Company: BLLN
Filing Date: 2025-10-17
Form Type: S-1/A
Source: 0001193125-25-242632
Chunk: 171

Company: BillionToOne, Inc.
Filing Date: 2025-10-17
Form: S-1/A
Chunk 171
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Adjusted EBITDA We define Adjusted EBITDA as net loss adjusted for income taxes, interest income, interest expense, depreciation and amortization expense, and certain other items which include significant non-cashitems events 114

that are highly variable, significant in size, and that we do not believe are indicative of ongoing or future business operations, which include: stock-based compensation expense; net gain on extinguishment of debt; change in fair value of term loan; and change in value of convertible notes. A reconciliation of net loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA is presented below (in thousands):

|                                                        |     | 2023 | Years ended December 31, |   |     | 2024 |         |   |     | 2024 | Six months ended June 30, |   |     | 2025 |        |   |
|:-------------------------------------------------------|:----|:-----|-------------------------:|:--|:----|:-----|--------:|:--|:----|:-----|--------------------------:|:--|:----|:-----|-------:|:--|
| Net loss                                               |     | $    |                  (82,683 | ) |     | $    | (41,570 | ) |     | $    |                   (15,189 | ) |     | $    | (4,234 | ) |
| Income taxes                                           |     |      |                        9 |   |     |      |      29 |   |     |      |                         5 |   |     |      |    114 |   |
| Interest (income)                                      |     |      |                   (3,456 | ) |     |      |  (5,819 | ) |     |      |                    (2,196 | ) |     |      | (2,957 | ) |
| Interest expense                                       |     |      |                    3,272 |   |     |      |   2,386 |   |     |      |                     1,917 |   |     |      |     72 |   |
| Depreciation & amortization                            |     |      |                    5,874 |   |     |      |   7,040 |   |     |      |                     3,432 |   |     |      |  3,540 |   |
| Stock compensation expense                             |     |