Company: RPID
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001380106-25-000200
Chunk: 247

Company: RAPID MICRO BIOSYSTEMS, INC.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 247
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Three Months Ended September 30, 2025Percentageof TotalRevenueThree Months EndedSeptember 30, 2024Percentageof TotalRevenue(in thousands)(in thousands)Product revenue$5,214 66.5 %$5,255 69.1 %Service revenue2,624 33.5 %2,349 30.9 %Total revenue$7,838 100.0 %$7,604 100.0 %

Nine Months Ended September 30, 2025Percentageof totalrevenueNine Months EndedSeptember 30, 2024Percentageof totalrevenue(in thousands)(in thousands)Product revenue$14,117 63.3 %$13,505 68.1 %Service revenue8,188 36.7 %6,328 31.9 %Total revenue$22,305 100.0 %$19,833 100.0 %

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 September 30, 2025, we had placed 174 Growth Direct systems with approximately 50 customers globally, including approximately 75% of the top 20 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 products. We recently announced the receipt of a large, multi-system customer order that we expect to contribute to our fourth quarter and full year 2025 results. If fulfilled in the contemplated timeframe, these system sales would be expected to contribute meaningfully to Growth Direct system revenue and placements in the fourth quarter. However, there can be no assurance that we will achieve placement of the ordered