10X Q1 Results

The 10X Q1 results came yesterday these confirmed the layoff rumors discussed yesterday stating an ~8% workforce reduction (~104 people).

Excluding patent settlements, revenue was down 2%. The most serious concern here is that the drop was in part down to reduced spatial instrument revenue:

While there’s clearly “at lot going on right now” that continues the trend we was in 2024. Declining instrument growth limits potential for future consumable growth too.

We’ve been discussing this on the Discord, one factor that might play in 10Xs favor is that the current “macro-economic factors” could potentially wipe out smaller potential competitors… but overall given that 10X is not cash flow positive itself, it’s difficult to say anything very strongly positive.

Again, thoughts to those effected by the layoffs, and best of luck moving forward in these uncertain times!