On August 5, Cytek Biosciences (NASDAQ:CTKB) reported financial results for the second quarter ended June 30, and the report reads like two different companies at once. Revenue climbed, margins widened, and the installed base of instruments kept expanding. At the same time, the net loss more than doubled from a year earlier and adjusted EBITDA swung negative. For a company selling hardware into cell ***** ysis labs, that split between growing revenue and growing losses is the story investors need to untangle.
Total revenue reached $48.1 million in the second quarter of 2026, up 6% from the second quarter of 2025, and the growth came from more than one source. Cytek expanded its installed base to 3,933 instruments as of June 30, 2026, adding 142 units in the quarter, and each new machine tends to pull in service and reagent sales over time. That dynamic already shows up in the numbers: recurring revenue from service and reagents hit $18.5 million in the quarter, and on a trailing 12-month basis it now makes up 35% of total revenue, up from 32% a year earlier.
Gross profit told a similar story, climbing 19% to $28.3 million, with GAAP gross margin rising to 59% from 52% and adjusted gross margin reaching 61% from 56%. Some of that lift came from a one-time tariff refund, but even stripped of it, adjusted gross margin still improved to 56%. Cytek also launched the Borealis, a 7-laser flow cytometer built for 60-color panels, and rolled out more automated configurations of its Aurora Evo line, giving the sales team new hardware to sell into the rest of 2026. Full-year revenue guidance moved up to a range of $207 million to $212 million, raising the midpoint by $1 million.
The same quarter that grew revenue also widened the losses. Operating expenses rose 15% year over year to $39.7 million, with general and administrative costs jumping 24% to $16.8 million because of litigation-related expenses, severance, and other personnel costs. R&D spending grew 10% to $9.7 million, and sales and marketing rose 9% to $13.2 million, so the increase was not confined to one line item. The loss from operations widened to $11.4 million from $10.6 million a year earlier, and net loss more than doubled to $12.2 million from $5.6 million.
Adjusted EBITDA, which strips out stock-based compensation and currency swings, swung to a $1.5 million loss from a positive $1.3 million a year earlier, after also adjusting for a write-off tied to an early-stage technology investment. The tariff refund that boosted this quarter's headline gross margin also means the underlying figures, 53% GAAP and 56% adjusted, are the more honest baseline going forward. Cash and marketable securities held roughly flat at $262.0 million as of June 30, 2026, down only slightly from $262.2 million three months earlier, so the balance sheet has not yet felt the strain.

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