10X Genomics Inc

10xgenomics.com

What Do They Do?

Builds instruments, consumables and software for academic, government and biopharmaceutical researchers studying cells and tissues.

How Do They Make Money?

Products and services are the main source: customers are generally invoiced at shipment for instruments and consumables; extended-warranty charges are billed at order and cover the service term. License fees are tied to delivery of intellectual property, while royalties are tied to licensees’ sales.

revenue

Segment	Share	Revenue	How money arrives
Products and services revenue Mix	93%		Mix
License and royalty revenue Licensed	7.2%		Licensed

Who Are Their Customers?

Academic, government and biopharmaceutical research institutions buy mainly through direct sales in North America and parts of Europe; third-party distributors serve customers in several other regions.

Do Revenues Turn Into Profits?

Not on paper. It lost $43.5M in FY2025, but brought in more cash than it spent: $130.1M of free cash flow.

Operating income, FY2025

−9% of revenue

▼ −69% (Loss) vs FY2024 (−$194.6M, −32%)

Net income, FY2025

−7% of revenue

▼ −76% (Loss) vs FY2024 (−$182.6M, −30%)

Free cash flow, FY2025

20% of revenue

▲ Now profitable vs FY2024 (−$5.7M, −1%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −13%; vs $172.9M in Q2 FY2025
Net income: ▼ Now a loss; vs $34.5M in Q2 FY2025

Products and services revenue share of revenue vs 84.0% in Q2 FY2025

Growing. Revenue grew 31% in 4 years, from $490.5M in FY2021 to $642.8M in FY2025, about 7% a year.

Revenue over time

Products and services revenue License and royalty revenue

$1B$500M$0

FY2023 FY2024 FY2025

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