Summary of SEER Q2 2026 Earnings Call

1Key Financial Results and Metrics

Total Revenue: $3.1 million, up from $2.8 million in Q1 2026 but down from $4.1 million in Q2 2025.

Product Revenue: $2.3 million; Service Revenue: $700,000.

Gross Profit: $1.5 million with a gross margin of 49%, down from 52% in Q2 2025.

Operating Expenses: $18.3 million, a decrease from $22.6 million in Q2 2025.

Net Loss: $16.9 million, improved from a loss of $19.4 million in Q2 2025.

Free Cash Flow: Approximately negative $25.3 million for the first half of 2026.

Cash Position: $209.5 million available, sufficient to reach cash flow breakeven.

2Strategic Updates and Business Highlights

Proteograph Technology: Continued validation with over 95 publications, highlighting its competitive advantage in deep unbiased proteomics.

Market Position: Strong intellectual property portfolio with over 250 patents; recent legal victories bolster confidence in IP strength.

Commercial Leadership: New Chief Commercial Officer, Tony Bazarko, is enhancing customer engagement and focusing on large accounts.

Collaborations: New partnership with Mayo Clinic for translational research and ongoing population-scale studies, including PRECISE-SG-100K.

3Forward Guidance and Outlook

Revenue Guidance: Reaffirmed full-year 2026 revenue guidance of $16 million to $18 million, suggesting growth in the second half despite current challenges.

Market Dynamics: Anticipated increase in instrument utilization and consumable pull-through driven by ongoing customer engagement and upcoming data presentations.

4Bad News, Challenges, or Points of Concern

Revenue Decline: Year-over-year revenue decrease due to macroeconomic headwinds affecting academic funding and elongated sales cycles.

Customer Hesitancy: Continued caution among academic customers due to funding delays, particularly outside of the neurology space.

Gross Margin Variability: Fluctuations in gross margin expected as product and service revenue mix changes.

5Notable Q&A Insights

Instrument Placement Trends: A shift in instrument placements between STAC and SIP programs, with some SIP customers transitioning to direct purchases.

Customer Pull-Through: An uptick in consumable pull-through observed, with expectations for further increases as new customers begin to utilize their instruments.

Academic Funding Dynamics: Mixed signals in academic budgets, with some areas experiencing growth while others remain stagnant, contributing to cautious customer behavior. This summary encapsulates SEER's financial performance, strategic initiatives, future outlook, and challenges faced in Q2 2026, providing a balanced view of the company's current standing and future prospects.