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10x Genomics Reports Third Quarter 2025 Financial Results

PLEASANTON, Calif. November 6, 2025 – 10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, today reported financial results for the third quarter ended September 30, 2025.

•Revenue was $149.0 million for the third quarter, compared to $172.9 million in the second quarter, which included $27.3 million related to one-time license and royalty revenue. Third quarter revenue represents a 2% increase sequentially, excluding the second quarter one-time license and royalty revenue.

•Started shipping the next-generation of Chromium Flex, delivering cost-effective, highly-scalable, plate-based single cell analysis and empowering researchers to explore a broad range of studies.

•Launched Xenium Protein, the first fully-integrated spatial multiomic workflow enabling simultaneous RNA and protein detection on the same tissue section in a single automated run.

•Ended the third quarter with cash and cash equivalents and marketable securities of $482.1 million, representing a $35 million increase over the prior quarter.

“Our team delivered a solid third quarter, and we continue to see notable enthusiasm for our single cell and spatial products,” said Serge Saxonov, Co-founder and CEO of 10x Genomics. “Our strong balance sheet and disciplined execution give us confidence to navigate the current environment, while our technology leadership and innovation position us to win and drive long-term growth.”

Third Quarter 2025 Financial Results

Revenue was $149.0 million for the third quarter of 2025, a 2% decrease from the corresponding period of 2024, primarily driven by a decrease in instrument revenue.

Gross margin was 67% for the third quarter of 2025, as compared to 70% for the corresponding prior year period. The decrease in gross margin was primarily due to changes in product mix and higher inventory write-downs, partially offset by lower royalties and lower warranty costs.

Operating expenses were $132.5 million for the third quarter of 2025, a 10% decrease from $147.9 million for the corresponding prior year period. The decrease was primarily driven by lower personnel expenses and outside legal expenses.

Operating loss was $32.2 million for the third quarter of 2025, as compared to operating loss of $41.5 million for the corresponding prior year period.

Net loss was $27.5 million for the third quarter of 2025, as compared to a net loss of $35.8 million for the corresponding prior year period.

Cash and cash equivalents and marketable securities were $482.1 million as of September 30, 2025.

Fourth Quarter 2025 Revenue Guidance

10x Genomics expects fourth quarter 2025 revenue to be in the range of $154 million to $158 million, representing a 6% decline from the corresponding prior year period and 5% growth sequentially at the midpoint.

Webcast and Conference Call Information

10x Genomics will host a conference call to discuss the third quarter 2025 financial results, business developments and outlook after market close on Thursday, November 6, 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.

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 products and services, opportunities and 10x Genomics, Inc.’s financial performance and results of operations, including expectations regarding revenue and guidance. 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 September 30, 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 (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.

Investors: investors@10xgenomics.com

Media: media@10xgenomics.com

Condensed Consolidated Statements of Operations

(In thousands, except share and per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Products and services revenue (1)	$	148,019	$	151,559	$	430,999	$	445,554
License and royalty revenue (1)	983		95		45,794		210
Revenue	149,002		151,654		476,793		445,764
Cost of products and services revenue (2)	48,695		45,261		145,957		142,237
Gross profit	100,307		106,393		330,836		303,527
Operating expenses:
Research and development (2)	57,194		66,174		182,663		197,730

Selling, general and administrative (2)	75,355		81,704		239,517		250,517
Gain on settlement	—		—		(49,900)		—
Total operating expenses	132,549		147,878		372,280		448,247
Loss from operations	(32,242)		(41,485)		(41,444)		(144,720)
Other income (expense):
Interest income	5,199		4,971		13,156		14,422
Interest expense	3		(2)		—		(4)
Other income (expense), net	(1,165)		2,078		3,574		982

Total other income	4,037		7,047		16,730		15,400
Loss before provision for income taxes	(28,205)		(34,438)		(24,714)		(129,320)
(Benefit from) provision for income taxes	(733)		1,315		2,578		4,279
Net loss	$	(27,472)	$	(35,753)	$	(27,292)	$	(133,599)

Net loss per share, basic and diluted	$	(0.22)	$	(0.30)	$	(0.22)	$	(1.11)

Weighted-average shares used to compute net loss per share, basic and diluted	125,502,291		120,733,030		123,965,205		120,067,168

(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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Instruments
Chromium	$	4,927	$	7,641	$	16,567	$	24,283
Spatial	$	7,072	11,415		$	24,744	44,078
Total instruments revenue	11,999		19,056		41,311		68,361
Consumables
Chromium	92,519		96,536		262,416		274,571
Spatial	35,373		29,668		103,017		85,330
Total consumables revenue	127,892		126,204		365,433		359,901
Services	8,128		6,299		24,255		17,292
Products and services revenue	148,019		151,559		$	430,999	$	445,554
License and royalty revenue	983		95		$	45,794	$	210
Total revenue	$	149,002	$	151,654	$	476,793	$	445,764

The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Americas
United States*	$	77,246	$	84,723	$	267,555	$	250,032
Americas (excluding United States)	2,625		3,099		$	9,044	10,511
Total Americas	79,871		87,822		276,599		260,543
Europe, Middle East and Africa	41,624		37,851		108,253		109,934
Asia-Pacific
China	15,189		15,030		55,242		42,692
Asia-Pacific (excluding China)	12,318		10,951		36,699		32,595
Total Asia-Pacific	27,507		25,981		91,941		75,287
Total revenue	$	149,002	$	151,654	$	476,793	$	445,764

* Includes license and royalty revenue.

(2)Includes stock-based compensation expense as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Cost of revenue	$	2,011	$	2,169	$	6,481	$	6,127
Research and development	11,318		15,978		38,037		50,728
Selling, general and administrative	11,935		15,763		39,067		51,354
Total stock-based compensation expense	$	25,264	$	33,910	$	83,585	$	108,209

Condensed Consolidated Balance Sheets


	September 30, 2025		December 31, 2024
Assets
Current assets:
Cash and cash equivalents	$	432,508	$	344,067
Marketable securities	49,576		49,335

Accounts receivable, net	43,779		87,862
Other receivables	52,813		606
Inventory	61,956		83,107
Prepaid expenses and other current assets	19,195		19,410
Total current assets	659,827		584,387
Property and equipment, net	232,534		252,648
Restricted cash	201		—
Operating lease right-of-use assets	63,650		57,290
Goodwill	4,511		4,511
Intangible assets, net	64,759		15,671
Other noncurrent assets	1,879		4,129
Total assets	$	1,027,361	$	918,636
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	18,069	$	12,909
Accrued compensation and related benefits	37,084		33,615
Accrued expenses and other current liabilities	35,766		41,165

Deferred revenue	22,139		20,658
Operating lease liabilities	10,543		9,286
Contingent consideration, current	23,723		—
Total current liabilities	147,324		117,633

Contingent consideration, noncurrent	1,210		—


Operating lease liabilities, noncurrent	76,442		73,327
Deferred revenue, noncurrent	10,871		12,513
Other noncurrent liabilities	6,394		5,029
Total liabilities	242,241		208,502
Commitments and contingencies
Stockholders’ equity:
Preferred stock	—		—
Common stock	2		2
Additional paid-in capital	2,279,319		2,177,672
Accumulated deficit	(1,494,339)		(1,467,047)
Accumulated other comprehensive income (loss)	138		(493)
Total stockholders’ equity	785,120		710,134
Total liabilities and stockholders’ equity	$	1,027,361	$	918,636