olivLaw · US equity research
Cytek Biosciences, Inc. CTKB
Laboratory Analytical Instruments · SIC 3826 · Vertical: Laboratory Analytical Instruments (SIC 3826)
Cytek Biosciences develops instruments for single-cell analysis based on its patented Full Spectrum Profiling technology, complemented by reagents, software and services. The company reports modest revenue growth, from $201.5 million in fiscal 2025 to $48.1 million in the second quarter of 2026, while recurring revenue is growing as a share of the total.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Cytek Biosciences, Inc. (CTKB) stock was 5.88 USD (−1.34% on the day), with market capitalisation 769.0 m USD, beta 1.22, 52-week range 3.36–6.30 USD. Latest reported quarter (Q3 2026): revenue of 53.2 m USD (+1.8% YoY), net income of -6.1 m USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 56.0
- strong (55–70)
- Bollinger (20, 2)
- 4.97 – 6.29
- in the upper half of the band · %B 0.69 · band width 23.4%
- SMA 50 / 200
- 5.35 / 4.66
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.18 / 0.16
- 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 | −3.4% | −1.1% | −2.4 pp | — |
| 3 months | +40.7% | −0.5% | +41.1 pp | — |
| 6 months | +19.0% | +4.4% | +14.6 pp | — |
| Year to date | +16.4% | +12.3% | +4.1 pp | — |
| 1 year | +50.4% | +13.5% | +36.8 pp | +15.7% |
| 3 years | +33.9% | +76.4% | −42.5 pp | +1.8% |
| 5 years | −76.2% | +63.7% | −139.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 57.5 m | 41.5 m | 45.6 m | 52.3 m | 62.1 m | 44.1 m | 48.1 m | 53.2 m |
| Cost of revenue | 23.8 m | 21.3 m | 21.7 m | 24.7 m | 29.3 m | 22.9 m | 19.8 m | 22.0 m |
| Gross profit | 33.7 m | 20.2 m | 23.9 m | 27.6 m | 32.9 m | 21.3 m | 28.3 m | 31.2 m |
| Research & development | 9.7 m | 9.7 m | 8.8 m | 9.0 m | 9.0 m | 9.6 m | 9.7 m | 9.4 m |
| Operating income | 3.0 m | -15.0 m | -10.6 m | -9.2 m | -5.6 m | -18.5 m | -11.4 m | -8.4 m |
| Depreciation & amortisation | 1.9 m | 1.9 m | 1.9 m ≈ | 1.9 m ≈ | 1.9 m | 1.9 m | 2.0 m ≈ | 2.1 m ≈ |
| Interest expense | -5.9 m | 291.0 k | 414.0 k | 494.0 k | -725.0 k | 262.0 k | 281.0 k | 260.0 k |
| Pre-tax income | 10.3 m | -11.3 m | -6.8 m | -7.8 m | -4.0 m | — | — | — |
| Income tax | 680.0 k | 136.0 k | -1.2 m | -2.3 m | 40.0 m | 1.5 m | 515.0 k | -811.0 k |
| Net income | 9.6 m | -11.4 m | -5.6 m | -5.5 m | -44.1 m | -18.9 m | -12.2 m | -6.1 m |
| Operating cash flow | 2.0 m | -125.0 k | 108.0 k ≈ | -3.9 m ≈ | -771.0 k | -2.7 m | 1.4 m ≈ | -4.5 m ≈ |
| Capex | 894.0 k | 849.0 k | 1.6 m ≈ | 657.0 k ≈ | 1.0 m | 2.2 m | 2.2 m ≈ | 1.5 m ≈ |
| Share repurchases | 7.0 m | 10.6 m | 4.5 m ≈ | -29.0 k ≈ | -34.0 k | 0 | 0 ≈ | 0 ≈ |
≈ 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 | 710.0 k | 2.2 m | 3.0 m | 193.0 m | 200.5 m | 201.5 m |
| Revenue YoY | unavailable | +207.2% | +35.9% | +6,414.2% | +3.9% | +0.5% |
| Net income | 19.4 m | 3.0 m | 2.5 m | -12.1 m | -6.0 m | -66.5 m |
| Net income YoY | unavailable | −84.4% | −17.9% | −589.0% | unavailable | unavailable |
| Diluted EPS | 0.10 | 0.00 | 0.02 | -0.09 | unavailable | unavailable |
| Diluted EPS YoY | unavailable | −100.0% | unavailable | −550.0% | unavailable | unavailable |
| net % | 2,733.9% | 138.8% | 83.8% | -6.3% | -3.0% | -33.0% |
| Free cash flow | 13.6 m | 266.0 k | -22.0 m | 633.0 k | 21.9 m | -8.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 90.9 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 341.7 m USD
- Total assets
- 461.5 m USD
- Debt / equity
- unavailable
- Current ratio
- 5.04x
- ROE
- -18.0%
- ROA
- -13.8%
- FCF margin
- -4.4%
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 | 710.0 k | 2.2 m | 3.0 m | 193.0 m | 200.5 m | 201.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 41.1 m | 48.8 m | 63.1 m | 83.6 m | 89.3 m | 97.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 51.7 m | 79.1 m | 101.0 m | 109.4 m | 111.1 m | 104.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Research & development | 13.7 m | 24.4 m | 34.9 m | 44.2 m | 39.4 m | 36.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 13.7 m | 9.2 m | -1.8 m | -27.8 m | -20.5 m | -40.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 603.0 k | 1.2 m | 2.5 m | 6.0 m | 7.2 m | 7.6 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 14.3 m ≈ | 10.4 m ≈ | 688.0 k ≈ | -21.8 m ≈ | -13.3 m ≈ | -32.8 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 333.0 k | 1.7 m | 2.6 m | 2.1 m | -5.2 m | 474.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 14.4 m | 5.9 m | 1.3 m | -15.7 m | -5.7 m | -29.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | -5.0 m | 2.9 m | -1.2 m | -3.6 m | 320.0 k | 36.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 19.4 m | 3.0 m | 2.5 m | -12.1 m | -6.0 m | -66.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 0.10 | 0.00 | 0.02 | -0.09 | — | — | SEC (XBRL)· 13 Mar 2024verified |
| Weighted average diluted shares | 32.6 m | 81.5 m | 138.6 m | 135.3 m | 130.6 m | 127.7 m | SEC (XBRL)· 26 Feb 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 | 165.2 m | 364.6 m | 296.6 m | 167.3 m | 98.7 m | 90.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 17.0 m | 29.8 m | 48.9 m | 55.9 m | 60.6 m | 62.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 23.0 m | 32.2 m | 48.2 m | 60.9 m | 43.9 m | 48.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 208.6 m | 431.7 m | 454.0 m | 392.1 m | 396.4 m | 392.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 2.1 m | 5.9 m | 13.7 m | 18.4 m | 18.0 m | 18.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 476.0 k | 10.1 m | 10.1 m | 16.2 m | 16.7 m | 16.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 274.0 k | 4.7 m | 4.3 m | 23.1 m | 20.1 m | 16.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 220.0 m | 463.3 m | 519.5 m | 494.5 m | 499.5 m | 461.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 9.0 m | 15.3 m | 21.1 m | 20.0 m | 21.4 m | 23.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 26.5 m | 33.2 m | 49.0 m | 56.2 m | 67.7 m | 77.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 41.7 m | 57.9 m | 93.9 m | 101.4 m | 103.8 m | 119.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | -16.0 m † | 405.4 m † | 425.5 m | 393.1 m | 395.7 m | 341.7 m | SEC (XBRL)· 26 Feb 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 | 15.2 m | 4.6 m | -12.2 m | 5.3 m | 25.4 m | -4.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 1.5 m | 4.4 m | 9.7 m | 4.6 m | 3.5 m | 4.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 13.6 m ≈ | 266.0 k ≈ | -22.0 m ≈ | 633.0 k ≈ | 21.9 m ≈ | -8.8 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -1.5 m | -21.0 m | -55.9 m | -93.9 m | -83.0 m | 10.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 122.6 m | 213.6 m | 5.5 m | -41.8 m | -15.8 m | -13.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | — | 0 | 0 | 44.2 m | 21.6 m | 15.1 m | SEC (XBRL)· 26 Feb 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
- score weight coverage: 39.6% 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: 769.0 m USD
Key indicators
Coverage and freshness
Score by group
40% · 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 · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- 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: score weight coverage: 39.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -39.1% | 42 (vs peers) | 16% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 308.2% | 100 (on a fixed band) | 21% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -562.6x | 0 (on a fixed band) | 16% |
| 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 | -1.8% | 0 (on a fixed band) | 21% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 16% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial42/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 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
CYTEK BIOSCIENCES, INC. (CTKB). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 201.5 m USD in 2025; YoY growth 0.5%; net margin -39.1%; ROE -23.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 39.6% 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
- Revenue CAGR 3Y: 308.2%
- Current ratio: 4.5x
What contradicts it
- Interest coverage: -562.6x
- FCF yield: -1.8%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Laboratory Analytical Instruments (SIC 3826) · same industry (4-digit SIC) · compared with 20 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 | |
|---|---|---|---|---|---|---|
| AAgilent Technologies, Inc. | 49.9 bn | 34.9 | 21.0% | 19.5% | +6.7% | +15% / +39% |
| WATWaters Corporation | 45.9 bn | 116.6 | 1.9% | 3.6% | +7.0% | +16% / +67% |
| MTDMettler-Toledo International Inc. | 34.5 bn | 38.8 | — | 21.9% | +4.0% | +17% / +58% |
| ILMNIllumina, Inc. | 34.3 bn | 38.8 | 32.4% | 19.7% | −0.7% | +72% / +128% |
| RVTYRevvity, Inc | 17.8 bn | 76.0 | 3.2% | 8.2% | +3.7% | +53% / +79% |
| AVTRAvantor, Inc. | 10.6 bn | 31.5 | 5.9% | 5.1% | −3.4% | +33% / −26% |
| BRKRBruker Corporation | 9.7 bn | — | -3.4% | -2.0% | +2.1% | +31% / −2% |
| TXG10x Genomics, Inc. | 8.6 bn | — | -9.4% | -12.2% | +5.2% | +259% / +55% |
| PACBPacific Biosciences of California, Inc. | 792.6 m | — | -929.3% | -82.5% | +3.9% | +10% / −70% |
| CTKBCytek Biosciences, Inc. | 769.0 m | — | -23.2% | -39.1% | +0.5% | +50% / +34% |
| MASS908 Devices Inc. | 457.6 m | — | -25.2% | -57.0% | +17.7% | +74% / +39% |
| NAUTNautilus Biotechnology, Inc. | 291.7 m | — | -41.0% | — | unavailable | +2% / −17% |
| QTRXQuanterix Corporation | 143.8 m | — | -46.5% | -80.2% | +1.1% | −58% / −87% |
| SEERSeer, Inc. | 94.1 m | — | -26.4% | -478.0% | +17.0% | −11% / +6% |
| HBIOHarvard Bioscience, Inc. | 39.2 m | — | -89.9% | -11.9% | −8.1% | +13% / −80% |
| PRPOPrecipio, Inc. | 35.0 m | — | -9.0% | -4.5% | +29.8% | −20% / +187% |
| EYPTEyePoint, Inc. | 34.1 m | — | -148.7% | -10,994.7% | −27.5% | −97% / −94% |
| BNGOBionano Genomics, Inc. | 14.0 m | — | -83.6% | -106.6% | −7.4% | −36% / −99% |
| ASTCAstrotech Corporation | 9.1 m | — | -75.4% | -1,580.2% | −8.7% | +41% / −44% |
| BIOBio-Rad Laboratories, Inc. | — | 10.0 | 14.3% | 39.5% | +0.7% | +17% / +25% |
| RPIDRapid Micro Biosystems, Inc. | — | — | -141.6% | -145.6% | +19.7% | −84% / −42% |
1- and 3-year price returns: for CTKB 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 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Cytek Biosciences develops instruments for single-cell analysis based on its patented Full Spectrum Profiling technology, complemented by reagents, software and services. The company reports modest revenue growth, from $201.5 million in fiscal 2025 to $48.1 million in the second quarter of 2026, while recurring revenue is growing as a share of the total 123.
SWOT
Strengths
- The patented FSP platform offers high multiplexing and an extensive base of scientific publications, which supports the credibility of the technology 1.
- A growing installed base and recurring revenue from reagents and services create a steadier revenue stream alongside instrument sales 23.
- The company holds a solid liquidity position, with cash and securities exceeding its operating spending over the period analyzed 3.
Weaknesses
- The company depends on a limited number of products, mainly the Aurora and Northern Lights lines, which exposes revenue to quarterly fluctuations 1.
- The company reported net losses in fiscal 2025 and the first half of 2026, while general and administrative expenses have risen 13.
- Some components come from single or sole source suppliers, and replacing them could be difficult in the short term 1.
Opportunities
- Launches of new instruments and Aurora Evo configurations could attract new customers and extend lab automation 3.
- Clinical applications, such as minimal residual disease testing, could open new markets if regulatory approvals are obtained 1.
- Revenue growth in the US and China, cited in the quarterly results, could support instrument demand 3.
Risks
- Dependence on a few productshigh
Most revenue comes from a few systems, and the long sales cycle makes quarterly results hard to predict 1.
- Single source suppliershigh
Critical lasers and semiconductors come from single or sole source suppliers, which could delay production if supply problems arise 1.
- Trade policy and export controlsmedium
Tariffs and export licensing could affect sales in China and other international markets, with cost impacts 12.
- Research fundingmedium
Lower academic, government or biotech budgets could slow adoption of the products 12.
- Net losses and capital needslow
Repeated net losses could require additional capital if revenue does not grow enough relative to expenses 13.
Investment thesis
What would need to be true (bull case)
- If the installed base keeps growing, reagent and service revenue could become a larger and more stable share of the total 23.
- Recent launches, such as the Cytek Borealis and Aurora Evo configurations, could speed instrument sales in the US and China 3.
- The FSP platform, backed by a large body of publications, could gain share in clinical and advanced research applications 1.
What would break the thesis
- If sales cycles stay long, revenue could remain close to flat, as it did between 2024 and 2025 1.
- Net losses and rising general and administrative expenses could test investor patience if margins do not improve 13.
- Trade restrictions and technological competition could limit access to international markets and pressure prices 1.
What to watch
- Delivery against full-year 2026 revenue guidance of $207 million to $212 million2026
- Trend in recurring revenue from reagents and servicesQ3 2026
- Effect of tariffs and export controls on China salesnext 10-K
- Level of general and administrative expenses, including litigation costsQ3 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 05 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Cytek is a cell analysis solutions company offering the FSP platform, made up of the Cytek Aurora, Northern Lights, Aurora CS and Aurora Evo instruments, supported by its SpectroFlo software, reagents and services 1. The company expanded its portfolio through the February 2023 acquisition of the Amnis and Guava brands, which cover conventional and image-based flow cytometry 1. Cytek also launched new products, including the Cytek Borealis, a 7-laser instrument, in 2026 3.
Segments
FSP instruments
The Cytek Aurora, Northern Lights and Aurora Evo lines form the core of revenue, as high-sensitivity full spectrum cytometers used in research and, for Northern Lights-CLC, for clinical use in the European Union and China 1. The company says these instruments will remain a substantial share of revenue in the near term 1.
Reagents and services
Recurring revenue from reagents and services is on a growth path as the installed base expands, and the company expects this stream to become a more important contributor to revenue 2. Recurring revenue represented 35% of total revenue on a trailing-12-month basis, up from the prior year 3.
Market context
The company operates in the cell analysis market within life sciences research, where its customers include pharmaceutical and biopharma companies, academic centers and contract research organizations 1. Direct sales made up 73% of revenue in 2025 and distributors 27% 1. The company believes its addressable market is larger than the current cell analysis market, a view that reflects management's own estimate 1.
Demand depends on research funding from academic and government institutions, as well as on biotech budgets, which could be affected by funding conditions and high interest rates 12. Sales are sensitive to long sales cycles that can exceed six months 1.
Trends
- Growing demand for detailed cell analysistailwind
Research in immunotherapy, oncology and personalized medicine increasingly requires single-cell level analysis, which could support adoption of the FSP platform 1.
- Longer sales cyclesheadwind
US pharmaceutical and biotech customers were affected by a difficult fundraising environment and high interest rates, which lengthened sales cycles 1.
- Tariffs and export controlsheadwind
Changes in US trade policy, retaliatory tariffs and new export controls on high-parameter cytometers could affect sales and costs 1.
- Growing recurring revenuemixed
Expansion of the installed base, now at 3,933 instruments, opens the possibility of growth in reagent and service revenue, with potentially better margins 23.
Competitive position
Cytek competes with conventional flow cytometry, mass cytometry and earlier spectral cytometry approaches, which the company considers limited in dimensionality, resolution or cost 1. The company describes the cell analysis and life sciences instrument market as highly competitive 1.
Cytek's stated advantages are its patented platform, which allows high multiplexing at a lower cost, and a complete range of instruments, reagents and software 1. The company acknowledges that rapid innovation by competitors could reduce its market share 1.
- Other conventional flow cytometer makers
Suppliers of conventional cytometry that compete with the FSP platform, with no figures given in the analyzed sources 1.
- Mass cytometry providers
Alternative single-cell analysis technology that the company says has limits in dimensionality and cost 1.
- Early spectral cytometry providers
Earlier spectral cytometry approaches that the company considers less capable 1.
- Other life sciences instrument suppliers
Companies offering research and clinical instruments in the same market, referred to generally in the company's risk disclosures 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
- Cytek’s (CTKB) Instruments Keep Selling While Losses Keep GrowingYahoo Finance — News · 09 Sept 2026 · EN
The latest news item in our archive is from 09 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report29 Sept 2026Amendments to articles or bylaws · Financial statements and exhibits
- Current report24 Aug 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report15 Jul 2026Departure or appointment of officers
- Current report25 Jun 2026Departure or appointment of officers
- Current report16 Jun 2026Shareholder vote
- Current report02 Jun 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Cytek Biosciences, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Cytek Biosciences, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Cytek Biosciences, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.