# EDGAR Filing Document

**Accession Number:** 0001831915
**File Stem:** 0001193125-25-266973
**Filing Date:** 2025-11
**Character Count:** 22863
**Document Hash:** d38c179362d7f9a8a600844bce7c224a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-266973.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001193125-25-266973

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251105

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cytek Biosciences, Inc.
- **CENTRAL INDEX KEY:** 0001831915
- **STANDARD INDUSTRIAL CLASSIFICATION:** LABORATORY ANALYTICAL INSTRUMENTS [3826]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 472547526
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40632
- **FILM NUMBER:** 251454202

**BUSINESS ADDRESS:**
- **STREET 1:** 47215 LAKEVIEW BOULEVARD
- **CITY:** FREMONT
- **STATE:** CA
- **ZIP:** 94538
- **BUSINESS PHONE:** (877) 922-9835

**MAIL ADDRESS:**
- **STREET 1:** 47215 LAKEVIEW BOULEVARD
- **CITY:** FREMONT
- **STATE:** CA
- **ZIP:** 94538

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cytek BioSciences, Inc.
- **DATE OF NAME CHANGE:** 20201110

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported):

#### November 5, 2025

## Cytek Biosciences, Inc.

#### (Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40632** | **47-2547526** |
| **(State or other jurisdiction**<br> **of incorporation)** | **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **47215 Lakeview Boulevard**<br> **Fremont, California** | **94538** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

#### Registrant's telephone number, including area code: (877) 922-9835

#### (Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br> **Symbol(s)** | **Name of each exchange**<br> **on which registered** |
| Common Stock, par value $0.001 per share | CTKB | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.**  |

---

On November 5, 2025, Cytek Biosciences, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2025. The press release is being furnished as Exhibit 99.1.

The information furnished in this Current Report under Item 2.02 and the exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.**  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description of Exhibit** |
| 99.1 | [Press release dated November 5, 2025](d161249dex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Cytek Biosciences, Inc.** | **Cytek Biosciences, Inc.** |
| Date: November 5, 2025 | By: | /s/ Wenbin Jiang |
|  |  | Wenbin Jiang, Ph.D.<br> President and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1** 

**Cytek Biosciences Reports Third Quarter 2025 Financial Results** 

**FREMONT, Calif., November 5, 2025** (GLOBE NEWSWIRE) – Cytek<sup>®</sup> Biosciences, Inc. ("Cytek Biosciences" or "Cytek") (Nasdaq: CTKB), a leading cell analysis solutions company, today reported financial results for the third quarter ended September 30, 2025.

**Recent Highlights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total revenue for the third quarter of 2025 was $52.3 million, representing a 2% increase compared to the
third quarter of 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expanded to a total installed base of 3,456 Cytek instruments, adding 161 units in the third quarter of 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Double-digit total revenue growth year-over-year in all regions, except EMEA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Worldwide revenue from biotechnology, pharmaceutical and clinical research organization ("CRO")
customers grew 14% year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total recurring revenue, comprised of service and reagent revenues, grew 19% compared to the third quarter of
2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expanded European headquarters in Amsterdam, increasing footprint by more than 40% with a customer service and
training center

"Our third quarter results are encouraging and demonstrate the strength of our established brand and technology and our market leadership position," said Wenbin Jiang, CEO of Cytek Biosciences. "As we look ahead, our team remains sharply focused on expanding our global installed base, growing our recurring revenue streams and on profitability and cash generation. While we remain mindful of market conditions, we believe Cytek is well-positioned to deliver long-term value for all of our stakeholders through the strong and disciplined execution of our strategic priorities."

**Third Quarter 2025 Financial Results** 

Total revenue for the third quarter of 2025 was $52.3 million, a 2% increase compared to the third quarter of 2024. The increase in revenue was due to higher revenue in the US, APAC, and rest-of-world, partially offset by continued softness in EMEA.

GAAP gross profit was $27.6 million for the third quarter of 2025, a 5% decrease compared to the third quarter of 2024. GAAP gross profit margin was 53% in the third quarter of 2025, compared to 56% in the third quarter of 2024. Adjusted gross profit margin, after adjusting for stock-based compensation expense and amortization of acquisition-related intangibles, was 55% in the third quarter of 2025, compared to 60% in the third quarter of 2024.

Operating expenses were $36.7 million for the third quarter of 2025, a 10% increase compared to the third quarter of 2024 due to increased general and administrative expenses offset by a reduction in sales and marketing and research and development expenses.

------

Research and development expenses were $9.0 million for the third quarter of 2025, a 9% decrease compared to the third quarter of 2024.

Sales and marketing expenses were $11.7 million for the third quarter of 2025, a 6% decrease compared to the third quarter of 2024.

General and administrative expenses were $16.1 million for the third quarter of 2025, increasing 47% compared to the third quarter of 2024, due primarily to litigation-related expenses and a non-recurring charge of $0.7 million, related to the write-off of deferred offering costs for a 2022 "at the market" ("ATM") equity financing facility that expired in the third quarter of 2025.

Loss from operations in the third quarter of 2025 was $9.2 million, compared to loss from operations of $4.2 million in the third quarter of 2024. Net loss in the third quarter of 2025 was $5.5 million, compared to a net income of $0.9 million in the third quarter of 2024.

Adjusted EBITDA in the third quarter of 2025 was $2.5 million, compared to $7.6 million in the third quarter of 2024, after adjusting for stock-based compensation expense, foreign currency exchange impacts, and the non-recurring, non-cash expense of $0.7 million described above. Excluding investment income, Adjusted EBITDA for the third quarter was $0.5 million, compared to $5.7 million in the third quarter of 2024.

Cash and marketable securities totaled $261.7 million as of September 30, 2025, compared to $262.0 million as of June 30, 2025, a decrease of $0.3 million.

**2025 Outlook** 

Cytek Biosciences reaffirms its 2025 revenue guidance of full year 2025 revenue to be in the range of $196 million to $205 million, representing growth of -2% to +2% over full year 2024, assuming no change from current currency exchange rates.

**Webcast Information** 

Cytek will host a conference call to discuss its third quarter 2025 financial results on Wednesday, November 5, 2025, at 1:30 p.m. Pacific Time / 4:30 p.m. Eastern Time. A webcast of the conference call can be accessed at investors.cytekbio.com.

**About Cytek Biosciences, Inc.** 

Cytek Biosciences (Nasdaq: CTKB) is a leading cell analysis solutions company advancing the next generation of cell analysis tools by delivering high-resolution, high-content and high-sensitivity cell analysis utilizing its patented Full Spectrum Profiling<sup>™</sup> (FSP<sup>®</sup>) technology. Cytek's novel approach harnesses the power of information within the entire spectrum of a fluorescent signal to achieve a higher level of multiplexing with precision and sensitivity. Cytek's platform includes: its core FSP instruments, the Cytek Aurora<sup>™</sup>, Northern Lights<sup>™</sup>, Cytek Aurora<sup>™</sup> CS and Cytek Aurora<sup>™</sup> Evo systems; the Cytek Orion<sup>™</sup> reagent cocktail preparation system; the Enhanced Small Particle<sup>™</sup> (ESP<sup>™</sup>) detection technology; the flow cytometers and imaging products under the Amnis<sup>®</sup> and Guava<sup>®</sup> brands; and reagents, software and services to provide a comprehensive and integrated suite of solutions for its customers. Cytek is headquartered in Fremont, California with offices and distribution channels across the globe. More information about the company and its products is available at www.cytekbio.com.

------

Cytek's products are for research use only and not for use in diagnostic procedures (other than Cytek's Northern Lights-CLC system and certain reagents, which are available for clinical use only in China and the European Union).

Cytek, Full Spectrum Profiling, FSP, Cytek Aurora, Northern Lights, Enhanced Small Particle, ESP, Cytek Orion, Amnis and Guava are trademarks of Cytek Biosciences, Inc.

In addition to filings with the Securities and Exchange Commission (SEC), press releases, public conference calls and webcasts, Cytek uses its website (www.cytekbio.com), LinkedIn page and X account as channels of distribution of information about its company, products, planned financial and other announcements, attendance at upcoming investor and industry conferences and other matters. Such information may be deemed material information and Cytek may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor Cytek's website, LinkedIn page, and X account in addition to following its SEC filings, news releases, public conference calls and webcasts.

**Statement Regarding Use of Non-GAAP Financial Information** 

Cytek has presented certain financial information in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") and also on a non-GAAP basis for the three-month period ended September 30, 2025 and September 30, 2024. Management believes that non-GAAP financial measures, including "Adjusted gross profit," "Adjusted gross profit margin," "Adjusted EBITDA," and "Adjusted EBITDA excluding investment income," referenced in this release, taken in conjunction with GAAP financial measures, provide useful information for both management and investors by excluding certain non-cash and other expenses that are not indicative of the company's core operating results. Management uses non-GAAP measures to compare the company's performance relative to forecasts and strategic plans and to benchmark the company's performance externally against competitors. Non-GAAP information is not prepared under a comprehensive set of accounting rules and should only be used to supplement an understanding of the company's operating results as reported under U.S. GAAP. Cytek encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP operating results are presented in the accompanying tables of this release.

------

**Forward-Looking Statements** 

------

circumstances reflected in the forward-looking statements will be achieved or occur. The forward-looking statements in this press release and the related conference call, webcast and presentation are based on information available to Cytek as of the date hereof, and Cytek disclaims any obligation to update any forward-looking statements provided to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing Cytek's as of any date subsequent to the date of this press release. Information contained on, or that is reference or can be accessed through, our website does not constitute part of this document, and inclusions of any website addresses herein are inactive textual references only.

**Media Contact:** 

Stephanie Olsen

Lages & Associates

(949) 453-8080

stephanie@lages.com

**Investor Contact:** 

Paul Goodson

Head of Investor Relations

Cytek Biosciences

<u>pgoodson@cytekbio.com</u>

------

**Cytek Biosciences, Inc.** 

**Consolidated Statements of Operations and Comprehensive Loss** 

**(unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
| **(In thousands, except share and per share data)** | **2025** | **2024** | **2025** | **2024** |
|  Revenue, net: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product | $38114 | $39544 | $97639 | $108242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 14179 | 11956 | 41713 | 34735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenue, net | 52293 | 51500 | 139352 | 142977 |
|  Cost of sales: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product | 17728 | 17490 | 48178 | 50044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service | 7014 | 5005 | 19599 | 15479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total cost of sales | 24742 | 22495 | 67777 | 65523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit | 27551 | 29005 | 71575 | 77454 |
|  Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research and development | 8956 | 9882 | 27506 | 29679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales and marketing | 11666 | 12429 | 36309 | 37240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General and administrative | 16121 | 10942 | 42550 | 34044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 36743 | 33253 | 106365 | 100963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss from operations | (9192) | (4248) | (34790) | (23509) |
|  Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (494) | (119) | (1199) | (694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 573 | 1433 | 1636 | 4208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income, net | 1344 | 3091 | 8543 | 3972 |
|  Total other income, net | 1423 | 4405 | 8980 | 7486 |
| (Loss) income before income taxes | (7769) | 157 | (25810) | (16023) |
|  Benefit from income taxes | (2291) | (784) | $(3347) | (360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net (loss) income | $(5478) | $941 | $(22463) | $(15663) |
|  Net (loss) income, basic and diluted | $(5478) | $941 | $(22463) | $(15663) |
|  Net (loss) income per share, basic | $(0.04) | $0.01 | $(0.18) | $(0.12) |
|  Net (loss) income per share, diluted | $(0.04) | $0.01 | $(0.18) | $(0.12) |
|  Weighted-average shares used in calculating net (loss) income per share, basic | 127547859 | 131003744 | $127604317 | $131121301 |
|  Weighted-average shares used in calculating net (loss) income per share, diluted | 127547859 | 132785552 | $127604317 | $131121301 |
|  Comprehensive (loss) income: |  |  |  |  |
|  Net (loss) income | $(5478) | $941 | $(22463) | $(15663) |
|  Foreign currency translation adjustment, net of tax | 741 | 101 | $784 | 1232 |
|  Unrealized gain on marketable securities | 118 | 195 | $20 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net comprehensive (loss) income | $(4619) | $1237 | $(21659) | $(14287) |

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**Cytek Biosciences, Inc.** 

**Consolidated Balance Sheets** 

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| | | |
|:---|:---|:---|
| **(In thousands, except share and per share data)** | **September 30,<br>2025** | **December 31,<br>2024** |
|  | ***(unaudited)*** | ***(audited)*** |
|  **Assets** |  |  |
|  Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $93281 | $98716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted cash |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marketable securities | 168453 | 179145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts receivable, net | 56632 | 60588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | 51649 | 43893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 18474 | 14075 |
|  Total current assets | $388489 | $396446 |
|  Deferred income tax assets, noncurrent | 38393 | 33374 |
|  Property and equipment, net | 18046 | 17962 |
|  Operating lease right-of-use assets | 11158 | 10168 |
|  Goodwill | 16698 | 16663 |
|  Intangible assets, net | 17676 | 20128 |
|  Other noncurrent assets | 4459 | 4759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $494919 | $499500 |
|  **Liabilities and stockholders' equity** |  |  |
|  Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade accounts payable | 7632 | $5529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal settlement liability, current | 2177 | 1705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 20233 | 21443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities | 16426 | 13494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue, current | 28739 | 25492 |
|  Total current liabilities | 75207 | 67663 |
|  Legal settlement liability, noncurrent | 8158 | 9036 |
|  Deferred revenue, noncurrent | 16315 | 16098 |
|  Operating lease liability, noncurrent | 13494 | 7552 |
|  Long term debt | 655 | 1050 |
|  Other noncurrent liabilities | 2519 | 2364 |
|  Total liabilities | $116348 | $103763 |
|  Stockholders' equity: |  |  |
|  Common stock, $0.001 par value; 1,000,000,000 authorized shares as of September 30, 2025 and December 31, 2024, respectively; 127,864,830 and 129,205,901 issued and outstanding shares as of September 30, 2025 and December 31, 2024, respectively. | 128 | 129 |
|  Additional paid-in capital | 435284 | 430791 |
|  Accumulated deficit | (57662) | (35199) |
|  Accumulated other comprehensive gain | 821 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' equity | $378571 | $395737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and stockholders' equity | $494919 | $499500 |

---

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**Cytek Biosciences, Inc.** 

**Reconciliation of GAAP to Non-GAAP Measures** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| **(In thousands)** | **Three months ended** | **Three months ended** |
|  | **September 30,<br>2025** | **September 30,<br>2024** |
|  | (Unaudited) | (Unaudited) |
|  **GAAP Gross profit** | $27551 | $29005 |
|  Stock based compensation | $906 | $1154 |
|  Amortization of acquisition-related intangible assets | $481 | $492 |
|  **Non-GAAP Adjusted gross profit** | $**28938** | $**30651** |
|  **GAAP Gross margin** | 53% | 56% |
|  **Non-GAAP Adjusted gross margin** | 55% | 60% |
|  **GAAP Net income** | $**(5478)** | $**941** |
|  Depreciation and amortization | $3063 | $2807 |
|  Provision for (benefit from) income taxes | $(2291) | $(784) |
|  Interest income | $(573) | $(1433) |
|  Interest expense | $494 | $119 |
|  Foreign currency exchange loss (gain) | $886 | $(1076) |
|  Stock based compensation | $5638 | $7053 |
|  Non-recurring deferred ATM facility offering cost write off | $711 | $— |
|  **Non-GAAP Adjusted EBITDA** | $**2450** | $**7627** |
|  Investment income | $(1960) | $(1914) |
|  **Non-GAAP Adjusted EBITDA excluding investment income** | $**490** | $**5713** |

---