Company: BLLN
Filing Date: 2025-10-07
Form Type: S-1
Source: 0001193125-25-233697
Chunk: 36

Company: BillionToOne, Inc.
Filing Date: 2025-10-07
Form: S-1
Chunk 36
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. Other companies, including companies in our industry, may calculate these non-GAAP financialmeasures differently or not at all, which reduces their usefulness as comparative measures.

20

The following table summarizes our non-GAAPfinancial measures for each period presented below. See the section titled “Management’s discussion and analysis of financial condition and results of operations—Non-GAAPfinancial measures” for additional information and reconciliations of our non-GAAPfinancial measures to the most directly comparable financial measures prepared in accordance with GAAP.

| (in thousands)                         |     | Year ended December 31, 
 2023                    |         |   |     | 2024 |         |   |     | Six months ended June 30, 
 2024                      |         |   |     | 2025 |        |   |
|:---------------------------------------|:----|:------------------------|:--------|:--|:----|:-----|:--------|:--|:----|:--------------------------|:--------|:--|:----|:-----|-------:|:--|
| Non-GAAP income (loss) from operations |     | $                       | (64,641 | ) |     | $    | (38,784 | ) |     | $                         | (18,915 | ) |     | $    |  1,164 |   |
| Non-GAAP net income (loss)             |     |                         | (64,908 | ) |     |      | (36,525 | ) |     |                           | (19,084 | ) |     |      |  3,974 |   |
| EBITDA                                 |     |                         | (76,984 | ) |     |      | (37,934 | ) |     |                           | (12,031 | ) |     |      | (3,465 | ) |
| Adjusted EBITDA                        |     |                         | (59,209 | ) |     |      | (32,889 | ) |     |                           | (15,926 | ) |     |      |  4,743 |   |

21

Risk factors Investing in our Class A common stock involves a high degree of risk. You should carefully consider the following risks and uncertainties described below, together with all of the other information contained in this prospectus, including our financial statements and the related notes and the section titled “Management’s discussion and analysis of financial condition and results of operations,” before making