BillionToOne (BLLN) Q3 2025 Financial Results Summary
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BillionToOne (BLLN) Q3 2025 Financial Results Summary
Release Date: December 9, 2025
BillionToOne, Inc. (NASDAQ: BLLN), a next-generation molecular diagnostics company, released its financial results for the third quarter ended September 30, 2025. The report highlights significant growth across various metrics compared to the same quarter in the previous year.
Financial Highlights
- Total Revenue:
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$83.5 million in Q3 2025, up 117% from $38.4 million in Q3 2024.
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Prenatal Clinical Testing Revenue:
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$74.1 million in Q3 2025, representing a growth of 102% from $36.6 million in Q3 2024.
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Oncology Clinical Testing Revenue:
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$8.7 million in Q3 2025, compared to $1.1 million in Q3 2024, marking a 664% increase.
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Gross Margin:
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70% in Q3 2025, an increase of 17 percentage points compared to 53% in Q3 2024.
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Tests Accessioned:
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162,900 tests in Q3 2025, up 51% from 107,900 tests in Q3 2024.
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Operating Income:
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$9.6 million in Q3 2025, a recovery from a $12.6 million operating loss in Q3 2024.
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Net Income:
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$1.5 million, or $0.10 per diluted share in Q3 2025, compared to a net loss of $14.9 million, or ($1.47) per diluted share in Q3 2024.
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Operating Expenses:
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$48.8 million in Q3 2025, an increase of 49% from $32.8 million in Q3 2024.
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Positive Cash Flow:
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$6.2 million in Q3 2025.
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IPO Proceeds:
- Raised gross proceeds of $314.0 million in the company’s initial public offering.
Year-to-Date Metrics
- Total Revenue (Nine Months Ended September 30):
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$209.1 million in 2025, a 153% increase compared to $107.5 million in the same period in 2024.
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Prenatal Revenue (Nine Months):
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$191.0 million, up 86% compared to $102.7 million.
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Oncology Revenue (Nine Months):
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$15.8 million, a significant increase of 754% from $1.9 million.
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Gross Profit:
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Gross Profit for the nine months reached $139.9 million, up from $55.2 million in 2024.
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Total Tests Accessioned (Nine Months):
- 447,900 tests, up 52% from 294,900 tests in 2024.
Financial Outlook
- 2025 Total Revenue Guidance:
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Expected to be between $293 million and $299 million, which would represent an increase of 92% to 96% over the previous year.
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Q4 2025 Revenue Forecast:
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Anticipated to be between $84 million and $90 million, reflecting a growth of 86% to 100% compared to Q4 2024.
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Operating Income Expectation:
- Positive GAAP operating income is expected for both Q4 2025 and the full year 2025.
Additional Information
- Share Repurchase or Dividend Declaration:
- The report did not mention any share repurchase program or dividend declaration during this quarter.
Conclusion
BillionToOne has demonstrated exceptional growth in Q3 2025, showcasing its potential as a leader in molecular diagnostics with substantial increases in revenue and significant improvements in profitability metrics. The company remains optimistic about the future, setting ambitious revenue targets for the upcoming quarter and full fiscal year.
| Three Months Ended September | 2025 | 2024 | Nine Months Ended September | 2025 | 2024 |
|---|---|---|---|---|---|
| Revenue | $ 83,523 | $ 38,419 | Revenue | $ 209,059 | $ 107,505 |
| Cost of revenue | $ 25,107 | $ 18,204 | Cost of revenue | $ 69,205 | $ 52,309 |
| Gross profit | $ 58,416 | $ 20,215 | Gross profit | $ 139,854 | $ 55,196 |
| Operating expenses: | Operating expenses: | ||||
| Research and development | $ 12,953 | $ 9,550 | Research and development | $ 35,134 | $ 25,600 |
| Selling, general and administrative | $ 35,830 | $ 23,299 | Selling, general and administrative | $ 99,029 | $ 65,050 |
| Total operating expenses | $ 48,783 | $ 32,849 | Total operating expenses | $ 134,163 | $ 90,650 |
| Income (loss) from operations | $ 9,633 | $ -12,634 | Income (loss) from operations | $ 5,691 | $ -35,454 |
| Other income (expense): | Other income (expense): | ||||
| Interest income | $ 1,535 | $ 1,952 | Interest income | $ 4,492 | $ 4,148 |
| Interest expense | $ -20 | $ -422 | Interest expense | $ -92 | $ -2,339 |
| Net (loss) gain on extinguishment of debt | $ — | $ -1,346 | Net (loss) gain on extinguishment of debt | $ — | $ 7,289 |
| Change in fair value of term loan | $ -3,936 | $ -2,283 | Change in fair value of term loan | $ -7,038 | $ -2,283 |
| Change in fair value of convertible notes | $ — | $ — | Change in fair value of convertible notes | $ — | $ -835 |
| Other expense, net | $ -1,630 | $ -171 | Other expense, net | $ -1,591 | $ -614 |
| Total other (expense) income | $ -4,051 | $ -2,270 | Total other (expense) income | $ -4,229 | $ 5,366 |
| Income (loss) before provision for income taxes | $ 5,582 | $ -14,904 | Income (loss) before provision for income taxes | $ 1,462 | $ -30,088 |
| Provision for income taxes | $ -129 | $ — | Provision for income taxes | $ -15 | $ 5 |
| Net income (loss) and comprehensive income (loss) | $ 5,711 | $ -14,904 | Net income (loss) and comprehensive income (loss) | $ 1,477 | $ -30,093 |
| Less: Net income attributable to participating securities | $ -4,204 | $ — | Less: Net income attributable to participating securities | $ -1,089 | $ — |
| Net income (loss) attributable to common shareholders | $ 1,507 | $ -14,904 | Net income (loss) attributable to common shareholders | $ 388 | $ -30,093 |
| Net income (loss) per share, basic and diluted: | Net income (loss) per share, basic and diluted: | ||||
| Net income (loss) per share, basic | $ 0.14 | $ -1.47 | Net income (loss) per share, basic | $ 0.04 | $ -2.99 |
| Net income (loss) per share, diluted | $ 0.10 | $ -1.47 | Net income (loss) per share, diluted | $ 0.03 | $ -2.99 |
| Weighted-average shares used in calculating net income (loss) per share, basic | 10,429,583 | 10,107,487 | Weighted-average shares used in calculating net income (loss) per share, basic | 10,376,253 | 10,049,097 |
| Weighted-average shares used in calculating net income (loss) per share, diluted | 15,571,949 | 10,107,487 | Weighted-average shares used in calculating net income (loss) per share, diluted | 15,117,365 | 10,049,097 |
| September 30, | 2025 | December 31, | 2024 |
|---|---|---|---|
| Assets | |||
| Current assets: | |||
| Cash and cash equivalents | $ 195,152 | $ 191,477 | |
| Accounts receivable | $ 34,646 | $ 24,709 | |
| Inventories | $ 17,389 | $ 8,733 | |
| Prepaid expenses and other current assets | $ 4,529 | $ 2,898 | |
| Total current assets | $ 251,716 | $ 227,817 | |
| Property and equipment, net | $ 18,667 | $ 17,111 | |
| Operating lease right-of-use assets, net | $ 48,024 | $ 51,739 | |
| Other non-current assets | $ 9,114 | $ 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 liabilities | $ 8,041 | $ 3,882 | |
| Accrued commissions | $ 2,922 | $ 2,756 | |
| Accrued compensation and employee benefits | $ 13,687 | $ 8,419 | |
| Deferred revenue, current | $ 2,683 | $ 2,806 | |
| Operating lease liabilities, current | $ 4,902 | $ 4,393 | |
| Financing lease liabilities, current | $ 744 | $ 1,826 | |
| Total current liabilities | $ 40,785 | $ 28,386 | |
| Operating lease liabilities, non-current | $ 47,046 | $ 50,802 | |
| Financing lease liabilities, non-current | $ 460 | $ 874 | |
| Long-term debt | $ 54,986 | $ 51,481 | |
| Other non-current liabilities | $ 4,348 | $ 2,763 | |
| Total liabilities | $ 147,625 | $ 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, 2024 | $ 419,409 | $ 419,409 | |
| Stockholders’ deficit: | |||
| Common stock, $0.00001 par value, 51,100,000 |