MaxCyte released its preliminary Q3 2025 earnings on November 5, 2025, reporting total revenue of $6.8 million, a 16% decline from the $8.2 million earned in the same quarter last year. Core business revenue fell 21% to $6.4 million, while revenue from the Strategic Platform License (SPL) program rose to $0.4 million, reflecting the addition of 32 new SPL agreements during the quarter.
The company’s revenue miss of $1.57 million—about 19% below the $8.37 million consensus estimate—was driven by a broader slowdown in the cell‑engineering market and customers becoming more selective with their spending. The operational restructuring announced on September 22, 2025, aimed at reducing costs and accelerating profitability, also contributed to the lower top line as the company reallocated resources toward high‑margin initiatives.
Gross margin for the quarter stood at 77%, slightly higher than the 76% margin reported in Q3 2024. The improvement is attributable to a favorable mix shift toward the higher‑margin SPL program, which offset the decline in core revenue. Non‑GAAP adjusted gross margin reached 81%, underscoring the company’s ability to maintain profitability despite revenue pressure.
Cash, cash equivalents, and investments at the end of September were $158 million, comfortably above the $152–155 million year‑end cash guidance. The strong liquidity position reflects the company’s recent restructuring, which is expected to reduce operating expenses and preserve cash flow in the near term.
MaxCyte reiterated its full‑year 2025 revenue guidance, projecting core revenue to be flat to a 10% decline relative to 2024 and SPL revenue to total approximately $5 million. The guidance signals management’s confidence that the company can navigate current headwinds while maintaining a stable revenue trajectory.
The formal Q3 earnings release and conference call have been postponed to November 12, 2025, to allow completion of impairment testing of goodwill and long‑lived assets. The delay indicates that the company is ensuring the accuracy of its financial statements before providing a full set of results.
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