olivLaw · US equity research
Alpha Teknova, Inc. TKNO
In Vitro & In Vivo Diagnostic Substances · SIC 2835 · Vertical: In Vitro & In Vivo Diagnostic Substances (SIC 2835)
Alpha Teknova produces custom critical reagents and culture media for the discovery, development and commercialization of novel therapies, vaccines and molecular diagnostics. Revenue reached 40.5 million USD in fiscal 2025, and the first half of 2026 showed growth of a similar scale, making this niche supplier from Hollister of interest to investors.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Alpha Teknova, Inc. (TKNO) stock was 7.37 USD (+0.41% on the day), with market capitalisation 395.7 m USD, beta 1.78, 52-week range 1.99–9.33 USD. Latest reported quarter (Q2 2026): revenue of 12.2 m USD (+18.5% YoY), net income of -3.2 m USD, diluted EPS -0.06 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 48.7
- neutral
- Bollinger (20, 2)
- 5.81 – 8.99
- in the lower half of the band · %B 0.49 · band width 43.0%
- SMA 50 / 200
- 7.70 / 4.94
- mixed trend
- MACD (12, 26, 9)
- -0.17 / -0.20
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −18.1% | −1.1% | −17.0 pp | — |
| 3 months | +31.4% | −0.5% | +31.8 pp | — |
| 6 months | +102.5% | +4.4% | +98.1 pp | — |
| Year to date | +93.9% | +12.3% | +81.6 pp | — |
| 1 year | +55.2% | +13.5% | +41.6 pp | −26.8% |
| 3 years | +272.2% | +76.4% | +195.8 pp | −63.5% |
| 5 years | −68.3% | +63.7% | −132.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9.6 m | 9.3 m | 9.8 m | 10.3 m | 10.5 m | 10.0 m | 11.1 m | 12.2 m |
| Cost of revenue | 9.5 m | 7.1 m | 6.8 m | 6.3 m | 7.2 m | 6.7 m | 7.3 m | 7.3 m |
| Gross profit | 90.0 k | 2.1 m | 3.0 m | 4.0 m | 3.2 m | 3.2 m | 3.8 m | 4.9 m |
| Research & development | 627.0 k | 594.0 k | 552.0 k | 581.0 k | 542.0 k | 522.0 k | 609.0 k | 554.0 k |
| Operating income | -7.4 m | -5.6 m | -5.0 m | -3.4 m | -4.0 m | -4.6 m | -4.3 m | -2.9 m |
| Depreciation & amortisation | 1.7 m ≈ | 1.6 m | 1.6 m | 1.6 m ≈ | 1.6 m ≈ | 1.6 m | 1.6 m | 1.6 m ≈ |
| Pre-tax income | -7.6 m | -5.8 m | -4.6 m | -3.6 m | -4.2 m | -4.8 m | -4.5 m | -3.1 m |
| Income tax | -8.0 k | -38.0 k | 22.0 k | 19.0 k | 79.0 k | -62.0 k | 47.0 k | 30.0 k |
| Net income | -7.6 m | -5.7 m | -4.6 m | -3.6 m | -4.3 m | -4.8 m | -4.6 m | -3.2 m |
| Diluted EPS | -0.15 | -0.11 ≈ | -0.09 | -0.07 | -0.08 | -0.09 ≈ | -0.08 | -0.06 |
| Operating cash flow | -2.1 m ≈ | -936.0 k | -4.1 m | -2.1 m ≈ | -2.0 m ≈ | -462.0 k | -3.4 m | -471.0 k ≈ |
| Capex | 331.0 k ≈ | 567.0 k | 206.0 k | 207.0 k ≈ | 387.0 k ≈ | 348.0 k | 221.0 k | 125.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue | 31.3 m | 36.9 m | 41.4 m | 36.7 m | 37.7 m | 40.5 m |
| Revenue YoY | unavailable | +17.9% | +12.3% | −11.4% | +2.9% | +7.4% |
| Net income | 3.6 m | -9.8 m | -47.5 m | -36.8 m | -26.7 m | -17.3 m |
| Net income YoY | unavailable | −374.6% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | 0.16 | -0.61 | -1.69 | -1.16 | -0.57 | -0.32 |
| Diluted EPS YoY | unavailable | −481.3% | unavailable | unavailable | unavailable | unavailable |
| net % | 11.4% | -26.6% | -114.6% | -100.3% | -70.9% | -42.6% |
| Free cash flow | -3.0 m | -28.9 m | -55.5 m | -26.7 m | -13.5 m | -9.8 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.9 m USD
- Financial debt
- 13.1 m USD
- Net debt
- 7.2 m USD
- Equity
- 68.8 m USD
- Total assets
- 103.6 m USD
- Debt / equity
- 0.19x
- Current ratio
- 4.58x
- ROE
- -22.8%
- ROA
- -15.5%
- FCF margin
- -24.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 31.3 m | 36.9 m | 41.4 m | 36.7 m | 37.7 m | 40.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Cost of revenue | 13.5 m | 19.3 m | 23.9 m | 26.4 m | 30.5 m | 27.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Gross profit | 17.8 m | 17.6 m | 17.5 m | 10.3 m | 7.2 m | 13.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Research & development | 1.5 m | 4.3 m | 7.7 m | 5.6 m | 2.8 m | 2.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Operating income | 4.7 m | -12.0 m | -49.7 m | -35.6 m | -26.1 m | -17.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 2.0 m | 2.9 m | 3.2 m | 5.7 m | 6.6 m | 6.3 m | SEC (XBRL)· 02 Mar 2026verified |
| EBITDA | 6.7 m ≈ | -9.1 m ≈ | -46.5 m ≈ | -29.9 m ≈ | -19.6 m ≈ | -10.6 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Pre-tax income | 4.7 m | -12.6 m | -49.4 m | -37.1 m | -26.8 m | -17.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | 1.2 m | -2.8 m | -1.9 m | -298.0 k | -88.0 k | 58.0 k | SEC (XBRL)· 02 Mar 2026verified |
| Net income | 3.6 m | -9.8 m | -47.5 m | -36.8 m | -26.7 m | -17.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | 0.16 | -0.61 | -1.69 | -1.16 | -0.57 | -0.32 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 3.8 m | 16.1 m | 28.1 m | 31.8 m | 46.7 m | 53.5 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.3 m | 87.5 m | 42.2 m | 28.5 m | 3.7 m | 5.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Receivables | 4.6 m | 4.7 m | 4.3 m | 3.9 m | 4.3 m | 4.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Inventories | 3.6 m | 5.4 m | 12.2 m | 11.6 m | 6.8 m | 7.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Current assets | 16.4 m | 101.2 m | 61.1 m | 45.7 m | 42.8 m | 34.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 10.0 m | 29.8 m | 51.6 m | 50.4 m | 45.8 m | 41.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Goodwill | 16.6 m | 16.6 m | 0 | — | — | — | SEC (XBRL)· 30 Mar 2023verified |
| Intangibles (excl. goodwill) | 19.9 m | 18.7 m | 17.6 m | 14.2 m | 13.1 m | 11.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 62.9 m | 166.5 m | 152.3 m | 128.6 m | 118.8 m | 103.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | 1.6 m | 2.2 m | 2.4 m | 1.5 m | 825.0 k | 1.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Short-term debt | — | — | 0 | 0 | 4.0 m | 0 | SEC (XBRL)· 02 Mar 2026verified |
| Long-term debt | 0 | 11.9 m | 22.0 m | 13.3 m | 9.4 m | 13.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Current liabilities | 4.0 m | 7.7 m | 10.9 m | 8.9 m | 11.2 m | 7.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 10.5 m | 23.3 m | 52.4 m | 38.6 m | 36.4 m | 34.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 16.8 m † | 143.2 m † | 99.9 m † | 90.0 m † | 82.4 m † | 68.8 m † | SEC (XBRL)· 02 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.5 m | -9.1 m | -27.4 m | -18.8 m | -12.4 m | -8.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 5.5 m | 19.9 m | 28.1 m | 7.9 m | 1.1 m | 1.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | -3.0 m ≈ | -28.9 m ≈ | -55.5 m ≈ | -26.7 m ≈ | -13.5 m ≈ | -9.8 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | -1.7 m | -17.5 m | -28.1 m | -7.7 m | -27.3 m | 10.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | -1.6 m | 110.8 m | 10.3 m | 12.8 m | 14.9 m | 151.0 k | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 37.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 395.7 m USD
Key indicators
Coverage and freshness
Score by group
38% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -17.1% | 17 (vs peers) | 28% |
| Net margin · Quality | -38.4% | 53 (vs peers) | 17% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -0.7% | 0 (on a fixed band) | 22% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 4.5x | 100 (on a fixed band) | 11% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.9% | 0 (on a fixed band) | 22% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality30/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Alpha Teknova, Inc. (TKNO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 40.5 m USD in 2025; YoY growth 7.4%; net margin -38.4%; ROE -24.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 37.5% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.5x
What contradicts it
- ROIC: -17.1%
- Revenue CAGR 3Y: -0.7%
- FCF yield: -1.9%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
In Vitro & In Vivo Diagnostic Substances (SIC 2835) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| IDXXIdexx Laboratories Inc | 55.0 bn | 47.1 | 68.9% | 25.4% | +10.4% | −7% / +50% |
| LNTHLantheus Holdings, Inc. | 6.6 bn | 24.5 | 22.2% | 17.7% | +0.5% | +72% / +41% |
| NEOGNeogen Corporation | 2.7 bn | — | -2.7% | -6.3% | −2.7% | +108% / −27% |
| TRIBTrinity Biotech PLC | 2.4 bn | — | — | -51.6% | +8.3% | −80% / −91% |
| CLDXCelldex Therapeutics, Inc. | 2.4 bn | — | -43.9% | -190,220.9% | −78.0% | +11% / −1% |
| NTLAIntellia Therapeutics, Inc. | 1.7 bn | — | -6,424.8% | -672.2% | +16.9% | +37% / −58% |
| QDELQuidelortho Corp | 984.6 m | — | -19.3% | -14.2% | −1.9% | −48% / −79% |
| ACHVAchieve Life Sciences, Inc. | 718.3 m | — | -845.0% | — | unavailable | +43% / +21% |
| MYGNMyriad Genetics, Inc. | 575.8 m | — | -32.5% | -14.0% | −1.6% | −21% / −68% |
| TKNOAlpha Teknova, Inc. | 395.7 m | — | -24.2% | -38.4% | +7.4% | +55% / +272% |
| ICCCImmuCell Corporation | 94.2 m | 138.2 | 2.6% | 2.6% | +4.3% | +114% / +128% |
| IMDXInsight Molecular Diagnostics Inc. | 86.7 m | — | — | -2,955.6% | +115.6% | −57% / −30% |
| BMRABiomerica, Inc. | 8.0 m | — | -113.8% | -115.5% | −16.2% | −27% / −77% |
| CDIOCardio Diagnostics Holdings, Inc. | 4.9 m | — | -75.4% | -44,771.8% | −57.5% | −43% / −97% |
| QCLSQ/C Technologies, Inc. | 3.2 m | — | -155.0% | — | −5.3% | −89% / −100% |
| VNRXVolitionRx Limited | 2.8 m | — | — | -1,043.1% | +40.0% | −97% / −99% |
| VRAXVirax Biolabs Group Ltd | 695.1 k | — | -109.6% | -95,739.2% | −96.0% | −88% / −98% |
| NNNNAnbio Biotechnology | — | 25.0 | 27.0% | 74.1% | +5.6% | −84% / unavailable |
1- and 3-year price returns: for TKNO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 21 Oct 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
Alpha Teknova produces custom critical reagents and culture media for the discovery, development and commercialization of novel therapies, vaccines and molecular diagnostics. Revenue reached 40.5 million USD in fiscal 2025, and the first half of 2026 showed growth of a similar scale, making this niche supplier from Hollister of interest to investors. 12
SWOT
Strengths
- The customer base is broad and relationships are long-lasting, supported by product validation within customers' processes. The company has a reputation for rapid customization and a proprietary production process built over decades. 1
- ISO 13485 certification and regulatory experience allow the company to move from research to production, an advantage over suppliers lacking this capability. 1
- Revenue in the first half of 2026 grew compared with the prior year, indicating a positive trend in customer demand. 2
Weaknesses
- The company has recorded net losses in recent years and cannot guarantee it will reach profitability. The 2025 net loss remained significant relative to revenue. 1
- Reliance on a small number of raw material suppliers and one major distributor increases the risk of disruption. 1
- Most sales are made on purchase order basis, which can be cancelled or delayed at short notice, making revenue volatile. 1
Opportunities
- Growth in the number of cell and gene therapy customers could lead to higher spending as products advance toward approval. 1
- Expanding production capacity and the new warehouse could reduce unit costs and speed deliveries. 12
- If interest in mRNA and molecular diagnostics grows, demand for GMP products could rise. 1
Threats
Risks
- Persistent operating losseshigh
The company cannot guarantee it will reach profitability, and revenue must grow faster than expenses to reduce losses. 1
- Product qualityhigh
Nonconformances or defects can lead to recalls, lost revenue and reputational damage. Quality control does not fully eliminate this risk. 1
- Dependence on customer spendingmedium
Revenue depends on customers' research budgets, and orders can be delayed or cancelled at short notice. 1
- Supplier concentrationmedium
A small number of suppliers accounts for a large share of inventory purchases. If one supplier has problems, production could be affected. 1
- Debt and financingmedium
The company has a term loan with minimum revenue and cash requirements, and failing to meet them could limit access to financing. 1
Investment thesis
What would need to be true (bull case)
- Revenue growth in 2025 and the first half of 2026 shows that demand for custom products is holding up, and high-spend customers provide a stable revenue base. 12
- If cell and gene therapies advance toward approval, customers could buy more GMP products, which could improve margins. 1
- Gross margin rose significantly in 2025, and investments in production efficiency could sustain this trend. 1
What would break the thesis
- The company is not yet profitable and relies on external financing to cover losses, which can limit flexibility. 1
- If biotechnology funding remains weak, research orders could decline and revenue could stagnate. 1
- Dependence on a few suppliers and distributors, and competition from suppliers with faster delivery times, could erode market share. 1
What to watch
- Results of the public stock offering announced in October 2026 and use of proceeds2026
- Trend in Lab Essentials and Clinical Solutions revenueQ3 2026
- Gross margin and production costs after capacity expansionnext 10-K
- Compliance with credit agreement conditions and cash levelsQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 21 Oct 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
Teknova, founded in 1996 and headquartered in Hollister, California, produces custom-made critical reagents and culture media for more than 3,000 customers across pharmaceutical, biotechnology, in vitro diagnostics and academic research. Its model relies on proprietary manufacturing processes that allow quick delivery of custom products, often within weeks of order. The company says customer relationships are long-lasting because its products are validated into customers' processes and remain in use for the life of the final product. 1
The offering is split into two main categories: Lab Essentials, for research use only (RUO), and Clinical Solutions, which includes GMP-grade products used in therapies, mRNA vaccines and diagnostic kits. Products fall into three types: pre-poured media plates, liquid microbial culture media and molecular biology reagents. The company is ISO 13485:2016 certified, which allows it to supply materials for diagnostic and therapeutic applications. 1
Teknova sells mainly direct through a small salesforce but also uses distributors. Sales outside the US are small and denominated in US dollars. The company has no long-term supply contracts with raw material suppliers and orders on a purchase order basis, so demand is expressed by customers as their projects advance. 12
Segments
Lab Essentials
Lab Essentials, the research products segment, generated most of revenue in fiscal 2025 with a 76.6% share of the total, and roughly three quarters of this segment came from catalog products. Growth in the first half of 2026 was driven mainly by higher average revenue per customer. 12
Clinical Solutions
Clinical Solutions covers GMP products used in cell and gene therapies, mRNA vaccines and diagnostics, and about 90% of this segment is custom products. The segment represented 18.9% of 2025 revenue, and in the second quarter of 2026 growth was linked to a higher number of customers. 12
Market context
Teknova operates in the life sciences reagents market, where demand is supported by cell and gene therapies, mRNA, liquid biopsy and genomics. The company points to regulatory approvals in the US and EU during 2025 in these areas. However, funding for smaller biotechnology companies has contracted since mid-2022, and this could reduce demand if financial pressures persist. 1
High-spend customers are an important factor: in 2025, roughly 85% of revenue came from customers buying more than 10,000 USD a year, showing revenue concentration. On the other hand, the company argues that customer spending rises as products move from research to commercial production. 1
Trends
- Growth of cell and gene therapiestailwind
Approvals of cell and gene therapies in the US and EU, along with a pipeline of regulatory submissions, could increase demand for custom and GMP products. The company says it expects higher spending as products advance through approval. 1
- Lower biotechnology fundingheadwind
Private and public funding for smaller biotechnology companies has contracted since 2022, and it is unclear whether these conditions will continue. If pressures persist, demand for research reagents could remain weak. 1
- Inflation and tariffsheadwind
Rising raw material prices, tariffs and higher salaries can increase cost of sales and operating expenses. Management stated it cannot predict the full impact of these factors on its results. 12
- Regulatory environment for mRNA and diagnosticsmixed
Interest in mRNA vaccines, liquid biopsy and genomics could create new opportunities for GMP products if these areas keep attracting investment. The effect depends on the pace of R&D spending and regulatory decisions. 1
Competitive position
The life sciences reagents market is fragmented, and Teknova differentiates itself through rapid customization and the ability to move from research (RUO) to GMP within the same manufacturing environment. The source material does not identify the number of competitors or their market shares, so the assessment of competitive position is limited to the company's own claims. 1
The company's stated advantage lies in short delivery times and a database of thousands of earlier formulations, which could lower the barrier for customers moving from catalog to custom products. If other suppliers shorten their delivery times, this advantage could diminish. 1
- Distributor suppliers
One distributor accounted for 31% of inventory purchases in 2025, showing that third-party distribution is an important channel and also a dependency. 1
- Other life sciences reagent suppliers
The company notes that other suppliers operate in traditional production environments where delivery times are longer. The source does not name specific competitors. 1
- Culture media and GMP reagent makers
The source does not identify direct competitors by name, so these categories are mentioned in general terms. 1
- Diagnostic materials suppliers
As diagnostic customers buy more GMP products, alternative suppliers in this segment could become relevant. The source gives no details. 1
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report21 Oct 2026Material agreement · Results of operations · Other events · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report01 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report06 May 2026Results of operations · Item 5.05 · Financial statements and exhibits
- Proxy statement21 Apr 2026
- Annual report02 Mar 2026
- Current report26 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Alpha Teknova, Inc. · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Alpha Teknova, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Alpha Teknova, Inc. · 21 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.