ABCL AbCellera Biologics Inc.

Overview and Growth

Fiscal 2025 results for AbCellera Biologics Inc. combined $75.13M of revenue with net loss of $146.41M and an operating cash outflow of $131.29M. At $75.13M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $28.83M in fiscal 2024, revenue recorded a 160.6% year-over-year increase. The company reported diluted EPS of -$0.49, adding a shareholder-level measure to the absolute income figures considered below. The diluted weighted-average share count was 298.71M, linking total earnings with the per-share result received by shareholders. Diluted shares moved 1.5% from 294.33M in fiscal 2024, leaving the current share base higher year over year. The company employed $1.36B of total assets, the balance-sheet base supporting its current operating and cash-flow results. The revenue-to-assets relationship was 0.06x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Operations produced a $217.10M operating loss before non-operating and tax effects. An operating margin of -289.0% reflected costs exceeding revenue-level gross profit by 289.0% of sales. After all below-operating-line items, the company recorded a net loss of $146.41M for the fiscal year. The net loss equaled 194.9% of revenue, showing the bottom-line deficit relative to the company’s sales base. The company reported negative EBITDA of $198.66M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. Before income taxes, the company recorded a loss of $177.59M, bridging the operating result to the final net loss. Measured against revenue, the pretax deficit represented 236.4%. The company recognized an income-tax benefit of $31.18M, increasing after-tax earnings relative to the pretax result. Relative to period-end equity, the net loss represented 15.1%. The net loss equaled 10.8% of period-end assets, showing the deficit relative to the asset base. Compared with a $162.86M net loss in fiscal 2024, the current loss improved to $146.41M.

Liquidity and Capital Structure

Total assets were $1.36B, supported by $390.05M of liabilities and $966.90M of shareholder equity. At period end, current assets of $728.23M compared with current liabilities of $64.31M, defining the company’s short-term resource position. The current ratio was 11.32x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. Cash and equivalents totaled $128.51M, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 199.8% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The equity-to-assets relationship was 71.3%, placing book capital against the total resource base. The liabilities-to-assets relationship was 28.7%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 9.5% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 0.3% from $1.36B in fiscal 2024, leaving current total assets lower year over year. Reported equity changed 8.4% from $1.06B in fiscal 2024, placing the current capital base lower year over year. Cash and equivalents were 17.8% lower than fiscal 2024 cash of $156.32M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities used $131.29M of cash, resulting in an operating cash outflow for the year. Capital spending of $42.77M added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Negative free cash flow was $174.07M, leaving a cash deficit after capital spending and reducing financial flexibility. Relative to revenue, the post-investment cash deficit represented 231.7%. Relative to total assets, the post-investment cash deficit measured 12.8%. The operating cash outflow widened to $131.29M from $108.56M in fiscal 2024.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.