Twist Bioscience is trying to prove that writing DNA on a silicon chip can become a self-funding tools franchise rather than a permanently equity-financed science project. The June quarter delivered another record sales print and a raised full-year outlook. Management again pointed to adjusted EBITDA breakeven in the fiscal fourth quarter as the foundation for profitable growth next year. That claim now has to clear a market that already treats the AI-enabled drug-discovery story as priced. The subsequent primary offering, closed in early August, recapitalized the balance sheet and also confirmed that scale still arrives with a capital call.
The mix underneath the beat is what actually moves the franchise. DNA Synthesis and Protein Solutions rose 39%. That line reached $57 million and now sits nearly alongside the sequencing book. Next-generation sequencing tools grew 12%. That franchise still supplied $62 million and remains the larger revenue pool. Gross margin moved to 53% as about 70% of incremental sales dropped through. The operating leverage the bull case needs is visible in the factory. Selling costs still absorbed most of that drop-through before it could reach the bottom line.
Net loss widened to $35 million after a year-ago profit that included the Atlas Data Storage spinout gain. Cash and short-term investments sat near $167 million at quarter-end. Nine-month operating cash use was $41 million. Management lifted fiscal 2026 revenue guidance to a band just above $456 million and still points to adjusted EBITDA breakeven in the closing quarter. The question the next several months resolve is whether that breakeven prints and then holds once the August equity raise is behind the company and the Wilsonville factory has to earn its keep.