Company: RPID
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001380106-25-000102
Chunk: 301

Company: RAPID MICRO BIOSYSTEMS, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 301
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 offset by a reduction in average consumable pricing due primarily to customer and product mix.

Service revenue increased by $1.2 million, or 63.5%.  The increase in service revenue was primarily due to increases in revenue related to validations and installations (including one-time services unrelated to new system sales) as well as higher service contract revenue due to an increase in the cumulative number of Growth Direct systems validated and under such contracts.

Costs and operating expenses

Costs of revenue

Cost of product revenue decreased by $0.1 million, or 2.8%. The decrease was driven by lower labor and overhead costs in part due to the impact of cost reduction activities. 

Cost of service revenue decreased by $0.2 million, or 9.6%. This decrease was primarily attributable to lower service headcount and headcount-related costs.

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Table of Contents

Research and development

Three Months Ended March 31,Change20252024Amount%(dollars in thousands)Research and development$3,624 $3,842 $(218)(5.7)%Percentage of total revenue50.3 %68.5 %

Research and development expenses decreased by $0.2 million, or 5.7%. This decrease was primarily driven by lower head-count related costs including the impact from the cost reduction activities implemented in August 2024.

Sales and marketing

Three Months Ended March 31,Change20252024Amount%(dollars in thousands)Sales and marketing$2,751 $3,281 $(530)(16.2)%Percentage of total revenue38.2 %58.5 %

Sales and marketing expenses decreased by $0.5 million, or 16.2%. This decrease was primarily driven by lower headcount-related costs including the impact from the cost reduction activities implemented in August 2024. 

General and administrative

Three Months Ended March 31,Change20252024Amount%(dollars in thousands)General and administrative$5,690 $5,627 $63 1.1 %Percentage of total revenue79.0 %100.3 %

General and administrative expenses remained relatively consistent, increasing by $0.1 million, or 1.1%.  The increase was driven by recruiting costs, which were largely offset by lower headcount-related expenses,  primarily as a result of cost reduction activities implemented in August 2024.

Other income (expense)

Interest income

Interest income, which is related to interest earned on