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• CTKB is like the Illumina of flow cytometry, offering advanced technology to analyze cells with greater detail than traditional methods.
• CTKB is like the NVIDIA of cellular analysis instruments, providing specialized, high-performance hardware for deep insights into individual cells.
• CTKB is like the Tesla of lab instruments, introducing innovative, high-tech 'full spectrum' systems to revolutionize how researchers analyze cells.

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• Aurora System: A full spectrum flow cytometer designed for high-resolution cell analysis with enhanced sensitivity and multi-parameter capabilities.
• Northern Lights System: A compact and accessible full spectrum flow cytometer providing high-quality data for a range of research applications.
• SpectroFlo Software: Intuitive software for data acquisition, analysis, and visualization specifically designed for Cytek's full spectrum flow cytometers.
• Reagents: A comprehensive portfolio of antibodies, dyes, and other consumables optimized for use with Cytek's flow cytometry systems.

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Cytek Biosciences (CTKB) primarily sells its advanced cell analysis systems, such as flow cytometers, to other companies and institutions, not directly to individuals.

Based on their public filings (e.g., annual 10-K reports), Cytek Biosciences does not disclose specific major customers (i.e., individual customers accounting for 10% or more of their revenue). This indicates a diversified customer base, with sales distributed across numerous organizations rather than being concentrated with a few large buyers.

Their primary categories of customers include:

• Academic research institutions
• Clinical research organizations (CROs)
• Pharmaceutical companies
• Biotechnology companies

As no individual customer companies are identified as "major" in their public disclosures, no specific company names or symbols can be listed.

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Wenbin Jiang, Chief Executive Officer

Dr. Wenbin Jiang has served as Cytek's Chief Executive Officer and a member of the Board since December 2014, and is also a co-founder of the company. In 1998, Dr. Jiang co-founded E2O Communications, Inc., a fiber optic subsystems manufacturing company, which was acquired by JDS Uniphase Corporation in 2004. He is an inventor of over 100 U.S. patents and an author of five book chapters and over 50 peer-reviewed technical papers. Prior to Cytek, he also held roles such as CTO at Cosemi Technologies and Principal Staff Scientist at Motorola. He currently serves on the board of directors of several private biosciences companies, including Bio Usawa Inc., VETmAb Biosciences, Inc., and Lifeguard Biosciences, Inc.

William McCombe, Chief Financial Officer

William McCombe was appointed Chief Financial Officer of Cytek Biosciences effective March 2024. He brings experience as a public company CFO at both large-scale and high-growth technology companies. Prior to joining Cytek, he was CFO at Velo3D, a leader in metal 3D printing systems, CFO at HZO, a company focused on protective nano coatings for electronics, and Executive Vice President and CFO at Maxar Technologies, a satellite and space imaging company. McCombe also has over 20 years of experience as an investment banker, having served as a Managing Director at Morgan Stanley and Bank of America.

Ming Yan, Chief Technology Officer

Dr. Ming Yan has served as the Chief Technology Officer and a member of the Cytek Board since 2015, and is also a co-founder of the company. Dr. Yan has over 20 years of experience in research and development. Before Cytek, Dr. Yan held research and development positions at AT&T Bell Laboratories, Lawrence Livermore National Labs, and BD Biosciences.

Valerie Barnett, Chief Legal Officer

Valerie Barnett serves as the Chief Legal Officer and Corporate Secretary for Cytek Biosciences.

Philippe Busque, Senior Vice President of Global Sales & Services

Dr. Philippe Busque holds the position of Senior Vice President of Global Sales & Services at Cytek Biosciences.

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1. Weak Demand in Academic and Government Sectors and Macroeconomic Headwinds: Cytek Biosciences is significantly impacted by "softness" in the academic and government sectors, particularly in the United States, which is directly linked to funding uncertainties such as National Institutes of Health (NIH) funding policies. Additionally, the company is experiencing a "significant headwind" in the Europe, Middle East, and Africa (EMEA) region, with a notable decline in revenue in Q3 2025, likely due to macroeconomic uncertainty and delays in capital equipment spending. This has led to a decline in product revenue from instruments.
2. Continued Operating Losses and Path to Profitability: The company has consistently reported operating losses, prioritizing growth over immediate profit. While Cytek Biosciences maintains a strong gross margin, its operating and net profitability have "significantly deteriorated" in the near term, shifting from a small profit to a loss in Q3 2025. Despite having substantial liquid resources, continued losses could necessitate future capital, and the ability to achieve sustainable profitability remains a crucial challenge.
3. Intense Competition and International Market Risks: Cytek operates in a "very competitive and rapidly changing environment" within the flow cytometry and cell analysis market, facing significant competition from larger players. Furthermore, the company is exposed to international regulatory, operational, and political risks, including international trade disputes, tariffs, economic sanctions, and regulatory requirements. Specifically, new U.S. export controls and licensing requirements, especially those affecting business in China, pose a risk to its global operations and market access.

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The aggressive entry of large, established competitors, particularly BD Biosciences, into the full spectrum profiling (FSP) and spectral flow cytometry market. BD Biosciences, a dominant player in traditional flow cytometry, has launched its own spectral flow cytometry platforms (e.g., BD FACSDiscover S8, BD FACSymphony A5) that directly compete with Cytek's Aurora and Northern Lights systems, leveraging BD's vast installed base, distribution network, and customer relationships to challenge Cytek's market share in the segment it pioneered.

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Cytek Biosciences (CTKB) operates in the cell analysis solutions market, primarily with its full-spectrum flow cytometry instruments and related products and services.

The company estimates its total addressable market to be approximately $7.5 billion (USD 7,500 million) globally.

More broadly, within the global flow cytometry market, where Cytek's core instruments like the Aurora and Northern Lights systems compete, market size estimates vary:

• The global flow cytometry market is estimated at USD 6.75 billion in 2025 and is projected to reach USD 9.78 billion by 2030.
• Another report indicates the global market for flow cytometry products is expected to grow from $5.2 billion in 2023 to $8.3 billion by the end of 2029.
• Other projections place the global flow cytometry market size at USD 6.13 billion in 2025, reaching USD 12.11 billion by 2034. North America's market alone for flow cytometry was estimated at USD 2.27 billion in 2024.
• Additionally, the global flow cytometry market was valued at USD 5.10 billion in 2023 and is projected to grow to USD 10.21 billion by 2032.

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Here are 3-5 expected drivers of future revenue growth for Cytek Biosciences (CTKB) over the next 2-3 years:

1. Growth in Recurring Revenue from Service and Reagents: Cytek Biosciences anticipates continued strong growth in its service and reagent revenues. This is primarily fueled by an expanding global installed base of Cytek instruments and increased utilization of these systems by customers. For example, in Q3 2025, service revenue grew 19% year-over-year, and reagent revenue grew 21% globally year-over-year, supported by operational improvements. The company expects recurring services and related revenue to be strong long-term growth drivers.
2. Expansion of the Installed Instrument Base: The ongoing expansion of Cytek's global footprint through the placement of new instruments is a direct driver of future revenue. A larger installed base not only increases immediate product revenue but also establishes a foundation for higher recurring service and reagent sales. In Q3 2025, Cytek expanded its global footprint by 161 instruments, bringing its total installed base to 3,456 units. The company added 146 units in Q2 2025, bringing the total installed base to 3,295 instruments.
3. Launch and Growth of New Products: Recently launched products, such as the Aurora EVOS analyzer and the Muse Micro instrument, are expected to contribute significantly to future revenue growth. The Aurora EVOS analyzer has had a strong reception and contributed to instrument revenue growth in pharma and biotech customers. The Muse Micro Analyzer, introduced in March, also received a strong reception for its advanced features and affordability. Additionally, the Enhanced Small Particle (ESP) detection module, a new technology that can be added to existing Aurora, Aurora cell sorter, and Northern Lights instruments, presents an opportunity for upgrades and enhanced product offerings.
4. Strong Growth in the Asia-Pacific (APAC) Region: The APAC region, including China, has demonstrated significant and consistent double-digit revenue growth across instruments, service, and reagents. This region represents a substantial market opportunity for Cytek Biosciences. In Q3 2025, APAC revenue increased by 25%, driven by growth in instruments, service, and reagents. This strong momentum is attributed to a positive funding environment for academic institutions in these regions.
5. Increased Penetration within Biopharma and Clinical Research Organization (CRO) Customers: Cytek Biosciences has observed robust year-over-year revenue growth from its biotechnology, pharmaceutical, and clinical research organization (CRO) customers. This segment is a key focus for the company's growth strategy. In Q3 2025, total revenues from biopharma customers globally increased by 14% compared to the year-ago quarter. Instrument revenue to pharma and biotech customers grew 12% worldwide in Q3 2025. Cytek is actively developing products tailored to the needs of biotech clients, such as the Aurora EVOS.

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Share Repurchases

• Cytek Biosciences authorized a stock repurchase program of up to $50 million through December 31, 2024.
• An additional stock repurchase program of up to $50 million was authorized for the 2025 calendar year, commencing January 1, 2025, and continuing until December 31, 2025.
• The company repurchased approximately $44.6 million of common stock in 2023 and $22.2 million in 2024.

Share Issuance

• Explicit dollar amounts for capital raised through direct share issuance were not readily available in the provided sources.

Outbound Investments

• In early 2023, Cytek Biosciences acquired the Guava® flow cytometry and Amnis® imaging product lines from Luminex Corporation, marking its largest acquisition to date.
• The cash consideration for acquisitions in 2023 was $45.1 million.

Capital Expenditures

• Purchases of property, plant, and equipment amounted to $9.75 million in 2022, $4.69 million in 2023, and $3.53 million in 2024.
• Expected capital expenditures for the upcoming 12 months are anticipated to primarily focus on equipment for manufacturing and investments in research and development.