Alamar Biosciences, Inc. (ALMR) Q2 2026 Earnings: Revenue $29M (+82.1%)
ALMR — Q2 2026 Financial Report Analysis
Q2 · Fiscal year 2026 · Published by Pham Hop
Alamar's revenue rose 82% to $29.4 million in its first quarter as a public company as consumables sales jumped 147%, lifting gross margin to 60%, but spending grew faster and the operating loss widened to $13.5 million.
Revenue
$29M
+82.1% YoY
Net income
-$13M
Diluted EPS
$-0.22
Operating margin
-46.0%
This period vs a year ago
Same period last year
This period
Revenue▲+82.1%
≈$16M
$29M
Year-ago figures (≈) are worked out from the growth rate the company reported. Each row has its own scale.
Consumables are carrying the growth; spending is running even faster
Alamar Biosciences sells the ARGO HT, an automated lab instrument that measures proteins in blood at very low concentrations using its NULISA chemistry, plus the single-use reagent kits ("consumables") each run needs. In the second quarter of 2026, its first full quarter after its April IPO, total revenue rose 82% to $29.4 million from $16.2 million a year earlier. The growth came mostly from consumables, which rose 147% to $15.5 million and for the first time made up more than half of revenue. Gross margin, the share of revenue left after the cost of making the products, improved to 60% from 53%. Even so, operating expenses grew 89%, faster than revenue, so the operating loss widened to $13.5 million from $7.9 million.
At a glance
Consumables revenue +147% to $15.5 million — repeat purchases from instruments already in labs are now 53% of sales, up from 39% a year ago. This is the recurring part of the business that investors in lab-tool companies care about most.
Gross margin 60%, up from 53% — the company credits cheaper per-unit production as kit volumes scaled and the shift toward higher-margin consumables.
Operating loss $13.5 million (−46% of revenue) — the margin improved slightly from −49%, but the dollar loss grew 71% as selling, general and administrative costs more than doubled.
Key figures
Metric
Q2 2026
Q2 2025
YoY Change
Total revenue
$29.4M
$16.2M
+82.1%
Instrument revenue
$7.8M
Read 0 community reports on Alamar Biosciences, Inc., or write your own.Write a report
$5.8M
+34.9%
Consumables revenue
$15.5M
$6.3M
+147.0%
Services and other revenue
$6.2M
$4.1M
+49.4%
Consumables share of revenue
52.6%
38.8%
+13.8 pts
Gross margin
60.2%
53.1%
+7.1 pts
Operating margin
−46.0%
−49.0%
+3.0 pts
Net loss
−$13.2M
−$7.0M
loss 88% wider
Net loss per share (basic and diluted)
−$0.22
−$0.62
n/m (share count not comparable, see below)
Cash, cash equivalents, short-term investments and restricted cash (June 30)
$256.3M
—
—
All figures from the company's Form 10-Q for the quarter ended June 30, 2026, and its August 10, 2026 earnings release. Sequentially, revenue was up about 13% from Q1 2026's $26.0 million (six-month revenue of $55.5 million minus Q2).
Takeaway: The revenue mix is moving the right way — consumables, which are bought again and again by labs that already own an instrument, grew more than four times as fast as instrument sales and pushed gross margin up seven points. But the company is spending ahead of that growth: operating expenses rose $14.8 million year over year against a $9.1 million gain in gross profit, so the path to breakeven did not get shorter in dollar terms this quarter.
Where the growth came from
Instruments (+35% to $7.8 million). The 10-Q attributes the increase to "the increase of the number of instruments delivered." Alamar only reports its installed base (the cumulative number of ARGO instruments placed with customers) once a year: it grew from 36 at the end of 2024 to 102 at the end of 2025, and the company says it has more than 300 customers in 25 countries. No mid-year installed-base count is disclosed.
Consumables (+147% to $15.5 million). Per the filing, the jump came from "increased demand for our multiplex panel kits which was driven by growth of our instrument installed base." Multiplex panels measure dozens to hundreds of proteins from one small sample. For 2025, Alamar said average annual consumables spend per instrument ("pull-through") was above $400,000. During the quarter it launched the NULISAseq Immune 340 panel and added an eMTBR-tau assay (a blood marker for the tau tangles seen in Alzheimer's disease) to its Neuro 220 panel, which widens what each instrument can be used for.
Services (+49% to $6.2 million). This is mainly the Technology Access Program, where customers ship samples to Alamar's own lab instead of buying an instrument, including custom assay development. It doubles as a way to try the platform before buying one.
Geography. US revenue roughly doubled to $19.7 million (+106%), while revenue outside the US grew 47% to $9.8 million. Non-US sales fell to 33% of the total from 41% a year earlier. Europe, Middle East and Africa rose to $6.6 million from $4.0 million; Asia-Pacific grew more slowly, to $2.7 million from $2.3 million.
Costs: building out the company
R&D rose 55% to $13.8 million, driven by a $2.6 million increase in lab supplies to expand the consumables menu and a $2.3 million increase in salaries and benefits.
Selling, general and administrative costs rose 129% to $17.4 million, including $6.0 million more in salaries and benefits for sales, marketing and support staff and $2.5 million more in legal and accounting fees, partly tied to becoming a public company.
Stock-based compensation (pay in shares rather than cash) was $3.3 million versus $0.7 million a year earlier. That increase accounts for about $2.6 million of the $5.6 million wider operating loss.
What the headline numbers hide
Per-share loss "improved" only because the share count jumped. Loss per share fell from $0.62 to $0.22 even though the net loss nearly doubled. That's because the weighted share count rose from 11.4 million to 58.7 million: at the IPO, all preferred stock and the January 2026 convertible notes converted into common shares, and 12.9 million new shares were sold. The year-over-year per-share comparison doesn't tell you anything useful.
One non-operating charge in the net loss. The $13.2 million net loss includes a $1.4 million non-cash loss from revaluing the $56.5 million of convertible notes issued in January 2026, which converted at 85% of the $17 IPO price. The six-month figure is $10.0 million. Excluding it, the Q2 net loss would be about $11.8 million. That charge won't recur now the notes are gone. Higher interest income on IPO cash ($1.9 million vs $0.6 million) partly offsets the operating loss and will last only while the cash pile does.
Cash burn is larger than the operating loss suggests in the first half. Operating cash outflow (cash actually spent running the business) was $31.7 million for the six months, versus $25.0 million a year earlier. Of that, $16.2 million went into working capital: receivables up $7.8 million, inventory up $7.0 million, and accrued liabilities down $4.4 million.
Receivables and inventory are worth watching. Accounts receivable (sales billed but not yet collected) rose 60% since December to $20.3 million, roughly in line with a business growing about 80% a year. Inventory is the bigger number: $45.4 million at June 30, mostly raw materials ($30.7 million), against cost of product revenue of $9.9 million in the quarter. That's more than four quarters of product cost sitting on the balance sheet. It may be a deliberate buffer given single-source suppliers and tariff risk, both flagged in the filing, but it ties up cash.
Balance sheet: cash is not the constraint for now. After $197.8 million of net IPO proceeds, Alamar held $250.1 million in unrestricted cash and short-term investments, plus $6.3 million restricted. It has a $10.0 million term loan and up to $50.0 million more available from SVB, subject to conditions. Management says that covers at least the next 12 months. At the first-half burn rate, that's our rough estimate of roughly four years of cash, not a company forecast.
Legal overhang. Olink, a rival proteomics company, is suing Alamar in Delaware, claiming the NULISA platform infringes Olink's US patent No. 7,883,848. In March 2026 the patent office's appeals board upheld all of that patent's claims after Alamar challenged them. Alamar has appealed that decision and has a motion to dismiss the amended complaint pending. The company says losses are "not probable or estimable" at this stage.
Outlook
Management guided to full-year 2026 revenue of $116–120 million, which it says is 59% growth at the midpoint. With $55.5 million booked in the first half, the guide implies $60.5–64.5 million in the second half, an average of roughly $30–32 million a quarter versus $29.4 million in Q2. The filing notes that customers who rely on research grants tend to spend year-end budgets, so Alamar expects more instrument purchases and higher per-instrument consumables spend in Q4. That means Q3 could look flat-ish sequentially without breaking the full-year number. No margin or profitability guidance was given.
The risks the filing itself puts first are concentration and funding. A majority of revenue comes from research and academic institutions that depend heavily on government grants, including the NIH. The 10-Q cites the 2025 cap on NIH indirect-cost rates and cancelled grant-review meetings as examples of how that funding can be disrupted. Our read: the consumables trend and gross margin direction are what you'd want to see from a young instrument platform, and the guide looks achievable given the Q4 seasonality. The open question is cost discipline. If operating expenses keep growing faster than revenue into 2027, the margin gains won't reach the bottom line. The next things to watch are the year-end installed-base count (reported annually), whether consumables keep growing faster than instruments, and the outcome of the Olink motion to dismiss.