10x Genomics reported preliminary fourth-quarter revenue of $166 million, beating estimates as consumables revenue rose about 6% year over year despite a decline in instrument sales. The company forecast full-year 2025 revenue of $642.8 million (or $598.7 million excluding prior litigation settlements), with consumables projected to deliver the bulk of recurring revenue. Instrument revenues—single-cell and spatial platforms—declined sharply year over year, underscoring a near-term shift toward consumables and services as the company stabilizes instrument demand.