudited)
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Net cash provided by operating activities$9,136 $1,182 $24,566 $3,807 
Purchases of property and equipment(4,049)(2,874)(8,520)(5,221)
Free cash flow$5,087 $(1,692)$16,046 $(1,414)
9
bllnlogoa.jpg
Investor Contact
ir@billiontoone.com
Media Contact
billiontoone@moxiegrouppr.com
10

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

4 documents

Press Releases

Other Documents