MaxCyte Reports 15% Decline in Revenue for 2025, Expects Continued Headwinds in 2026

MaxCyte reported a 15% decline in total revenue for 2025, to $33.0 million, and a 16% decline in Q4 revenue to $7.3 million. Core revenue fell 9% for the year and 22% in Q4. The company's instrument install base grew to 857 from 760 in 2024. MaxCyte's SPL revenue mix shifted due to customer program rationalization, with 47% of core business revenue coming from SPL customers in 2025, compared to 55% in 2024. The company launched a new research-focused electroporation system, ExPERT DTx, in February.