Company: BLLN
Filing Date: 2025-10-17
Form Type: S-1/A
Source: 0001193125-25-242632
Chunk: 173

Company: BillionToOne, Inc.
Filing Date: 2025-10-17
Form: S-1/A
Chunk 173
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 — | %  |     |     |             — | %  |     |     |            — | %  |     |     |         — | %  |     |     |        — | %  |
| Net loss                            |                            |                    |       (36 | )% |     |     |       (9 | )% |     |     |           (39 | )% |     |     |          (25 | )% |     |     |        (7 | )% |     |     |        — | %  |

Note: Certain figures may not sum due to rounding. 117

Quarterly revenue trends Total revenues increased sequentially in each of the quarters presented primarily due to an increase in the number of total tests processed combined with an increase in Overall ASP during the periods presented. Quarterly cost of revenue trends Our cost of revenue has increased over the past six quarters as expenses related to testing samples increased due to the increase in number of tests we have processed over the past six quarters. We also increased headcount to support the processing of higher test volumes, which also contributed to the increase in cost of revenue. During this time, while cost of revenue increased, our Overall Cost Per Test declined. Quarterly gross profit trends Our gross profit has increased steadily over the past six quarters, as a result of higher volumes of tests processed and an increase in our Overall ASP during the past six quarters. Concurrently, our average cost per test has declined as we reduced variable costs per test, such as reagents and materials, and, through increased test volumes and scale efficiencies, lowered fixed costs per test during the periods presented. Quarterly operating expense trends Our quarterly operating expenses have steadily increased over the past six quarters, primarily driven by growth in headcount as we continue to invest in scaling the business. These investments are focused on research and development to enhance our existing technologies and create new product offerings, as well as expanding sales and marketing resources to support future revenue growth. Quarterly other income (expense), net trends Our quarterly other income (expense), net fluctuates each period primarily due to changes in fair value of our term loan, interest expense, and certain discrete events such as the gain on extinguishment of our convertible note of $8.6 million in the second quarter of 2024 and the loss on extinguishment of our Western Alliance debt facility of $1.3 million in the third quarter of 2024. EBITDA The following table sets forth our quarterly EBITDA for each of the six periods indicated, reconc