The accelerating revenue decline across all segments and widening net loss signal deteriorating fundamentals. With cash burn at ~RMB29M/quarter and only ~RMB449M remaining, the company has roughly 15 quarters of runway at current burn — but no path to profitability visible. Monitor for potential capital raise or restructuring given the 20-F cross-filing context showing ongoing losses.
Price Chart
Executive Summary
Burning Rock reported Q1 2026 revenue of RMB107.9M ($15.6M), an 18.9% YoY decline from RMB133.1M, with net loss widening to RMB17.5M from RMB13.5M. All three business segments (central lab, in-hospital, pharma R&D) posted revenue declines, led by a 38.6% drop in pharma services. The company's cash burn accelerated to RMB29.3M in operating cash outflow, reducing cash to RMB448.7M.
Key Facts
- Q1 2026 revenue declined 18.9% YoY to RMB107.9M ($15.6M)
- Net loss widened to RMB17.5M from RMB13.5M YoY
- Pharma R&D services revenue fell 38.6% YoY to RMB22.8M
- Central lab revenue down 15.3% YoY; in-hospital down 8.5% YoY
- Operating cash outflow increased to RMB29.3M from RMB23.5M YoY
- Cash and equivalents fell to RMB448.7M from RMB481.1M at year-end 2025
- Gross margin contracted to 72.3% from 73.2% YoY
- Overseas revenue dropped 65% YoY to RMB8.5M
Financial Impact
Revenue decline of 18.9% YoY with net loss increase of 29.4% YoY; cash burn rate of ~RMB29M/quarter
Risk Factors
- Continued revenue contraction across all three business lines
- Accelerating cash burn reducing runway
- Pharma R&D services segment volatility with 38.6% drop
- Overseas revenue collapse of 65% YoY
- No guidance provided; forward visibility limited
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-262871 |
| Document: d150762d6k.htm | 0001193125-26-262871 |
| Document: 0001193125-26-262871-index-headers.html | 0001193125-26-262871 |
| Document: 0001193125-26-262871-index.html | 0001193125-26-262871 |
| Document: 0001193125-26-262871.txt | 0001193125-26-262871 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 6w ago | Press Release | $11.62 $15.20 | ▼ −30.81% | ▼ −28.68% | $11.15 (+4.04%) |
Sep 10, 2026 6w ago | 6-K | $11.62 $15.20 | ▼ −30.81% | ▼ −28.68% | $11.15 (+4.04%) |
Jun 9, 2026 19w ago | Press Release | $8.18 $10.75 | ▼ −31.36% | ▼ −29.91% | $11.15 (−36.31%) |
Jun 9, 2026 19w ago | 6-K | $8.18 $10.75 | ▼ −31.36% | ▼ −29.91% | $11.15 (−36.31%) |
Apr 28, 2026 25w ago | Press Release | $16.65 $12.17 | ▼ −26.91% | ▼ −32.36% | $11.15 (−33.03%) |
Mar 12, 2026 32w ago | Press Release | $22.85 $15.85 | ▼ −30.66% | ▼ −32.63% | $11.15 (−51.20%) |
US Market Status
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