MAXCYTE, INC. Revenue Disclosure
3. | Revenue |
Revenue is principally from the sale of instruments, PAs and consumables, assay services, and extended warranties and from our license agreements, which also include customer-specific milestone payments. In some arrangements, product and services have been sold together representing distinct performance obligations. In these arrangements the Company allocates the sale price to the various performance obligations in the arrangement on a relative selling price basis. Under this basis, the Company determines the estimated selling price of each performance obligation in a manner that is consistent with that used to determine the price to sell the deliverable on a standalone basis.
Disaggregated revenue for the year ended December 31, 2025 was as follows:
Year ended December 31, 2025 | |||||||||
Revenue from | Revenue | ||||||||
Contracts with | from Lease | Total | |||||||
| Customers | | Elements | | Revenue | ||||
Product sales | $ | 18,691 | $ | — | $ | 18,691 | |||
Licenses |
| 300 |
| 12,069 |
| 12,369 | |||
Assay and other service revenue |
| 1,966 |
| — |
| 1,966 | |||
Total | $ | 20,957 | $ | 12,069 | $ | 33,026 | |||
Disaggregated revenue for the year ended December 31, 2024 was as follows:
Year ended December 31, 2024 | |||||||||
Revenue from | Revenue | ||||||||
Contracts with | from Lease | Total | |||||||
| Customers | | Elements | | Revenue | ||||
Product sales | $ | 21,089 | $ | — | $ | 21,089 | |||
Licenses |
| — |
| 16,412 |
| 16,412 | |||
Other service revenue |
| 1,126 |
| — |
| 1,126 | |||
Total | $ | 22,215 | $ | 16,412 | $ | 38,627 | |||
Additional Disclosures Relating to Revenue from Contracts with Customers
Changes in deferred revenue for the years ended December 31, 2025 and 2024 were as follows:
Year Ended December 31, | |||||||
2025 | 2024 | ||||||
Balance at January 1 | | $ | 5,525 | $ | 5,352 | ||
Revenue recognized in the current period from amounts included in the beginning balance |
| (5,183) |
| (4,993) | |||
Current period deferrals, net of amounts recognized in the current period |
| 3,519 |
| 5,166 | |||
Balance at December 31 | $ | 3,861 | $ | 5,525 | |||
Remaining contract consideration for which revenue has not been recognized due to unsatisfied performance obligations with a duration greater than one year was $367 at December 31, 2025, of which the Company expects to recognize $104 in , $104 in , $31 in , and $128 .
Included in deferred revenue as of December 31, 2025 are unsatisfied performance obligations in the amount of $415 from assay service revenue contracts that the Company expects to recognize in under 12 months.
In the years ended December 31, 2025 and 2024, the Company did not incur, and therefore did not defer, any material incremental costs to obtain contracts or costs to fulfil contracts.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 25, 2026 | Showing above |
| 2024 | Mar 11, 2025 | |
| 2023 | Mar 12, 2024 | |
| 2022 | Mar 15, 2023 | |
| 2021 | Mar 22, 2022 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.