Company: BLLN
Filing Date: 2025-08-11
Form Type: DRS/A
Source: 0000950123-25-007483
Chunk: 147

Company: BillionToOne, Inc.
Filing Date: 2025-08-11
Form: DRS/A
Chunk 147
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 should result in lower denial rates by Medicare Advantage payors. We plan to submit additional dossiers to MolDX for further coverage evaluations for Northstar Response, which, if successful, would significantly increase our ASPs in the future. Cost of revenue

|                 |     | Year ended            
 December 31,          |   2023 |     |   |   2024 |     |   | $ Change |     |     | % Change |
|:----------------|:----|:----------------------|-------:|:----|:--|-------:|:----|:--|---------:|:----|:----|:---------|
|                 |     | -dollars in thousands |        |     |   |        |     |   |          |     |     |          |
| Cost of revenue |     | $                     | 54,421 |     | $ | 71,667 |     | $ |   17,246 |     |     | 32%      |

Cost of revenue increased $17.2 million, or 32%, for the year ended December 31, 2024 compared to the year ended December 31, 2023. The increase was primarily due to an increase of $9.2 million in expenses associated with testing samples and supplies used in processing tests, phlebotomy, and related shipping costs, driven by a higher volume of tests processed; an increase of $8.0 million in labor, overhead, equipment depreciation and other related costs driven by headcount growth for the year ended December 31, 2023 to the year ended December 31, 2024 to support the higher test volumes; and an increase in product support. While our cost of revenue increased year-over-year as a result of higher test volumes, as part of our long-term strategy we are focused on reducing costs per test in order to improve efficiency. 104

Gross profit and gross margin

|              |     | Year ended            
 December 31,          |   2023 |     |   |   2024 |     |   | $ Change |     |     | % Change |
|:-------------|:----|:----------------------|-------:|:----|:--|-------:|:----|:--|---------:|:----|:----|:---------|
|              |     | -dollars in thousands |        |     |   |        |     |   |          |     |     |