Cytek Biosciences (NASDAQ:CTKB) reported fourth-quarter and full-year 2025 results on Wednesday, describing a return to growth in the back half of the year amid what management characterized as a challenging industry environment. CEO Wenbin Jiang said the company ended 2025 “in line with our expectations” and delivered accelerating quarter-over-quarter growth throughout the year, while CFO Bill McCombe highlighted improving market conditions that the company said have continued into early 2026.
Fourth-quarter results marked Cytek’s highest quarterly revenue
Cytek posted fourth-quarter 2025 revenue of $62.1 million, up 8% year-over-year and the highest quarterly revenue in the company’s history, according to management. Jiang attributed the quarterly performance to “stabilization and growth in the U.S., and turnaround in the E.U., continued strength in APAC, and the solid expansion of our recurring revenue businesses worldwide.”
Regional and customer trends: academic and government strength
Management reported double-digit year-over-year revenue growth in both EMEA and APAC during the fourth quarter, with mid-single-digit growth in the U.S.
- U.S.: Total revenue grew 5% in Q4, driven by double-digit service revenue growth. McCombe said U.S. instrument revenue was flat, with strength in academic and government offset by softer demand from biotech and pharma.
- EMEA: Revenue grew 21% in Q4, driven by service and instruments for academic and government customers; management noted weaker demand from biotech, pharma, and CRO customers.
- APAC (including China): Revenue grew 15% in Q4, driven by growth across instruments, service, and reagents.
McCombe said global revenue from academic and government customers grew 33% in Q4 off a weak prior-year comparison, while biopharma revenue declined 6% against what he described as a strong Q4 last year. During the Q&A, management pointed to “catch-up disbursements” from the NIH and deferred spending that may have shifted later into the year as contributors to academic and government strength.
Installed base expansion, product updates, and recurring revenue
Jiang said the company expanded its global installed base by 208 instruments in the fourth quarter, ending 2025 with 3,664 units installed. He also highlighted growth in sales order unit volume, which increased 22% in 2025 and accelerated to 26% growth in the fourth quarter compared to the prior-year period.
Management cited the launch of the Cytek Aurora Evo system as a contributor to performance, with Jiang saying the product drove 21% unit growth in the combined Aurora category in Q4 versus Q4 2024. He also noted that the Muse Micro system received the 2025 BioTech Breakthrough Award for Drug Discovery Solution of the Year.
On applications and consumables, Jiang said the company delivered more than 20% reagent growth in the fourth quarter in all geographies except the U.S. McCombe noted reagent revenue remained a “mid-single digit percentage” of total revenue but grew more than 20% in Q4 and more than 25% for full-year 2025, which he tied to initiatives implemented at the start of 2025, including faster delivery times, a larger catalog, a dedicated reagent sales team, and new products.
Recurring revenue was a key theme, with Jiang stating that for 2025 recurring revenue represented 34% of total revenue and increased 21% year-over-year. McCombe said service revenue rose 25% in Q4, driven by installed base growth and active usage, though he expects service growth to slow gradually as the installed base increases.
Cytek also emphasized its bioinformatics ecosystem. Jiang said Cytek Cloud users exceeded 24,000 by year-end 2025, up more than 50% year-over-year, reaching nearly eight users per installed “FFPE instrument,” and said this growing digital footprint helps drive reagent revenue growth.
Margins, expenses, and notable accounting items
Despite revenue growth in Q4, profitability metrics declined year-over-year. GAAP gross profit was $32.9 million versus $33.7 million in Q4 2024, and GAAP gross margin was 53% versus 59%. McCombe attributed the margin decline to lower service gross margin (from higher headcount and travel costs) and lower product gross margin from higher materials and tariff costs, along with higher manufacturing overhead tied to duplicate costs from transitioning a production facility overseas. Adjusted gross margin was 55% in Q4, down from 61% a year earlier.
Total operating expenses in Q4 were $38.5 million, up 25% year-over-year. McCombe said general and administrative and sales and marketing expenses increased, partially offset by lower R&D. He also cited legal expenses related to a patent litigation case as a driver of higher G&A.
Cytek reported a Q4 net loss of $44.1 million, compared with net income of $9.6 million in the prior-year quarter. McCombe said the Q4 net loss included a $38.1 million non-cash valuation allowance against deferred tax assets under ASC 740 due to uncertainty of realizing future tax benefits; excluding that item, net loss would have been $6.0 million.
For full-year 2025, revenue totaled $201.5 million, up 1% year-over-year. GAAP gross margin was 52% (down from 55%), and the company posted a GAAP net loss of $66.5 million, including a $33.1 million deferred tax asset valuation allowance and a $0.7 million non-recurring offering cost write-off. Adjusted EBITDA was $5.0 million for 2025, compared with $22.4 million in 2024.
Cash position, buybacks, and 2026 outlook
Cytek ended 2025 with $261.5 million in cash, cash equivalents, and marketable securities. Free cash flow in Q4 was slightly negative at -$0.2 million. McCombe said the year-over-year decline in cash reflected, in part, $15.1 million of stock repurchases during 2025, representing approximately 3.3 million shares repurchased at a weighted average cost of $4.58 per share. Cytek reported 128.6 million shares outstanding at December 31, 2025.
Looking ahead, the company initiated 2026 revenue guidance of $205 million to $212 million on a constant-currency basis. McCombe said the outlook assumes improved market conditions in EMEA and the U.S., continued strong APAC instrument growth, and continued growth in service and reagents globally. He added the company is not assuming any significant benefit from changes in the tariff environment.
In the Q&A, McCombe said the revenue range includes “contingencies to account for uncertainties,” with the company expecting continued strong growth in service and reagents but only “modest, flat to modest growth in instruments.” Management also said it plans to continue investing commercially, including in segments where the company is “clearly weak,” and referenced investments made in the reagent sales force.
About Cytek Biosciences (NASDAQ:CTKB)
Cytek Biosciences is a biotechnology company specializing in innovative cell analysis solutions. The firm develops and commercializes advanced spectral flow cytometry instruments and associated reagents designed to enable high-parameter single-cell analysis. Its technology platform offers researchers and clinicians enhanced sensitivity, resolution and flexibility compared to traditional flow cytometry methods.
The company’s core product portfolio includes the Aurora and Northern Lights spectral cytometry systems, which support simultaneous detection of up to 64 fluorescence parameters.
