Company: RPID
Filing Date: 2025-08-12
Form Type: 10-Q
Source: 0001380106-25-000174
Chunk: 362

Company: RAPID MICRO BIOSYSTEMS, INC.
Filing Date: 2025-08-12
Form: 10-Q
Item: Part I, Item 8
Chunk 362
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Components of results of operations

Revenue

We generate revenue from sales of our Growth Direct system (including our LIMS connection and RMBNucleus Mold Alarm software), consumables, validation services, service contracts, and field service. We have historically primarily sold our products and services through direct sales representatives. Our sales arrangements are noncancellable and nonrefundable after ownership passes to the customer.

Three Months Ended June 30, 2025Percentageof TotalRevenueThree Months EndedJune 30, 2024Percentageof TotalRevenue(in thousands)(in thousands)Product revenue$4,802 66.1 %$4,537 68.6 %Service revenue2,460 33.9 %2,081 31.4 %Total revenue$7,262 100.0 %$6,618 100.0 %

Six Months Ended June 30, 2025Percentageof totalrevenueSix Months EndedJune 30, 2024Percentageof totalrevenue(in thousands)(in thousands)Product revenue$8,903 61.5 %$8,250 67.5 %Service revenue5,564 38.5 %3,979 32.5 %Total revenue$14,467 100.0 %$12,229 100.0 %

Product revenue

We derive product revenue primarily from the sale of our Growth Direct systems and related consumables as well as our LIMS connection software, which the majority of our customers purchase. As of June 30, 2025, we had placed 169 Growth Direct systems with approximately 50 customers globally, including approximately 70% of the top twenty pharmaceutical companies as measured by revenue, and the manufacturers of 16% of globally approved cell and gene therapies, including manufacturers of 86% of approved gene-modified autologous CAR-T cell therapies.

Growth Direct systems

Growth Direct system revenue is a non-recurring product revenue stream that we recognize as revenue upon transfer of control of the system to the customer. The Growth Direct system is fully functional for use by the customer upon delivery. Although we do not require our customers to use our installation and validation services, our customers typically elect to purchase those services from us. As such, transfer of control occurs at shipment or delivery depending on contractual terms.

We expect our Growth Direct system revenue to continue to grow over time as we increase system placements into our existing customers and markets and expand into new customers, markets and