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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $752.75M | $696.64M | $665.50M | $592.18M | $546.60M | $501.83M | $476.06M | $439.76M |
| Cost of revenue | $267.56M | $245.81M | $220.07M | $207.80M | $200.00M | $185.07M | $176.42M | $168.01M |
| Gross profit | $485.19M | $450.83M | $445.43M | $384.38M | $346.60M | $316.77M | $299.64M | $271.75M |
| Gross margin | 64.5% | 64.7% | 66.9% | 64.9% | 63.4% | 63.1% | 62.9% | 61.8% |
| Research and development | $228.07M | $210.70M | $175.19M | $173.41M | $146.43M | $129.08M | $129.46M | $96.93M |
| Selling, general and administrative | $327.20M | $327.94M | $291.30M | $308.55M | $310.55M | $266.86M | $234.92M | $214.15M |
| Operating expenses | $560.98M | $544.35M | $468.21M | $481.96M | $456.98M | $395.94M | $364.38M | $311.09M |
| Operating income | −$75.79M | −$93.52M | −$22.79M | −$97.58M | −$110.37M | −$79.18M | −$64.74M | −$39.34M |
| Operating margin | -10.1% | -13.4% | -3.4% | -16.5% | -20.2% | -15.8% | -13.6% | -8.9% |
| EBITDA | −$54.60M | −$73.29M | −$10.41M | −$87.28M | −$100.51M | −$69.94M | −$56.95M | −$31.14M |
| Interest income | $0 | $0 | $10.45M | $11.28M | $0 | $0 | $10.91M | $11.62M |
| Interest expense | −$890.00K | −$892.00K | −$991.00K | −$1.05M | −$1.03M | −$1.01M | −$1.29M | −$3.14M |
| Income before taxes | −$67.23M | −$84.81M | −$13.33M | −$87.34M | −$100.66M | −$66.76M | −$55.13M | −$30.86M |
| Income taxes | −$261.00K | $283.00K | −$60.58M | $207.00K | $275.00K | $173.00K | −$1.36M | $730.00K |
| Net income | −$66.97M | −$85.09M | $47.26M | −$87.54M | −$100.94M | −$66.94M | −$53.77M | −$31.59M |
| Net margin | -8.9% | -12.2% | 7.1% | -14.8% | -18.5% | -13.3% | -11.3% | -7.2% |
| EPS, basic | −$0.47 | −$0.60 | $0.34 | −$0.64 | −$0.74 | −$0.50 | −$0.43 | −$0.26 |
| EPS, diluted | −$0.47 | −$0.60 | $0.34 | −$0.64 | −$0.74 | −$0.50 | −$0.43 | −$0.26 |
| Diluted shares | 143.28M | 141.50M | 138.56M | 137.19M | 136.39M | 134.75M | 131.43M | 123.78M |
Figures describe Natera shares, not any token. As of Aug 7, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.