Investing.com -- Alpha Teknova Inc (NASDAQ:TKNO) shares fell 22.3% in after-hours trading Tuesday following the company's announcement of an underwritten public offering of its common stock.
The life sciences reagent manufacturer said it commenced the public offering with TD Cowen and William Blair serving as joint book-running managers. The company also intends to grant underwriters a 30-day option to purchase up to an additional 15% of shares offered. All shares in the proposed offering will be sold by Teknova, with proceeds intended for general corporate purposes, including potentially repaying outstanding debt obligations.
In conjunction with the offering announcement, Teknova disclosed preliminary unaudited financial results for the three months ended September 30, 2026. The company estimates revenue between $12.5 million and $12.7 million for the third quarter, above the analyst consensus of $11.7 million. This represents a 19% to 21% increase compared to the same period in the prior year.
Gross margin for the quarter is estimated between 36.0% and 38.0%, reflecting an expansion of 500 to 700 basis points YoY, driven primarily by top-line growth. Adjusted EBITDA is estimated between negative $1.2 million and negative $1 million, representing at least a 25% improvement compared to the prior year period, driven by continued cost discipline.
The company reported cash and short-term investments of approximately $16.6 million as of September 30, 2026.
Teknova noted the preliminary results are subject to completion of financial closing procedures and quarterly review, and actual results may differ from these estimates. The company's independent registered public accounting firm has not audited, reviewed, or performed any procedures with respect to these preliminary results.
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