$BLLN

BillionToOne, Inc.

CIK:0002070849|SEC Filings

Statements of Operations and Comprehensive Income (Loss) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 109,448,000	$ 66,573,000	$ 217,836,000	$ 125,536,000
Cost of revenue	32,341,000	23,107,000	61,633,000	44,098,000
Gross profit	77,107,000	43,466,000	156,203,000	81,438,000
Operating expenses:
Research and development	17,315,000	11,751,000	32,007,000	22,181,000
Selling, general and administrative	54,289,000	33,342,000	100,859,000	63,199,000
Total operating expenses	71,604,000	45,093,000	132,866,000	85,380,000
Income (loss) from operations	5,503,000	(1,627,000)	23,337,000	(3,942,000)
Other income (expense):
Interest income	4,694,000	1,451,000	9,339,000	2,957,000
Interest expense	(8,000)	(32,000)	(18,000)	(72,000)
Change in fair value of term loan	(2,968,000)	(10,000)	(7,229,000)	(3,102,000)
Other income (expense), net	297,000	(14,000)	598,000	39,000
Total other income (expense)	2,015,000	1,395,000	2,690,000	(178,000)
Income (loss) before provision for income taxes	7,518,000	(232,000)	26,027,000	(4,120,000)
Provision for income taxes	(536,000)	14,500	2,600	114,000
Net income (loss)	8,054,000	(246,000)	26,024,000	(4,234,000)
Comprehensive income (loss)	$ 8,054,000	$ (246,000)	$ 26,024,000	$ (4,234,000)
Net income (loss) per share, basic and diluted:
Net income (loss) per share, basic (in dollars per share)	$ 0.17	$ (0.02)	$ 0.56	$ (0.41)
Net income (loss) per share, diluted (in dollars per share)	$ 0.15	$ (0.02)	$ 0.48	$ (0.41)
Weighted-average shares used in calculating net income (loss) per share, basic and diluted:
Weighted-average shares used in calculating net income (loss) per share, basic (in shares)	46,403,350	10,385,000	46,169,335	10,349,146
Weighted-average shares used in calculating net income (loss) per share, diluted (in shares)	54,455,523	10,385,000	53,743,241	10,349,146

Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ 26,024	$ (4,234)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation	14,726	5,106
Depreciation and amortization	3,567	3,540
Amortization of operating right-of-use assets	2,819	2,455
Loss on disposal of fixed assets	64	3
Change in fair value of common stock warrant liability	(62)	(63)
Change in fair value of redeemable convertible preferred stock warrant liability	0	21
Change in fair value of term loan	3,805	591
Changes in operating assets and liabilities:
Accounts receivable	(33,277)	(5,729)
Inventories	(3,590)	(5,002)
Prepaid expenses and other current assets	(1,025)	2,417
Other non-current assets	(566)	(2,698)
Accounts payable	4,866	3,313
Accrued expenses and other current liabilities	6,333	2,393
Accrued commissions	(79)	216
Accrued compensation and employee benefits	4,495	4,207
Deferred revenue	(1,150)	(590)
Operating lease liabilities	(2,384)	(2,139)
Net cash provided by operating activities	24,566	3,807
Cash flows from investing activities:
Purchases of property and equipment	(8,520)	(5,221)
Net cash used in investing activities	(8,520)	(5,221)
Cash flows from financing activities:
Proceeds from issuance of debt	30,000	0
Principal payments on finance lease liabilities	(301)	(1,011)
Payment of deferred offering costs	(504)	(625)
Proceeds from exercise of stock options	7,412	531
Net cash provided by (used in) financing activities	36,607	(1,105)
Net increase (decrease) in cash and cash equivalents	52,653	(2,519)
Cash and cash equivalents at beginning of period	495,975	191,477
Cash and cash equivalents at end of period	548,628	188,958
Supplemental cash flow disclosure:
Cash payments for interest	3,442	2,583
Cash paid for income taxes	173	444
Supplemental non-cash investing and financing activities:
Purchases of property and equipment in accounts payable and accrued expenses and other current liabilities	2,073	1,365
Deferred offering costs in accounts payable and accrued expenses and other current liabilities	0	1,916
Right-of-use assets obtained in exchange for new operating lease liabilities	4,010	0
Cash paid for amounts included in the measurement of operating lease liabilities	4,647	4,391
Net exercise of Class A common stock warrants	9,220	0
Operating cash flows from financing leases (interest paid)	18	68
Exercise of stock options for which cash had not been received	$ 276	$ 0

Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 548,628	$ 495,975
Accounts receivable	74,894	41,617
Inventories	21,135	17,545
Prepaid expenses and other current assets	6,719	5,421
Total current assets	651,376	560,558
Property and equipment, net	24,932	20,361
Operating lease right-of-use assets, net	47,829	46,742
Other non-current assets	5,559	4,993
Total assets	729,696	632,654
Current liabilities:
Accounts payable	12,205	7,184
Accrued expenses and other current liabilities	12,603	7,247
Accrued commissions	3,833	3,912
Accrued compensation and employee benefits	18,000	12,551
Common stock warrant liability	0	9,282
Deferred revenue, current	2,328	2,188
Operating lease liabilities, current	6,343	5,079
Financing lease liabilities, current	413	519
Total current liabilities	55,725	47,962
Operating lease liabilities, non-current	45,981	45,723
Financing lease liabilities, non-current	153	348
Deferred revenue, non-current	0	1,290
Long-term debt	91,031	57,226
Total liabilities	192,890	152,549
Commitments and contingencies (Note 5)
Stockholders’ equity:
Additional paid-in capital	787,321	756,644
Accumulated other comprehensive loss	(1,792)	(1,792)
Accumulated deficit	(248,723)	(274,747)
Total stockholders’ equity	536,806	480,105
Total liabilities and stockholders’ equity	729,696	632,654
Common Class A
Stockholders’ equity:
Common stock value	$ 0	$ 0
Common stock, outstanding (in shares)	42,283,900	41,252,105
Common stock, issued (in shares)	42,283,900	41,252,105
Common Class B
Stockholders’ equity:
Common stock value	$ 0	$ 0
Common stock, outstanding (in shares)	4,542,650	4,552,650
Common stock, issued (in shares)	4,542,650	4,552,650