10x Genomics said preliminary Q4 revenue of $166 million, modestly above Street expectations, driven largely by a roughly 6% year-over-year rise in consumables sales. The company flagged a steep decline in instrument revenue — single-cell and spatial instrument sales fell sharply — which it said weighed on full-year instrument receipts. 10x reiterated a strong consumables base and an expected cash position of about $520 million as of Dec. 31, 2025. For industry readers: "consumables" refers to recurring reagents and cartridges that underpin recurring revenue for sequencing and single-cell platforms.