Caris Life Sciences Reports Second Quarter 2026 Financial Results and Increases 2026 Revenue Guidance

Revenue growth of 45% driven by strong performance in molecular profiling services, including approximately 59,200 clinical cases, consisting of over 114,000 whole exome/whole transcriptome tests with over 345,000 total oncology tests

Raises 2026 revenue guidance to $1.03 to $1.04 billion, representing growth of 27% to 28%

IRVING, Texas, Aug. 5, 2026 /PRNewswire/ -- Caris Life Sciences, Inc. (Nasdaq: CAI), a leading TechBio company actively developing and commercializing solutions to transform healthcare, today reported financial results for the quarter ended June 30, 2026.

Second Quarter 2026 Financial Highlights

• Reported total revenue of $263.7 million, an increase of 45% over the corresponding prior year period.
• Completed approximately 59,200 clinical cases, an increase of approximately 18% over the corresponding prior year period, including approximately 48,300 MI Profile cases and approximately 10,700 Caris Assure cases.
• Reported gross margin of 68%, an approximate 500 bps improvement over the corresponding prior year period.
• Reported net loss of $0.6 million.
• Reported positive Adjusted EBITDA of $55.7 million.
• Reported positive net cash provided by operating activities of $28.5 million, and positive free cash flow of $6.4 million.

"This was a record quarter, with approximately 59,200 clinical cases, up more than 12% sequentially, reflecting sustained demand and the payoff from investments in our commercial engine," said David Dean Halbert, Founder, Chairman and CEO of Caris Life Sciences. "Our comprehensive approach gives every case real molecular depth, across more than 1.13 million patients with AI trained on it, that depth is what powers Caris Detect. And Detect doesn't stop at finding cancer early, through what we call the Mutational Cleanse, we plan to turn an early signal into personalized immune targets, moving from early detection to early interception. It all comes back to one thing: making precision medicine a reality for every patient."

Recent Operating Highlights

• Launched Caris Detect, a groundbreaking multi-cancer early detection blood test designed to uncover cancer signals at earlier, more treatable stages.
• Launched and received MolDX approval for Caris ChromoSeq, Caris' comprehensive whole genome tumor profiling assay for myeloid malignancies.
• Launched Caris MI Clarity next-generation prognostic tool that leverages multimodal AI technology and computational pathology to deliver rapid, clinically actionable results for HR+/HER2−, postmenopausal, node-negative early-stage breast cancer patients.
• Announced a share repurchase program of up to $100 million, of which approximately $82.1 million remains available for repurchase under the existing Board authorization.
• Published a study on the Caris Lookback Program demonstrating the ongoing clinical value of comprehensive testing with Caris MI Cancer Seek.
• Published a study showing that whole exome measurement of tumor mutational burden (TMB) results in increased overall survival compared to estimates derived from targeted gene panels.
• Launched the Behind the Diagnosis campaign, spotlighting patient lives transformed by Caris' comprehensive genomic testing.
• Announced a dual listing on NYSE Texas.
• Surpassed 1,130,000 total profiles and 845,000 total matched profiles through June 30, 2026. More than 783,000 whole transcriptome and 733,000 whole exome profiles through June 30, 2026.

Second Quarter 2026 Financial Results

Total revenue was $263.7 million for the three months ended June 30, 2026, compared to $181.4 million for the three months ended June 30, 2025, an increase of $82.3 million, or 45%.

The increase in total revenue was driven primarily by a 55% growth in molecular profiling services revenue, which was $252.3 million for the three months ended June 30, 2026, compared to $162.9 million for the three months ended June 30, 2025. The increase in molecular profiling services revenue was primarily driven by an increase in total clinical case volume and ASP improvements.

Gross profit, calculated as total revenue less cost of services, for the three months ended June 30, 2026 and 2025, was $179.6 million and $113.7 million, respectively, representing a gross margin of 68% and 63%, respectively.

Operating expenses were $152.7 million for the three months ended June 30, 2026, compared to $131.7 million for the three months ended June 30, 2025, an increase of $21.0 million, or 16%. The increase was primarily driven by headcount-related costs.

Net loss was $0.6 million for the three months ended June 30, 2026, as compared to a net loss of $71.8 million for the three months ended June 30, 2025. Net loss per share attributable to common shareholders, basic and diluted, was $0.00 for the three months ended June 30, 2026, as compared to a net loss per share attributable to common shareholders, basic and diluted, of $7.97 for the three months ended June 30, 2025.

Net cash provided by operating activities was $28.5 million for the three months ended June 30, 2026, as compared to net cash provided by operating activities of $7.3 million for the three months ended June 30, 2025, a 291% improvement. The improvement was driven by improved total clinical case volume and ASP improvements.

2026 Financial Outlook and Guidance

Caris Life Sciences now expects full year 2026 revenue to be in the range of $1.03 billion to $1.04 billion, representing growth of 27% to 28% compared to full year 2025 and reaffirms its guidance to clinical therapy selection volume growth of approximately 20% compared to full year 2025.

Conference Call Information

Event: Caris Second Quarter 2026 Financial Results Conference Call Date: Wednesday, August 5, 2026 Time: 3:30 p.m. CT (4:30 p.m. ET) Webcast Link: https://edge.media-server.com/mmc/p/ff8xb4qs

Accompanying materials will be posted on our investor relations website at https://investor.carislifesciences.com prior to the conference call. A replay of the conference call will be available on our investor relations website shortly after the conclusion of the call.

About Caris Life Sciences

Caris Life Sciences® (Caris) is a leading TechBio company actively developing and commercializing innovative solutions to transform healthcare. Through comprehensive molecular profiling (Whole Genome, Whole Exome and Whole Transcriptome Sequencing), advanced AI and machine learning, Caris has created the large-scale, multimodal clinico-genomic database and computing capability needed to analyze and further unravel the molecular complexity of disease. This convergence of next-generation sequencing, AI and machine learning technologies and high-performance computing provides a differentiated platform for developing the latest generation of advanced precision medicine diagnostic solutions for early detection, diagnosis, monitoring, therapy selection and drug development.

Caris was founded with a vision to realize the potential of precision medicine to improve the human condition. Headquartered in Irving, Texas, Caris has offices in Phoenix, New York, Cambridge (MA), Tokyo, Japan and Basel, Switzerland. Caris or its distributor partners provide services in the U.S. and other international markets.

We intend to use the investor page of our website, https://investor.carislifesciences.com, as a distribution channel of material information about the Company and for complying with our disclosure obligations under Regulation FD. The information we post on our investor webpage may be deemed material. Accordingly, investors should subscribe to our investor alerts, in addition to following our press releases, SEC filings, public conference calls and webcasts.

CARIS LIFE SCIENCES, INC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)

(amounts in thousands, except share and per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Revenue:

Molecular profiling services

$ 252,254

$ 162,924

$ 463,053

$ 277,006

Pharma research and development services

11,458

18,474

16,833

25,308

Total revenue

263,712

181,398

479,886

302,314

Costs and operating expenses:

Cost of Services - Molecular profiling services

81,328

65,321

154,211

126,215

Cost of Services - Pharma research and development services

2,788

2,392

4,730

5,350

Selling and marketing expense

53,764

42,260

98,808

82,089

General and administrative expense

66,548

64,367

126,257

116,486

Research and development expense

32,358

25,047

63,672

48,114

Total costs and operating expenses

236,786

199,387

447,678

378,254

Income (Loss) from operations

26,926

(17,989)

32,208

(75,940)

Other expense, net:

Interest income

6,819

1,618

13,653

2,121

Interest expense

(9,228)

(19,208)

(22,037)

(31,990)

Changes in fair value of financial instruments

—

(17,870)

—

(50,203)

Other expense, net

(25,131)

(18,341)

(25,082)

(18,358)

Total other expense, net

(27,540)

(53,801)

(33,466)

(98,430)

Loss before income taxes and income tax benefit

(614)

(71,790)

(1,258)

(174,370)

Income tax benefit (expense)

(23)

—

111

—

Net loss

(637)

(71,790)

(1,147)

(174,370)

Other comprehensive loss, net of tax:

Unrealized loss on available-for-sale securities

(255)

—

(255)

—

Foreign currency translation adjustments

(109)

424

(152)

459

Comprehensive loss

(1,001)

(71,366)

(1,554)

(173,911)

Net loss attributable to common shareholders:

Net loss

(637)

(71,790)

(1,147)

(174,370)

Deemed dividend from Series D redeemable convertible preferred stock

—

(384,436)

—

(384,436)

Adjustments of redeemable convertible preferred stock to redemption value

—

(60,971)

—

(85,433)

Net loss attributable to common shareholders

$ (637)

$ (517,197)

$ (1,147)

$ (644,239)

Net loss per share attributable to common shareholders, basic and diluted

$ (0.00)

$ (7.97)

$ (0.00)

$ (12.80)

Weighted-average shares used in computing net loss per share attributable to common shareholders, basic and diluted

282,888,610

64,918,988

282,726,214

50,348,947

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(amounts in thousands, except share data)

As of June 30,

As of December 31,

2026

2025

Assets

Current assets:

Cash, cash equivalents, and restricted cash

$ 690,915

$ 797,799

Short-term marketable securities

102,200

2,295

Accounts receivable

116,888

112,140

Supplies

123,791

63,625

Prepaid expenses and other current assets

24,034

21,941

Total current assets

1,057,828

997,800

Property and equipment, net

95,716

63,170

Goodwill

19,344

19,344

Other assets

56,732

45,349

Total assets

$ 1,229,620

$ 1,125,663

Liabilities and Shareholders' Equity

Current liabilities:

Accounts payable

$ 85,986

$ 39,206

Accrued expenses and other current liabilities

105,273

87,770

Current portion of indebtedness

178

169

Total current liabilities

191,437

127,145

Long-term indebtedness, net of debt discounts

392,973

378,823

Other long-term liabilities

53,476

42,388

Total liabilities

637,886

548,356

Commitments and contingencies

Shareholders' equity:

Preferred stock, $0.001 par value per share; 100,000,000 shares authorized as of June 30, 2026 and December 31, 2025; no shares issued and outstanding as of June 30, 2026 and December 31, 2025

—

—

Common stock, $0.001 par value per share; 2,800,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 282,582,915 and 284,137,810 shares issued as of June 30, 2026 and December 31, 2025, respectively; 282,582,915 and 282,526,097 shares outstanding as of June 30, 2026 and December 31, 2025, respectively; shares issued and outstanding include 23,446 unvested shares subject to repurchase as of June 30, 2026 and December 31, 2025

283

283

Treasury stock at cost, 0 and 1,611,713 shares of common stock as of June 30, 2026 and December 31, 2025, respectively

—

(16,896)

Additional paid-in capital

3,140,805

3,141,720

Accumulated deficit

(2,549,883)

(2,548,736)

Accumulated other comprehensive income

529

936

Total shareholders' equity

591,734

577,307

Total liabilities and shareholders' equity

$ 1,229,620

$ 1,125,663

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

(amounts in thousands)

Six Months Ended June 30,

2026

2025

Cash flows from operating activities

Net loss

$ (1,147)

$ (174,370)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

11,603

13,454

Stock-based compensation expense

38,091

42,984

Non-cash operating lease expense

2,762

2,936

Amortization of debt discounts

2,923

9,700

Changes in fair value of financial instruments

—

50,203

Loss on debt extinguishment

25,232

17,930

Other

(27)

1,231

Changes in operating assets and liabilities:

Accounts receivable

(4,749)

37,040

Supplies

(61,637)

(2,621)

Prepaid expenses and other current assets

(659)

(2,265)

Other assets

(771)

334

Accounts payable

39,632

(1,925)

Accrued expenses and other liabilities

10,100

(18,681)

Net cash provided by (used in) operating activities

61,353

(24,050)

Cash flows from investing activities

Sale of marketable securities

1,874

—

Purchases of marketable securities

(101,991)

—

Capitalized software and purchases of property and equipment

(32,417)

(4,075)

Net cash used in investing activities

(132,534)

(4,075)

Cash flows from financing activities

Payments made on finance lease obligations

(82)

(44)

Proceeds from exercise of stock options

1,661

2,624

Payment of taxes withheld from net settlement of exercised options and vested RSUs

(5,320)

(1,658)

Payment of deferred offering costs

—

(2,045)

Repurchase of common stock

(21,361)

(22)

Repayment of the 2023 term loan

(406,307)

—

Proceeds from the 2026 term loan, net of issuance costs

393,500

—

Payment of third-party debt issuance costs

(1,107)

—

Proceeds from share purchases under employee stock purchase plan

2,937

—

Issuance of Series E Preferred Stock, net of issuance costs

—

87,637

Issuance of Series F Preferred Stock, net of issuance costs

—

33,601

Issuance of the 2025 Convertible Notes, net of issuance costs

—

27,865

Issuance of the 2025 Warrants

—

10,270

Payments of the 2023 term loan amendment fee

—

(4,000)

Proceeds from initial public offering, net of underwriting discounts and commissions

—

528,459

Net cash provided by (used in) financing activities

(36,079)

682,687

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(37)

97

Net increase (decrease) in cash, cash equivalents, and restricted cash

(107,297)

654,659

Cash, cash equivalents, and restricted cash at beginning of period

800,042

68,028

Cash, cash equivalents, and restricted cash at end of period

$ 692,745

$ 722,687

Reconciliation of cash, cash equivalents, and restricted cash

Cash, cash equivalents, and restricted cash

$ 690,915

$ 720,444

Restricted cash included in other long-term assets

1,830

2,243

Total cash, cash equivalents, and restricted cash

$ 692,745

$ 722,687

RECONCILIATION OF GAAP NET LOSS TO ADJUSTED EBITDA (UNAUDITED)

(amounts in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net loss

$ (637)

$ (71,790)

$ (1,147)

$ (174,370)

Interest income

(6,819)

(1,618)

(13,653)

(2,121)

Interest expense

9,228

19,208

22,037

31,990

Changes in fair value of financial instruments

—

17,870

—

50,203

Other expense, net

25,131

18,341

25,082

18,358

Income tax expense (benefit)

23

—

(111)

—

Depreciation and amortization expense

6,538

6,409

11,603

13,454

Stock-based compensation expense

22,219

28,293

38,091

42,984

Adjusted EBITDA

$ 55,683

$ 16,713

$ 81,902

$ (19,502)

RECONCILIATION OF NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW (UNAUDITED)

(amounts in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net cash provided by (used in) operating activities

$ 28,477

$ 7,288

$ 61,353

$ (24,050)

Less: capitalized software and purchases of property and equipment

(22,075)

(1,386)

(32,417)

(4,075)

Free cash flow

$ 6,402

$ 5,902

$ 28,936

$ (28,125)