Rapid Micro Biosystems, Inc. (NASDAQ: RPID) reported record fourth‑quarter 2025 revenue of $11.3 million, a 37% year‑over‑year increase driven by 16 new Growth Direct system placements and three system validations. Product revenue rose 78% to $9.3 million, while service revenue fell 34% to $2.0 million as the company shifted from validation work to recurring consumable sales.
Gross margin for the quarter slipped to a negative 3%, a sharp decline from the 12% margin reported in Q4 2024. The loss was largely attributable to a $1.1 million inventory write‑off of unusable inventory and related warranty expense. Excluding the write‑off, the adjusted gross margin was 7%, indicating that core operations were still generating positive product margins.
The company posted a net loss per share of $‑0.28 for Q4 2025, missing the consensus estimate of $‑0.23. The miss was driven by the inventory write‑off and higher operating costs, which outweighed the revenue growth. Revenue was slightly below analyst expectations of $11.35 million to $11.58 million, indicating that the company did not fully meet the consensus view of top‑line growth.
For 2026, Rapid Micro expects total revenue of $37.0 million to $41.0 million, with 30 to 38 Growth Direct system placements and an approximate 20% gross margin. President and CEO Robert Spignesi said, "We closed 2025 with significant momentum, delivering 20% year‑over‑year revenue growth," and CFO Sean Wirtjes added, "Gross margin percentage in the fourth quarter of 2025 was negative 3% compared to positive 12% in the fourth quarter of 2024." The guidance signals confidence in expanding system deployments while working to improve profitability.
Market reaction was muted, with investors focusing on the wider‑than‑expected net loss per share and the negative gross margin. The inventory write‑off and higher operating costs were cited as key headwinds, while the record revenue and strong system placement growth were viewed as positive tailwinds. The guidance for a 20% gross margin in 2026 suggests management’s belief that cost controls and scale will eventually turn the margin back to positive territory.
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