Revenue growth reached 56.6% in 2026Q1, yet the company continues to struggle with operating leverage, reporting a -87.9% operating margin as expenses outpace the 59.5% gross margin.
| Sales/Revenue | 110.24M | 100.25M | 65.12M | 11.99M | 179K |
| Revenue Growth % | 62.79% | 53.94% | 442.93% | 6601.12% | - |
| Cost of Goods Sold | 47.23M | 44.71M | 29.24M | 5.69M | 0 |
| COGS % of Revenue | - | 44.6% | 44.89% | 47.41% | - |
| Gross Profit | 63M | 55.54M | 35.89M | 6.31M | 179K |
| Gross Margin % | 57.15% | 55.4% | 55.11% | 52.59% | 100% |
| Gross Profit Growth % | - | 54.75% | 468.93% | 3424.02% | - |
| Operating Expenses | 140.31M | 127.22M | 81.14M | 42.16M | 66.02M |
| OpEx % of Revenue | - | 126.9% | 124.59% | 351.46% | 36884.36% |
| Selling, General & Admin | 102.76M | 92.43M | 54.95M | 24.21M | 33.49M |
| SG&A % of Revenue | - | 92.2% | 84.39% | 201.88% | 18712.29% |
| Research & Development | 37.55M | 34.79M | 26.18M | 17.94M | 31.43M |
| R&D % of Revenue | - | 34.7% | 40.21% | 149.59% | 17557.54% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 1.1M |
| Operating Income | -77.31M | -71.68M | -45.25M | -35.85M | -65.84M |
| Operating Margin % | -70.13% | -71.5% | -69.48% | -298.87% | -36784.36% |
| Operating Income Growth % | - | -58.41% | -26.22% | 45.55% | - |
| EBITDA | -77.91M | -73.2M | -44.1M | -34.62M | -64.5M |
| EBITDA Margin % | -70.68% | -73.02% | -67.72% | -288.65% | -36032.96% |
| EBITDA Growth % | -55.5% | -65.98% | -27.37% | 46.32% | - |
| D&A (Non-Cash Add-back) | -604K | 0 | 1.15M | 1.23M | 1.34M |
| EBIT | -68.81M | -73.2M | -45.25M | -35.85M | -64.74M |
| Net Interest Income | 10.87M | 10.93M | 3.91M | 1.78M | 182K |
| Interest Income | 10.87M | 10.93M | 3.91M | 1.78M | 196K |
| Interest Expense | 0 | 0 | 0 | 0 | 14K |
| Other Income/Expense | 10.87M | -1.52M | -9.51M | -8.25M | 1.09M |
| Pretax Income | -66.44M | -73.2M | -54.76M | -44.1M | -64.75M |
| Pretax Margin % | -60.27% | -73.02% | -84.08% | -367.64% | -36173.74% |
| Income Tax | 1K | 1K | 0 | 0 | 0 |
| Effective Tax Rate % | -0% | -0% | 0% | 0% | 0% |
| Net Income | -66.44M | -73.2M | -54.76M | -44.1M | -64.75M |
| Net Margin % | -60.27% | -73.02% | -84.08% | -367.64% | -36173.74% |
| Net Income Growth % | 3.64% | -33.68% | -24.17% | 31.89% | - |
| Net Income (Continuing) | -66.44M | -73.2M | -54.76M | -44.1M | -64.75M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.50 | -1.81 | -8.60 | -8.31 | -12.96 |
| EPS Growth % | 54.38% | 78.95% | -3.49% | 35.88% | - |
| EPS (Basic) | - | -1.81 | -8.60 | -8.31 | -12.96 |
| Diluted Shares Outstanding | 44.44M | 40.53M | 6.37M | 5.3M | 5M |
| Basic Shares Outstanding | 44.44M | 40.53M | 6.37M | 5.3M | 5M |
| Dividend Payout Ratio | - | - | - | - | - |
Liquidity and dilution risk
According to recent quarterly filings, BBNX achieved a 56.6% year-over-year revenue growth in 2026Q1, signaling that the company is successfully scaling its iLet Bionic Pancreas commercial rollout despite the inherent challenges of penetrating the highly competitive US insulin delivery market through new patient acquisitions.
The consistent double-digit revenue growth suggests strong market reception for the iLet's simplified dosing algorithm. However, investors should monitor whether this trajectory is driven by sustainable recurring consumable pull-through or if it remains heavily reliant on initial hardware placements that may face future saturation.
As reported in financial statements, BBNX maintained a 59.5% gross margin in 2026Q1, reflecting a steady improvement from the 50.9% level observed in 2025Q1 as the company begins to realize early manufacturing efficiencies within its specialized medical device production and assembly processes.
While the current gross margin profile appears competitive with peers like Tandem, it remains vulnerable to fluctuations in component costs and potential shifts in payer reimbursement structures. The ability to sustain these margins will likely depend on the company's success in scaling production volumes to offset the high fixed costs of its current technology stack.
Based on the company's reported figures, operating expenses continue to outpace gross profit growth, resulting in a -87.9% operating margin in 2026Q1, which highlights the significant investment required in sales and marketing to support the ongoing commercialization of the iLet system in the US.
The lack of operating leverage suggests that the company is currently prioritizing market share acquisition over immediate profitability. Analysts should investigate whether the current SG&A spend is yielding a proportional increase in new patient starts or if the cost of customer acquisition is rising faster than the lifetime value of the installed base.
Data from recent income statements indicates that BBNX is consistently reporting significant net losses, with 2026Q1 net income at -$21.9M, further complicated by rising stock-based compensation expenses that reached $5.4M in the same period, potentially diluting existing shareholders as the company seeks to fund operations.
The reliance on equity-based compensation and the persistent net losses suggest that the quality of earnings is currently low, as the company remains in a cash-burning phase. Investors should be wary of the potential for further capital raises, which may be necessary to bridge the gap between current cash reserves and the path to operational break-even.
Financial disclosures reveal a precarious cash-to-burn ratio, with $31.6M in cash reserves against substantial quarterly operating losses, suggesting that the company's current growth strategy may be unsustainable without immediate access to additional capital or a significant pivot toward cost discipline in the near term.
Short-term risks are elevated by the company's limited liquidity, which may force management to choose between aggressive growth and financial stability. If the iLet system fails to achieve rapid, widespread adoption, the current cost structure could lead to a liquidity crisis that necessitates dilutive financing or a strategic sale of the business.
Quick answers to the most common questions about buying BBNX stock.
For fiscal year 2025, Beta Bionics, Inc. (BBNX) reported total revenue of $100.3M. This represents a 55906.1% increase compared to $0.2M in 2022.
Beta Bionics, Inc. (BBNX) reported a net loss of $73.2M for the fiscal year ending 2025.
Beta Bionics, Inc. (BBNX) reported an operating income of $-71.7M, resulting in an operating profit margin of -71.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Beta Bionics, Inc. (BBNX) generated $55.5M in gross profit for the year, representing a gross profit margin of 55.4%. This demonstrates the company's core pricing power and production efficiency.