Oxford Nanopore (LSE:ONT) delivered higher first-half revenue and a substantial reduction in adjusted losses during 2026, as stronger demand across key end markets and improved cost discipline supported progress towards profitability.
Revenue for the six months reached £116.7 million, representing growth of 12.3% on a constant-currency basis. Performance was supported by particularly strong demand across the EMEAI region and from BioPharma and Clinical customers, helping offset weaker conditions in APAC, most notably China.
Profitability metrics also improved significantly. Gross margin increased by 400 basis points to 62.2%, while the adjusted EBITDA loss narrowed to £22.1 million, less than half the level recorded in the comparable period. The improvement reflected a combination of higher gross profit and tighter management of the group’s cost base.
Oxford Nanopore’s PromethION sequencing platform was a major contributor to growth, with the company reporting solid demand across Clinical, BioPharma, Industrial and Research applications. The performance reinforces management’s strategy of directing resources towards markets where its sequencing technology has the strongest commercial potential.
As part of this approach, Oxford Nanopore has established four strategic priorities designed to sharpen its market focus, accelerate adoption and improve operational execution. The group continues to target adjusted EBITDA breakeven in FY27, followed by positive free cash flow in FY28.
Looking further ahead, management has introduced a new objective of generating more than $700 million in annual revenue by 2030. Achieving this target would represent an important milestone towards Oxford Nanopore’s longer-term ambition of developing into a business with revenue exceeding $1 billion.
Commercial activity has continued since the end of the reporting period. Oxford Nanopore signed a global cross-licensing agreement with a diagnostics company that is expected to generate licensing payments, committed product purchases and recurring royalties.
The company also entered an agreement to integrate its sequencing technology into MyOme’s rare disease platform, potentially expanding the application of nanopore sequencing within clinical diagnostics. New executive appointments across medical and marketing leadership further demonstrate Oxford Nanopore’s efforts to strengthen its regulatory, commercial and market-development capabilities.
Oxford Nanopore’s investment outlook is improving as revenue grows, gross margins expand and losses narrow, supported by cost controls and constructive FY26 guidance. However, substantial operating losses and continued cash consumption remain important risks. Technical indicators are mixed, with the shares below key longer-term moving averages, while valuation remains constrained by negative earnings and the absence of a dividend yield.
More About Oxford Nanopore Technologies PLC
Oxford Nanopore Technologies plc is a London-listed molecular sensing and sequencing technology company serving BioPharma, clinical, research and industrial markets worldwide.
Its nanopore-based technology enables real-time analysis of DNA and RNA across a range of applications. The company’s portfolio includes its PromethION high-throughput sequencing systems and portable MinION devices, alongside associated consumables, software and services.
Oxford Nanopore operates internationally across EMEAI, the Americas and APAC, with its strategy increasingly focused on expanding adoption in higher-growth Clinical and BioPharma applications while continuing to serve established research customers.
The company is also pursuing opportunities in regulated and industrial markets, supported by a strategy centred on customer-led growth, targeted innovation and greater operational discipline. Its goal of exceeding $700 million in revenue by 2030 represents a key step towards its longer-term ambition of building a business generating more than $1 billion in annual sales.
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