Cytek Biosciences, Inc. — Call Transcript 2026

Thank you, operator. Earlier today, Cytek Biosciences released financial results for the fourth quarter and year ended December 31, 2025. If you haven't received this news release or you'd like to be added to the company's distribution list, please send an email to [email protected]. A copy of the news release is also available on the investor relations section of Cytek's website at investors.cytekbio.com. Joining me today from Cytek are Wenbin Jiang, CEO, and Bill McCombe, CFO. Please note that we will be referencing a slide presentation during the call today that has been posted to the investor section of our corporate website. As a reminder, on Slide two, we will make statements during this call that are forward-looking statements within the meaning of the federal securities laws, including statements regarding Cytek's business plans, strategies, opportunities, and financial projections. These statements are based on the company's current expectations and inherently involve significant risks and uncertainties that could cause actual results or events to materially differ from those anticipated in these statements. Additional information regarding these risks and uncertainties appears in our slide presentation in the section entitled "Forward-Looking Statements" in the press release Cytek issued today, and in Cytek's filings with the SEC. This call will also include a discussion of certain financial measures that are not calculated in accordance with generally accepted accounting principles. Additional information regarding our use of non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures, may be found on our slide presentation and in today's press release. While the company believes these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Except as required by law, Cytek disclaims any duty to update any forward-looking statements, whether because of new information, future events, or changes in its expectations. This conference call contains time-sensitive information and is accurate only as of the live broadcast, February 26, 2026. With that, I will turn the call over to Wenbin. Thanks, Paul. Welcome, everyone, and thank you for your interest in Cytek. On today's call, I would like to start with a discussion on our performance in the fourth quarter and the full year 2025 before turning the call over to Bill for a detailed look at our financials and our outlook. Turning to Slide three. We ended 2025 in line with our expectations and delivered accelerating revenue growth quarter-over-quarter throughout the year, despite challenging industry conditions. Fourth quarter revenue in 2025 reached $62.1 million, representing a year-over-year increase of 8% compared to the same period in 2024, and notably, the highest revenue historically achieved in a quarter at Cytek. This growth was driven by a continuation of the trend we saw in the third quarter, namely 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. Turning to Slide four. Geographically, in the fourth quarter, EMEA and APAC both posted a double-digit year-over-year percentage revenue growth increases, with solid gains across instruments, reagents, and service. Year-over-year fourth quarter revenue growth in EMEA was driven by strong instrument demand from academic and government customers, and continued momentum in service revenue, partially offset by a decline in instrument revenue from biotech, pharma, and CRO customers. For the fourth quarter of 2025 in the U.S., we saw mid-single digit year-over-year growth in total revenue, driven by sentiment shifting in the academic and government market. This increase was partially offset by a decline in instrument sales to the biotech, pharma, and CRO market, reflecting the typical fluctuations we see with this sector, particularly after a strong third quarter. Turning to Slide five. Full year revenue in 2025 reached $201.5 million, representing a year-over-year increase of 1% compared to 2024. I want to take a moment to highlight the improvement in our revenue growth during 2025. For the first half of the year, total revenue was down almost 5% year-over-year due to public policy issues affecting life sciences spending. Our momentum pivoted in the second half, with total revenue up 5% compared to the second half in 2024. This return to growth reflects improved trends and increased customer demand. Importantly, our overall performance in 2025 demonstrates the durability of our business, particularly when compared to the evidence of decline in cell analysis and life science instrument demand through the end of the third quarter. We believe our success at delivering revenue growth in 2025 was achieved through the strength of our brand and technology, the diversification of our revenue streams across multiple geographic regions, and a growing contribution from recurring revenue. We believe this return to growth will continue in 2026. I would now like to update you on the progress our team has made across our core strategic pillars, instrument, application, bioinformatics, and clinical, to further reinforce Cytek's position as a market leader in next-gen cell analysis solutions. Starting with our core instrument on Slide six. In the fourth quarter, we expanded our global footprint by 208 instruments, bringing Cytek's total installed base to 3,664 units. In 2025's challenging market environment, we believe the growth in our FFPE instrument revenue reflects the superior performance of Cytek's products, our brand recognition, and the underlying strength of our core business. We are particularly pleased with the growth in our sales order unit volume, which grew 22% in 2025 compared to the prior year, and accelerated to 26% growth in the fourth quarter over the prior year period. We have also been very pleased with the performance of our new Cytek Aurora Evo system. In the short time since its launch last May, it has been tremendously successful, driving 21% unit growth in the combined Aurora category in the fourth quarter versus Q4 of 2024. I'm also pleased to highlight that the Muse Micro system was recently awarded the 2025 BioTech Breakthrough Awards for the Drug Discovery Solution of the Year. As we previously noted, the Muse Micro analyzer is an ideal choice for researchers and labs seeking cost-effective flow cytometry solutions, and has had a very strong reception since its introduction last year. These new product offerings reflect our commitment to maintaining our position at the forefront of the technology innovation in cell analysis generally, and flow cytometry specifically. I would now like to turn to our next growth pillar, applications, which is comprised of our reagent business. We delivered more than 20% growth in reagents in the fourth quarter in all of our geographic regions except the U.S. Our reagent growth continues to be driven by the improvements we put in place in 2025, including best-in-class delivery times, a large catalog of reagents, and new initiatives and strategies on reagent sales. Turning to Slide seven. Our recurring revenue continues to strengthen as our installed instrument base expands. For all of 2025, recurring revenue represented 34% of total revenue, and notably grew 21% year-over-year. We expect the recurring revenue proportion of total revenue will continue to grow steadily with increased cumulative instrument placements, and to become an increasingly larger share of our business over time. In bioinformatics, our software ecosystem continues to be a powerful growth driver. The advanced software embedded directly in our instruments, combined with the capabilities of the Cytek Cloud, are highly valued by our customers and are accelerating adoption of our products. By year-end 2025, the number of users on the Cytek Cloud grew to over 24,000, representing growth of more than 50% in a single year, and reaching nearly eight users per installed FFPE instrument. Our expanding digital footprint enhances the attractiveness of our offerings overall and helps to drive reagent revenue growth. Before turning to our financial results, I want to highlight the meaningful operational progress we achieved in 2025. Early in the year, we established a new manufacturing facility in Singapore and optimized our broader global operational footprint. These actions strengthened our regional manufacturing strategy and further reinforced the resilience of our supply chain. I'm particularly proud that the Singapore site began generating revenue in less than 100 days from when we started the build-out. Importantly, these initiatives also positioned us to mitigate the impact of the still evolving tariff policies worldwide. I would like to ask Bill to review our financials. Thanks, Wenbin. Before I discuss the quarterly and full year numbers, I want to comment on the macro trends we saw play out across the quarters of 2025. Beginning in the first quarter, macro uncertainties and weak demand resulted in total revenue declining 8% year-on-year. In Q2 and Q3, revenue growth stabilized with -2% and +2% growth, with growth in our service and APAC businesses being offset by declines, particularly in EMEA. In Q4, as we had expected, we saw EMEA stabilize while other markets continued to grow and overall revenue growth increased to 8%. We believe this turnaround is reflective of more durable trends in our markets as we have seen these trends continue into 2026, which has informed the full year 2026 guidance I will share with you in a moment. Turning to Slide eight. Fourth quarter revenue was $62.1 million, up 8% year-over-year. Growth was driven by strong global performance in service and reagents, continued momentum in instrument demand across Asia Pacific, and a rebound in EMEA instrument demand among academic and government customers. Currency movements were also a factor, contributing 3% to growth in the quarter. In the U.S., instrument revenue was flat as strength in academic and government offset softer demand from biotech and pharma. Globally in the quarter, revenue from academic and government customers grew 33% off a weak prior year comparison, while biopharma revenue declined 6% against a strong Q4 last year. Product revenue, which is comprised of instruments and reagents, increased 3% versus Q4 of 2024, driven by double-digit gains in APAC and EMEA, as well as a low single-digit gain in the U.S. U.S. product revenue continued the stable trend from Q3, attributable to a strong double-digit increase in instrument revenue from academic and government customers compared to a weak fourth quarter in 2024. This was offset by weakness in pharma biotech instrument sales in Q4 after their strong purchases in the third quarter of 2025. Our instrument sales in the U.S. were supported by the launch of our new Aurora Evo instrument, as well as pent-up demand from, and stabilized funding of, academic and government customers. In EMEA, the situation was somewhat similar to the U.S. The double-digit percentage increase in EMEA product revenue was primarily driven by outsized gains in revenues from academic and government customers compared to a weak Q4 in 2024. Also similar to the U.S., EMEA revenue from pharma biotech was weak in Q4 compared to a strong year ago quarter. While our reagent revenue is still a mid-single digit percentage of our total revenue, it grew more than 20% in Q4 and more than 25% for all of 2025. As we've mentioned previously, this strong growth is due to a number of initiatives we implemented at the beginning of 2025, including attaining industry-leading delivery times, offering a large catalog of reagents, creating a new dedicated reagent sales team, and introducing new reagent products. Service continued to deliver strong recurring revenue growth, with 25% growth in Q4 versus the prior year quarter. This was driven by growth in the installed base and active usage of our systems. We expect service to continue to grow based on these factors, although its growth will slow gradually as the number of installed instruments grows, making the denominator larger in that calculation. Turning to geographic market performance, total U.S. revenue grew 5% in Q4 versus prior year, driven by double-digit service revenue growth. EMEA grew 21% due to strength in service and instrument revenue from academic and government customers. APAC, including China, grew 15% in Q4, driven by growth in instruments, service, and reagents. GAAP gross profit was $32.9 million, a 2% decline versus the $33.7 million in Q4 of 2024. GAAP gross profit margin was 53% versus 59% in the prior year quarter. This was due to both a lower service gross margin, resulting from an increase in headcount and travel costs, and a lower product gross margin as a result of higher materials and tariff costs, and higher manufacturing overhead due to the duplicate costs from transitioning a production facility overseas. Adjusted gross profit margin, which excludes stock-based compensation and amortization of acquisition-related intangibles, was 55% in Q4, down from 61% in the prior year quarter. Total operating expenses were $38.5 million in Q4, up $7.8 million or 25% versus Q4 of 2024, which included a non-recurring expense reduction of $2.6 million related to a change in estimate for a license and royalty settlement liability adjustment. Excluding this expense reduction, the increase was $5.2 million. This was driven by higher general and administrative and sales and marketing expenses, partially offset by lower R&D. Research and development expenses were $9 million, down 8% versus the year ago quarter, primarily due to lower headcount and compensation expenses and lower engineering expenses. Sales and marketing expenses were $13.1 million, up 11% versus the year ago quarter, due to higher headcount and compensation expenses and higher sales commissions. General and administrative expenses were $16.4 million, up $7.3 million from the year ago quarter, which included the $2.6 million reduction I mentioned before. Excluding this reduction, the increase would have been $4.7 million or 40%. The increase was primarily attributable to legal expenses related to a patent litigation case and higher compensation, software, and bad debt expenses. Loss from operations was $5.6 million for Q4 versus a $3 million income from operations in the year ago quarter, which included the $2.6 million non-recurring expense reduction that I mentioned before. Excluding this amount, income from operations in Q4 2024 would have been $0.3 million. The remaining decline in income from operations of $5.9 million was due to $0.8 million lower gross profit and $5.2 million higher operating expenses. Net loss in Q4 was $44.1 million versus net income of $9.6 million in the prior year quarter. The current quarter net loss of $44.1 million included the recording of a $38.1 million valuation allowance, or write-off, against deferred tax assets under ASC 740 due to the uncertainty of realizing the associated future tax benefits. This is solely an accounting determination that does not affect our ability to use these losses for tax purposes and is a non-cash item. Moreover, it is an unusually large amount, as these deferred tax assets had been accumulated over multiple years, and this was the first time such a valuation allowance had been taken. Excluding this valuation allowance, the net loss would have been $6.0 million. Net income in Q4 2024 included a non-recurring benefit of $6.7 million after tax associated with the settlement liability adjustment I mentioned before. Excluding this item, net income would have been $2.9 million. The remaining increase in net loss of $8.9 million was primarily due to $0.8 million lower gross profit, the $5.2 million increase in operating expenses, and a $2.5 million increase in other tax expense, principally on foreign earnings. Adjusted EBITDA, which excludes the stock-based compensation and foreign exchange impact, declined to $4.5 million from $12.5 million in the year ago quarter, which included the $2.6 million non-recurring benefit I described above. Excluding this amount, Adjusted EBITDA in Q4 2024 would have been $9.9 million. The decline of $5.4 million was primarily due to higher operating expenses of $5.2 million and lower gross profit of $0.8 million. Free cash flow during Q4 2025 was slightly negative, at -$0.2 million, modestly decreasing our total cash and marketable securities to $261.5 million at December 31, 2025, from $261.7 million at the end of the third quarter. Turning to Slide nine for the full year 2025. Total revenue for the year ended December 31, 2025, was $201.5 million, a 1% increase over the prior year. The increase in total revenue in 2025 was primarily driven by a 21% growth in worldwide service revenue and double-digit growth in APAC product revenue, offset by a slowdown in EMEA and U.S. product revenue. GAAP gross profit was $104.5 million for 2025, a decrease of 6% compared to a GAAP gross profit of $111.1 million in the prior year. GAAP gross margin was 52% for 2025, compared to 55% in the prior year. The decline was primarily due to higher service headcount and material costs, higher tariffs, and higher manufacturing overhead costs due to transitioning the production facility overseas as I mentioned before. Adjusted gross margin, which excludes stock-based compensation and acquisition-related intangibles for 2025, was 55%, down from 59% in the prior year. Operating expenses were $144.8 million for 2025, compared to operating expenses of $131.6 million in the prior year, which included the non-recurring reduction of $2.6 million I described before. Excluding this reduction and a non-recurring ATM offering cost write-off in Q3 2025, the increase would have been $9.9 million or 7%. This was primarily due to higher G&A costs, offset by lower R&D costs. Research and development expenses were $36.5 million, down from $39.4 million, or 7% versus the year-ago quarter, primarily due to lower headcount and engineering expense. Sales and marketing expenses were $49.4 million, up 1% versus the $49.1 million in the year-ago quarter. General and administrative expenses were $58.9 million versus the $43.1 million in the year-ago quarter, which included the $2.6 million reduction I mentioned before. Excluding this reduction and the non-recurring offering cost write-off, the increase would have been $12.5 million or 27%. The increase was primarily attributable to higher legal expenses related to the patent litigation case I mentioned before, higher compensation, sales and use tax, and software expenses. Loss from operations in 2025 was $40.4 million, which included a $0.7 million non-recurring deferred ATM facility offering costs write-off. This compares to a loss of $20.5 million in 2024 or $23.1 million, excluding the $2.6 million non-recurring expense reduction I described before. Excluding both these non-recurring items, the loss from operations increased by $16.6 million, which was due to $6.6 million lower gross profit and $9.9 million higher operating expenses. GAAP net loss for the year ended December 31, 2025, was $66.5 million. This included the recording of a $33.1 million valuation allowance or write-off against deferred tax assets, as I described before, in relation to Q4, due to the uncertainty of realizing the associated future tax benefits. As mentioned before, this was an unusually large amount due to the first-time nature of this allowance. The GAAP net loss also included the $0.7 million non-recurring offering cost write-off mentioned earlier. Excluding these items, GAAP net loss for 2025 would have been $32.7 million, compared to a net loss of $6 million or $12.7 million, excluding the $6.7 million non-recurring benefit from the settlement liability adjustment described before. Excluding these non-recurring items, GAAP net loss increased by $20 million in 2025. This was due to $6.6 million lower gross profit, $9.9 million higher operating expenses, and $3.3 million higher taxes, mainly on foreign earnings. Adjusted EBITDA was $5 million in 2025, which excludes the non-recurring items mentioned earlier, foreign exchange impacts, and stock-based compensation expense. This compared to $22.4 million in 2024. The decline of $17.4 million was primarily due to $6.6 million lower gross profit, $9.9 million higher operating expenses, and $2.3 million lower stock-based compensation. Adjusted EBITDA, excluding investment income, declined from $14.4 million in 2024 to a negative $3.1 million in 2025. Consistent with our historical focus on cost control and profitability, we are committed to improving these metrics going forward. Cash, cash equivalents, and marketable securities totaled $261.5 million as of December 31, 2025. This represents a decrease of $16.4 million from the $277.9 million at the end of December 2024, in part reflecting the repurchase of $15.1 million of Cytek stock in our stock repurchase program during 2025. This $15.1 million repurchased approximately 3.3 million shares at a weighted average cost of $4.58 per share, leaving us with 128.6 million shares outstanding as of December 31, 2025. Our strong balance sheet and positive cash generation underscore our ability to invest in our global growth initiatives. Turning to our full year guidance on Slide 10, we are initiating our 2026 revenue outlook at $205 million-$212 million, assuming constant currency exchange rates. We are also not assuming any significant benefit at this time from changes in the tariff environment going forward. This guidance range reflects the improved market environment in EMEA and the U.S., and continued strong growth in APAC instruments and in our service and reagent businesses globally. We expect these dynamics to continue. Importantly, we continue to believe our performance in Q4 and full year 2025 reflects a strong market leadership position in what has been a difficult environment. Our core business is now showing positive growth in all major regions, and our recurring revenue continues to grow. Notwithstanding some temporarily elevated operating expenses, we delivered positive Adjusted EBITDA for full year 2025, which we anticipate will continue in 2026. As we've done previously, we believe we will continue to perform well relative to the overall flow cytometry market, which is also beginning to show signs of stabilization. With that, I will turn it back over to Wenbin. Thanks, Bill. Turning to Slide 11. I want to close by thanking our Cytek team. This year, we were recognized as a public company growth leader in America by TIME Magazine. This validation is a testament to Cytek's outstanding record of growth and innovation over the last five years. Overall, I believe our fourth quarter and full year performance during a challenging 2025, reflects the resilience of our organization and the strength of our leadership in the flow cytometry market. Our broad-based execution positions as well for 2026, where our priorities remain focused on driving the market penetration of our instrument platforms, continuing to advance our technological leadership with innovative new products, driving the growth of our recurring revenue lines, and delivering profitable, sustainable growth. I want to thank everyone for joining today's call, and we will now open it up for questions. Operator? As a reminder, to ask a question, simply press star one on your telephone keypad. Again, that is star one to ask a question. From TD Cowen, our first question comes from the line of Brendan Smith. Please go ahead. Great. Thanks for taking the questions, guys, I appreciate all the color. I actually wanted to maybe ask a little bit higher level question, just about some of the underlying assumptions of the growth of the overall flow cytometry market. You guys gave a lot of good color on different end market breakdown. I think we've seen, you know, something like 8%-9% CAGR, maybe out to 2031 or 2032, if I'm not mistaken. I guess irrespective of that exact number, do you have a sense, kind of giving your global exposure there of relative end market breakdown of that growth? I guess maybe better put, you know, are there geographic considerations for expansion of the market that you think you'd be, could be better positioned to capitalize on, just especially given your strength in APAC? Just kind of wondering how you're thinking about that overall. Thanks, guys. Yeah, I think. Hi, Brendan, this is Bill. I think, you know, we've seen consistent double-digit growth in the market in APAC, or at least in our revenues in APAC. We may have done a little better than the market, particularly, you know, given our growth in sorters and the Aurora franchise. I, you know, our sense is that there's a decent mid-single digits, mid-upper single digits growth in that market, in that region. I, we think that Europe has probably been the slowest market, certainly has been for us, the U.S. falls somewhere in between. We recorded, we think we've done better than the market overall in the U.S. and in EMEA. Hard to really estimate what the market's doing in those regions. You know, we've seen some negative growth by some of our competitors, but it's hard to extrapolate. Wenbin, do you have any other comments? No, I think that summarizes well. look, I think, you know, we're in a, the market growth rates that we've seen in the last couple of years have certainly been below most of the estimates most of the market studies for five-year growth for flow cytometry, call for growth rates that are in the high single digits and on a global basis, and we obviously have been temporarily below that, for the last couple of years. You know, we expect it to rebound. Got it! Makes sense. Thanks, guys. From Piper Sandler. Our next question comes from the line of David Westenberg. Please go ahead. Hi, this is Skye on for David. Thanks for taking the question. just to start off, what was the end-of-year growth acceleration, what was that driven by? Was it primarily academic budget cycles, or are you seeing a recovery in pharma spending? How should we think about budgets for 2026? Thanks. We saw, as I mentioned in my remarks, an improving environment across each of the quarters of 2025. The first quarter was, you know, not so great with -8% revenue growth. We saw a stabilization going back to -2% in Q2, +2% in Q3, and then +8% in Q4. I think that was driven by a normalization, a combination of a normalization in the academic and government spending market. We saw some catch-up disbursements from the NIH and we think some catch-up spending that had been deferred from earlier in the year. All those factors were at play. We also had a currency benefit in EMEA. When we look, we put all that together, we think that the uncertainties that impacted the markets in the first part of 2025, particularly the first quarter, seem to have receded, and we're seeing improving. Particularly strong, academic and government, quarter in the fourth quarter. You know, we think, as I said, there's a combination there of just a fundamentally improved sentiment and some catch-up, and we're assuming a continuation of that more positive environment in our, in our guidance. Yeah. Thank you. Globally, academic and government sectors have done well in Q4. We saw 5% growth in academic and government for the full year, and 9% in the second half, and that's across both our product and service businesses. That second-half, you know, growth is, in academic and government is obviously pretty solid. Very helpful. Thank you. Just lastly, what was the mix in 2025 between new customer acquisitions versus existing customers maybe expanding their capacity? Do you have any idea where you might see this mix for 2026? Thanks. Yeah, we don't really break out those statistics. Just to say it's a combination of both. You know, we have a lot of customers who have purchased multiple systems and continue to prefer our technology. Pharma companies, as we've indicated in the past, once they make a technology choice, they tend to stick with it. We're also seeing conversions from competitive systems. From Stephens. Our next question comes from the line of Mason Carrico. Please go ahead. Hi, good afternoon. Thanks for taking the questions. This is Ben on for Mason. How are you thinking about, maybe your commercial investments in 2026? Are you comfortable with the size of the sales teams today? Is there anywhere you're looking to invest in the next year? Yeah. Overall, as you can see, we have been focused on high end of the market segment and represented by the products like Aurora Evo and Aurora Cell Sorter, which grew double digits last year and in Q4. Now, on the commercial side, clearly, we are reviewing the segment, we are clearly weak and we are going to continue to invest in those segments to drive the future revenue growth. Yeah, we have also made investments in our reagent sales force as well. The commercial side will be, continue to be an area of focus for investment. Got it. Thank you. What's your willingness to be flexible on pricing this year to help drive instrument placements? To Cytek, pricing is always market driven and we our cost structure is very competitive, and we can deal with any situations and as needed. Got it. Thanks for taking the questions. As a reminder, to ask a question, press star one on your telephone keypad. Our next question comes from the line of Andrew Cooper with Raymond James. Please go ahead. Hey, everybody, thanks for the time. maybe just one, you know, there was a comment or a couple of comments there, about some pent-up demand helping 4Q. Can you just give a sense for the magnitude of what you feel like was sort of make up volume from maybe earlier in the year or the last few years, versus what you view as sort of that steady state growth trajectory of the business as you think about where it sits today in the current end market? Yeah, that's a hard one to estimate. You know, I think if you look at our total academic and government revenues, which are publicly disclosed, starting with fourth quarter of last year, we were $21 million, then $17 million, $22 million, $18 million, and then $28 million in Q4. You know, we had a significant jump there. As I said, a lot of that is attributable to a better environment. You know, it's also possible that some of those weaker numbers in early 2025 were in fact, just deferments of money that got spent later in the year. It's really possible to sort of pause it out. You'd have to do a customer-by-customer survey and dive into what their intentions were, and obviously, we don't do that. Okay, maybe just thinking about. I think pharma segment is much more stable, and, you know, there we had pretty stable revenue between Q3 and Q4, was basically the same. Sure, helpful. Maybe just thinking about the guide a little bit and trying to put it in context of some of that commentary. You just did sort of 5%-ish organic. You talk about the market feeling like it's getting a little bit better, a little bit more stable, and you guided to 2%-5% growth for the year. What happens in the end market to make you feel like 2% is the right number as opposed to 5%? What happens to get you know, above that if we're already assuming that things are maybe a little bit better through most of 2026 than they were through most of 2025? Yeah. The way we thought about the guide was, we expect continuation of strong growth in service and reagents. In service, because our installed base is growing, and reagents, you know, we're starting from a small base and growing quickly. We expected modest, flat to modest growth in instruments. Then, you know, frankly, we put in a range of contingencies to account for uncertainties, because, you know, at this time last year, there were some black swans that emerged. We wanted to have a cushion to account for those sorts of things. That was the thinking that went into the range. You know, at the high end of the range, obviously, that would represent a smaller level of contingency, and, you know, better performance in the instrument business. Okay, I'll stop there. Thank you. With no further questions in queue, this does conclude our conference call for today. You may now disconnect.

Speaker 6: Thank you, operator. Earlier today, Cytek Biosciences released financial results for the fourth quarter and year ended December 31, 2025. If you haven't received this news release or you'd like to be added to the company's distribution list, please send an email to [email protected]. A copy of the news release is also available on the investor relations section of Cytek's website at investors.cytekbio.com. Joining me today from Cytek are Wenbin Jiang, CEO, and Bill McCombe, CFO. Please note that we will be referencing a slide presentation during the call today that has been posted to the investor section of our corporate website. As a reminder, on Slide two, we will make statements during this call that are forward-looking statements within the meaning of the federal securities laws, including statements regarding Cytek's business plans, strategies, opportunities, and financial projections. Thank you, operator. thank you operator Earlier today, Cytek Biosciences released financial results for the fourth quarter and year ended December 31, 2025. earlier today cytek biosciences released financial results for the fourth quarter and year ended december 31 2025 If you haven't received this news release or you'd like to be added to the company's distribution list, please send an email to [email protected]. if you haven't received this news release or you'd like to be added to the company's distribution list please send an email to [email protected] A copy of the news release is also available on the investor relations section of Cytek's website at investors.cytekbio.com. a copy of the news release is also available on the investor relations section of cytek's website at investors.cytekbio.com Joining me today from Cytek are Wenbin Jiang, CEO, and Bill McCombe, CFO. joining me today from cytek are wenbin jiang ceo and bill mccombe cfo Please note that we will be referencing a slide presentation during the call today that has been posted to the investor section of our corporate website. please note that we will be referencing a slide presentation during the call today that has been posted to the investor section of our corporate website As a reminder, on Slide two, we will make statements during this call that are forward-looking statements within the meaning of the federal securities laws, including statements regarding Cytek's business plans, strategies, opportunities, and financial projections. as a reminder on slide two we will make statements during this call that are forward-looking statements within the meaning of the federal securities laws including statements regarding cytek's business plans strategies opportunities and financial projections These statements are based on the company's current expectations and inherently involve significant risks and uncertainties that could cause actual results or events to materially differ from those anticipated in these statements. Additional information regarding these risks and uncertainties appears in our slide presentation in the section entitled "Forward-Looking Statements" in the press release Cytek issued today, and in Cytek's filings with the SEC. This call will also include a discussion of certain financial measures that are not calculated in accordance with generally accepted accounting principles. Additional information regarding our use of non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures, may be found on our slide presentation and in today's press release. These statements are based on the company's current expectations and inherently involve significant risks and uncertainties that could cause actual results or events to materially differ from those anticipated in these statements. these statements are based on the company's current expectations and inherently involve significant risks and uncertainties that could cause actual results or events to materially differ from those anticipated in these statements Additional information regarding these risks and uncertainties appears in our slide presentation in the section entitled "Forward-Looking Statements" in the press release Cytek issued today, and in Cytek's filings with the SEC. additional information regarding these risks and uncertainties appears in our slide presentation in the section entitled "forward-looking statements" in the press release cytek issued today and in cytek's filings with the sec This call will also include a discussion of certain financial measures that are not calculated in accordance with generally accepted accounting principles. this call will also include a discussion of certain financial measures that are not calculated in accordance with generally accepted accounting principles Additional information regarding our use of non-GAAP financial measures, including reconciliations to the most directly comparable GAAP financial measures, may be found on our slide presentation and in today's press release. additional information regarding our use of non-gaap financial measures including reconciliations to the most directly comparable gaap financial measures may be found on our slide presentation and in today's press release While the company believes these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Except as required by law, Cytek disclaims any duty to update any forward-looking statements, whether because of new information, future events, or changes in its expectations. This conference call contains time-sensitive information and is accurate only as of the live broadcast, February 26, 2026. With that, I will turn the call over to Wenbin. While the company believes these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. while the company believes these non-gaap financial measures provide useful information for investors the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with gaap Except as required by law, Cytek disclaims any duty to update any forward-looking statements, whether because of new information, future events, or changes in its expectations. except as required by law cytek disclaims any duty to update any forward-looking statements whether because of new information future events or changes in its expectations This conference call contains time-sensitive information and is accurate only as of the live broadcast, February 26, 2026. this conference call contains time-sensitive information and is accurate only as of the live broadcast february 26 2026 With that, I will turn the call over to Wenbin. with that i will turn the call over to wenbin

Speaker 8: Thanks, Paul. Welcome, everyone, and thank you for your interest in Cytek. On today's call, I would like to start with a discussion on our performance in the fourth quarter and the full year 2025 before turning the call over to Bill for a detailed look at our financials and our outlook. Turning to Slide three. We ended 2025 in line with our expectations and delivered accelerating revenue growth quarter-over-quarter throughout the year, despite challenging industry conditions. Fourth quarter revenue in 2025 reached $62.1 million, representing a year-over-year increase of 8% compared to the same period in 2024, and notably, the highest revenue historically achieved in a quarter at Cytek. Thanks, Paul. thanks paul Welcome, everyone, and thank you for your interest in Cytek. welcome everyone and thank you for your interest in cytek On today's call, I would like to start with a discussion on our performance in the fourth quarter and the full year 2025 before turning the call over to Bill for a detailed look at our financials and our outlook. on today's call i would like to start with a discussion on our performance in the fourth quarter and the full year 2025 before turning the call over to bill for a detailed look at our financials and our outlook Turning to Slide three. turning to slide three We ended 2025 in line with our expectations and delivered accelerating revenue growth quarter-over-quarter throughout the year, despite challenging industry conditions. we ended 2025 in line with our expectations and delivered accelerating revenue growth quarter-over-quarter throughout the year despite challenging industry conditions Fourth quarter revenue in 2025 reached $62.1 million, representing a year-over-year increase of 8% compared to the same period in 2024, and notably, the highest revenue historically achieved in a quarter at Cytek. fourth quarter revenue in 2025 reached $62.1 million representing a year-over-year increase of 8% compared to the same period in 2024 and notably the highest revenue historically achieved in a quarter at cytek This growth was driven by a continuation of the trend we saw in the third quarter, namely 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. Turning to Slide four. Geographically, in the fourth quarter, EMEA and APAC both posted a double-digit year-over-year percentage revenue growth increases, with solid gains across instruments, reagents, and service. Year-over-year fourth quarter revenue growth in EMEA was driven by strong instrument demand from academic and government customers, and continued momentum in service revenue, partially offset by a decline in instrument revenue from biotech, pharma, and CRO customers. For the fourth quarter of 2025 in the U.S., we saw mid-single digit year-over-year growth in total revenue, driven by sentiment shifting in the academic and government market. This growth was driven by a continuation of the trend we saw in the third quarter, namely 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. this growth was driven by a continuation of the trend we saw in the third quarter namely 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 Turning to Slide four. turning to slide four Geographically, in the fourth quarter, EMEA and APAC both posted a double-digit year-over-year percentage revenue growth increases, with solid gains across instruments, reagents, and service. geographically in the fourth quarter emea and apac both posted a double-digit year-over-year percentage revenue growth increases with solid gains across instruments reagents and service Year-over-year fourth quarter revenue growth in EMEA was driven by strong instrument demand from academic and government customers, and continued momentum in service revenue, partially offset by a decline in instrument revenue from biotech, pharma, and CRO customers. year-over-year fourth quarter revenue growth in emea was driven by strong instrument demand from academic and government customers and continued momentum in service revenue partially offset by a decline in instrument revenue from biotech pharma and cro customers For the fourth quarter of 2025 in the U.S., we saw mid-single digit year-over-year growth in total revenue, driven by sentiment shifting in the academic and government market. for the fourth quarter of 2025 in the u.s we saw mid-single digit year-over-year growth in total revenue driven by sentiment shifting in the academic and government market This increase was partially offset by a decline in instrument sales to the biotech, pharma, and CRO market, reflecting the typical fluctuations we see with this sector, particularly after a strong third quarter. Turning to Slide five. Full year revenue in 2025 reached $201.5 million, representing a year-over-year increase of 1% compared to 2024. I want to take a moment to highlight the improvement in our revenue growth during 2025. For the first half of the year, total revenue was down almost 5% year-over-year due to public policy issues affecting life sciences spending. Our momentum pivoted in the second half, with total revenue up 5% compared to the second half in 2024. This return to growth reflects improved trends and increased customer demand. This increase was partially offset by a decline in instrument sales to the biotech, pharma, and CRO market, reflecting the typical fluctuations we see with this sector, particularly after a strong third quarter. this increase was partially offset by a decline in instrument sales to the biotech pharma and cro market reflecting the typical fluctuations we see with this sector particularly after a strong third quarter Turning to Slide five. turning to slide five Full year revenue in 2025 reached $201.5 million, representing a year-over-year increase of 1% compared to 2024. full year revenue in 2025 reached $201.5 million representing a year-over-year increase of 1% compared to 2024 I want to take a moment to highlight the improvement in our revenue growth during 2025. i want to take a moment to highlight the improvement in our revenue growth during 2025 For the first half of the year, total revenue was down almost 5% year-over-year due to public policy issues affecting life sciences spending. for the first half of the year total revenue was down almost 5% year-over-year due to public policy issues affecting life sciences spending Our momentum pivoted in the second half, with total revenue up 5% compared to the second half in 2024. our momentum pivoted in the second half with total revenue up 5% compared to the second half in 2024 This return to growth reflects improved trends and increased customer demand. this return to growth reflects improved trends and increased customer demand Importantly, our overall performance in 2025 demonstrates the durability of our business, particularly when compared to the evidence of decline in cell analysis and life science instrument demand through the end of the third quarter. We believe our success at delivering revenue growth in 2025 was achieved through the strength of our brand and technology, the diversification of our revenue streams across multiple geographic regions, and a growing contribution from recurring revenue. We believe this return to growth will continue in 2026. I would now like to update you on the progress our team has made across our core strategic pillars, instrument, application, bioinformatics, and clinical, to further reinforce Cytek's position as a market leader in next-gen cell analysis solutions. Starting with our core instrument on Slide six. Importantly, our overall performance in 2025 demonstrates the durability of our business, particularly when compared to the evidence of decline in cell analysis and life science instrument demand through the end of the third quarter. importantly our overall performance in 2025 demonstrates the durability of our business particularly when compared to the evidence of decline in cell analysis and life science instrument demand through the end of the third quarter We believe our success at delivering revenue growth in 2025 was achieved through the strength of our brand and technology, the diversification of our revenue streams across multiple geographic regions, and a growing contribution from recurring revenue. we believe our success at delivering revenue growth in 2025 was achieved through the strength of our brand and technology the diversification of our revenue streams across multiple geographic regions and a growing contribution from recurring revenue We believe this return to growth will continue in 2026. we believe this return to growth will continue in 2026 I would now like to update you on the progress our team has made across our core strategic pillars, instrument, application, bioinformatics, and clinical, to further reinforce Cytek's position as a market leader in next-gen cell analysis solutions. i would now like to update you on the progress our team has made across our core strategic pillars instrument application bioinformatics and clinical to further reinforce cytek's position as a market leader in next-gen cell analysis solutions Starting with our core instrument on Slide six. starting with our core instrument on slide six In the fourth quarter, we expanded our global footprint by 208 instruments, bringing Cytek's total installed base to 3,664 units. In 2025's challenging market environment, we believe the growth in our FFPE instrument revenue reflects the superior performance of Cytek's products, our brand recognition, and the underlying strength of our core business. We are particularly pleased with the growth in our sales order unit volume, which grew 22% in 2025 compared to the prior year, and accelerated to 26% growth in the fourth quarter over the prior year period. We have also been very pleased with the performance of our new Cytek Aurora Evo system. In the short time since its launch last May, it has been tremendously successful, driving 21% unit growth in the combined Aurora category in the fourth quarter versus Q4 of 2024. In the fourth quarter, we expanded our global footprint by 208 instruments, bringing Cytek's total installed base to 3,664 units. in the fourth quarter we expanded our global footprint by 208 instruments bringing cytek's total installed base to 3,664 units In 2025's challenging market environment, we believe the growth in our FFPE instrument revenue reflects the superior performance of Cytek's products, our brand recognition, and the underlying strength of our core business. in 2025's challenging market environment we believe the growth in our ffpe instrument revenue reflects the superior performance of cytek's products our brand recognition and the underlying strength of our core business We are particularly pleased with the growth in our sales order unit volume, which grew 22% in 2025 compared to the prior year, and accelerated to 26% growth in the fourth quarter over the prior year period. we are particularly pleased with the growth in our sales order unit volume which grew 22% in 2025 compared to the prior year and accelerated to 26% growth in the fourth quarter over the prior year period We have also been very pleased with the performance of our new Cytek Aurora Evo system. we have also been very pleased with the performance of our new cytek aurora evo system In the short time since its launch last May, it has been tremendously successful, driving 21% unit growth in the combined Aurora category in the fourth quarter versus Q4 of 2024. in the short time since its launch last may it has been tremendously successful driving 21% unit growth in the combined aurora category in the fourth quarter versus q4 of 2024 I'm also pleased to highlight that the Muse Micro system was recently awarded the 2025 BioTech Breakthrough Awards for the Drug Discovery Solution of the Year. As we previously noted, the Muse Micro analyzer is an ideal choice for researchers and labs seeking cost-effective flow cytometry solutions, and has had a very strong reception since its introduction last year. These new product offerings reflect our commitment to maintaining our position at the forefront of the technology innovation in cell analysis generally, and flow cytometry specifically. I would now like to turn to our next growth pillar, applications, which is comprised of our reagent business. We delivered more than 20% growth in reagents in the fourth quarter in all of our geographic regions except the U.S. I'm also pleased to highlight that the Muse Micro system was recently awarded the 2025 BioTech Breakthrough Awards for the Drug Discovery Solution of the Year. i'm also pleased to highlight that the muse micro system was recently awarded the 2025 biotech breakthrough awards for the drug discovery solution of the year As we previously noted, the Muse Micro analyzer is an ideal choice for researchers and labs seeking cost-effective flow cytometry solutions, and has had a very strong reception since its introduction last year. as we previously noted the muse micro analyzer is an ideal choice for researchers and labs seeking cost-effective flow cytometry solutions and has had a very strong reception since its introduction last year These new product offerings reflect our commitment to maintaining our position at the forefront of the technology innovation in cell analysis generally, and flow cytometry specifically. these new product offerings reflect our commitment to maintaining our position at the forefront of the technology innovation in cell analysis generally and flow cytometry specifically I would now like to turn to our next growth pillar, applications, which is comprised of our reagent business. i would now like to turn to our next growth pillar applications which is comprised of our reagent business We delivered more than 20% growth in reagents in the fourth quarter in all of our geographic regions except the U.S. we delivered more than 20% growth in reagents in the fourth quarter in all of our geographic regions except the u.s Our reagent growth continues to be driven by the improvements we put in place in 2025, including best-in-class delivery times, a large catalog of reagents, and new initiatives and strategies on reagent sales. Turning to Slide seven. Our recurring revenue continues to strengthen as our installed instrument base expands. For all of 2025, recurring revenue represented 34% of total revenue, and notably grew 21% year-over-year. We expect the recurring revenue proportion of total revenue will continue to grow steadily with increased cumulative instrument placements, and to become an increasingly larger share of our business over time. In bioinformatics, our software ecosystem continues to be a powerful growth driver. The advanced software embedded directly in our instruments, combined with the capabilities of the Cytek Cloud, are highly valued by our customers and are accelerating adoption of our products. Our reagent growth continues to be driven by the improvements we put in place in 2025, including best-in-class delivery times, a large catalog of reagents, and new initiatives and strategies on reagent sales. our reagent growth continues to be driven by the improvements we put in place in 2025 including best-in-class delivery times a large catalog of reagents and new initiatives and strategies on reagent sales Turning to Slide seven. turning to slide seven Our recurring revenue continues to strengthen as our installed instrument base expands. our recurring revenue continues to strengthen as our installed instrument base expands For all of 2025, recurring revenue represented 34% of total revenue, and notably grew 21% year-over-year. for all of 2025 recurring revenue represented 34% of total revenue and notably grew 21% year-over-year We expect the recurring revenue proportion of total revenue will continue to grow steadily with increased cumulative instrument placements, and to become an increasingly larger share of our business over time. we expect the recurring revenue proportion of total revenue will continue to grow steadily with increased cumulative instrument placements and to become an increasingly larger share of our business over time In bioinformatics, our software ecosystem continues to be a powerful growth driver. in bioinformatics our software ecosystem continues to be a powerful growth driver The advanced software embedded directly in our instruments, combined with the capabilities of the Cytek Cloud, are highly valued by our customers and are accelerating adoption of our products. the advanced software embedded directly in our instruments combined with the capabilities of the cytek cloud are highly valued by our customers and are accelerating adoption of our products By year-end 2025, the number of users on the Cytek Cloud grew to over 24,000, representing growth of more than 50% in a single year, and reaching nearly eight users per installed FFPE instrument. Our expanding digital footprint enhances the attractiveness of our offerings overall and helps to drive reagent revenue growth. Before turning to our financial results, I want to highlight the meaningful operational progress we achieved in 2025. Early in the year, we established a new manufacturing facility in Singapore and optimized our broader global operational footprint. These actions strengthened our regional manufacturing strategy and further reinforced the resilience of our supply chain. I'm particularly proud that the Singapore site began generating revenue in less than 100 days from when we started the build-out. Importantly, these initiatives also positioned us to mitigate the impact of the still evolving tariff policies worldwide. By year-end 2025, the number of users on the Cytek Cloud grew to over 24,000, representing growth of more than 50% in a single year, and reaching nearly eight users per installed FFPE instrument. by year-end 2025 the number of users on the cytek cloud grew to over 24,000 representing growth of more than 50% in a single year and reaching nearly eight users per installed ffpe instrument Our expanding digital footprint enhances the attractiveness of our offerings overall and helps to drive reagent revenue growth. our expanding digital footprint enhances the attractiveness of our offerings overall and helps to drive reagent revenue growth Before turning to our financial results, I want to highlight the meaningful operational progress we achieved in 2025. before turning to our financial results i want to highlight the meaningful operational progress we achieved in 2025 Early in the year, we established a new manufacturing facility in Singapore and optimized our broader global operational footprint. early in the year we established a new manufacturing facility in singapore and optimized our broader global operational footprint These actions strengthened our regional manufacturing strategy and further reinforced the resilience of our supply chain. these actions strengthened our regional manufacturing strategy and further reinforced the resilience of our supply chain I'm particularly proud that the Singapore site began generating revenue in less than 100 days from when we started the build-out. i'm particularly proud that the singapore site began generating revenue in less than 100 days from when we started the build-out Importantly, these initiatives also positioned us to mitigate the impact of the still evolving tariff policies worldwide. importantly these initiatives also positioned us to mitigate the impact of the still evolving tariff policies worldwide I would like to ask Bill to review our financials. I would like to ask Bill to review our financials. i would like to ask bill to review our financials

Speaker 3: Thanks, Wenbin. Before I discuss the quarterly and full year numbers, I want to comment on the macro trends we saw play out across the quarters of 2025. Beginning in the first quarter, macro uncertainties and weak demand resulted in total revenue declining 8% year-on-year. In Q2 and Q3, revenue growth stabilized with -2% and +2% growth, with growth in our service and APAC businesses being offset by declines, particularly in EMEA. In Q4, as we had expected, we saw EMEA stabilize while other markets continued to grow and overall revenue growth increased to 8%. We believe this turnaround is reflective of more durable trends in our markets as we have seen these trends continue into 2026, which has informed the full year 2026 guidance I will share with you in a moment. Turning to Slide eight. Thanks, Wenbin. thanks wenbin Before I discuss the quarterly and full year numbers, I want to comment on the macro trends we saw play out across the quarters of 2025. before i discuss the quarterly and full year numbers i want to comment on the macro trends we saw play out across the quarters of 2025 Beginning in the first quarter, macro uncertainties and weak demand resulted in total revenue declining 8% year-on-year. beginning in the first quarter macro uncertainties and weak demand resulted in total revenue declining 8% year-on-year In Q2 and Q3, revenue growth stabilized with -2% and +2% growth, with growth in our service and APAC businesses being offset by declines, particularly in EMEA. in q2 and q3 revenue growth stabilized with -2% and +2% growth with growth in our service and apac businesses being offset by declines particularly in emea In Q4, as we had expected, we saw EMEA stabilize while other markets continued to grow and overall revenue growth increased to 8%. in q4 as we had expected we saw emea stabilize while other markets continued to grow and overall revenue growth increased to 8% We believe this turnaround is reflective of more durable trends in our markets as we have seen these trends continue into 2026, which has informed the full year 2026 guidance I will share with you in a moment. we believe this turnaround is reflective of more durable trends in our markets as we have seen these trends continue into 2026 which has informed the full year 2026 guidance i will share with you in a moment Turning to Slide eight. turning to slide eight Fourth quarter revenue was $62.1 million, up 8% year-over-year. Growth was driven by strong global performance in service and reagents, continued momentum in instrument demand across Asia Pacific, and a rebound in EMEA instrument demand among academic and government customers. Currency movements were also a factor, contributing 3% to growth in the quarter. In the U.S., instrument revenue was flat as strength in academic and government offset softer demand from biotech and pharma. Globally in the quarter, revenue from academic and government customers grew 33% off a weak prior year comparison, while biopharma revenue declined 6% against a strong Q4 last year. Product revenue, which is comprised of instruments and reagents, increased 3% versus Q4 of 2024, driven by double-digit gains in APAC and EMEA, as well as a low single-digit gain in the U.S. Fourth quarter revenue was $62.1 million, up 8% year-over-year. fourth quarter revenue was $62.1 million up 8% year-over-year Growth was driven by strong global performance in service and reagents, continued momentum in instrument demand across Asia Pacific, and a rebound in EMEA instrument demand among academic and government customers. growth was driven by strong global performance in service and reagents continued momentum in instrument demand across asia pacific and a rebound in emea instrument demand among academic and government customers Currency movements were also a factor, contributing 3% to growth in the quarter. currency movements were also a factor contributing 3% to growth in the quarter In the U.S., instrument revenue was flat as strength in academic and government offset softer demand from biotech and pharma. in the u.s instrument revenue was flat as strength in academic and government offset softer demand from biotech and pharma Globally in the quarter, revenue from academic and government customers grew 33% off a weak prior year comparison, while biopharma revenue declined 6% against a strong Q4 last year. globally in the quarter revenue from academic and government customers grew 33% off a weak prior year comparison while biopharma revenue declined 6% against a strong q4 last year Product revenue, which is comprised of instruments and reagents, increased 3% versus Q4 of 2024, driven by double-digit gains in APAC and EMEA, as well as a low single-digit gain in the U.S. product revenue which is comprised of instruments and reagents increased 3% versus q4 of 2024 driven by double-digit gains in apac and emea as well as a low single-digit gain in the u.s U.S. product revenue continued the stable trend from Q3, attributable to a strong double-digit increase in instrument revenue from academic and government customers compared to a weak fourth quarter in 2024. This was offset by weakness in pharma biotech instrument sales in Q4 after their strong purchases in the third quarter of 2025. Our instrument sales in the U.S. were supported by the launch of our new Aurora Evo instrument, as well as pent-up demand from, and stabilized funding of, academic and government customers. In EMEA, the situation was somewhat similar to the U.S. The double-digit percentage increase in EMEA product revenue was primarily driven by outsized gains in revenues from academic and government customers compared to a weak Q4 in 2024. Also similar to the U.S., EMEA revenue from pharma biotech was weak in Q4 compared to a strong year ago quarter. U.S. product revenue continued the stable trend from Q3, attributable to a strong double-digit increase in instrument revenue from academic and government customers compared to a weak fourth quarter in 2024. u.s product revenue continued the stable trend from q3 attributable to a strong double-digit increase in instrument revenue from academic and government customers compared to a weak fourth quarter in 2024 This was offset by weakness in pharma biotech instrument sales in Q4 after their strong purchases in the third quarter of 2025. this was offset by weakness in pharma biotech instrument sales in q4 after their strong purchases in the third quarter of 2025 Our instrument sales in the U.S. were supported by the launch of our new Aurora Evo instrument, as well as pent-up demand from, and stabilized funding of, academic and government customers. our instrument sales in the u.s were supported by the launch of our new aurora evo instrument as well as pent-up demand from and stabilized funding of academic and government customers In EMEA, the situation was somewhat similar to the U.S. in emea the situation was somewhat similar to the u.s The double-digit percentage increase in EMEA product revenue was primarily driven by outsized gains in revenues from academic and government customers compared to a weak Q4 in 2024. the double-digit percentage increase in emea product revenue was primarily driven by outsized gains in revenues from academic and government customers compared to a weak q4 in 2024 Also similar to the U.S., EMEA revenue from pharma biotech was weak in Q4 compared to a strong year ago quarter. also similar to the u.s emea revenue from pharma biotech was weak in q4 compared to a strong year ago quarter While our reagent revenue is still a mid-single digit percentage of our total revenue, it grew more than 20% in Q4 and more than 25% for all of 2025. As we've mentioned previously, this strong growth is due to a number of initiatives we implemented at the beginning of 2025, including attaining industry-leading delivery times, offering a large catalog of reagents, creating a new dedicated reagent sales team, and introducing new reagent products. Service continued to deliver strong recurring revenue growth, with 25% growth in Q4 versus the prior year quarter. This was driven by growth in the installed base and active usage of our systems. We expect service to continue to grow based on these factors, although its growth will slow gradually as the number of installed instruments grows, making the denominator larger in that calculation. While our reagent revenue is still a mid-single digit percentage of our total revenue, it grew more than 20% in Q4 and more than 25% for all of 2025. while our reagent revenue is still a mid-single digit percentage of our total revenue it grew more than 20% in q4 and more than 25% for all of 2025 As we've mentioned previously, this strong growth is due to a number of initiatives we implemented at the beginning of 2025, including attaining industry-leading delivery times, offering a large catalog of reagents, creating a new dedicated reagent sales team, and introducing new reagent products. as we've mentioned previously this strong growth is due to a number of initiatives we implemented at the beginning of 2025 including attaining industry-leading delivery times offering a large catalog of reagents creating a new dedicated reagent sales team and introducing new reagent products Service continued to deliver strong recurring revenue growth, with 25% growth in Q4 versus the prior year quarter. service continued to deliver strong recurring revenue growth with 25% growth in q4 versus the prior year quarter This was driven by growth in the installed base and active usage of our systems. this was driven by growth in the installed base and active usage of our systems We expect service to continue to grow based on these factors, although its growth will slow gradually as the number of installed instruments grows, making the denominator larger in that calculation. we expect service to continue to grow based on these factors although its growth will slow gradually as the number of installed instruments grows making the denominator larger in that calculation Turning to geographic market performance, total U.S. revenue grew 5% in Q4 versus prior year, driven by double-digit service revenue growth. EMEA grew 21% due to strength in service and instrument revenue from academic and government customers. APAC, including China, grew 15% in Q4, driven by growth in instruments, service, and reagents. GAAP gross profit was $32.9 million, a 2% decline versus the $33.7 million in Q4 of 2024. GAAP gross profit margin was 53% versus 59% in the prior year quarter. Turning to geographic market performance, total U.S. revenue grew 5% in Q4 versus prior year, driven by double-digit service revenue growth. turning to geographic market performance total u.s revenue grew 5% in q4 versus prior year driven by double-digit service revenue growth EMEA grew 21% due to strength in service and instrument revenue from academic and government customers. emea grew 21% due to strength in service and instrument revenue from academic and government customers APAC, including China, grew 15% in Q4, driven by growth in instruments, service, and reagents. apac including china grew 15% in q4 driven by growth in instruments service and reagents GAAP gross profit was $32.9 million, a 2% decline versus the $33.7 million in Q4 of 2024. gaap gross profit was $32.9 million a 2% decline versus the $33.7 million in q4 of 2024 GAAP gross profit margin was 53% versus 59% in the prior year quarter. gaap gross profit margin was 53% versus 59% in the prior year quarter This was due to both a lower service gross margin, resulting from an increase in headcount and travel costs, and a lower product gross margin as a result of higher materials and tariff costs, and higher manufacturing overhead due to the duplicate costs from transitioning a production facility overseas. Adjusted gross profit margin, which excludes stock-based compensation and amortization of acquisition-related intangibles, was 55% in Q4, down from 61% in the prior year quarter. Total operating expenses were $38.5 million in Q4, up $7.8 million or 25% versus Q4 of 2024, which included a non-recurring expense reduction of $2.6 million related to a change in estimate for a license and royalty settlement liability adjustment. Excluding this expense reduction, the increase was $5.2 million. This was due to both a lower service gross margin, resulting from an increase in headcount and travel costs, and a lower product gross margin as a result of higher materials and tariff costs, and higher manufacturing overhead due to the duplicate costs from transitioning a production facility overseas. Adjusted gross profit margin, which excludes stock-based compensation and amortization of acquisition-related intangibles, was 55% in Q4, down from 61% in the prior year quarter. this was due to both a lower service gross margin resulting from an increase in headcount and travel costs and a lower product gross margin as a result of higher materials and tariff costs and higher manufacturing overhead due to the duplicate costs from transitioning a production facility overseas. adjusted gross profit margin which excludes stock-based compensation and amortization of acquisition-related intangibles was 55% in q4 down from 61% in the prior year quarter Total operating expenses were $38.5 million in Q4, up $7.8 million or 25% versus Q4 of 2024, which included a non-recurring expense reduction of $2.6 million related to a change in estimate for a license and royalty settlement liability adjustment. total operating expenses were $38.5 million in q4 up $7.8 million or 25% versus q4 of 2024 which included a non-recurring expense reduction of $2.6 million related to a change in estimate for a license and royalty settlement liability adjustment Excluding this expense reduction, the increase was $5.2 million. excluding this expense reduction the increase was $5.2 million This was driven by higher general and administrative and sales and marketing expenses, partially offset by lower R&D. Research and development expenses were $9 million, down 8% versus the year ago quarter, primarily due to lower headcount and compensation expenses and lower engineering expenses. Sales and marketing expenses were $13.1 million, up 11% versus the year ago quarter, due to higher headcount and compensation expenses and higher sales commissions. General and administrative expenses were $16.4 million, up $7.3 million from the year ago quarter, which included the $2.6 million reduction I mentioned before. Excluding this reduction, the increase would have been $4.7 million or 40%. The increase was primarily attributable to legal expenses related to a patent litigation case and higher compensation, software, and bad debt expenses. This was driven by higher general and administrative and sales and marketing expenses, partially offset by lower R&D. this was driven by higher general and administrative and sales and marketing expenses partially offset by lower r&d Research and development expenses were $9 million, down 8% versus the year ago quarter, primarily due to lower headcount and compensation expenses and lower engineering expenses. research and development expenses were $9 million down 8% versus the year ago quarter primarily due to lower headcount and compensation expenses and lower engineering expenses Sales and marketing expenses were $13.1 million, up 11% versus the year ago quarter, due to higher headcount and compensation expenses and higher sales commissions. sales and marketing expenses were $13.1 million up 11% versus the year ago quarter due to higher headcount and compensation expenses and higher sales commissions General and administrative expenses were $16.4 million, up $7.3 million from the year ago quarter, which included the $2.6 million reduction I mentioned before. general and administrative expenses were $16.4 million up $7.3 million from the year ago quarter which included the $2.6 million reduction i mentioned before Excluding this reduction, the increase would have been $4.7 million or 40%. excluding this reduction the increase would have been $4.7 million or 40% The increase was primarily attributable to legal expenses related to a patent litigation case and higher compensation, software, and bad debt expenses. the increase was primarily attributable to legal expenses related to a patent litigation case and higher compensation software and bad debt expenses Loss from operations was $5.6 million for Q4 versus a $3 million income from operations in the year ago quarter, which included the $2.6 million non-recurring expense reduction that I mentioned before. Excluding this amount, income from operations in Q4 2024 would have been $0.3 million. The remaining decline in income from operations of $5.9 million was due to $0.8 million lower gross profit and $5.2 million higher operating expenses. Net loss in Q4 was $44.1 million versus net income of $9.6 million in the prior year quarter. The current quarter net loss of $44.1 million included the recording of a $38.1 million valuation allowance, or write-off, against deferred tax assets under ASC 740 due to the uncertainty of realizing the associated future tax benefits. Loss from operations was $5.6 million for Q4 versus a $3 million income from operations in the year ago quarter, which included the $2.6 million non-recurring expense reduction that I mentioned before. loss from operations was $5.6 million for q4 versus a $3 million income from operations in the year ago quarter which included the $2.6 million non-recurring expense reduction that i mentioned before Excluding this amount, income from operations in Q4 2024 would have been $0.3 million. excluding this amount income from operations in q4 2024 would have been $0.3 million The remaining decline in income from operations of $5.9 million was due to $0.8 million lower gross profit and $5.2 million higher operating expenses. the remaining decline in income from operations of $5.9 million was due to $0.8 million lower gross profit and $5.2 million higher operating expenses Net loss in Q4 was $44.1 million versus net income of $9.6 million in the prior year quarter. net loss in q4 was $44.1 million versus net income of $9.6 million in the prior year quarter The current quarter net loss of $44.1 million included the recording of a $38.1 million valuation allowance, or write-off, against deferred tax assets under ASC 740 due to the uncertainty of realizing the associated future tax benefits. the current quarter net loss of $44.1 million included the recording of a $38.1 million valuation allowance or write-off against deferred tax assets under asc 740 due to the uncertainty of realizing the associated future tax benefits This is solely an accounting determination that does not affect our ability to use these losses for tax purposes and is a non-cash item. Moreover, it is an unusually large amount, as these deferred tax assets had been accumulated over multiple years, and this was the first time such a valuation allowance had been taken. Excluding this valuation allowance, the net loss would have been $6.0 million. Net income in Q4 2024 included a non-recurring benefit of $6.7 million after tax associated with the settlement liability adjustment I mentioned before. Excluding this item, net income would have been $2.9 million. This is solely an accounting determination that does not affect our ability to use these losses for tax purposes and is a non-cash item. this is solely an accounting determination that does not affect our ability to use these losses for tax purposes and is a non-cash item Moreover, it is an unusually large amount, as these deferred tax assets had been accumulated over multiple years, and this was the first time such a valuation allowance had been taken. moreover it is an unusually large amount as these deferred tax assets had been accumulated over multiple years and this was the first time such a valuation allowance had been taken Excluding this valuation allowance, the net loss would have been $6.0 million. excluding this valuation allowance the net loss would have been $6.0 million Net income in Q4 2024 included a non-recurring benefit of $6.7 million after tax associated with the settlement liability adjustment I mentioned before. net income in q4 2024 included a non-recurring benefit of $6.7 million after tax associated with the settlement liability adjustment i mentioned before Excluding this item, net income would have been $2.9 million. excluding this item net income would have been $2.9 million The remaining increase in net loss of $8.9 million was primarily due to $0.8 million lower gross profit, the $5.2 million increase in operating expenses, and a $2.5 million increase in other tax expense, principally on foreign earnings. Adjusted EBITDA, which excludes the stock-based compensation and foreign exchange impact, declined to $4.5 million from $12.5 million in the year ago quarter, which included the $2.6 million non-recurring benefit I described above. Excluding this amount, Adjusted EBITDA in Q4 2024 would have been $9.9 million. The decline of $5.4 million was primarily due to higher operating expenses of $5.2 million and lower gross profit of $0.8 million. The remaining increase in net loss of $8.9 million was primarily due to $0.8 million lower gross profit, the $5.2 million increase in operating expenses, and a $2.5 million increase in other tax expense, principally on foreign earnings. the remaining increase in net loss of $8.9 million was primarily due to $0.8 million lower gross profit the $5.2 million increase in operating expenses and a $2.5 million increase in other tax expense principally on foreign earnings Adjusted EBITDA, which excludes the stock-based compensation and foreign exchange impact, declined to $4.5 million from $12.5 million in the year ago quarter, which included the $2.6 million non-recurring benefit I described above. adjusted ebitda which excludes the stock-based compensation and foreign exchange impact declined to $4.5 million from $12.5 million in the year ago quarter which included the $2.6 million non-recurring benefit i described above Excluding this amount, Adjusted EBITDA in Q4 2024 would have been $9.9 million. excluding this amount adjusted ebitda in q4 2024 would have been $9.9 million The decline of $5.4 million was primarily due to higher operating expenses of $5.2 million and lower gross profit of $0.8 million. the decline of $5.4 million was primarily due to higher operating expenses of $5.2 million and lower gross profit of $0.8 million Free cash flow during Q4 2025 was slightly negative, at -$0.2 million, modestly decreasing our total cash and marketable securities to $261.5 million at December 31, 2025, from $261.7 million at the end of the third quarter. Turning to Slide nine for the full year 2025. Total revenue for the year ended December 31, 2025, was $201.5 million, a 1% increase over the prior year. The increase in total revenue in 2025 was primarily driven by a 21% growth in worldwide service revenue and double-digit growth in APAC product revenue, offset by a slowdown in EMEA and U.S. product revenue. Free cash flow during Q4 2025 was slightly negative, at -$0.2 million, modestly decreasing our total cash and marketable securities to $261.5 million at December 31, 2025, from $261.7 million at the end of the third quarter. free cash flow during q4 2025 was slightly negative at -$0.2 million modestly decreasing our total cash and marketable securities to $261.5 million at december 31 2025 from $261.7 million at the end of the third quarter Turning to Slide nine for the full year 2025. turning to slide nine for the full year 2025 Total revenue for the year ended December 31, 2025, was $201.5 million, a 1% increase over the prior year. total revenue for the year ended december 31 2025 was $201.5 million a 1% increase over the prior year The increase in total revenue in 2025 was primarily driven by a 21% growth in worldwide service revenue and double-digit growth in APAC product revenue, offset by a slowdown in EMEA and U.S. product revenue. the increase in total revenue in 2025 was primarily driven by a 21% growth in worldwide service revenue and double-digit growth in apac product revenue offset by a slowdown in emea and u.s product revenue GAAP gross profit was $104.5 million for 2025, a decrease of 6% compared to a GAAP gross profit of $111.1 million in the prior year. GAAP gross margin was 52% for 2025, compared to 55% in the prior year. The decline was primarily due to higher service headcount and material costs, higher tariffs, and higher manufacturing overhead costs due to transitioning the production facility overseas as I mentioned before. Adjusted gross margin, which excludes stock-based compensation and acquisition-related intangibles for 2025, was 55%, down from 59% in the prior year. Operating expenses were $144.8 million for 2025, compared to operating expenses of $131.6 million in the prior year, which included the non-recurring reduction of $2.6 million I described before. GAAP gross profit was $104.5 million for 2025, a decrease of 6% compared to a GAAP gross profit of $111.1 million in the prior year. gaap gross profit was $104.5 million for 2025 a decrease of 6% compared to a gaap gross profit of $111.1 million in the prior year GAAP gross margin was 52% for 2025, compared to 55% in the prior year. gaap gross margin was 52% for 2025 compared to 55% in the prior year The decline was primarily due to higher service headcount and material costs, higher tariffs, and higher manufacturing overhead costs due to transitioning the production facility overseas as I mentioned before. the decline was primarily due to higher service headcount and material costs higher tariffs and higher manufacturing overhead costs due to transitioning the production facility overseas as i mentioned before Adjusted gross margin, which excludes stock-based compensation and acquisition-related intangibles for 2025, was 55%, down from 59% in the prior year. adjusted gross margin which excludes stock-based compensation and acquisition-related intangibles for 2025 was 55% down from 59% in the prior year Operating expenses were $144.8 million for 2025, compared to operating expenses of $131.6 million in the prior year, which included the non-recurring reduction of $2.6 million I described before. operating expenses were $144.8 million for 2025 compared to operating expenses of $131.6 million in the prior year which included the non-recurring reduction of $2.6 million i described before Excluding this reduction and a non-recurring ATM offering cost write-off in Q3 2025, the increase would have been $9.9 million or 7%. This was primarily due to higher G&A costs, offset by lower R&D costs. Research and development expenses were $36.5 million, down from $39.4 million, or 7% versus the year-ago quarter, primarily due to lower headcount and engineering expense. Sales and marketing expenses were $49.4 million, up 1% versus the $49.1 million in the year-ago quarter. General and administrative expenses were $58.9 million versus the $43.1 million in the year-ago quarter, which included the $2.6 million reduction I mentioned before. Excluding this reduction and the non-recurring offering cost write-off, the increase would have been $12.5 million or 27%. Excluding this reduction and a non-recurring ATM offering cost write-off in Q3 2025, the increase would have been $9.9 million or 7%. excluding this reduction and a non-recurring atm offering cost write-off in q3 2025 the increase would have been $9.9 million or 7% This was primarily due to higher G&A costs, offset by lower R&D costs. this was primarily due to higher g&a costs offset by lower r&d costs Research and development expenses were $36.5 million, down from $39.4 million, or 7% versus the year-ago quarter, primarily due to lower headcount and engineering expense. research and development expenses were $36.5 million down from $39.4 million or 7% versus the year-ago quarter primarily due to lower headcount and engineering expense Sales and marketing expenses were $49.4 million, up 1% versus the $49.1 million in the year-ago quarter. sales and marketing expenses were $49.4 million up 1% versus the $49.1 million in the year-ago quarter General and administrative expenses were $58.9 million versus the $43.1 million in the year-ago quarter, which included the $2.6 million reduction I mentioned before. general and administrative expenses were $58.9 million versus the $43.1 million in the year-ago quarter which included the $2.6 million reduction i mentioned before Excluding this reduction and the non-recurring offering cost write-off, the increase would have been $12.5 million or 27%. excluding this reduction and the non-recurring offering cost write-off the increase would have been $12.5 million or 27% The increase was primarily attributable to higher legal expenses related to the patent litigation case I mentioned before, higher compensation, sales and use tax, and software expenses. Loss from operations in 2025 was $40.4 million, which included a $0.7 million non-recurring deferred ATM facility offering costs write-off. This compares to a loss of $20.5 million in 2024 or $23.1 million, excluding the $2.6 million non-recurring expense reduction I described before. Excluding both these non-recurring items, the loss from operations increased by $16.6 million, which was due to $6.6 million lower gross profit and $9.9 million higher operating expenses. GAAP net loss for the year ended December 31, 2025, was $66.5 million. The increase was primarily attributable to higher legal expenses related to the patent litigation case I mentioned before, higher compensation, sales and use tax, and software expenses. the increase was primarily attributable to higher legal expenses related to the patent litigation case i mentioned before higher compensation sales and use tax and software expenses Loss from operations in 2025 was $40.4 million, which included a $0.7 million non-recurring deferred ATM facility offering costs write-off. loss from operations in 2025 was $40.4 million which included a $0.7 million non-recurring deferred atm facility offering costs write-off This compares to a loss of $20.5 million in 2024 or $23.1 million, excluding the $2.6 million non-recurring expense reduction I described before. this compares to a loss of $20.5 million in 2024 or $23.1 million excluding the $2.6 million non-recurring expense reduction i described before Excluding both these non-recurring items, the loss from operations increased by $16.6 million, which was due to $6.6 million lower gross profit and $9.9 million higher operating expenses. excluding both these non-recurring items the loss from operations increased by $16.6 million which was due to $6.6 million lower gross profit and $9.9 million higher operating expenses GAAP net loss for the year ended December 31, 2025, was $66.5 million. gaap net loss for the year ended december 31 2025 was $66.5 million This included the recording of a $33.1 million valuation allowance or write-off against deferred tax assets, as I described before, in relation to Q4, due to the uncertainty of realizing the associated future tax benefits. As mentioned before, this was an unusually large amount due to the first-time nature of this allowance. The GAAP net loss also included the $0.7 million non-recurring offering cost write-off mentioned earlier. Excluding these items, GAAP net loss for 2025 would have been $32.7 million, compared to a net loss of $6 million or $12.7 million, excluding the $6.7 million non-recurring benefit from the settlement liability adjustment described before. Excluding these non-recurring items, GAAP net loss increased by $20 million in 2025. This included the recording of a $33.1 million valuation allowance or write-off against deferred tax assets, as I described before, in relation to Q4, due to the uncertainty of realizing the associated future tax benefits. this included the recording of a $33.1 million valuation allowance or write-off against deferred tax assets as i described before in relation to q4 due to the uncertainty of realizing the associated future tax benefits As mentioned before, this was an unusually large amount due to the first-time nature of this allowance. as mentioned before this was an unusually large amount due to the first-time nature of this allowance The GAAP net loss also included the $0.7 million non-recurring offering cost write-off mentioned earlier. the gaap net loss also included the $0.7 million non-recurring offering cost write-off mentioned earlier Excluding these items, GAAP net loss for 2025 would have been $32.7 million, compared to a net loss of $6 million or $12.7 million, excluding the $6.7 million non-recurring benefit from the settlement liability adjustment described before. excluding these items gaap net loss for 2025 would have been $32.7 million compared to a net loss of $6 million or $12.7 million excluding the $6.7 million non-recurring benefit from the settlement liability adjustment described before Excluding these non-recurring items, GAAP net loss increased by $20 million in 2025. excluding these non-recurring items gaap net loss increased by $20 million in 2025 This was due to $6.6 million lower gross profit, $9.9 million higher operating expenses, and $3.3 million higher taxes, mainly on foreign earnings. Adjusted EBITDA was $5 million in 2025, which excludes the non-recurring items mentioned earlier, foreign exchange impacts, and stock-based compensation expense. This compared to $22.4 million in 2024. The decline of $17.4 million was primarily due to $6.6 million lower gross profit, $9.9 million higher operating expenses, and $2.3 million lower stock-based compensation. Adjusted EBITDA, excluding investment income, declined from $14.4 million in 2024 to a negative $3.1 million in 2025. Consistent with our historical focus on cost control and profitability, we are committed to improving these metrics going forward. This was due to $6.6 million lower gross profit, $9.9 million higher operating expenses, and $3.3 million higher taxes, mainly on foreign earnings. this was due to $6.6 million lower gross profit $9.9 million higher operating expenses and $3.3 million higher taxes mainly on foreign earnings Adjusted EBITDA was $5 million in 2025, which excludes the non-recurring items mentioned earlier, foreign exchange impacts, and stock-based compensation expense. adjusted ebitda was $5 million in 2025 which excludes the non-recurring items mentioned earlier foreign exchange impacts and stock-based compensation expense This compared to $22.4 million in 2024. this compared to $22.4 million in 2024 The decline of $17.4 million was primarily due to $6.6 million lower gross profit, $9.9 million higher operating expenses, and $2.3 million lower stock-based compensation. the decline of $17.4 million was primarily due to $6.6 million lower gross profit $9.9 million higher operating expenses and $2.3 million lower stock-based compensation Adjusted EBITDA, excluding investment income, declined from $14.4 million in 2024 to a negative $3.1 million in 2025. adjusted ebitda excluding investment income declined from $14.4 million in 2024 to a negative $3.1 million in 2025 Consistent with our historical focus on cost control and profitability, we are committed to improving these metrics going forward. consistent with our historical focus on cost control and profitability we are committed to improving these metrics going forward Cash, cash equivalents, and marketable securities totaled $261.5 million as of December 31, 2025. This represents a decrease of $16.4 million from the $277.9 million at the end of December 2024, in part reflecting the repurchase of $15.1 million of Cytek stock in our stock repurchase program during 2025. This $15.1 million repurchased approximately 3.3 million shares at a weighted average cost of $4.58 per share, leaving us with 128.6 million shares outstanding as of December 31, 2025. Our strong balance sheet and positive cash generation underscore our ability to invest in our global growth initiatives. Cash, cash equivalents, and marketable securities totaled $261.5 million as of December 31, 2025. cash cash equivalents and marketable securities totaled $261.5 million as of december 31 2025 This represents a decrease of $16.4 million from the $277.9 million at the end of December 2024, in part reflecting the repurchase of $15.1 million of Cytek stock in our stock repurchase program during 2025. this represents a decrease of $16.4 million from the $277.9 million at the end of december 2024 in part reflecting the repurchase of $15.1 million of cytek stock in our stock repurchase program during 2025 This $15.1 million repurchased approximately 3.3 million shares at a weighted average cost of $4.58 per share, leaving us with 128.6 million shares outstanding as of December 31, 2025. this $15.1 million repurchased approximately 3.3 million shares at a weighted average cost of $4.58 per share leaving us with 128.6 million shares outstanding as of december 31 2025 Our strong balance sheet and positive cash generation underscore our ability to invest in our global growth initiatives. our strong balance sheet and positive cash generation underscore our ability to invest in our global growth initiatives Turning to our full year guidance on Slide 10, we are initiating our 2026 revenue outlook at $205 million-$212 million, assuming constant currency exchange rates. We are also not assuming any significant benefit at this time from changes in the tariff environment going forward. This guidance range reflects the improved market environment in EMEA and the U.S., and continued strong growth in APAC instruments and in our service and reagent businesses globally. We expect these dynamics to continue. Importantly, we continue to believe our performance in Q4 and full year 2025 reflects a strong market leadership position in what has been a difficult environment. Our core business is now showing positive growth in all major regions, and our recurring revenue continues to grow. Turning to our full year guidance on Slide 10, we are initiating our 2026 revenue outlook at $205 million-$212 million, assuming constant currency exchange rates. turning to our full year guidance on slide 10 we are initiating our 2026 revenue outlook at $205 million-$212 million assuming constant currency exchange rates We are also not assuming any significant benefit at this time from changes in the tariff environment going forward. we are also not assuming any significant benefit at this time from changes in the tariff environment going forward This guidance range reflects the improved market environment in EMEA and the U.S., and continued strong growth in APAC instruments and in our service and reagent businesses globally. this guidance range reflects the improved market environment in emea and the u.s and continued strong growth in apac instruments and in our service and reagent businesses globally We expect these dynamics to continue. we expect these dynamics to continue Importantly, we continue to believe our performance in Q4 and full year 2025 reflects a strong market leadership position in what has been a difficult environment. importantly we continue to believe our performance in q4 and full year 2025 reflects a strong market leadership position in what has been a difficult environment Our core business is now showing positive growth in all major regions, and our recurring revenue continues to grow. our core business is now showing positive growth in all major regions and our recurring revenue continues to grow Notwithstanding some temporarily elevated operating expenses, we delivered positive Adjusted EBITDA for full year 2025, which we anticipate will continue in 2026. As we've done previously, we believe we will continue to perform well relative to the overall flow cytometry market, which is also beginning to show signs of stabilization. With that, I will turn it back over to Wenbin. Notwithstanding some temporarily elevated operating expenses, we delivered positive Adjusted EBITDA for full year 2025, which we anticipate will continue in 2026. notwithstanding some temporarily elevated operating expenses we delivered positive adjusted ebitda for full year 2025 which we anticipate will continue in 2026 As we've done previously, we believe we will continue to perform well relative to the overall flow cytometry market, which is also beginning to show signs of stabilization. as we've done previously we believe we will continue to perform well relative to the overall flow cytometry market which is also beginning to show signs of stabilization With that, I will turn it back over to Wenbin. with that i will turn it back over to wenbin

Speaker 8: Thanks, Bill. Turning to Slide 11. I want to close by thanking our Cytek team. This year, we were recognized as a public company growth leader in America by TIME Magazine. This validation is a testament to Cytek's outstanding record of growth and innovation over the last five years. Overall, I believe our fourth quarter and full year performance during a challenging 2025, reflects the resilience of our organization and the strength of our leadership in the flow cytometry market. Our broad-based execution positions as well for 2026, where our priorities remain focused on driving the market penetration of our instrument platforms, continuing to advance our technological leadership with innovative new products, driving the growth of our recurring revenue lines, and delivering profitable, sustainable growth. I want to thank everyone for joining today's call, and we will now open it up for questions. Operator? Thanks, Bill. thanks bill Turning to Slide 11. turning to slide 11 I want to close by thanking our Cytek team. i want to close by thanking our cytek team This year, we were recognized as a public company growth leader in America by TIME Magazine. this year we were recognized as a public company growth leader in america by time magazine This validation is a testament to Cytek's outstanding record of growth and innovation over the last five years. this validation is a testament to cytek's outstanding record of growth and innovation over the last five years Overall, I believe our fourth quarter and full year performance during a challenging 2025, reflects the resilience of our organization and the strength of our leadership in the flow cytometry market. overall i believe our fourth quarter and full year performance during a challenging 2025 reflects the resilience of our organization and the strength of our leadership in the flow cytometry market Our broad-based execution positions as well for 2026, where our priorities remain focused on driving the market penetration of our instrument platforms, continuing to advance our technological leadership with innovative new products, driving the growth of our recurring revenue lines, and delivering profitable, sustainable growth. our broad-based execution positions as well for 2026 where our priorities remain focused on driving the market penetration of our instrument platforms continuing to advance our technological leadership with innovative new products driving the growth of our recurring revenue lines and delivering profitable sustainable growth I want to thank everyone for joining today's call, and we will now open it up for questions. i want to thank everyone for joining today's call and we will now open it up for questions Operator? operator

Speaker 5: As a reminder, to ask a question, simply press star one on your telephone keypad. Again, that is star one to ask a question. From TD Cowen, our first question comes from the line of Brendan Smith. Please go ahead. As a reminder, to ask a question, simply press star one on your telephone keypad. as a reminder to ask a question simply press star one on your telephone keypad Again, that is star one to ask a question. again that is star one to ask a question From TD Cowen, our first question comes from the line of Brendan Smith. from td cowen our first question comes from the line of brendan smith Please go ahead. please go ahead

Speaker 4: Great. Thanks for taking the questions, guys, I appreciate all the color. I actually wanted to maybe ask a little bit higher level question, just about some of the underlying assumptions of the growth of the overall flow cytometry market. You guys gave a lot of good color on different end market breakdown. I think we've seen, you know, something like 8%-9% CAGR, maybe out to 2031 or 2032, if I'm not mistaken. I guess irrespective of that exact number, do you have a sense, kind of giving your global exposure there of relative end market breakdown of that growth? I guess maybe better put, you know, are there geographic considerations for expansion of the market that you think you'd be, could be better positioned to capitalize on, just especially given your strength in APAC? Great. great Thanks for taking the questions, guys, I appreciate all the color. thanks for taking the questions guys i appreciate all the color I actually wanted to maybe ask a little bit higher level question, just about some of the underlying assumptions of the growth of the overall flow cytometry market. i actually wanted to maybe ask a little bit higher level question just about some of the underlying assumptions of the growth of the overall flow cytometry market You guys gave a lot of good color on different end market breakdown. you guys gave a lot of good color on different end market breakdown I think we've seen, you know, something like 8%-9% CAGR, maybe out to 2031 or 2032, if I'm not mistaken. i think we've seen you know something like 8%-9% cagr maybe out to 2031 or 2032 if i'm not mistaken I guess irrespective of that exact number, do you have a sense, kind of giving your global exposure there of relative end market breakdown of that growth? i guess irrespective of that exact number do you have a sense kind of giving your global exposure there of relative end market breakdown of that growth I guess maybe better put, you know, are there geographic considerations for expansion of the market that you think you'd be, could be better positioned to capitalize on, just especially given your strength in APAC? i guess maybe better put you know are there geographic considerations for expansion of the market that you think you'd be could be better positioned to capitalize on just especially given your strength in apac Just kind of wondering how you're thinking about that overall. Thanks, guys. Just kind of wondering how you're thinking about that overall. just kind of wondering how you're thinking about that overall Thanks, guys. thanks guys

Speaker 3: Yeah, I think. Hi, Brendan, this is Bill. I think, you know, we've seen consistent double-digit growth in the market in APAC, or at least in our revenues in APAC. We may have done a little better than the market, particularly, you know, given our growth in sorters and the Aurora franchise. I, you know, our sense is that there's a decent mid-single digits, mid-upper single digits growth in that market, in that region. I, we think that Europe has probably been the slowest market, certainly has been for us, the U.S. falls somewhere in between. Yeah, I think. yeah i think Hi, Brendan, this is Bill. hi brendan this is bill I think, you know, we've seen consistent double-digit growth in the market in APAC, or at least in our revenues in APAC. i think you know we've seen consistent double-digit growth in the market in apac or at least in our revenues in apac We may have done a little better than the market, particularly, you know, given our growth in sorters and the Aurora franchise. we may have done a little better than the market particularly you know given our growth in sorters and the aurora franchise I, you know, our sense is that there's a decent mid-single digits, mid-upper single digits growth in that market, in that region. i you know our sense is that there's a decent mid-single digits mid-upper single digits growth in that market in that region I, we think that Europe has probably been the slowest market, certainly has been for us, the U.S. falls somewhere in between. i we think that europe has probably been the slowest market certainly has been for us the u.s falls somewhere in between We recorded, we think we've done better than the market overall in the U.S. and in EMEA. Hard to really estimate what the market's doing in those regions. You know, we've seen some negative growth by some of our competitors, but it's hard to extrapolate. Wenbin, do you have any other comments? We recorded, we think we've done better than the market overall in the U.S. and in EMEA. we recorded we think we've done better than the market overall in the u.s and in emea Hard to really estimate what the market's doing in those regions. hard to really estimate what the market's doing in those regions You know, we've seen some negative growth by some of our competitors, but it's hard to extrapolate. you know we've seen some negative growth by some of our competitors but it's hard to extrapolate Wenbin, do you have any other comments? wenbin do you have any other comments

Speaker 8: No, I think that summarizes well. No, I think that summarizes well. no i think that summarizes well

Speaker 3: look, I think, you know, we're in a, the market growth rates that we've seen in the last couple of years have certainly been below most of the estimates most of the market studies for five-year growth for flow cytometry, call for growth rates that are in the high single digits and on a global basis, and we obviously have been temporarily below that, for the last couple of years. You know, we expect it to rebound. look, I think, you know, we're in a, the market growth rates that we've seen in the last couple of years have certainly been below most of the estimates most of the market studies for five-year growth for flow cytometry, call for growth rates that are in the high single digits and on a global basis, and we obviously have been temporarily below that, for the last couple of years. look i think you know we're in a the market growth rates that we've seen in the last couple of years have certainly been below most of the estimates most of the market studies for five-year growth for flow cytometry call for growth rates that are in the high single digits and on a global basis and we obviously have been temporarily below that for the last couple of years You know, we expect it to rebound. you know we expect it to rebound

Speaker 4: Got it! Makes sense. Thanks, guys. Got it! got it Makes sense. makes sense Thanks, guys. thanks guys

Speaker 5: From Piper Sandler. Our next question comes from the line of David Westenberg. Please go ahead. From Piper Sandler. from piper sandler Our next question comes from the line of David Westenberg. our next question comes from the line of david westenberg Please go ahead. please go ahead

Speaker 7: Hi, this is Skye on for David. Thanks for taking the question. just to start off, what was the end-of-year growth acceleration, what was that driven by? Was it primarily academic budget cycles, or are you seeing a recovery in pharma spending? How should we think about budgets for 2026? Thanks. Hi, this is Skye on for David. hi this is skye on for david Thanks for taking the question. just to start off, what was the end-of-year growth acceleration, what was that driven by? thanks for taking the question just to start off what was the end-of-year growth acceleration what was that driven by Was it primarily academic budget cycles, or are you seeing a recovery in pharma spending? was it primarily academic budget cycles or are you seeing a recovery in pharma spending How should we think about budgets for 2026? how should we think about budgets for 2026 Thanks. thanks

Speaker 3: We saw, as I mentioned in my remarks, an improving environment across each of the quarters of 2025. The first quarter was, you know, not so great with -8% revenue growth. We saw a stabilization going back to -2% in Q2, +2% in Q3, and then +8% in Q4. I think that was driven by a normalization, a combination of a normalization in the academic and government spending market. We saw some catch-up disbursements from the NIH and we think some catch-up spending that had been deferred from earlier in the year. All those factors were at play. We also had a currency benefit in EMEA. We saw, as I mentioned in my remarks, an improving environment across each of the quarters of 2025. we saw as i mentioned in my remarks an improving environment across each of the quarters of 2025 The first quarter was, you know, not so great with -8% revenue growth. the first quarter was you know not so great with -8% revenue growth We saw a stabilization going back to -2% in Q2, +2% in Q3, and then +8% in Q4. we saw a stabilization going back to -2% in q2 +2% in q3 and then +8% in q4 I think that was driven by a normalization, a combination of a normalization in the academic and government spending market. i think that was driven by a normalization a combination of a normalization in the academic and government spending market We saw some catch-up disbursements from the NIH and we think some catch-up spending that had been deferred from earlier in the year. we saw some catch-up disbursements from the nih and we think some catch-up spending that had been deferred from earlier in the year All those factors were at play. all those factors were at play We also had a currency benefit in EMEA. we also had a currency benefit in emea When we look, we put all that together, we think that the uncertainties that impacted the markets in the first part of 2025, particularly the first quarter, seem to have receded, and we're seeing improving. Particularly strong, academic and government, quarter in the fourth quarter. You know, we think, as I said, there's a combination there of just a fundamentally improved sentiment and some catch-up, and we're assuming a continuation of that more positive environment in our, in our guidance. When we look, we put all that together, we think that the uncertainties that impacted the markets in the first part of 2025, particularly the first quarter, seem to have receded, and we're seeing improving. when we look we put all that together we think that the uncertainties that impacted the markets in the first part of 2025 particularly the first quarter seem to have receded and we're seeing improving Particularly strong, academic and government, quarter in the fourth quarter. particularly strong academic and government quarter in the fourth quarter You know, we think, as I said, there's a combination there of just a fundamentally improved sentiment and some catch-up, and we're assuming a continuation of that more positive environment in our, in our guidance. you know we think as i said there's a combination there of just a fundamentally improved sentiment and some catch-up and we're assuming a continuation of that more positive environment in our in our guidance

Speaker 8: Yeah. Yeah. yeah

Speaker 7: Thank you. Thank you. thank you

Speaker 8: Globally, academic and government sectors have done well in Q4. Globally, academic and government sectors have done well in Q4. globally academic and government sectors have done well in q4

Speaker 3: We saw 5% growth in academic and government for the full year, and 9% in the second half, and that's across both our product and service businesses. That second-half, you know, growth is, in academic and government is obviously pretty solid. We saw 5% growth in academic and government for the full year, and 9% in the second half, and that's across both our product and service businesses. we saw 5% growth in academic and government for the full year and 9% in the second half and that's across both our product and service businesses That second-half, you know, growth is, in academic and government is obviously pretty solid. that second-half you know growth is in academic and government is obviously pretty solid

Speaker 7: Very helpful. Thank you. Just lastly, what was the mix in 2025 between new customer acquisitions versus existing customers maybe expanding their capacity? Do you have any idea where you might see this mix for 2026? Thanks. Very helpful. very helpful Thank you. thank you Just lastly, what was the mix in 2025 between new customer acquisitions versus existing customers maybe expanding their capacity? just lastly what was the mix in 2025 between new customer acquisitions versus existing customers maybe expanding their capacity Do you have any idea where you might see this mix for 2026? do you have any idea where you might see this mix for 2026 Thanks. thanks

Speaker 3: Yeah, we don't really break out those statistics. Just to say it's a combination of both. You know, we have a lot of customers who have purchased multiple systems and continue to prefer our technology. Pharma companies, as we've indicated in the past, once they make a technology choice, they tend to stick with it. We're also seeing conversions from competitive systems. Yeah, we don't really break out those statistics. yeah we don't really break out those statistics Just to say it's a combination of both. just to say it's a combination of both You know, we have a lot of customers who have purchased multiple systems and continue to prefer our technology. you know we have a lot of customers who have purchased multiple systems and continue to prefer our technology Pharma companies, as we've indicated in the past, once they make a technology choice, they tend to stick with it. pharma companies as we've indicated in the past once they make a technology choice they tend to stick with it We're also seeing conversions from competitive systems. we're also seeing conversions from competitive systems

Speaker 5: From Stephens. Our next question comes from the line of Mason Carrico. Please go ahead. From Stephens. from stephens Our next question comes from the line of Mason Carrico. our next question comes from the line of mason carrico Please go ahead. please go ahead

Speaker 2: Hi, good afternoon. Thanks for taking the questions. This is Ben on for Mason. How are you thinking about, maybe your commercial investments in 2026? Are you comfortable with the size of the sales teams today? Is there anywhere you're looking to invest in the next year? Hi, good afternoon. hi good afternoon Thanks for taking the questions. thanks for taking the questions This is Ben on for Mason. this is ben on for mason How are you thinking about, maybe your commercial investments in 2026? how are you thinking about maybe your commercial investments in 2026 Are you comfortable with the size of the sales teams today? are you comfortable with the size of the sales teams today Is there anywhere you're looking to invest in the next year? is there anywhere you're looking to invest in the next year

Speaker 8: Yeah. Overall, as you can see, we have been focused on high end of the market segment and represented by the products like Aurora Evo and Aurora Cell Sorter, which grew double digits last year and in Q4. Now, on the commercial side, clearly, we are reviewing the segment, we are clearly weak and we are going to continue to invest in those segments to drive the future revenue growth. Yeah. yeah Overall, as you can see, we have been focused on high end of the market segment and represented by the products like Aurora Evo and Aurora Cell Sorter, which grew double digits last year and in Q4. overall as you can see we have been focused on high end of the market segment and represented by the products like aurora evo and aurora cell sorter which grew double digits last year and in q4 Now, on the commercial side, clearly, we are reviewing the segment, we are clearly weak and we are going to continue to invest in those segments to drive the future revenue growth. now on the commercial side clearly we are reviewing the segment we are clearly weak and we are going to continue to invest in those segments to drive the future revenue growth

Speaker 3: Yeah, we have also made investments in our reagent sales force as well. The commercial side will be, continue to be an area of focus for investment. Yeah, we have also made investments in our reagent sales force as well. yeah we have also made investments in our reagent sales force as well The commercial side will be, continue to be an area of focus for investment. the commercial side will be continue to be an area of focus for investment

Speaker 2: Got it. Thank you. What's your willingness to be flexible on pricing this year to help drive instrument placements? Got it. got it Thank you. thank you What's your willingness to be flexible on pricing this year to help drive instrument placements? what's your willingness to be flexible on pricing this year to help drive instrument placements

Speaker 8: To Cytek, pricing is always market driven and we our cost structure is very competitive, and we can deal with any situations and as needed. To Cytek, pricing is always market driven and we our cost structure is very competitive, and we can deal with any situations and as needed. to cytek pricing is always market driven and we our cost structure is very competitive and we can deal with any situations and as needed

Speaker 2: Got it. Thanks for taking the questions. Got it. got it Thanks for taking the questions. thanks for taking the questions

Speaker 5: As a reminder, to ask a question, press star one on your telephone keypad. Our next question comes from the line of Andrew Cooper with Raymond James. Please go ahead. As a reminder, to ask a question, press star one on your telephone keypad. as a reminder to ask a question press star one on your telephone keypad Our next question comes from the line of Andrew Cooper with Raymond James. our next question comes from the line of andrew cooper with raymond james Please go ahead. please go ahead

Speaker 1: Hey, everybody, thanks for the time. maybe just one, you know, there was a comment or a couple of comments there, about some pent-up demand helping 4Q. Can you just give a sense for the magnitude of what you feel like was sort of make up volume from maybe earlier in the year or the last few years, versus what you view as sort of that steady state growth trajectory of the business as you think about where it sits today in the current end market? Hey, everybody, thanks for the time. maybe just one, you know, there was a comment or a couple of comments there, about some pent-up demand helping 4Q. hey everybody thanks for the time maybe just one you know there was a comment or a couple of comments there about some pent-up demand helping 4q Can you just give a sense for the magnitude of what you feel like was sort of make up volume from maybe earlier in the year or the last few years, versus what you view as sort of that steady state growth trajectory of the business as you think about where it sits today in the current end market? can you just give a sense for the magnitude of what you feel like was sort of make up volume from maybe earlier in the year or the last few years versus what you view as sort of that steady state growth trajectory of the business as you think about where it sits today in the current end market

Speaker 3: Yeah, that's a hard one to estimate. You know, I think if you look at our total academic and government revenues, which are publicly disclosed, starting with fourth quarter of last year, we were $21 million, then $17 million, $22 million, $18 million, and then $28 million in Q4. You know, we had a significant jump there. As I said, a lot of that is attributable to a better environment. You know, it's also possible that some of those weaker numbers in early 2025 were in fact, just deferments of money that got spent later in the year. It's really possible to sort of pause it out. You'd have to do a customer-by-customer survey and dive into what their intentions were, and obviously, we don't do that. Yeah, that's a hard one to estimate. yeah that's a hard one to estimate You know, I think if you look at our total academic and government revenues, which are publicly disclosed, starting with fourth quarter of last year, we were $21 million, then $17 million, $22 million, $18 million, and then $28 million in Q4. you know i think if you look at our total academic and government revenues which are publicly disclosed starting with fourth quarter of last year we were $21 million then $17 million $22 million, $18 million and then $28 million in q4 You know, we had a significant jump there. you know we had a significant jump there As I said, a lot of that is attributable to a better environment. as i said a lot of that is attributable to a better environment You know, it's also possible that some of those weaker numbers in early 2025 were in fact, just deferments of money that got spent later in the year. you know it's also possible that some of those weaker numbers in early 2025 were in fact just deferments of money that got spent later in the year It's really possible to sort of pause it out. it's really possible to sort of pause it out You'd have to do a customer-by-customer survey and dive into what their intentions were, and obviously, we don't do that. you'd have to do a customer-by-customer survey and dive into what their intentions were and obviously we don't do that

Speaker 1: Okay, maybe just thinking about. Okay, maybe just thinking about. okay maybe just thinking about

Speaker 3: I think pharma segment is much more stable, and, you know, there we had pretty stable revenue between Q3 and Q4, was basically the same. I think pharma segment is much more stable, and, you know, there we had pretty stable revenue between Q3 and Q4, was basically the same. i think pharma segment is much more stable and you know there we had pretty stable revenue between q3 and q4 was basically the same

Speaker 1: Sure, helpful. Maybe just thinking about the guide a little bit and trying to put it in context of some of that commentary. You just did sort of 5%-ish organic. You talk about the market feeling like it's getting a little bit better, a little bit more stable, and you guided to 2%-5% growth for the year. What happens in the end market to make you feel like 2% is the right number as opposed to 5%? What happens to get you know, above that if we're already assuming that things are maybe a little bit better through most of 2026 than they were through most of 2025? Sure, helpful. sure helpful Maybe just thinking about the guide a little bit and trying to put it in context of some of that commentary. maybe just thinking about the guide a little bit and trying to put it in context of some of that commentary You just did sort of 5%-ish organic. you just did sort of 5%-ish organic You talk about the market feeling like it's getting a little bit better, a little bit more stable, and you guided to 2%-5% growth for the year. you talk about the market feeling like it's getting a little bit better a little bit more stable and you guided to 2%-5% growth for the year What happens in the end market to make you feel like 2% is the right number as opposed to 5%? what happens in the end market to make you feel like 2% is the right number as opposed to 5% What happens to get you know, above that if we're already assuming that things are maybe a little bit better through most of 2026 than they were through most of 2025? what happens to get you know above that if we're already assuming that things are maybe a little bit better through most of 2026 than they were through most of 2025

Speaker 3: Yeah. The way we thought about the guide was, we expect continuation of strong growth in service and reagents. In service, because our installed base is growing, and reagents, you know, we're starting from a small base and growing quickly. We expected modest, flat to modest growth in instruments. Then, you know, frankly, we put in a range of contingencies to account for uncertainties, because, you know, at this time last year, there were some black swans that emerged. We wanted to have a cushion to account for those sorts of things. That was the thinking that went into the range. You know, at the high end of the range, obviously, that would represent a smaller level of contingency, and, you know, better performance in the instrument business. Yeah. yeah The way we thought about the guide was, we expect continuation of strong growth in service and reagents. the way we thought about the guide was we expect continuation of strong growth in service and reagents In service, because our installed base is growing, and reagents, you know, we're starting from a small base and growing quickly. in service because our installed base is growing and reagents you know we're starting from a small base and growing quickly We expected modest, flat to modest growth in instruments. we expected modest flat to modest growth in instruments Then, you know, frankly, we put in a range of contingencies to account for uncertainties, because, you know, at this time last year, there were some black swans that emerged. then you know frankly we put in a range of contingencies to account for uncertainties because you know at this time last year there were some black swans that emerged We wanted to have a cushion to account for those sorts of things. we wanted to have a cushion to account for those sorts of things That was the thinking that went into the range. that was the thinking that went into the range You know, at the high end of the range, obviously, that would represent a smaller level of contingency, and, you know, better performance in the instrument business. you know at the high end of the range obviously that would represent a smaller level of contingency and you know better performance in the instrument business

Speaker 1: Okay, I'll stop there. Thank you. Okay, I'll stop there. okay i'll stop there Thank you. thank you

Speaker 5: With no further questions in queue, this does conclude our conference call for today. You may now disconnect. With no further questions in queue, this does conclude our conference call for today. with no further questions in queue this does conclude our conference call for today You may now disconnect. you may now disconnect