AI-extracted from the 10-Q filed 2026-08-05 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
BillionToOne achieved $109.4M in Q2 revenue (+64% YoY) with net income of $8.1M, driven by 35% test volume growth and 21% ASP expansion across prenatal and oncology diagnostics.
Biggest Revenue Drivers
Largest Expense Items
Selling, general and administrative$54.3M+63% YoY
Increased headcount (+139 FTE average) for sales, marketing, and public company compliance; higher stock-based compensation and professional fees.
Cost of revenue$32.3M+40% YoY
Higher test volumes drove increased materials, consumables, labor, and shipping costs.
Research and development$17.3M+47% YoY
Increased headcount (+28 FTE average) for product development; higher reagents, supplies, and clinical study expenses.
Margins: Gross margin expanded to 70% from 65% YoY, driven primarily by 21% ASP growth and pricing power from increased payor contracts, partially offset by 3% cost-per-test increase due to higher-cost oncology sales mix. Operating leverage from absolute dollar increases in revenue outpaced operating expense growth, yielding $5.5M operating income vs. $1.6M operating loss YoY.
Watch Items from the Filing
Illumina patent infringement lawsuit filed May 7, 2026 alleging UNITY test infringes three patents; company denies liability and loss not deemed probable or estimable, but IP litigation poses material risk.
Material weaknesses in internal control over financial reporting unremediated as of June 30, 2026 relating to insufficient accounting resources, warrant and debt accounting controls, and user access controls, requiring supplementary procedures to ensure statement reliability.
New payor agreements in Q1 2026 generated $12.0M of prior-period revenue recognition; nearly half relates to 2025 claims, indicating potential normalization risk for future revenue recognition patterns.
Three-tranche $80M of Oberland Capital debt ($91M fair value at June 30, 2026) matures August 5, 2031 with financial covenants requiring trailing 6-month revenue of $120M+ and 30%+ gross margin; company compliant as of Q2 2026.
Over 42% of 1.5M cumulative tests processed since launch occurred in last 12 months; 1 in 10 U.S. babies now screened with UNITY, indicating rapid adoption acceleration and market concentration risk.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Bremner Thomas SReporting ownerGrant or award · Jun 10, 2026
Rai AkshayDirectorGrant or award · Jun 10, 2026
Pagano AnthonyDirectorGrant or award · Jun 10, 2026
About BillionToOne, Inc. (BLLN): stock profile, AI score and financials
BillionToOne, Inc. (BLLN) stock profile, AI quality score, and SEC EDGAR financial data, a Healthcare sector company. 13F Pro's AI-powered ranking engine scores BLLN at 66.0/100 on a composite quality score built from its SEC filings, placing it at rank #444 of 2,925 stocks — the top 25% of the AI-ranked universe. BLLN scores in the top quartile across institutional flow (97.9), revenue growth (92.9), balance sheet strength (78.1). Areas of concern include revenue scale (33.4), which score below median versus the broader universe. Shareholder dilution risk is elevated at 23.6/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), BillionToOne, Inc. reports quarterly revenue of $109.4M, net income of $8.1M, an operating margin of 5.0%. Top institutional holders of BLLN by reported 13-F value include ADAMS STREET PARTNERS, PRICE T ROWE ASSOCIATES, BAILLIE GIFFORD, based on the most recent SEC filings. BLLN trades on the Nasdaq exchange and files with the SEC under CIK 2070849. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate BLLN daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for BillionToOne, Inc. directly from SEC EDGAR.