Bionano Genomics (BNGO) is a genomics technology company that has spent years burning through cash while building revenue — but the picture in 2025 and into mid-2026 shows meaningful, if still fragile, improvement. Revenue has declined from a 2023 peak of $36 million back toward the high-$20 million range, yet losses have narrowed dramatically: EBITDA improved from a staggering –$201 million in 2023 to roughly –$24 million in fiscal 2025, and the most recent quarter suggests operating losses are compressing further. The company is not profitable, has historically carried no gross margin data in its filings, and faces ongoing cash-burn risks — but the trajectory of losses is clearly moving in a better direction. For risk-tolerant investors, the core question is whether Bionano can stabilize and grow revenue while continuing to tighten its cost structure before its liquidity runway runs out.
Snapshot & Big Picture
Bionano develops optical genome mapping (OGM) technology, primarily its Saphyr platform, aimed at clinical genomics and research markets. The company has been in a multi-year commercialization push, and its financials reflect all the hallmarks of an early-stage medical technology company: rapid headcount and R&D spending, operating losses far exceeding revenue, and periodic capital raises to stay funded. The good news entering 2026 is that the cost structure appears to have been substantially restructured — EBITDA losses fell from –$201.5 million in 2023 to –$90 million in 2024 and then to approximately –$23.8 million in 2025. That is a steep improvement in a short time. The less encouraging news is that revenue has not kept pace and has actually declined from its 2023 high. The five-year revenue CAGR remains healthy in absolute terms, driven largely by the low 2020 base, but the near-term revenue trend is flat to slightly negative.
| Fiscal Year | Revenue | EBITDA | Operating Margin | Net Margin |
|---|---|---|---|---|
| 2018 | $12.0M | –$19.1M | –170.1% | –154.1% |
| 2019 | $10.1M | –$24.7M | –255.4% | –294.3% |
| 2020 | $8.5M | –$37.1M | –453.4% | –483.4% |
| 2021 | $18.0M | –$73.8M | –428.8% | –402.8% |
| 2022 | $27.8M | –$122.1M | –473.7% | –476.9% |
| 2023 | $36.1M | –$201.5M | –596.0% | –643.7% |
| 2024 | $30.8M | –$90.0M | –337.9% | –364.0% |
| 2025 | $28.5M | –$23.8M | –116.9% | –92.6% |
Latest Quarter Snapshot
The most recent data available comes from the 10-Q filed August 10, 2026, covering the quarter ended June 30, 2026 — making it more current than the annual figures above. Quarterly revenue came in at $8.17 million. While that is a modest figure, it annualizes to roughly $32–33 million, which would represent a slight improvement over fiscal 2025's $28.5 million full-year total. More notably, the quarterly EBITDA loss was –$4.9 million and the operating margin was –88.3% — a dramatic improvement from where the company stood just two years ago. The net margin for the quarter was –90.8%. The current ratio improved to 2.48, suggesting a more comfortable short-term liquidity position than the tight 1.06 reading seen at the end of fiscal 2024. Capital expenditures in the quarter were $24,000 (capex-to-revenue of 0.29%), reflecting an extremely lean reinvestment posture. Gross margin data was not reported in the filing.
| Metric | Q2 2026 (ended June 30, 2026) |
|---|---|
| Revenue | $8.17M |
| EBITDA | –$4.91M |
| Operating Margin | –88.3% |
| Net Margin | –90.8% |
| Current Ratio | 2.48 |
| Capital Expenditures | $24K (0.29% of revenue) |
| Debt-to-Equity | 0 |
Profitability
Bionano has never reported positive operating or net income across any of the periods covered in this analysis, and gross margin data was not available in any of the 10-K or 10-Q filings reviewed. What stands out, however, is the sharp improvement in loss ratios beginning in 2024 and accelerating into 2025 and mid-2026. The operating margin went from –596% in 2023 to –117% in 2025, and the most recent quarter shows –88%. That trajectory suggests the company has undertaken significant cost restructuring — cutting expenses faster than revenue has declined. EBITDA losses dropped from –$201.5 million in 2023 to –$23.8 million in 2025, an improvement of roughly $178 million in two years. While this is encouraging, the company remains deeply unprofitable on an absolute basis, and whether it can reach cash flow breakeven depends heavily on stabilizing and growing its top line. The net margin improvement from –644% (2023) to –93% (2025) mirrors the operating margin trend and underscores how dramatically the expense base has been restructured.
Financial Health
The current ratio has fluctuated considerably over the years, reflecting periodic capital raises and ongoing cash consumption. It peaked at 12.47 in 2021 — a year when the company raised substantial equity capital — then declined to a worrying 1.06 by the end of fiscal 2024, before recovering to 1.40 (2023 year-end), 1.98 (2025 year-end), and 2.48 in the most recent quarter (June 30, 2026). A current ratio above 2 is generally considered healthy for a pre-profitability biotech, so the current reading is a relative positive. Debt-to-equity data was not available in the filings for fiscal years 2022 through 2025; for the most recent quarter it is reported as zero, suggesting no material long-term debt on the books at this time — a meaningful shift from earlier years when leverage was more significant.
Capital Expenditures: Capex figures were not available in the 10-K filings for fiscal years 2021 through 2025 — those values were null in the reported data. The earliest available capex figures come from fiscal 2018 ($331,716; 2.76% of revenue) and fiscal 2019 ($61,056; 0.60% of revenue), while fiscal 2020 reported $0 in capex. For the most recent quarter ended June 30, 2026, capex was just $24,000 (0.29% of revenue). The absence of multi-year capex data makes it difficult to draw a clean trend line, but the available data — zero capex in 2020 and negligible capex in the latest quarter — points to an asset-light or capital-conservation posture. This is consistent with a company focused on controlling cash outflows while managing through ongoing losses. Low capital intensity reduces reinvestment demands, but it also raises questions about whether sufficient investment is being made to sustain or upgrade the technology platform long-term.
Growth
| Window | Start Year | End Year | Start Revenue | End Revenue | CAGR |
|---|---|---|---|---|---|
| 3-Year | FY 2022 | FY 2025 | $27.8M | $28.5M | 0.84% |
| 5-Year | FY 2020 | FY 2025 | $8.5M | $28.5M | 27.4% |
| 10-Year | N/A | N/A | N/A | N/A | Not available |
The 10-year CAGR is not available because Bionano's SEC filing history in the provided data does not extend back a full decade from fiscal 2025. The contrast between the 5-year and 3-year CAGRs tells an important story: the strong 27.4% five-year rate largely reflects the very low 2020 revenue base ($8.5M) and the rapid commercialization ramp that followed, while the near-flat 0.84% three-year CAGR from 2022 to 2025 reveals that revenue growth has essentially stalled over the more recent period. The company expanded quickly and then hit a plateau — the critical question going forward is whether it can reignite top-line growth while sustaining the dramatic cost improvements already achieved.
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