MaxCyte, Inc.: financial statements

MXCTNASDAQHealthcare · Services-Commercial Physical & Biological Research

Price

$1.19

November 13, 2026Market cap $127M

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The full history: 7 fiscal years, from 2019
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The full analysis, 18 a month
More questions to the chat on its filings
Excel with every year
An email when it reports, changes its dividend or an officer buys

Financial statements

Each fiscal year's income statement, balance sheet and cash flow as the company filed them, and the latest quarters.

2023–2025 fiscal years

Click a line to see it on the chart.

Revenue

-10.6% a year over 2 years

Line	2023	2024	2025	Average a year
Revenue	$41M	$39M	$33M	-10.6%
Cost of revenue	$4.7M	$7.1M	$6.2M	+14.5%
Gross profit	$37M	$32M	$27M	-14.4%
Operating income	-$48M	-$51M	-$52M
Net income	-$38M	-$41M	-$45M
Earnings per share	-$0.37	-$0.39	-$0.42
Earnings per share, basic	-$0.37	-$0.39	-$0.42
Margins
Gross margin	88.5%	81.6%	81.2%
Operating margin	-117.0%	-132.5%	-157.1%
Net margin	-91.8%	-106.3%	-135.1%

Financial statements

MXCT's revenue, profits and cash flows from 2019 to 2022, 4 more fiscal years

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By segment

Revenue and operating income by business segment or by product, as the company itself reports them in each year's 10-K. Each year from the latest filing that carries it, so a segment renamed or re-cut shows in its current form.

Product	2023	2024	2025	Share 2025
Product	$19M	$21M	$19M	57%
License	–	$16M	$12M	37%
Assay And Other Service Revenue	–	–	$2.0M	6.0%

By segment

MXCT's revenue by product line from 2019 to 2022, 4 more fiscal years

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The lines do not add up to the company's revenue (more than 15% apart) in 2023: the company broke down only part of the total, or cut its segments differently that year.

From the XBRL of 6 of the company's annual reports to the SEC (ASC 280). Amounts in dollars.

Amounts are in dollars as the company filed them in its annual reports (10-K or 20-F). Those reporting in another currency are converted at each fiscal year-end rate. Shares and earnings per share are adjusted for splits.

Debt and obligations

What the company owes beyond the loans on its balance sheet, and when it pays, from the notes to its annual report: debt maturities, leases, pension plans, goodwill by segment, and how it gets to the tax it pays.

$18M Leases

Leases

Dec 31, 2025

Operating leases

$18M

Finance leases

–

The liability is the present value of the rent still to pay, at December 31, 2025. It is not counted in the ladder's debt. The filing

Earnings quality

How the reported earnings were made, read from the filings. A description, not a score: our tests found no link between these measures and later share returns.

Receivables and inventory against sales

In the quarter to Sep 30, 2026, sales were +34.6% on the same quarter a year earlier, and receivables +45.1%. Inventory was -3.0%, against +5.5% for the cost of sales.

a year earlier 164 days: 177 days
a year earlier 434 days: 399 days

Balances at Sep 30, 2026 and Sep 30, 2025, against the sales and cost of sales of the quarter ending on each date; a fourth quarter is the fiscal year less its first nine months. Same quarter against same quarter, so the season is the same.

Allowance for doubtful accounts

The allowance for receivables that may not be collected was 0.1% of gross receivables at Sep 30, 2026, against 0.1% a year earlier.

At last year's share it would be $8.5K larger. A smaller allowance means a smaller charge for bad debts in profit.

a year earlier $10.0K: $6.0K

The earnings per share split is not shown: a figure it needs is missing from the company's structured filings.

The tax part is not shown: the latest figures are more than 18 months old.

A reading is called out when it is above the 90th percentile of the same reading across the S&P 500, or, for a fall, below the 10th, as measured on 9 November 2026. Each part uses only the company's own filings.

The full analysis

What do MaxCyte's filings show?

These are MaxCyte's figures from its filings. The full Ploutos AI analysis reads everything the company has filed and shows what stands behind it, with a source for every figure.

A fair value range built from the filings
Earnings quality, debt and red flags
Insider and institutional moves
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Questions about MXCT's financials

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How much revenue did MXCT have in 2025?

MaxCyte had revenue of $33M and net income of -$45M in fiscal 2025, a net margin of -135.1%.

How much debt does MXCT have?

On December 31, 2025 MaxCyte had total assets of $203M, debt of – and shareholders' equity of $171M.

How much free cash flow does MXCT have?

In fiscal 2025 MaxCyte had cash from operations of -$34M and spent $1.8M on capital expenditure, leaving -$36M of free cash flow.

Where are the figures from?

From MaxCyte, Inc.'s annual and quarterly reports to the SEC, read from the structured data (XBRL) it files itself.

The other pages on US stocks, free to read. On the company pages, the last three fiscal years are open to everyone, five with a free account, and every year with Ploutos Investor.

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The figures come from the company's SEC filings and the share price, and describe what it has reported. They are not a score or a fair value.