$FLGT

Fulgent Genetics, Inc.

CIK:0001674930|SEC Filings

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 85,389,000	$ 81,803,000	$ 156,527,000	$ 155,266,000
Cost of revenue	59,710,000	47,368,000	109,358,000	92,485,000
Gross profit	25,679,000	34,435,000	47,169,000	62,781,000
Operating expenses
Research and development	14,554,000	13,480,000	28,730,000	25,875,000
Selling and marketing	15,228,000	12,286,000	27,449,000	20,751,000
General and administrative	27,195,000	26,392,000	54,879,000	51,683,000
Amortization of intangible assets	2,603,000	1,990,000	4,634,000	3,980,000
Intangible impairment loss	2,172,000	0	2,172,000	0
Total operating expenses	61,752,000	54,148,000	117,864,000	102,289,000
Operating loss	(36,073,000)	(19,713,000)	(70,695,000)	(39,508,000)
Other income (expenses)
Interest income	6,404,000	8,091,000	15,055,000	16,109,000
Interest expense	(59,000)	(17,000)	(76,000)	(31,000)
Equity securities impairment loss	0	(9,926,000)	0	(9,926,000)
Other income, net	38,000	46,000	48,000	114,000
Total other income (expense), net	6,383,000	(1,806,000)	15,027,000	6,266,000
Loss before income taxes	(29,690,000)	(21,519,000)	(55,668,000)	(33,242,000)
Provision for (benefit from) income taxes	29,000	(2,263,000)	(675,000)	(2,087,000)
Net loss from consolidated operations	(29,719,000)	(19,256,000)	(54,993,000)	(31,155,000)
Net loss attributable to noncontrolling interest	189,000	299,000	637,000	668,000
Net loss attributable to Fulgent	$ (29,530,000)	$ (18,957,000)	$ (54,356,000)	$ (30,487,000)
Net loss per common share attributable to Fulgent
Basic	$ (1.05)	$ (0.62)	$ (1.85)	$ (0.99)
Diluted	$ (1.05)	$ (0.62)	$ (1.85)	$ (0.99)
Weighted-average common shares:
Basic	28,005	30,544	29,435	30,687
Diluted	28,005	30,544	29,435	30,687

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flow from operating activities:
Net loss from consolidated operations	$ (54,993)	$ (31,155)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Equity-based compensation	18,514	20,589
Depreciation and amortization	13,676	11,973
Adjustment for credit losses	4,856	4,666
Noncash lease expense	868	712
Loss (gain) on disposal of fixed asset	10	(2)
Amortization of premium of marketable securities	(1,633)	(3,064)
Deferred taxes	(1,210)	(246)
Unrecognized tax benefits	89	274
Net (gain) loss on marketable securities	(90)	0
Impairment of equity securities	0	9,926
Impairment of intangible assets	2,172	0
Other	(46)	33
Changes in operating assets and liabilities:
Trade accounts receivable	17,160	(12,781)
Income tax	(2,798)	(33,032)
Other current and long-term assets	5,071	346
Accounts payable	(3,823)	(272)
Contract liabilities	(231)	438
Customer deposits	652	(16)
Accrued liabilities and other liabilities	(14,019)	(2,282)
Operating lease liabilities	(886)	(709)
Net cash used in operating activities	(16,661)	(34,602)
Cash flow from investing activities:
Maturities of marketable securities	103,226	92,675
Proceeds from sale of fixed assets	8	2
Proceeds from sale of marketable securities	33,144	0
Purchase of marketable securities	(10,011)	0
Purchases of fixed assets	(9,060)	(11,544)
Acquisition of businesses, net of cash	(55,567)	0
Net cash provided by investing activities	61,740	81,133
Cash flow from financing activities:
Repurchase of common stock	(63,883)	(10,884)
Common stock withholding for employee tax obligations	(4,534)	(2,232)
Repayment of notes payable	(476)	(471)
Principal paid for finance lease	(176)	(223)
Proceeds from exercise of stock options	11	0
Net cash used in financing activities	(69,058)	(13,810)
Effect of exchange rate changes on cash and cash equivalents	91	15
Net (decrease) increase in cash, cash equivalents, and restricted cash	(23,888)	32,736
Cash, cash equivalents, and restricted cash at beginning of period	50,328	55,279
Cash, cash equivalents, and restricted cash at end of period	26,440	88,015
Supplemental disclosures of cash flow information:
Income taxes paid, net of refunds received	25	31,111
Interest Paid	92	44
Supplemental disclosures of non-cash investing and financing activities:
Purchases of fixed assets in accounts payable	438	2,581
Acquisition of business in accrued liabilities	286	0
Operating lease right-of-use assets obtained in exchange for lease liabilities	203	38
Operating lease right-of-use assets reduced due to lease modification and termination	0	(46)
Excise tax payable on common stock repurchases not yet remitted	$ 531	$ 0

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 26,305	$ 50,193
Marketable securities	230,727	285,884
Trade accounts receivable, net of allowance for credit losses of $21,450 as of June 30, 2026, and $21,411 as of December 31, 2025	64,938	84,762
Prepaid income taxes	110,569	107,099
Other current assets	22,231	22,552
Total current assets	454,770	550,490
Marketable securities, long-term	294,316	369,269
Fixed assets, net	113,068	112,549
In-process research & development	68,490	68,490
Other intangible assets, net	80,769	64,791
Goodwill	53,861	25,080
Other long-term assets	23,949	22,856
Total assets	1,089,223	1,213,525
Current liabilities
Accounts payable	15,555	18,654
Accrued liabilities	23,507	34,057
Customer deposit	28,808	28,145
Contract liabilities	3,404	3,635
Notes payable, current	482	476
Total current liabilities	71,756	84,967
Deferred tax liabilities	6,892	6,936
Unrecognized tax benefits	5,617	7,283
Other long-term liabilities	8,972	7,624
Total liabilities	93,237	106,810
Commitments and Contingencies (Note 8)
Stockholders’ equity
Common stock, $0.0001 par value per share, 50,000 shares authorized, 35,057 shares issued and 27,515 shares outstanding as of June 30, 2026, and 34,501 shares issued and 31,081 shares outstanding as of December 31, 2025	4	3
Preferred stock, $0.0001 par value per share, 1,000 shares authorized, no shares issued or outstanding as of June 30, 2026, and December 31, 2025
Additional paid-in capital	524,097	574,520
Accumulated other comprehensive income	1,920	7,512
Retained earnings	475,598	529,954
Total Fulgent stockholders' equity	1,001,619	1,111,989
Noncontrolling interest	(5,633)	(5,274)
Total stockholders’ equity	995,986	1,106,715
Total liabilities and stockholders’ equity	$ 1,089,223	$ 1,213,525