10x Genomics Reports Second Quarter 2025 Financial Results

10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, today reported financial results for the second quarter ended June30, 2025.

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Recent Updates

— Revenue was $172.9 million for the second quarter. Excluding $27.3 million related to a patent litigation settlement, revenue was $145.6 million.

— Ended the second quarter with cash and cash equivalents and marketable securities of $447.3 million, representing a $20 million increase over the prior quarter.

— Entered into a definitive agreement to acquire Scale Biosciences for upfront cash and stock consideration of $30 million, plus contingent consideration that could become payable upon the achievement of certain milestones. The acquisition strengthens the company's leadership in single cell analysis with key technology that will drive innovation and expand access by enabling more powerful, affordable and scalable experiments across a broader range of applications.

— Began shippingVisium HD 3' and HD cell segmentation, expanding the Visium portfolio's capabilities by enabling high-resolution, high-sensitivity profiling across a wider range of applications.

— Announced a partnership with the Genome Institute of Singapore on theTISHUMAP initiative, which will leverage Xenium and AI to uncover novel biomarkers and therapeutic targets for cancer and inflammatory diseases.

“The second quarter unfolded largely as anticipated,” said Serge Saxonov, Co-founder and CEO of 10x Genomics. “Amid continued uncertainty in the funding environment, we're encouraged by the resilience of our business and the dedication of our team. We're focused on disciplined execution, and remain confident in the strength of our technology, the momentum behind our platforms and the significant long-term opportunity in front of us.”

SecondQuarter 2025 Financial Results

Revenue was $172.9 million for the second quarter of 2025. Excluding $27.3 million related to a patent litigation settlement, revenue was $145.6 million, a 5% decrease from the corresponding period of 2024, primarily driven by a decrease in instrument revenue. This figure also reflects approximately $4.0 million of revenue that resulted from customers in China accelerating purchases from the third quarter into the second quarter in anticipation of potential tariff changes.

Gross margin was 72% for the second quarter of 2025, as compared to 68% for the corresponding prior year period. The increase in gross margin was primarily due to higher license and royalty revenue and lower royalties and warranty costs, partially offset by an increase in inventory reserves and higher manufacturing costs. Excluding the impact of license and royalty revenue, gross margin was 67% for the second quarter of 2025.

Operating expenses were $95.0 million for the second quarter of 2025, a 35% decrease from $146.0 million for the corresponding prior year period. The decrease was primarily driven by a $40.7 million gain on settlement related to the litigation settlement.

Operating income was $30.1 million for the second quarter of 2025, as compared to operating loss of $41.7 million for the corresponding prior year period.

Net income was $34.5 million for the second quarter of 2025, as compared to a net loss of $37.9 million for the corresponding prior year period.

Cash and cash equivalents and marketable securities were $447.3 million as of June30, 2025.

Third Quarter 2025 Revenue Guidance

10x Genomics expects third quarter 2025 revenue to be in the range of $140 million to $144 million. This guidance reflects approximately $4.0 million of revenue that resulted from customers in China accelerating purchases from the third quarter into the second quarter in anticipation of potential tariff changes.

Webcast and Conference Call Information

10x Genomics will host a conference call to discuss the second quarter 2025 financial results, business developments and outlook after market close on Thursday, August7, 2025 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,” “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 partnerships, plans, positioning, product launches, organization, goals, opportunities, potential, specifications, costs, enthusiasm, trends and adoption of 10x Genomics, Inc.'s products and services, expected performance advantages and benefits of using 10x Genomics, Inc.'s products and services and 10x Genomics, Inc.'s financial performance and results of operations, including expectations regarding revenue and guidance as well as government policy and academic and government research funding. These statements are based on management's current expectations, forecasts, beliefs, 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, 2024, filed on February 13, 2025, and the company's quarterly reports on Form 10-Q for the quarter ended March 31, 2025, filed on May 9, 2025, and for the quarter ended June30, 2025, to be filed with the 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 (https://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

10x Genomics, Inc.Condensed Consolidated Statements of Operations(Unaudited)(In thousands, except share and per share data) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024Products and services revenue (1) $ 145,157 $ 152,990 $ 282,980 $ 293,995License and royalty revenue (1) 27,751 114 44,811 115Revenue 172,908 153,104 327,791 294,110Cost of products and services revenue (2) 47,824 48,884 97,262 96,976Gross profit 125,084 104,220 230,529 197,134Operating expenses:Research and development (2) 61,224 62,918 125,469 131,556Selling, general and administrative (2) 74,434 83,039 164,162 168,813Gain on settlement (40,700) – (49,900) -Total operating expenses 94,958 145,957 239,731 300,369Income (loss) from operations 30,126 (41,737) (9,202) (103,235)Other income (expense):Interest income 4,271 4,715 7,957 9,451Interest expense (3) (1) (3) (2)Other income (expense), net 2,603 (56) 4,739 (1,096)Total other income 6,871 4,658 12,693 8,353Income (loss) before provision for income taxes 36,997 (37,079) 3,491 (94,882)Provision for income taxes 2,459 818 3,311 2,964Net income (loss) $ 34,538 $ (37,897) $ 180 $ (97,846)Net income (loss) per share, basic $ 0.28 $ (0.32) $ – $ (0.82)Net income (loss) per share, diluted $ 0.28 $ (0.32) $ – $ (0.82)Weighted-average shares used to compute net income 123,755,409 120,066,972 123,183,924 119,461,485(loss) per share, basicWeighted-average shares used to compute net income 124,509,720 120,066,972 124,258,150 119,461,485(loss) per share, diluted(1) The following table represents revenue by source for the periods indicated (in thousands). Spatial products includes the Company's Visium and Xenium products: Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024InstrumentsChromium $ 5,727 $ 8,792 $ 11,640 $ 16,642Spatial $ 8,770 15,060 $ 17,672 32,663Total instruments revenue 14,497 23,852 29,312 49,305ConsumablesChromium 85,788 94,108 169,897 178,035Spatial 36,397 29,254 67,644 55,662Total consumables revenue 122,185 123,362 237,541 233,697Services 8,475 5,776 16,127 10,993Products and services revenue 145,157 152,990 $ 282,980 $ 293,995License and royalty revenue 27,751 114 $ 44,811 $ 115Total revenue $ 172,908 $ 153,104 $ 327,791 $ 294,110The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024AmericasUnited States* $ 103,491 $ 89,672 $ 190,309 $ 165,309Americas (excluding United States) 2,667 3,419 $ 6,419 7,412Total Americas 106,158 93,091 196,728 172,721Europe, Middle East and Africa 34,734 37,362 66,629 72,083Asia-PacificChina 23,170 13,738 40,053 27,662Asia-Pacific (excluding China) 8,846 8,913 24,381 21,644Total Asia-Pacific 32,016 22,651 64,434 49,306Total revenue $ 172,908 $ 153,104 $ 327,791 $ 294,110* Includes license and royalty revenue.(2) Includes stock-based compensation expense as follows: Three Months Ended Six Months Ended June 30, June 30,(in thousands) 2025 2024 2025 2024Cost of revenue $ 1,989 $ 2,247 $ 4,470 $ 4,280Research and development 12,613 17,862 26,719 34,750Selling, general and administrative 12,643 18,383 27,132 35,591Total stock-based compensation expense $ 27,245 $ 38,492 $ 58,321 $ 74,62110x Genomics, Inc.Condensed Consolidated Balance Sheets(Unaudited)(In thousands) June 30, December 31, 2025 2024AssetsCurrent assets:Cash and cash equivalents $ 397,712 $ 344,067Marketable securities 49,549 49,335Accounts receivable, net 49,977 87,862Other receivables 69,090 606Inventory 68,968 83,107Prepaid expenses and other current assets 20,365 19,410Total current assets 655,661 584,387Property and equipment, net 239,710 252,648Operating lease right-of-use assets 62,700 57,290Goodwill 4,511 4,511Intangible assets, net 14,714 15,671Other noncurrent assets 2,674 4,129Total assets $ 979,970 $ 918,636Liabilities and stockholders' equityCurrent liabilities:Accounts payable $ 15,938 $ 12,909Accrued compensation and related benefits 26,102 33,615Accrued expenses and other current liabilities 39,063 41,165Deferred revenue 21,449 20,658Operating lease liabilities 9,669 9,286Total current liabilities 112,221 117,633Operating lease liabilities, noncurrent 77,075 73,327Deferred revenue, noncurrent 11,270 12,513Other noncurrent liabilities 6,125 5,029Total liabilities 206,691 208,502Commitments and contingenciesStockholders' equity:Preferred stock – -Common stock 2 2Additional paid-in capital 2,239,924 2,177,672Accumulated deficit (1,466,867) (1,467,047)Accumulated other comprehensive income (loss) 220 (493)Total stockholders' equity 773,279 710,134Total liabilities and stockholders' equity $ 979,970 $ 918,636

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SOURCE 10x Genomics, Inc.

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