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• The Thermo Fisher Scientific for critical biomanufacturing reagents.
• Applied Materials for the biopharmaceutical manufacturing industry.
• Corning for essential ingredients in biopharmaceutical production.

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• Custom Reagents: Provides high-purity, custom-formulated chemicals, buffers, and media for various life science applications.
• Cell Culture Media: Offers specialized media and supplements essential for cell growth and proliferation in biopharmaceutical manufacturing and research.
• Liquid Manufacturing Services: Delivers contract manufacturing of custom liquid solutions, buffers, and media to customer specifications.
• Powder Manufacturing Services: Provides contract manufacturing of custom dry powder blends and reagents for life science and diagnostic uses.

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Alpha Teknova (symbol: TKNO) primarily sells its products and services to other companies, operating on a business-to-business (B2B) model. They provide critical reagents and solutions for the discovery, development, and commercialization of therapeutics and vaccines.

Based on Alpha Teknova's public filings, no single customer accounted for 10% or more of its total revenue in recent fiscal years. This indicates a diversified customer base across various segments of the life sciences industry, rather than reliance on a few individually major customers that would typically be disclosed.

Therefore, while specific major customer company names are not publicly disclosed, Alpha Teknova's customer base generally includes companies within the following categories:

• Pharmaceutical and Biopharmaceutical Companies: These include companies engaged in the discovery, development, and manufacturing of drugs, vaccines, and therapeutic treatments. They utilize Alpha Teknova's reagents and solutions for research, preclinical development, and potentially commercial production.
• Biotechnology Companies: This broad category includes firms focused on developing advanced therapies such as gene therapies, cell therapies, and novel diagnostics. They leverage Teknova's specialized reagents and custom solutions for their research and development (R&D) and manufacturing processes.
• Genomics and Proteomics Companies: Businesses and research organizations focused on understanding genes (genomics) and proteins (proteomics) also form a significant part of Teknova's customer base, utilizing their high-quality raw materials for advanced research and application development.

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Stephen Gunstream, President and CEO

Stephen Gunstream has served as President and Chief Executive Officer of Alpha Teknova since May 2020 and as a director since September 2020. He has over 20 years of experience in sales, marketing, research and development, and general management within the life sciences sector. Prior to joining Teknova, he held multiple roles at Becton Dickinson & Co. (“BD”) from June 2015 to December 2019, most recently as Vice President and General Manager of BD Biosciences, where he led their flow cytometry and genomics business. From 2008 to 2015, he was Chief Commercial Officer at Integrated DNA Technologies, Inc. (“IDT”), overseeing product development, global sales, and marketing. At IDT, he led the launch of innovative products and is a co-inventor on some. Earlier in his career, from 2001 to 2008, he held product development and business development positions at Applied Biosystems, Inc. (now part of Thermo Fisher Scientific, Inc.). Mr. Gunstream holds a bachelor's degree in biomedical engineering from Northwestern University and an MBA from the Fuqua School of Business at Duke University. He is a named inventor on 10 issued and more than 25 pending patents.

Matthew Lowell, Chief Financial Officer

Matthew Lowell has been the Chief Financial Officer of Alpha Teknova since February 2021. He brings nearly 20 years of financial and strategic leadership experience from the medical device industry. Before Teknova, he served as Vice President of Finance and Treasurer at Varex Imaging Corporation (NASDAQ: VREX), a medical device company, where he also managed business development activities. He was also Vice President of Finance at Varian Medical Systems, Inc. (NYSE: VAR) from April 2013 to December 2016, with responsibilities including financial planning, analysis, and business development, prior to Varex Imaging's spin-off from Varian. From 2002 to 2013, Mr. Lowell spent over a decade in various strategy, business development, and finance roles at Abbott Medical Optics, Inc. and its predecessor, Advanced Medical Optics, Inc. He started his career in investment banking at NationsBank, N.A., Donaldson, Lufkin & Jenrette, Inc., and Credit Suisse First Boston. Mr. Lowell earned a bachelor's degree in economics from the University of North Carolina at Chapel Hill and an MBA from the Kellogg School of Management at Northwestern University.

Damon Terrill, General Counsel and Chief Compliance Officer

Damon Terrill serves as the General Counsel and Chief Compliance Officer for Alpha Teknova.

Jennifer Henry, Senior Vice President of Marketing

Jennifer Henry is the Senior Vice President of Marketing at Alpha Teknova.

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The key risks to Alpha Teknova's business are as follows:

1. Dependence on Biotech Sector Funding and R&D Pipelines: Alpha Teknova's Clinical Solutions revenue, which involves custom products for biopharma customers, is significantly impacted by persistent funding delays and overall softness in the biotech funding environment and R&D pipelines. This leads to limits on large custom product orders and affects the company's growth in this segment. Management anticipates only modest improvement unless there is a sustained betterment in the biotech funding landscape or advancements in clinical trials of therapies the company supports.
2. Customer Concentration Risk: The company faces a risk associated with high customer concentration, meaning a significant portion of its revenue may depend on a limited number of key clients, particularly within its clinical solutions segment.
3. Profitability Challenges and Negative Cash Flow: Alpha Teknova is currently unprofitable, reporting a net loss and negative earnings per share (EPS). The company also has negative free cash flow, highlighting the ongoing need for efficient capital management to support its growth trajectory and achieve profitability. While gross profit and margin have shown improvement, the company is not yet forecast to become profitable over the next three years.

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The accelerating industry trend towards intensified, integrated, and continuous bioprocessing, coupled with the emergence of highly efficient alternative purification methods (such as advanced membrane chromatography, magnetic bead-based systems, or novel precipitation/flocculation techniques), could diminish the market's reliance on traditional multi-step column chromatography and its associated resins, which form the core of Alpha Teknova's product portfolio. If these alternative or intensified methods become dominant for key therapeutic modalities like viral vectors or complex biologics, and Alpha Teknova does not adapt its offerings with equally competitive integrated solutions or disruptive new purification modalities, its market position could be challenged.

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1. Growth in Lab Essentials Products: Alpha Teknova anticipates continued revenue growth from its Lab Essentials segment, particularly from catalog products, which have consistently shown double-digit year-over-year increases. This segment has been a primary driver of recent revenue growth.
2. Commercialization of Clinical Solutions Customer Therapies: The company has expanded and diversified its Clinical Solutions customer base, which is expected to translate into significant revenue growth as these therapies and diagnostics move towards commercialization within the next 2 to 3 years. Teknova has grown its clinical customers from 13 in 2020 to 48 in 2024.
3. Enhanced Operational Efficiencies and Scalability: Investments in operational initiatives, such as moving to electronic batch records, automating high-throughput dispensing lines, and adding larger batch size capabilities (expected to be implemented in 2026), are projected to enhance efficiency. These improvements will allow Teknova to scale its operations to more than $200 million in annualized revenue without significant additional capital investments, supporting top-line expansion.
4. Strategic Tuck-in Acquisitions and Collaborations: Alpha Teknova remains active in pursuing potential tuck-in acquisitions and collaborations. These strategic moves are aimed at bolstering capabilities, reducing the time to profitability, and accelerating top-line growth.
5. Recovery in Custom Biopharma Product Demand: While there has been some recent softness in demand for custom biopharma products, which represent approximately 25% of Teknova's total revenue, management projects modest growth in this area for the upcoming year. The long-term outlook for the company's end markets remains positive.

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Share Issuance

• Alpha Teknova completed its Initial Public Offering (IPO) in June 2021.
• The company filed for a $225 million mixed securities shelf offering in July 2025, providing flexibility to issue various securities over time.
• Proceeds from the issuance of common stock under the employee stock purchase plan were $56,000 for the nine months ended September 30, 2025, and $81,000 for the same period in 2024.

Capital Expenditures

• Capital expenditures for the third quarter of 2025 were $0.4 million, compared to $0.3 million in the third quarter of 2024.
• Capital expenditures for the second quarter of 2025 were $0.2 million, up from $0.1 million in the second quarter of 2024.
• Alpha Teknova has a new facility capable of generating over $200 million in annualized revenue without significant additional capital investment, suggesting prior investments in infrastructure to support future growth.