BillionToOne (BLLN) financial statements
BillionToOne reported revenue of $305M in fiscal 2025, up 106.2% a year over 2 years.
Net income was $7M and the operating margin 5.3%, against -96.9% in 2023.
Free cash flow was $16M.
The diluted share count rose 117% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from BillionToOne's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $72M | $153M | $305M |
| Cost of revenue | $54M | $72M | $97M |
| Gross profit | $17M | $81M | $208M |
| Research and development | $22M | $37M | $49M |
| Selling, general and admin | $64M | $91M | $143M |
| Operating income | -$69M | -$47M | $16M |
| Interest expense | $3M | $2M | $95,000 |
| Pre-tax income | -$83M | -$42M | $8M |
| Income tax | $9,000 | $29,000 | $305,000 |
| Net income | -$83M | -$42M | $7M |
| EPS (diluted) | -$8.45 | -$4.12 | $0.14 |
| Diluted shares | 10M | 10M | 21M |
| Gross margin | 24.1% | 53.0% | 68.3% |
| Operating margin | -96.9% | -30.9% | 5.3% |
| Net margin | -115.3% | -27.2% | 2.4% |
Balance sheet
Fiscal years, from BillionToOne's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | $97M | $191M | $496M |
| Receivables | — | $25M | $42M |
| Inventory | — | $9M | $18M |
| Total current assets | — | $228M | $561M |
| Property, plant and equipment | — | $17M | $20M |
| Total assets | — | $302M | $633M |
| Total current liabilities | — | $28M | $48M |
| Long-term debt | — | $51M | $57M |
| Total liabilities | — | $134M | $153M |
| Shareholders' equity | -$219M | -$252M | $480M |
| Net debt | -$97M | -$140M | -$439M |
Cash flow
Fiscal years, from BillionToOne's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | -$54M | -$41M | $25M |
| Capital spending | $6M | $5M | $9M |
| Free cash flow | -$60M | -$47M | $16M |
| Stock-based compensation | $5M | $8M | $16M |
| Share buybacks (net) | $0 | -$546,000 | $0 |
| Net borrowing | $15M | $15M | $0 |
| Free cash flow margin | -83.4% | -30.7% | 5.2% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for BLLN.
Open BLLN in InvestinglyQuestions
What was BillionToOne's revenue in 2025?
$305M in fiscal 2025, from its 10-K filing.
How much free cash flow does BillionToOne generate?
$16M in fiscal 2025 (operating cash flow minus capital spending).
From BillionToOne's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.