Seer Q1 Revenue Falls 34% to $2.8M as Net Loss Narrows
SEER•Seer recorded Q1 revenue of $2.8 million, down 34% year-over-year, with gross margin at 35% and net loss narrowing to $16.8 million from $19.9 million. The company ended March with $220 million in cash and reaffirmed full-year 2026 revenue guidance of $16–18 million while repurchasing 1.5 million shares.
1. First Quarter Financial Performance
Seer posted Q1 revenue of $2.8 million, down 34% from $4.2 million a year earlier, comprised of $2.1 million in product sales and $596 thousand in service revenue. Gross profit reached $982 thousand with a 35% margin, while net loss narrowed to $16.8 million from $19.9 million due to a 20% reduction in operating expenses to $18.2 million, including $2.1 million in stock-based compensation.
2. Operational Milestones
The company doubled independent publications to 84, secured a collaboration for proteomics analysis on 10,000 samples in Singapore’s PRECISE-SG100K study, and reinforced its intellectual property position with a favorable USPTO decision. Leadership was bolstered by appointing Tony Bazarko as Chief Commercial Officer, and approximately 1.5 million Class A shares were repurchased.
3. Liquidity and Cash Flow
Seer ended the quarter with approximately $220 million in cash, cash equivalents and investments, while generating negative free cash flow of $15.7 million driven by $15.4 million in operating cash use and $270 thousand in capital expenditures.
4. Full-Year 2026 Outlook
The company reaffirmed its full-year revenue target of $16 million to $18 million, implying mid-point growth of 3% over 2025.
