Q1 2026: 10x Genomics (NASDAQ: TXG) narrows loss, launches Atera
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
10x Genomics reported first quarter 2026 results with modest revenue pressure but improved profitability. Revenue was $150.8 million, down 3% from the prior-year quarter, but up 9% when excluding $16.8 million of one-time license and royalty revenue recognized in the first quarter of 2025 related to patent litigation settlements.
Gross margin improved to 70% from 68%, helped by lower warranty costs and inventory write-downs and partially offset by lower license and royalty revenue. Operating expenses fell 15% to $123.2 million from $144.8 million, mainly due to lower outside legal and personnel expenses, leading to a narrower operating loss of $17.0 million versus $39.3 million a year earlier. Net loss improved to $13.5 million from $34.4 million.
The company ended March 31, 2026 with $539.8 million in cash, cash equivalents and marketable securities. It maintained full-year 2026 revenue guidance of $600 million to $625 million, which represents 0% to 4% growth over 2025 when excluding non-recurring 2025 license and royalty revenue. 10x also launched its new Atera spatial platform and announced the STELA spatial data initiative in partnership with Bioptimus.
Positive
- None.
Negative
- None.
Insights
Underlying growth and margins improved, but overall revenue was flat to slightly down.
10x Genomics delivered Q1 2026 revenue of $150.8 million, a 3% decline year over year. Adjusting for $16.8 million of non-recurring license and royalty revenue in Q1 2025, management highlighted 9% underlying growth, showing continued demand for single cell and spatial products.
Profitability metrics improved. Gross margin rose to 70% from 68%, helped by lower warranty costs and inventory write-downs. Operating expenses fell 15% to $123.2 million, driven mainly by lower outside legal and personnel expenses, narrowing operating loss to $17.0 million and net loss to $13.5 million.
The company ended the quarter with $539.8 million in cash, cash equivalents and marketable securities, providing a sizable liquidity buffer. It maintained full-year 2026 revenue guidance of $600 million to $625 million, or 0% to 4% growth over 2025 after excluding non-recurring 2025 settlement-related revenue. New initiatives such as the Atera launch and the Bioptimus STELA partnership may influence future updates disclosed in subsequent filings.
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
Total revenue: $150.8 million
Adjusted revenue growth: 9% increase
Gross margin: 70%
+5 more
8 metrics
Total revenue
$150.8 million
Quarter ended March 31, 2026; 3% decrease year over year
Adjusted revenue growth
9% increase
Q1 2026 vs Q1 2025, excluding $16.8M one-time 2025 license and royalty revenue
Gross margin
70%
Quarter ended March 31, 2026; up from 68% in prior-year quarter
Operating expenses
$123.2 million
Quarter ended March 31, 2026; 15% decrease from $144.8 million a year earlier
Operating loss
$17.0 million
Quarter ended March 31, 2026; improved from $39.3 million loss in Q1 2025
Net loss
$13.5 million
Quarter ended March 31, 2026; improved from $34.4 million net loss in Q1 2025
Cash and marketable securities
$539.8 million
Balance as of March 31, 2026; $112.9 million increase from March 31, 2025
2026 revenue guidance
$600–$625 million
Full-year 2026; implies 0%–4% growth over 2025 excluding non-recurring 2025 license and royalty revenue
Key Terms
gross margin, license and royalty revenue, operating expenses, stock-based compensation expense, +2 more
6 terms
gross margin financial
"Gross margin was 70% for the first quarter of 2026, as compared to 68% for the corresponding prior year period."
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.
license and royalty revenue financial
"Excluding $16.8 million related to one-time license and royalty revenue in the first quarter of 2025, revenue increased 9% over the corresponding period of 2025."
operating expenses financial
"Operating expenses were $123.2 million for the first quarter of 2026, a 15% decrease from $144.8 million for the corresponding prior year period."
Operating expenses are the routine costs a company pays to keep its business running day to day — things like salaries, rent, utilities, office supplies, and marketing. Investors watch them because they reduce the profit available to shareholders and reveal how efficiently a company runs; lower or well-controlled operating expenses (relative to revenue) are like trimming household bills to improve savings.
stock-based compensation expense financial
"Includes stock-based compensation expense as follows"
Stock-based compensation expense is the value that a company records when it gives employees or executives shares or options to buy shares as part of their pay. It matters because it shows the true cost of paying employees this way, which can affect the company's profits and how investors see its financial health.
spatial biology technical
"a leader in single cell and spatial biology, today reported financial results for the first quarter ended March 31, 2026."
Spatial biology maps where different cells and molecules sit inside tissues, like a detailed city map showing not just who lives in a neighborhood but where every house and shop is located. For investors, those location details can reveal how diseases start and respond to treatments, guiding new drugs, diagnostics, and lab tools that can change clinical success rates and create commercial opportunities.
contingent consideration financial
"Contingent consideration, current | 5,315 | | | 23,363"
Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.
Earnings Snapshot
Revenue: $150.8 million · Guidance included
Q1 2026
Revenue
$150.8 million
-3% year over year; +9% excluding one-time 2025 license and royalty revenue
Gross margin
70%
up from 68% in prior-year quarter
Operating loss
$17.0 million
improved from $39.3 million loss in Q1 2025
Net loss
$13.5 million
improved from $34.4 million net loss in Q1 2025
Cash and marketable securities
$539.8 million
$112.9 million increase from March 31, 2025
Guidance
Full-year 2026 revenue guidance maintained at $600 million to $625 million, representing 0% to 4% growth over full year 2025 excluding non-recurring 2025 license and royalty revenue from patent litigation settlements.
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): May 7, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(925 ) 401-7300
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
___________________________
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 May 7, 2026, 10x Genomics, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended March 31, 2026. A copy of the press release is attached hereto as Exhibit 99.1.
The information furnished pursuant to Item 2.02 in this Current Report on Form 8-K and the press release attached as Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No. | Description of Exhibits | ||||||||||
| 99.1 | Press Release dated May 7, 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.
10x Genomics, Inc. | ||||||||
By: | /s/ Randy Wu | |||||||
Name: | Randy Wu | |||||||
Title: | General Counsel and Secretary | |||||||
| Date: May 7, 2026 | ||||||||
Exhibit 99.1
10x Genomics Reports First Quarter 2026 Financial Results
PLEASANTON, Calif. May 7, 2026 – 10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, today reported financial results for the first quarter ended March 31, 2026.
Recent Updates
•Revenue was $150.8 million for the first quarter of 2026, representing a 3% decrease over the corresponding period of 2025. Excluding $16.8 million related to one-time license and royalty revenue in the first quarter of 2025, revenue increased 9% over the corresponding period of 2025.
•Launched Atera, a new platform to redefine how biology is measured and understood. Atera was engineered to deliver spatial whole-transcriptome analysis with single-cell sensitivity at unprecedented scale. The Company expects to start shipping Atera in the second half of 2026.
•Announced a partnership with Bioptimus, a global AI biotech company, to launch STELA, a multinational spatial data generation initiative to create foundational datasets connecting underlying biology with disease outcomes. The initiative is starting this effort on our Xenium platform and plans to expand to Atera over time.
•Ended the first quarter of 2026 with cash and cash equivalents and marketable securities of $539.8 million, representing a $112.9 million increase from March 31, 2025.
“We had a solid start to the year, with double-digit growth in Single Cell consumables reaction volumes and double-digit growth in Spatial consumables revenue,” said Serge Saxonov, Co-founder and CEO of 10x Genomics. “The biggest highlight is our recent launch of Atera, which represents the most significant product introduction in our history. We are extremely encouraged by the extraordinary early customer response.”
First Quarter 2026 Financial Results
Revenue was $150.8 million for the first quarter of 2026, a 3% decrease from the corresponding period of 2025. Excluding $16.8 million related to a patent litigation settlement recognized in the first quarter of 2025, revenue increased 9% over the corresponding period of 2025.
Gross margin was 70% for the first quarter of 2026, as compared to 68% for the corresponding prior year period. The increase in gross margin was primarily due to lower warranty costs and lower inventory write-downs, partially offset by a decrease in license and royalty revenue reflecting a non-recurring royalty benefit recognized in the first quarter of 2025.
Operating expenses were $123.2 million for the first quarter of 2026, a 15% decrease from $144.8 million for the corresponding prior year period. The decrease was primarily driven by lower outside legal expenses and personnel expenses, partially offset by a non-recurring gain on settlement of $9.2 million recognized in the first quarter of 2025.
Operating loss was $17.0 million for the first quarter of 2026, as compared to operating loss of $39.3 million for the corresponding prior year period.
Net loss was $13.5 million for the first quarter of 2026, as compared to a net loss of $34.4 million for the corresponding prior year period.
Cash and cash equivalents and marketable securities were $539.8 million as of March 31, 2026.
2026 Financial Guidance
10x Genomics is maintaining its full year 2026 revenue guidance of $600 million to $625 million. Excluding the non-recurring license and royalty revenue related to patent litigation settlements in 2025, this represents 0% to 4% growth over full year 2025.
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Webcast and Conference Call Information
10x Genomics will host a conference call to discuss the first quarter 2026 financial results, business developments and outlook after market close on Thursday, May 7, 2026 at 1:30 PM Pacific Time / 4:30 PM Eastern Time. A webcast of the conference call can be accessed at http://investors.10xgenomics.com. The webcast will be archived and available for replay at least 45 days after the event.
About 10x Genomics
10x Genomics is a life science technology company building products to accelerate the mastery of biology and advance human health. Our integrated research solutions include instruments, consumables and software for single cell and spatial biology, which help academic and translational researchers and biopharmaceutical companies understand biological systems at a resolution and scale that matches the complexity of biology. Our products are behind breakthroughs in oncology, immunology, neuroscience and more, fueling powerful discoveries that are transforming the world’s understanding of health and disease. To learn more, visit 10xgenomics.com or connect with us on LinkedIn, X, Facebook, Bluesky or YouTube.
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 included in this press release, other than statements of historical facts, may be forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "might," "will," "should," "expect," "plan," “outlook,” "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "see," "estimate," "predict," "potential," "would," "likely," "seek" or "continue" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include statements regarding 10x Genomics, Inc.'s products, services, business strategy, collaborations and opportunities and 10x Genomics, Inc.’s financial performance and results of operations, including expectations regarding revenue and guidance. These statements are based on management's current expectations, forecasts, beliefs, estimates, assumptions and information currently available to management. Actual outcomes and results could differ materially from these statements due to a number of factors and such statements should not be relied upon as representing 10x Genomics, Inc.'s views as of any date subsequent to the date of this press release. 10x Genomics, Inc. disclaims any obligation to update any forward-looking statements provided to reflect any change in 10x Genomics’ expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. The material risks and uncertainties that could affect 10x Genomics, Inc.'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 include those discussed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the company's most recently-filed 10-K for the fiscal year ended December 31, 2025 filed on February 12, 2026 and the company’s quarterly report on Form 10-Q for the quarter ended March 31, 2026 to be filed with the U.S. Securities and Exchange Commission (“SEC”), and elsewhere in the documents 10x Genomics, Inc. files with the SEC from time to time.
Disclosure Information
10x Genomics uses filings with the Securities and Exchange Commission, its website (www.10xgenomics.com), press releases, public conference calls, public webcasts and its social media accounts as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
Contacts
Investors: investors@10xgenomics.com
Media: media@10xgenomics.com
2
10x Genomics, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share and per share data)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Products and services revenue | $ | 149,896 | $ | 137,823 | |||||||
| License and royalty revenue | 947 | 17,060 | |||||||||
Revenue (1) | 150,843 | 154,883 | |||||||||
Cost of products and services revenue (2) | 44,665 | 49,438 | |||||||||
| Gross profit | 106,178 | 105,445 | |||||||||
| Operating expenses: | |||||||||||
Research and development (2) | 56,847 | 64,245 | |||||||||
Selling, general and administrative (2) | 66,377 | 89,728 | |||||||||
| Gain on settlement | — | (9,200) | |||||||||
| Total operating expenses | 123,224 | 144,773 | |||||||||
| Loss from operations | (17,046) | (39,328) | |||||||||
| Other income (expense): | |||||||||||
| Interest income | 5,014 | 3,686 | |||||||||
| Other income (expense), net | (815) | 2,136 | |||||||||
| Total other income | 4,199 | 5,822 | |||||||||
| Loss before provision for income taxes | (12,847) | (33,506) | |||||||||
| Provision for income taxes | 623 | 852 | |||||||||
| Net loss | $ | (13,470) | $ | (34,358) | |||||||
| Net loss per share, basic and diluted | $ | (0.10) | $ | (0.28) | |||||||
| Weighted-average shares used to compute net loss per share, basic and diluted | 128,291,153 | 122,606,091 | |||||||||
__________________________
(1) The following table represents total revenue by source for the periods indicated (in thousands). Spatial includes the Company’s Visium and Xenium products:
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Instruments | |||||||||||
| Single Cell | $ | 5,223 | $ | 5,913 | |||||||
| Spatial | 6,039 | 8,902 | |||||||||
| Total instruments revenue | 11,262 | 14,815 | |||||||||
| Consumables | |||||||||||
| Single Cell | 88,894 | 84,109 | |||||||||
| Spatial | 40,907 | 31,247 | |||||||||
| Total consumables revenue | 129,801 | 115,356 | |||||||||
| Services | 8,833 | 7,652 | |||||||||
| Products and services revenue | 149,896 | 137,823 | |||||||||
| License and royalty revenue | 947 | 17,060 | |||||||||
| Total revenue | $ | 150,843 | $ | 154,883 | |||||||
3
(1) The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Americas | |||||||||||
United States* | $ | 76,693 | $ | 86,818 | |||||||
| Americas (excluding United States) | 3,406 | 3,752 | |||||||||
| Total Americas | 80,099 | 90,570 | |||||||||
| Europe, Middle East and Africa | 36,852 | 31,895 | |||||||||
| Asia-Pacific | |||||||||||
| China | 15,837 | 16,883 | |||||||||
| Asia-Pacific (excluding China) | 18,055 | 15,535 | |||||||||
| Total Asia-Pacific | 33,892 | 32,418 | |||||||||
| Total revenue | $ | 150,843 | $ | 154,883 | |||||||
* Includes license and royalty revenue.
(2) Includes stock-based compensation expense as follows:
| Three Months Ended March 31, | |||||||||||
(in thousands) | 2026 | 2025 | |||||||||
| Cost of revenue | $ | 1,918 | $ | 2,481 | |||||||
| Research and development | 10,695 | 14,106 | |||||||||
| Selling, general and administrative | 10,029 | 14,489 | |||||||||
| Total stock-based compensation expense | $ | 22,642 | $ | 31,076 | |||||||
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10x Genomics, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
| March 31, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 490,285 | $ | 473,966 | |||||||
| Marketable securities | 49,563 | 49,443 | |||||||||
| Accounts receivable, net | 39,031 | 47,013 | |||||||||
| Other receivables | 17,106 | 35,480 | |||||||||
| Inventory | 53,487 | 56,341 | |||||||||
| Prepaid expenses and other current assets | 20,261 | 22,208 | |||||||||
| Total current assets | 669,733 | 684,451 | |||||||||
| Property and equipment, net | 220,591 | 226,711 | |||||||||
| Operating lease right-of-use assets | 58,390 | 60,450 | |||||||||
| Goodwill | 4,511 | 4,511 | |||||||||
| Intangible assets, net | 59,910 | 62,329 | |||||||||
| Other noncurrent assets | 2,624 | 2,913 | |||||||||
| Total assets | $ | 1,015,759 | $ | 1,041,365 | |||||||
| Liabilities and stockholders’ equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 17,425 | $ | 12,733 | |||||||
| Accrued compensation and related benefits | 21,506 | 42,500 | |||||||||
| Accrued expenses and other current liabilities | 33,680 | 39,971 | |||||||||
| Deferred revenue | 24,342 | 23,902 | |||||||||
| Operating lease liabilities | 11,330 | 10,985 | |||||||||
| Contingent consideration, current | 5,315 | 23,363 | |||||||||
| Total current liabilities | 113,598 | 153,454 | |||||||||
| Contingent consideration, noncurrent | 1,222 | 1,237 | |||||||||
| Operating lease liabilities, noncurrent | 70,059 | 73,376 | |||||||||
| Deferred revenue, noncurrent | 10,138 | 10,501 | |||||||||
| Other noncurrent liabilities | 6,418 | 6,471 | |||||||||
| Total liabilities | 201,435 | 245,039 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders’ equity: | |||||||||||
| Preferred stock | — | — | |||||||||
| Common stock | 2 | 2 | |||||||||
| Additional paid-in capital | 2,338,269 | 2,306,690 | |||||||||
| Accumulated deficit | (1,524,061) | (1,510,591) | |||||||||
| Accumulated other comprehensive income | 114 | 225 | |||||||||
| Total stockholders’ equity | 814,324 | 796,326 | |||||||||
| Total liabilities and stockholders’ equity | $ | 1,015,759 | $ | 1,041,365 | |||||||
5
FAQ
How much revenue did 10x Genomics (TXG) generate in Q1 2026?
10x Genomics generated $150.8 million in revenue in Q1 2026, a 3% decrease from Q1 2025. Excluding $16.8 million of one-time license and royalty revenue in Q1 2025, revenue increased 9% over the prior-year quarter.
Did 10x Genomics improve its profitability in the first quarter of 2026?
10x Genomics narrowed its losses and improved margins in Q1 2026. Gross margin rose to 70% from 68%, operating loss improved to $17.0 million from $39.3 million, and net loss decreased to $13.5 million from $34.4 million year over year.
What 2026 revenue guidance did 10x Genomics (TXG) provide?
10x Genomics maintained full-year 2026 revenue guidance of $600 million to $625 million. Excluding non-recurring 2025 license and royalty revenue from patent litigation settlements, this range represents 0% to 4% growth compared with full-year 2025 revenue.
What new products or partnerships did 10x Genomics announce with Q1 2026 results?
10x Genomics announced the launch of Atera, a new spatial whole-transcriptome platform expected to ship in the second half of 2026. It also unveiled STELA, a multinational spatial data initiative with Bioptimus, initially using the Xenium platform and expanding to Atera over time.
What was 10x Genomics’ cash position at the end of Q1 2026?
10x Genomics ended March 31, 2026 with $539.8 million in cash, cash equivalents and marketable securities. This represented a $112.9 million increase compared with March 31, 2025, providing substantial financial resources to support operations and product development.
How did 10x Genomics’ operating expenses change in Q1 2026?
Operating expenses in Q1 2026 were $123.2 million, down 15% from $144.8 million in Q1 2025. Management attributed the decline mainly to lower outside legal expenses and personnel expenses, partially offset by a prior-year gain on settlement recognized in Q1 2025.