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Dec 31, 2025
Fulgent Q4 2025 Earnings Report
Fulgent reported modest fourth quarter 2025 revenue growth but posted a wider GAAP net loss and negative adjusted EBITDA.
Key Takeaways
Fulgent generated Q4 2025 revenue of 83336000, up 9% year-over-year, with GAAP gross margin of 39.1%. The company reported a GAAP net loss of 23418000 and a non-GAAP net income of 5154000, while adjusted EBITDA was negative 4537000.
Revenue increased 9% year-over-year to 83336000.
GAAP gross margin was 39.1% and non-GAAP gross margin was 41.0%.
GAAP net loss attributable to Fulgent was 23418000, or 0.76 per share.
Non-GAAP income attributable to Fulgent was 5154000, or 0.16 per diluted share.
Revenue by Segment
Forward Guidance
For full year 2026, Fulgent expects revenue of approximately 350000000 and a non-GAAP loss of approximately 1.45 per share.
Positive Outlook
- Full year 2026 revenue guidance of approximately 350000000.
- Strong cash, cash equivalents, restricted cash, and investments position of approximately 685000000 expected in 2026.
- Strategic acquisitions of Bako and StrataDx expected to contribute in the second half of 2026.
- Continued investment in AI and digital pathology solutions.
- Ongoing advancement of therapeutic development pipeline.
Challenges Ahead
- Largest customer moving significant testing volume in-house impacting 2026 revenue.
- Non-GAAP loss guidance of approximately 1.45 per share for 2026.
- Adjusted EBITDA loss of 4537000 in Q4 2025.
- GAAP operating loss of 36238000 in Q4 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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