Seer (SEER) Q2 2026 revenue falls to $3.1M but guidance reaffirmed
Rhea-AI Filing Summary
Seer, Inc. reported second quarter 2026 results with revenue of $3.1 million, down 23% from $4.1 million a year earlier, reflecting lower product and service revenue amid macroeconomic headwinds and elongated sales cycles. Product revenue was $2.3 million, service revenue $0.7 million, and other revenue $0.1 million.
Gross profit was $1.5 million with a 49% gross margin. Operating expenses declined to $18.3 million from $22.6 million, driven largely by reduced employee compensation and lower stock-based compensation. Net loss improved to $16.9 million from $19.4 million. For the first half of 2026, free cash flow was approximately negative $25.3 million.
The company ended June 30, 2026 with $209.5 million in cash, cash equivalents and investments, and had repurchased approximately 200,000 Class A shares under its buyback program. Seer reaffirmed its 2026 revenue outlook of $16–$18 million, implying low single-digit growth over 2025, and highlighted ongoing IP protection efforts and use of its Proteograph platform in external scientific work.
Positive
- Operating expenses fell 19% year over year to $18.3 million, helping narrow the quarterly net loss from $19.4 million to $16.9 million.
- Strong liquidity with $209.5 million in cash, cash equivalents and investments at June 30, 2026 supports ongoing operations and R&D.
- Management reaffirmed 2026 revenue guidance of $16–$18 million, indicating expectations for a return to modest growth over 2025.
- The company repurchased approximately 200,000 shares of Class A common stock, signaling willingness to return capital to shareholders.
Negative
- Revenue declined 23% year over year to $3.1 million, reflecting weaker product and service demand and elongated sales cycles.
- Free cash flow for the first half of 2026 was about negative $25.3 million, indicating continued substantial cash burn relative to current revenue.
Filing Explained
As of
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, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Revenue: $3.1 million
Q2 2026 Gross Margin: 49%
Q2 2026 Operating Expenses: $18.3 million
+5 more
8 metrics
Q2 2026 Revenue
$3.1 million
Quarter ended June 30, 2026; down 23% from $4.1 million in Q2 2025
Q2 2026 Gross Margin
49%
Gross profit of $1.5 million on $3.1 million in revenue
Q2 2026 Operating Expenses
$18.3 million
Includes $1.5 million of stock-based compensation; 19% lower than $22.6 million in Q2 2025
Q2 2026 Net Loss
$16.9 million
Quarter ended June 30, 2026, compared with $19.4 million in the prior-year quarter
Cash, Cash Equivalents and Investments
$209.5 million
Balance as of June 30, 2026
Free Cash Flow H1 2026
approximately negative $25.3 million
Net cash used in operating activities less net purchases of property and equipment for six months ended June 30, 2026
2026 Revenue Guidance
$16–$18 million
Full year 2026; described as 3% growth at midpoint over full year 2025
Shares Repurchased
approximately 200,000 shares
Class A common stock repurchased under share repurchase program as of June 30, 2026
Key Terms
gross margin, free cash flow, stock-based compensation, related party, +2 more
6 terms
gross margin financial
"Gross profit was $1.5 million and gross margin was 49% for the second quarter"
Gross margin is the difference between how much money a company makes from selling its products and how much it costs to produce them, expressed as a percentage of sales. It shows how efficiently a company is turning sales into profit before other expenses like marketing or salaries. Higher gross margin means the company keeps more money from each sale, which is a good sign of financial health.
free cash flow financial
"Free cash flow, defined as net cash used in operating activities of approximately $25.0 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.
stock-based compensation financial
"Operating expenses were $18.3 million for the second quarter of 2026, including $1.5 million in stock-based compensation"
Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.
equity method investment financial
"Loss on equity method investment | | (2,088 | ) | | | (1,841 | )"
An equity method investment is an accounting way to report ownership in another company when an investor has significant influence (commonly around 20–50% of voting rights). Instead of listing the other company’s full assets and debts, the investor records its share of that company’s profits or losses on its own income statement—like keeping track of your share of a neighborhood bakery’s monthly earnings. Investors care because those shared profits, losses and changes in the investee’s value directly affect the investor’s reported earnings and balance sheet, so this method can materially change a company’s financial picture and valuation.
proteomics technical
"the pioneer and trusted partner for deep, unbiased proteomic insights"
Proteomics is the large-scale study of all the proteins produced by a cell, tissue or organism, like taking a full inventory and watching how the workforce and machines inside a factory behave. For investors, proteomics matters because it helps identify drug targets, disease indicators and responses to treatments—information that can speed development, reduce risk, guide partnerships and reveal new commercial opportunities in biotech and diagnostics.
Earnings Snapshot
Revenue Q2 2026: $3.1 million · Guidance included
Quarter and six months ended June 30, 2026
Revenue Q2 2026
$3.1 million
23% decrease from $4.1 million in Q2 2025
Net loss Q2 2026
$16.9 million
Compared with $19.4 million in Q2 2025
Operating expenses Q2 2026
$18.3 million
Decreased from $22.6 million in Q2 2025
Cash, cash equivalents and investments
$209.5 million
Balance as of June 30, 2026
Guidance
Seer continues to expect full year 2026 revenue of $16–$18 million, representing growth of 3% at the midpoint over full year 2025.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Seer (SEER) perform financially in the second quarter of 2026?
Seer reported Q2 2026 revenue of $3.1 million, down 23% from $4.1 million a year earlier, and a net loss of $16.9 million versus $19.4 million, with gross margin of 49% and lower operating expenses.
What is Seer’s (SEER) revenue outlook for full year 2026?
Seer continues to expect 2026 revenue of $16–$18 million, which it describes as representing approximately 3% growth at the midpoint compared with full year 2025, reaffirming its prior guidance range.
What was Seer’s (SEER) cash position at June 30, 2026?
As of June 30, 2026, Seer held $209.5 million in cash, cash equivalents and investments, providing a substantial liquidity buffer despite a first-half free cash flow of about negative $25.3 million.
How did Seer’s (SEER) operating expenses change in Q2 2026?
Operating expenses in Q2 2026 were $18.3 million, including $1.5 million of stock-based compensation, a 19% decrease from $22.6 million in the prior-year quarter, mainly from lower employee compensation costs.
What were Seer’s (SEER) gross profit and gross margin in Q2 2026?
For Q2 2026, Seer generated gross profit of $1.5 million on total revenue of $3.1 million, resulting in a gross margin of 49%, compared with $2.1 million gross profit in the prior-year period.