EX-99.1 2 a991blln-earningspressrele.htm EX-99.1 Document
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BillionToOne Reports Third Quarter 2025 Results
MENLO PARK, CA, December 9, 2025 - BillionToOne, Inc. (NASDAQ: BLLN), a next-generation molecular diagnostics company with a mission to create powerful and accurate tests that are accessible to all, today reported its financial results for the third quarter ended September 30, 2025 and initiated guidance for the remainder of 2025.
Recent Financial Highlights:
●Total revenue of $83.5 million in the third quarter of 2025, compared to $38.4 million in the third quarter of 2024, an increase of 117%.
●Prenatal clinical testing revenue was $74.1 million in the third quarter of 2025, an increase of 102% from the third quarter last year.
●Oncology clinical testing revenue was $8.7 million in the third quarter of 2025, which represents an increase of 7.6x compared to $1.1 million in the same period last year and a 76% sequential quarter over quarter increase from $4.9 million in the second quarter of 2025.
●Gross margin was 70% in the third quarter of 2025, compared to 53% in the third quarter of 2024, a 17 percentage-point increase year over year.
●162,900 tests accessioned in the third quarter of 2025, compared to 107,900 tests accessioned in the third quarter of 2024, an increase of 51%.
●Operating income of $9.6 million in the third quarter of 2025, compared to a ($12.6) million operating loss in the third quarter of 2024.
●Positive cash-flow of $6.2 million in the third quarter of 2025.
●Raised gross proceeds of $314.0 million in our initial public offering.
●Expects 2025 full year revenue to be in a range of $293 million to $299 million, which represents 92% to 96% growth over last year; expects fourth quarter 2025 revenue to be in a range of $84 million to $90 million, which represents 86% to 100% growth over the fourth quarter last year.
●Expects positive operating income for both the fourth quarter of 2025 and for the full year 2025.
“This quarter reinforced our view about how a unique, innovative technology combined with disciplined execution can drive a differentiated financial profile in molecular diagnostics,” said Dr. Oguzhan Atay, Co-founder and CEO of BillionToOne. “The incredible strength and momentum across our prenatal and oncology businesses reflects a deliberate commitment to scientific rigor paired with resourceful, step-by-step execution. We continue to earn the trust of providers, patients, payors, and health systems, and rapidly grow our test volumes by solving unmet clinical needs. As we begin our path as a public company, we remain guided by the same principles we started with—relentless focus and an unwavering commitment to re-defining molecular diagnostics.”

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Three Months EndedNine Months Ended
September 30, (Unaudited)September 30, (Unaudited)
20252024%20252024%
Revenue ($ in millions)
Prenatal$74.1 $36.6 101 %$191.0 $102.7 86 %
Oncology$8.7 $1.1 664 %$15.8 $1.9 754 %
Clinical Trial Support and Other Services$0.8 $0.7 12 %$2.2 $3.0 (25%)
Total Revenue$83.5 $38.4 117 %$209.1 $107.5 153 %
Note: Numbers may not add due to rounding.
Three Months EndedNine Months Ended
September 30, (Unaudited)September 30, (Unaudited)
20252024%20252024%
Total tests accessioned162,900 107,900 51 %447,900 294,900 52 %
Total tests delivered165,000 108,500 52 %440,500 289,900 52 %
Overall ASP$501 $348 44 %$469 $361 30%
Third Quarter 2025 Financial Results
Total revenue was $83.5 million in the third quarter of 2025 compared to $38.4 million in the third quarter of 2024, an increase of 117%. The increase in total revenues was driven by a 52% increase in the number of total tests delivered and a 44% increase in the company’s overall ASP. Our prenatal delivered test volume grew rapidly in the third quarter of 2025, and growth in delivered test volumes for both our Select and Response oncology tests was also strong.
Gross profit was $58.4 million in the third quarter of 2025, compared to $20.2 million the third quarter of 2024, representing a gross margin of 70% in the third quarter of 2025 and 53% in the third quarter of 2024. Increases in our overall ASP and reductions in our overall cost-per-test drove the improvement in the gross profit margin compared to last year.
Total operating expenses were $48.8 million in the third quarter of 2025, compared to $32.8 million in the third quarter of 2024 an increase of 49%.
Operating income was $9.6 million in the third quarter of 2025, compared to an operating loss of ($12.6) million in the third quarter of 2024. Operating margin was 11.5% in the third quarter of 2025.
Net income available to common shareholders for the third quarter of 2025 was $1.5 million, or $0.10 per diluted share, compared to a net loss of ($14.9) million, or ($1.47) per diluted share, for the third quarter of 2024.
As of September 30, 2025, BillionToOne held approximately $195.2 million in cash and cash equivalents. The Company raised gross proceeds of $314.0 million from its IPO, which closed on November 7, 2025, and received approximately $286.4 million of net proceeds.

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Financial Outlook
BillionToOne expects full year 2025 total revenue of $293 million to $299 million, representing growth of 93% to 96% compared to full year 2024.
BillionToOne expects fourth quarter 2025 revenue to be $84 million to $90 million, which represents 86% to 100% growth compared to fourth quarter 2024.
BillionToOne also expects positive GAAP operating income for the fourth quarter of 2025 and for the full year 2025.
Webcast and Conference Call Information
BillionToOne will host a conference call today, December 9, 2025, at 1:30pm Pacific Time / 4:30pm Eastern Time. Investors interested in listening to the conference call are required to register online. A live and archived webcast of the event can be accessed at https://investors.billiontoone.com/.
About BillionToOne
Headquartered in Menlo Park, California, BillionToOne is a molecular diagnostics company with a mission to create powerful and accurate tests that are accessible to all. The company's patented Quantitative Counting Templates™ (QCT™) molecular counting platform is the only multiplex technology that can accurately count DNA molecules at the single-molecule level.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements regarding revenue, income and other financial information for the fourth quarter of 2025 and the full year of 2025 and expected growth compared to the same periods in 2024. These statements are based on management’s current expectations, forecasts and assumptions, and actual outcomes and results could differ materially from these statements due to a number of factors, some of which are beyond BillionToOne’s control. These and additional risks and uncertainties that could affect BillionToOne’s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. These risks and uncertainties include those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in its prospectus filed with the Securities and Exchange Commission on November 6, 2025. The forward-looking statements in this press release are based on information available to BillionToOne as of the date hereof, and BillionToOne disclaims any obligation to update any forward-looking statements provided to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing BillionToOne’s views as of any date subsequent to the date of this press release.

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BILLIONTOONE, INC.
Statements of Operations and Comprehensive Income (Loss)
(in thousands, except per share amounts, unaudited)
Three Months Ended SeptemberNine Months Ended September
2025202420252024
Revenue$83,523 $38,419 $209,059 $107,505 
Cost of revenue25,107 18,204 69,205 52,309 
Gross profit58,416 20,215 139,854 55,196 
Operating expenses:
Research and development12,953 9,550 35,134 25,600 
Selling, general and administrative35,830 23,299 99,029 65,050 
Total operating expenses48,783 32,849 134,163 90,650 
Income (loss) from operations9,633 (12,634)5,691 (35,454)
Other income (expense):
Interest income1,535 1,952 4,492 4,148 
Interest expense(20)(422)(92)(2,339)
Net (loss) gain on extinguishment of debt— (1,346)— 7,289 
Change in fair value of term loan(3,936)(2,283)(7,038)(2,283)
Change in fair value of convertible notes— — — (835)
Other expense, net(1,630)(171)(1,591)(614)
Total other (expense) income(4,051)(2,270)(4,229)5,366 
Income (loss) before provision for income taxes5,582 (14,904)1,462 (30,088)
Provision for income taxes(129)— (15)5 
Net income (loss) and comprehensive income (loss)$5,711 $(14,904)$1,477 $(30,093)
Less: Net income attributable to participating securities(4,204)— (1,089)— 
Net income (loss) attributable to common shareholders1,507 (14,904)388 (30,093)
Net income (loss) per share, basic and diluted:
Net income (loss) per share, basic$0.14 $(1.47)$0.04 $(2.99)
Net income (loss) per share, diluted$0.10 $(1.47)$0.03 $(2.99)
Weighted-average shares used in calculating net income (loss) per share, basic and diluted:
Weighted-average shares used in calculating net income (loss) per share, basic10,429,583 10,107,487 10,376,253 10,049,097 
Weighted-average shares used in calculating net income (loss) per share, diluted15,571,949 10,107,487 15,117,365 10,049,097 

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BILLIONTOONE, INC.
Balance Sheets
(in thousands, except share amounts, unaudited)
September 30,
2025		December 31,
2024
Assets
Current assets:
Cash and cash equivalents$195,152 $191,477 
Accounts receivable34,646 24,709 
Inventories17,389 8,733 
Prepaid expenses and other current assets4,529 2,898 
Total current assets251,716 227,817 
Property and equipment, net18,667 17,111 
Operating lease right-of-use assets, net48,024 51,739 
Other non-current assets9,114 5,392 
Total assets$327,521 $302,059 
Liabilities, redeemable convertible preferred stock, and stockholders’ deficit
Current liabilities:
Accounts payable$7,806 $4,304 
Accrued expenses and other current liabilities8,041 3,882 
Accrued commissions2,922 2,756 
Accrued compensation and employee benefits13,687 8,419 
Deferred revenue, current2,683 2,806 
Operating lease liabilities, current4,902 4,393 
Financing lease liabilities, current744 1,826 
Total current liabilities40,785 28,386 
Operating lease liabilities, non-current47,046 50,802 
Financing lease liabilities, non-current460 874 
Long-term debt54,986 51,481 
Other non-current liabilities4,348 2,763 
Total liabilities147,625 134,306 
Commitments and contingencies
Redeemable convertible preferred stock, $0.00001 par value; 29,544,989 shares authorized as of December 31, 2024; 29,084,235 shares issued and outstanding as of September 30, 2025 and December 31, 2024; aggregate liquidation preference of $422,458 as of September 30, 2025 and December 31, 2024419,409 419,409 
Stockholders’ deficit:
Common stock, $0.00001 par value, 51,100,000 shares authorized as of September 30, 2025 and December 31, 2024; 10,925,950 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively– – 
Additional paid-in capital41,211 30,545 
Accumulated deficit(280,724)(282,201)
Total stockholders’ deficit(239,513)(251,656)
Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit$327,521 $302,059 
Investor Contact
ir@billiontoone.com

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Media Contact
billiontoone@moxiegrouppr.com