Financial Highlights:
- Total revenue of
$96.1 million in the fourth quarter of 2025, compared to$45.1 million in the fourth quarter of 2024, an increase of 113%. - Prenatal clinical testing revenue was
$86.1 million in the fourth quarter of 2025, an increase of 99% from the fourth quarter 2024. - Oncology clinical testing revenue was
$9.1 million in the fourth quarter of 2025, more than 8x higher than the$1.1 million reported in the fourth quarter of 2024. - Gross profit margin was 71% in the fourth quarter of 2025, compared to 57% in the fourth quarter of 2024, a 14 percentage-point increase year-over-year.
- 170,000 tests delivered in the fourth quarter of 2025, compared to 116,000 tests delivered in the fourth quarter of 2024, an increase of 47%.
- Operating income of
$10.3 million in the fourth quarter of 2025, compared to a$11.7 million operating loss in the fourth quarter of 2024. - Net cash flow, excluding the net proceeds received from the issuance of common stock in connection with the IPO, was
$8.8 million in the fourth quarter of 2025 and$12.5 million in the full year 2025. - Raised 2026 full year revenue guidance to be in a range of
$430 million to$445 million , which represents 41% to 46% growth over 2025. - Expects positive operating income for the full year 2026.
Recent Operating Highlights:
- In February, we launched our expanded Red Blood Cell Fetal Antigen NIPT offering and our Platelet Fetal Antigen NIPT offering in prenatal product lines. These two products represent the first, and only, non-invasive prenatal tests in the
U.S. designed to determine fetal antigen status across both red blood cell and platelet antigens in pregnancies affected by or at risk for Hemolytic Disease of the Fetus and Newborn (HDFN) and Fetal and Neonatal Alloimmune Thrombocytopenia (FNAIT). - Also in Q1 of 2026, we launched Northstar PGx and Northstar Select CH in oncology products. Northstar PGx and Northstar CH are add-on applications for our Northstar Select test, and expand the
Northstar platform beyond genomic profiling to address chemotherapy safety (PGx) and clonal hematopoiesis (CH)—two critical decision points in selecting the right therapy for patients.
"2025 demonstrated how the compounding power of a differentiated technology platform, category-defining products, and disciplined execution can produce an extraordinary outcome,” said Dr.
| Three Months Ended | Year Ended (Unaudited) | ||||||||||||||||
| 2025 | 2024 | % | 2025 | 2024 | % | ||||||||||||
| Revenue ($ in millions) | |||||||||||||||||
| Prenatal | $ | 86.1 | $ | 43.2 | 99 | % | $ | 277.1 | $ | 145.9 | 90 | % | |||||
| Oncology | $ | 9.1 | $ | 1.1 | 735 | % | $ | 25.0 | $ | 2.9 | 748 | % | |||||
| Clinical Trial Support and Other Services | $ | 0.8 | $ | 0.8 | 6 | % | $ | 3.1 | $ | 3.7 | (18)% | ||||||
| Total Revenue | $ | 96.1 | $ | 45.1 | 113 | % | $ | 305.1 | $ | 152.6 | 100 | % | |||||
| Note: Numbers may not add due to rounding | |||||||||||||||||
| Three Months Ended | Year Ended (Unaudited) | ||||||||||||||||
| 2025 | 2024 | % | 2025 | 2024 | % | ||||||||||||
| Total tests accessioned | 168,000 | 115,000 | 46 | % | 616,000 | 410,000 | 50 | % | |||||||||
| Total tests delivered | 170,000 | 116,000 | 47 | % | 610,000 | 405,000 | 51 | % | |||||||||
| Overall ASP | $ | 561 | $ | 382 | 47 | % | $ | 495 | $ | 368 | 35 | % | |||||
Fourth Quarter 2025 Financial Results
Total revenue was
Gross profit was
Total operating expenses were
Operating income was
Net income available to common shareholders in the fourth quarter of 2025 was
Full Year 2025 Financial Results
Total revenue was
Gross profit was
Total operating expenses were
Operating income was
Net income available to common shareholders for 2025 was
As of
Financial Outlook
BillionToOne now expects full year 2026 total revenue of
BillionToOne also expects positive GAAP operating income for the full year 2026.
Webcast and Conference Call Information
BillionToOne will host a conference call today,
About BillionToOne
Headquartered in
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 that BillionToOne will file for the year ended
Statements of Operations (in thousands, except per share amounts, unaudited) | |||||||||||||||
| Three Months Ended | Year Ended | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue | $ | 96,053 | $ | 45,077 | $ | 305,112 | $ | 152,582 | |||||||
| Cost of revenue | 27,449 | 19,358 | 96,654 | 71,667 | |||||||||||
| Gross profit | 68,604 | 25,719 | 208,458 | 80,915 | |||||||||||
| Operating expenses: | - | - | |||||||||||||
| Research and development | 14,250 | 10,996 | 49,384 | 36,596 | |||||||||||
| Selling, general and administrative | 44,022 | 26,415 | 143,051 | 91,465 | |||||||||||
| Total operating expenses | 58,272 | 37,411 | 192,435 | 128,061 | |||||||||||
| Income (loss) from operations | 10,332 | (11,692 | ) | 16,023 | (47,146 | ) | |||||||||
| Other income (expense): | |||||||||||||||
| Interest income | 3,258 | 1,671 | 7,750 | 5,819 | |||||||||||
| Interest expense | (3 | ) | (47 | ) | (95 | ) | (2,386 | ) | |||||||
| Net gain on extinguishment of debt | - | - | - | 7,289 | |||||||||||
| Change in fair value of term loan | (1,471 | ) | (854 | ) | (8,509 | ) | (3,137 | ) | |||||||
| Change in fair value of convertible notes | - | - | - | (835 | ) | ||||||||||
| Other expense, net | (5,819 | ) | (531 | ) | (7,410 | ) | (1,145 | ) | |||||||
| Total other income (expense) | (4,035 | ) | 239 | (8,264 | ) | 5,605 | |||||||||
| Income (loss) before provision for income taxes | 6,297 | (11,453 | ) | 7,759 | (41,541 | ) | |||||||||
| Provision for income taxes | 320 | 24 | 305 | 29 | |||||||||||
| Net income (loss) | $ | 5,977 | $ | (11,477 | ) | $ | 7,454 | $ | (41,570 | ) | |||||
| Less: Net income (loss) attributable to participating securities | (1,561 | ) | - | (4,535 | ) | - | |||||||||
| Net income (loss) attributable to common stockholders | $ | 4,416 | $ | (11,477 | ) | $ | 2,919 | $ | (41,570 | ) | |||||
| Net income (loss) per share attributable to common stockholders, basic and diluted: | |||||||||||||||
| Net income (loss) per share, basic | $ | 0.14 | $ | (1.13 | ) | $ | 0.18 | $ | (4.12 | ) | |||||
| Net income (loss) per share, diluted | $ | 0.11 | $ | (1.13 | ) | $ | 0.14 | $ | (4.12 | ) | |||||
| Weighted-average shares used in calculating net income (loss) per share attributable to common stockholders, basic and diluted: | |||||||||||||||
| Weighted-average shares used in calculating net income (loss) per share, basic | 32,192,298 | 10,171,740 | 15,875,091 | 10,079,925 | |||||||||||
| Weighted-average shares used in calculating net income (loss) per share, diluted | 39,391,610 | 10,171,740 | 21,230,752 | 10,079,925 | |||||||||||
Balance Sheets (in thousands, except share amounts, unaudited) | |||||||
| 2025 | 2024 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 495,975 | $ | 191,477 | |||
| Accounts receivable | 41,617 | 24,709 | |||||
| Inventories | 17,545 | 8,733 | |||||
| Prepaid expenses and other current assets | 5,421 | 2,898 | |||||
| Total current assets | 560,558 | 227,817 | |||||
| Property and equipment, net | 20,361 | 17,111 | |||||
| Operating lease right-of-use assets, net | 46,742 | 51,739 | |||||
| Other non-current assets | 4,993 | 5,392 | |||||
| Total assets | $ | 632,654 | $ | 302,059 | |||
| Liabilities, redeemable convertible preferred stock, and stockholders’ deficit | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 7,184 | $ | 4,304 | |||
| Accrued expenses and other current liabilities | 7,247 | 3,882 | |||||
| Accrued commissions | 3,912 | 2,756 | |||||
| Accrued compensation and employee benefits | 12,551 | 8,419 | |||||
| Common stock warrant liability | 9,282 | — | |||||
| Deferred revenue, current | 2,188 | 2,806 | |||||
| Operating lease liabilities, current | 5,079 | 4,393 | |||||
| Financing lease liabilities, current | 519 | 1,826 | |||||
| Total current liabilities | 47,962 | 28,386 | |||||
| Operating lease liabilities, non-current | 45,723 | 50,802 | |||||
| Financing lease liabilities, non-current | 348 | 874 | |||||
| Deferred revenue, non-current | 1,290 | — | |||||
| Long-term debt | 57,226 | 51,481 | |||||
| Other non-current liabilities | — | 2,763 | |||||
| Total liabilities | 152,549 | 134,306 | |||||
| Redeemable convertible preferred stock, | — | 419,409 | |||||
| Stockholders’ equity: | |||||||
| Common stock, | – | – | |||||
| Class A common stock, | — | — | |||||
| Class B common stock, | — | — | |||||
| Additional paid-in capital | 756,644 | 30,545 | |||||
| Accumulated other comprehensive loss | (1,791 | ) | — | ||||
| Accumulated deficit | (274,748 | ) | (282,201 | ) | |||
| Total stockholders’ equity | 480,105 | (251,656 | ) | ||||
| Total liabilities, redeemable convertible preferred stock, and stockholders’ equity | $ | 632,654 | $ | 302,059 | |||
Investor Contact
ir@billiontoone.com
Media Contact
billiontoone@moxiegrouppr.com
