Cytek Biosciences posts larger 2025 net loss

Cytek Biosciences reported modest 2025 revenue growth but a sharp drop in profitability and issued cautious 2026 guidance.

Rhea-AI Filing Summary

Cytek Biosciences reported modest 2025 revenue growth but a sharp drop in profitability and issued cautious 2026 guidance. Full-year 2025 revenue was $201.5 million, up 1% from 2024, with product revenue down and service revenue up.

GAAP gross margin fell to 52% from 55%, and operating expenses rose 10% to $144.8 million, driven mainly by higher general and administrative costs. The company posted a 2025 net loss of $66.5 million versus a $6.0 million loss in 2024, largely due to higher expenses and a non-cash deferred tax valuation allowance.

Adjusted EBITDA dropped to $5.0 million from $22.4 million, and cash and marketable securities declined to $261.5 million as of December 31, 2025, partly reflecting a $15.1 million share repurchase. For 2026, Cytek guides revenue to $205–$212 million, implying 2–5% growth.

Positive

• None.

Negative

• Profitability deterioration and muted outlook: 2025 net loss widened to $66.5 million from $6.0 million, GAAP gross margin fell to 52% from 55%, Adjusted EBITDA dropped to $5.0 million from $22.4 million, and 2026 revenue guidance of $205–$212 million implies only 2–5% growth.

Insights

Life sciences earnings analyst

Revenue is stabilizing, but margins, earnings and guidance point to pressure.

Cytek Biosciences grew 2025 revenue 1% to $201.5M, with service driving growth while product revenue declined. However, GAAP gross margin compressed from 55% to 52%, and operating expenses rose 10% to $144.8M, mainly from higher general and administrative spending.

This cost and margin pressure pushed loss from operations to $40.4M and expanded net loss to $66.5M, helped by a non-cash deferred tax valuation allowance of about $33.1M. Adjusted EBITDA fell sharply to $5.0M from $22.4M, indicating weaker underlying profitability despite non-GAAP adjustments.

The 2026 revenue outlook of $205–$212M, or 2–5% growth over 2025, signals only low single-digit top-line expansion assuming stable FX and tariff conditions. Upcoming quarterly reports for periods ending after December 31, 2025 will clarify whether margin compression and higher overhead persist.

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.

FAQ

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

How did Cytek Biosciences (CTKB) perform financially in full year 2025?

Cytek Biosciences reported 2025 revenue of $201.5 million, a 1% increase over 2024. However, GAAP gross margin fell to 52%, operating expenses rose 10% to $144.8 million, and net loss widened significantly to $66.5 million from $6.0 million.

What were Cytek Biosciences’ Q4 2025 results and profitability trends?

In Q4 2025, Cytek Biosciences generated $62.1 million in revenue, up 8% year over year. GAAP gross margin declined to 53% from 59%, loss from operations was $5.6 million, and net loss reached $44.1 million, driven largely by a non-cash tax valuation allowance.

What 2026 revenue guidance did Cytek Biosciences (CTKB) provide?

Cytek Biosciences guided 2026 revenue to $205–$212 million, representing expected growth of 2% to 5% over 2025. This outlook assumes no change in current foreign currency exchange rates and 2025 U.S. tariff policy, indicating anticipated low single-digit top-line expansion.

How did Cytek Biosciences’ margins and operating expenses change in 2025?

GAAP gross margin for 2025 declined to 52% from 55% in 2024, while Adjusted gross margin dropped to 55% from 59%. Operating expenses increased 10% to $144.8 million, led primarily by higher general and administrative costs despite lower research and development spending.

What happened to Cytek Biosciences’ cash and marketable securities in 2025?

Cash and marketable securities totaled $261.5 million at December 31, 2025, down from $277.9 million a year earlier. The $16.4 million decrease was driven primarily by the repurchase of approximately 3.3 million shares for $15.1 million during 2025.

How did Cytek Biosciences’ non-GAAP metrics trend in 2025?

Non-GAAP Adjusted gross profit was $110.4 million in 2025 versus $117.5 million in 2024, with Adjusted gross margin at 55%. Adjusted EBITDA fell to $5.0 million from $22.4 million, and Adjusted EBITDA excluding investment income declined to $(3.1) million from $14.4 million.

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

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Accepted by SEC EDGAR 02/26/2026 - 04:17 PM Learn about SEC filing dates

false 0001831915 0001831915 2026-02-26 2026-02-26

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):

February 26, 2026

Cytek Biosciences, Inc.

(Exact name of registrant as specified in its charter)

Delaware		001-40632		47-2547526
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

47215 Lakeview Boulevard Fremont, California		94538
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (877) 922-9835

(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(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share		CTKB		Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in 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 February 26, 2026, Cytek Biosciences, Inc. issued a press release announcing its financial results for the quarter and full year ended December 31, 2025. The press release is being furnished as Exhibit 99.1.

The information furnished in this Current Report under Item 2.02 and the exhibit attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description of Exhibit
99.1		Press release dated February 26, 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, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				Cytek Biosciences, Inc.
Date: February 26, 2026				By:		/s/ Wenbin Jiang
						Wenbin Jiang, Ph.D. President and Chief Executive Officer

Exhibit 99.1

Cytek Biosciences Reports Fourth Quarter and Full Year 2025 Financial Results

and Provides 2026 Outlook

FREMONT, Calif., February 26, 2026 (GLOBE NEWSWIRE) – Cytek^® Biosciences, Inc. (“Cytek Biosciences” or “Cytek”) (Nasdaq: CTKB), a leading cell analysis solutions company, today reported financial results for the fourth quarter and year ended December 31, 2025.

Fourth Quarter and Full Year 2025 Highlights

• Total revenue for the fourth quarter was $62.1 million, an 8% increase compared to the fourth quarter of 2024, and the highest quarterly revenue achieved historically at Cytek

• Total revenue for the full year 2025 was $201.5 million, a 1% increase compared to the full year 2024

• Total recurring revenue, comprised of service and reagent revenues, grew 21% in 2025 compared to 2024, reaching 34% of total revenue

• Adjusted EBITDA in the year ended December 31, 2025 was $5.0 million, compared to $22.4 million for the full year 2024

• Expanded to a total installed base of 3,664 Cytek instruments, with 630 total instruments placed during 2025. Unit placements of Cytek’s Aurora CS system grew 22% in 2025 over the prior year.

• Launched the Cytek Aurora^™ Evo system, a new full spectrum flow cytometer that improves on Cytek’s flagship Aurora system and offers faster sample throughput, automated instrument startup and shutdown, enhanced resolution for small particle detection, and data harmonization

• Launched the Cytek^® Muse^® Micro cell analyzer, which was awarded the 2025 Biotech Breakthrough Award for Drug Discovery Solution of the Year and highlights Cytek’s commitment to making cell analysis accessible, intuitive and cost-effective for laboratories of all sizes

“We were pleased by our fourth quarter revenue growth, which marked a clear acceleration versus the prior year and a continuation of the positive trends we saw earlier in 2025. Our revenue performance in the quarter was driven by strong momentum in FSP instrument sales in all major markets worldwide alongside sustained growth in our recurring revenue streams. We were especially encouraged to see improving instrument demand in both the US and EMEA,” said Dr. Wenbin Jiang, CEO of Cytek Biosciences. “This broad-based execution positions us well for 2026, where our priorities will continue to focus on the growth of our high-margin recurring revenue lines, accelerating the adoption of our instrument platforms, advancing a pipeline of innovative new products, and delivering profitable, durable growth in the large cell analysis market.”

Fourth Quarter 2025 Financial Results

Total revenue for the fourth quarter of 2025 was $62.1 million, an 8% increase compared to the fourth quarter of 2024. The increase in revenue was due to higher revenue broadly across all major regions.

GAAP gross profit was $32.9 million for the fourth quarter of 2025, a 2% decrease compared to the fourth quarter of 2024. GAAP gross profit margin was 53% in the fourth quarter of 2025 compared to 59% in the fourth quarter of 2024. Adjusted gross profit margin, after adjusting for stock-based compensation expense and amortization of acquisition-related intangibles, was 55% in the fourth quarter of 2025, compared to 61% in the fourth quarter of 2024.

Operating expenses were $38.5 million for the fourth quarter of 2025, an increase of $7.8 million or 25.5% compared to the fourth quarter of 2024 due to increased general and administrative and sales and marketing expenses, and a non-recurring benefit of $2.6 million in the prior year quarter, offset by a reduction in research and development expenses.

Research and development expenses were $9.0 million for the fourth quarter of 2025, a 7.8% decrease compared to the fourth quarter of 2024.

Sales and marketing expenses were $13.1 million for the fourth quarter of 2025, a 10.6% increase compared to the fourth quarter of 2024.

General and administrative expenses were $16.4 million for the fourth quarter of 2025, increasing $7.3 million compared to the fourth quarter of 2024 due primarily to increased headcount, sales commission, and litigation-related expenses, and a non-recurring benefit of $2.6 million in the prior-year quarter related to a change in estimate of an adjustment to a license and royalty settlement liability.

Loss from operations in the fourth quarter of 2025 was $5.6 million compared to income from operations of $3.0 million in the fourth quarter of 2024. Net loss in the fourth quarter of 2025 was $44.1 million, compared to a net income of $9.6 million in the fourth quarter of 2024. The net loss in the fourth quarter of 2025 is primarily due to the recording of a non-cash valuation allowance against deferred tax assets of $38.1 million due to the uncertainty of realizing the associated future tax benefits, and the $5.6 million loss from operations.

Adjusted EBITDA in the fourth quarter of 2025, after adjusting for stock-based compensation expense and foreign currency exchange impacts, declined to $4.5 million compared to $12.5 million in the fourth quarter of 2024, primarily due to the $7.8 million increase in operating expenses. Excluding investment income, Adjusted EBITDA for the fourth quarter was $2.7 million, compared to $10.2 million in the fourth quarter of 2024.

Cash and marketable securities totaled $261.5 million as of December 31, 2025, compared to $261.7 million as of September 30, 2025, a decrease of $0.2 million.

Full Year 2025 Financial Results

Total revenue for the year ended December 31, 2025 was $201.5 million, a 1% increase compared to the year ended December 31, 2024. The increase in revenue was due to higher revenue in APAC and the US, partially offset by softness in EMEA, and rest-of-world. On a non-GAAP constant currency basis, full year 2025 revenue was $198.2 million, a decline of 1.1% compared to full year 2024 as reported.

GAAP gross profit was $104.5 million for the year ended December 31, 2025, a 6% decrease compared to the year ended December 31, 2024. GAAP gross profit margin was 52% for the year ended December 31, 2025 compared to 55% in the year ended December 31, 2024. Adjusted gross profit margin, after adjusting for stock-based compensation expense and amortization of acquisition-related intangibles, was 55% for the year ended December 31, 2025 compared to 59% in the year ended December 31, 2024.

Operating expenses were $144.8 million for the year ended December 31, 2025, a 10% increase compared to the year ended December 31, 2024, primarily due to higher general and administrative expense, partially offset by lower research and development expense.

Research and development expenses were $36.5 million for the year ended December 31, 2025, a 7.4% decrease compared to the year ended December 31, 2024.

Sales and marketing expenses were $49.4 million for the year ended December 31, 2025, a 0.7% increase compared to the year ended December 31, 2024.

General and administrative expenses were $58.9 million for the year ended December 31, 2025, increasing 36.7% compared to the year ended December 31, 2024, due primarily to higher patent litigation expenses, higher compensation, sales and use tax, and software expenses and a lower benefit related to the change in estimate of an adjustment to a license and royalty settlement liability.

Loss from operations for the year ended December 31, 2025 was $40.4 million compared to loss from operations of $20.5 million for the year ended December 31, 2024. Net loss for the year ended December 31, 2025 was $66.5 million compared to a net loss of $6.0 million for the year ended December 31, 2024. The increase in net loss in full year 2025 is primarily driven by a $6.6 million decline in gross profit; a $5.7 million reduction in interest expense, primarily due to a non-recurring benefit in the prior year related to the change in estimate of an adjustment to a license and royalty settlement liability; a $36.4 million increase in tax expense primarily due to the recording of a non-cash valuation allowance against deferred tax assets of $33.1 million; and a $13.2 million increase in operating expenses.

Adjusted EBITDA for the year ended December 31, 2025, after adjusting for stock-based compensation expense and foreign currency impacts was $5.0 million, compared to $22.4 million for the year ended December 31, 2024, primarily due to $6.6 million lower gross profit and $13.2 million higher operating expenses. Excluding investment income, Adjusted EBITDA for the year ended December 31, 2025 was $(3.1) million, compared to $14.4 million for the year ended December 31, 2024.

Cash and marketable securities totaled $261.5 million as of December 31, 2025 compared to $277.9 million as of December 31, 2024, a decrease of $16.4 million. The reduction in cash and marketable securities was primarily due to the Company’s repurchase of approximately 3.3 million shares for $15.1 million during 2025.

2026 Revenue Outlook

Cytek Biosciences initiates its 2026 revenue guidance for full year 2026 revenue to be in the range of $205 million to $212 million, representing growth of 2% to 5% over full year 2025, assuming no change in current foreign currency exchange rates or 2025 US tariff policy.

Webcast Information

Cytek will host a conference call to discuss its fourth quarter and year end 2025 financial results on Thursday, February 26, 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 and Cytek Aurora^™ Evo systems; the Muse^® Micro system; 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, Northern Lights, Enhanced Small Particle, ESP, Muse, 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 of information about its company, products, planned financial and other announcements, attendance at upcoming investor and industry conferences and other matters. Such information may be deemed material information and Cytek may use these channels to comply with its disclosure obligations under Regulation FD. 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-month period and full year ended December 31, 2025 and December 31, 2024. Management believes that non-GAAP financial measures, including “Adjusted gross profit,” “Adjusted gross profit margin,” “Adjusted EBITDA,” “Adjusted EBITDA excluding investment income,” and revenue on a “constant currency basis,” 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 are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “might,” “will,” “should,” “would,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “believe,” “contemplate,” “estimate,” “intend,” “potential,” “predict,” or “continue” or the negatives of these terms or variation 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, but are not limited to, statements regarding Cytek’s growth strategy, including Cytek’s ability to expand its global installed base, grow its recurring revenue streams, accelerate adoption of its instrument platforms, advance a pipeline of innovative new products, and deliver profitable, durable growth; 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 sections titled “Risk Factors” set forth in Cytek’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 filed with the Securities and Exchange Commission (the “SEC”) on November 5, 2025 and in Cytek’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 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 based on information available to Cytek as of the date hereof, and Cytek 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 Cytek’s 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:

Paul Goodson

Head of Investor Relations

Cytek Biosciences

pgoodson@cytekbio.com

Cytek Biosciences, Inc.

Consolidated Balance Sheets

(Unaudited)

(In thousands, except share and per share data)		December 31, 2025				December 31, 2024
Assets
Current assets:
Cash and cash equivalents		$	90,853			$	98,716
Restricted cash			—				29
Marketable securities			170,676				179,145
Trade accounts receivable, net			62,509				60,588
Inventories			48,428				43,893
Prepaid expenses and other current assets			19,530				14,075
Total current assets			391,996				396,446
Deferred income tax assets, noncurrent			—				33,374
Property and equipment, net			18,009				17,962
Operating lease right-of-use assets			11,315				10,168
Goodwill			16,697				16,663
Intangible assets, net			16,821				20,128
Other noncurrent assets			6,704				4,759
Total assets		$	461,542			$	499,500
Liabilities and stockholders’ equity
Current liabilities:
Trade accounts payable		$	6,410			$	5,529
Legal settlement liability, current			2,495				1,705
Accrued expenses			23,417				21,443
Other current liabilities			16,978				13,494
Deferred revenue, current			28,504				25,492
Total current liabilities			77,804				67,663
Legal settlement liability, noncurrent			6,786				9,036
Deferred revenue, noncurrent			18,339				16,098
Operating lease liability, noncurrent			14,042				7,552
Long term debt			525				1,050
Other noncurrent liabilities			2,307				2,364
Total liabilities		$	119,803			$	103,763
Stockholders’ equity:
Common stock, $0.001 par value; 1,000,000,000 authorized shares as of December 31, 2025 and December 31, 2024, respectively; 128,550,136 and 129,205,901 issued and outstanding shares as of December 31, 2025 and December 31, 2024, respectively.			129				129
Additional paid-in capital			441,107				430,791
Accumulated deficit			(101,738	)			(35,199	)
Accumulated other comprehensive income			2,241				16
Total stockholders’ equity			341,739				395,737
Total liabilities and stockholders’ equity		$	461,542			$	499,500

Cytek Biosciences, Inc.

Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

		Three Months Ended December 31,								Twelve Months Ended December 31,
(In thousands, except share and per share data)		2025				2024				2025				2024
Revenue, net:
Product		$	46,594			$	45,021			$	144,233			$	153,263
Service		$	15,547			$	12,455			$	57,260			$	47,190
Total revenue, net		$	62,141			$	57,476			$	201,493				200,453
Cost of sales:
Product			21,635				19,044				69,813				69,088
Service			7,621				4,780				27,220				20,259
Total cost of sales			29,256				23,824				97,033				89,347
Gross profit			32,885				33,652				104,460				111,106
Operating expenses:
Research and development			8,962				9,723				36,468				39,402
Sales and marketing			13,131				11,874				49,440				49,114
General and administrative			16,386				9,069				58,936				43,113
Total operating expenses			38,479				30,666				144,844				131,629
(Loss) income from operations			(5,594	)			2,986				(40,384	)			(20,523	)
Other income (expense):
Interest income (expense), net			725				5,933				(474	)			5,239
Interest income			580				913				2,216				5,121
Other income, net			258				491				8,801				4,463
Total other income, net			1,563				7,337				10,543				14,823
(Loss) income before income taxes			(4,031	)			10,323				(29,841	)			(5,700	)
Provision for (benefit from) income taxes			40,045				680				36,698				320
Net (loss) income		$	(44,076	)		$	9,643			$	(66,539	)		$	(6,020	)
Less: net (loss) income allocated to noncontrolling interests			—				—				—				—
Net (loss) income attributable to common stockholders, basic and diluted		$	(44,076	)		$	9,643			$	(66,539	)		$	(6,020	)
Net (loss) income attributable to common stockholders per share, basic		$	(0.34	)		$	0.07			$	(0.52	)		$	(0.05	)
Net (loss) income attributable to common stockholders per share, diluted		$	(0.34	)		$	0.07			$	(0.52	)		$	(0.05	)
Weighted-average shares used in calculating net (loss) income per share, basic			128,166,224				129,090,641				127,745,939				130,611,330
Weighted-average shares used in calculating net (loss) income per share, diluted			128,166,224				130,860,114				127,745,939				130,611,330
Comprehensive (loss) income:															—
Net (loss) income		$	(44,076	)		$	9,643			$	(66,539	)		$	(6,020	)
Foreign currency translation adjustment, net of tax			1,383				(39	)			2,167				1,193
Unrealized gain (loss) on marketable securities			38				(47	)			58				97
Net comprehensive (loss) income		$	(42,655	)		$	9,557			$	(64,314	)		$	(4,730	)

Cytek Biosciences, Inc.

Reconciliation of GAAP to Non-GAAP Measures

(Unaudited)

		Three months ended								Twelve months ended
(In thousands)		December 31, 2025				December 31, 2024				December 31, 2025				December 31, 2024
GAAP gross profit		$	32,885			$	33,652			$	104,460			$	111,106
Stock based compensation		$	893			$	1,139			$	3,995			$	4,438
Amortization of acquisition-related intangible assets		$	481			$	498			$	1,935			$	1,997
Non-GAAP adjusted gross profit		$	34,259			$	35,289			$	110,390			$	117,541
GAAP gross margin			53	%			59	%			52	%			55	%
Non-GAAP adjusted gross margin			55	%			61	%			55	%			59	%
GAAP net income		$	(44,076	)		$	9,643			$	(66,539	)		$	(6,020	)
Depreciation and amortization		$	3,045			$	2,849			$	11,978			$	10,595
Provision for income taxes*		$	40,045			$	680			$	36,698			$	320
Interest income		$	(580	)		$	(913	)		$	(2,215	)		$	(5,121	)
Interest (income) expense, net		$	(725	)		$	(5,933	)		$	475			$	(5,240	)
Foreign currency exchange gain (loss)		$	1,255			$	1,764			$	(730	)		$	3,597
Stock based compensation		$	5,527			$	7,003			$	24,585			$	26,848
License and royalty settlement adjustment		$	—			$	(2,561	)		$	—			$	(2,561	)
Non-recurring deferred ATM facility offering cost write off		$	—			$	—			$	711			$	—
Non-GAAP adjusted EBITDA		$	4,491			$	12,532			$	4,963			$	22,418
Investment income		$	(1,805	)		$	(2,298	)		$	(8,075	)		$	(8,016	)
Non-GAAP adjusted EBITDA excluding investment income		$	2,686			$	10,234			$	(3,112	)		$	14,402

* The Company recorded valuation allowance of $38.1 million and $33.1 million for the three and twelve months ended December 31, 2025, respectively, due to cumulative pre-tax losses and uncertainty regarding the realization of deferred tax assets. The increase was recorded as a component of income tax expense.

Revenue		Three months ended December 31, 2025				Three months ended December 31, 2024				Twelve months ended December 31, 2025				Twelve months ended December 31, 2024
		Unaudited				Unaudited				Unaudited				Unaudited
As reported			62,141				57,476				201,493				200,453
Non-GAAP constant currency			60,161				58,590				198,247				201,346
FX Impact [$]			(1,980	)			1,114				(3,246	)			893
FX Impact [%]			(3.2	)%			1.9	%			(1.6	)%			0.4	%

* Revenue in Constant Currency. The Company defines revenue in constant currency as GAAP revenue adjusted for revenue reported in currencies other than United States dollars as if they were converted into United States dollars using the average exchange rates from the comparative period rather than the actual exchange rates in effect during the respective periods. The Company provides revenue in constant currency information as a framework for assessing how its underlying businesses performed period to period, excluding the effects of foreign currency fluctuations.

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