Twist Bioscience delivered a record QQ2 2025 with revenue of $92.8 million, up 23% year over year and 4.6% sequentially, and a gross margin of 49.6%, driven by higher volumes and ongoing process improvements. Despite the top-line strength, the company reported a net loss of $39.3 million and an adjusted EBITDA loss of $14.8 million for the quarter, reflecting ongoing investment in growth initiatives and the ramp in high-velocity SynBio and NGS offerings. Notably, Twist announced a strategic pivot in the form of Atlas Data Storage, a spin-out that received a $155 million equity investment from a consortium of partners. Twist will retain roughly 24% equity in Atlas on a fully diluted basis and receive up to $75 million in milestone payments plus a $2.5 million upfront cash receipt and a $2 million promissory note. Management expects gross margin to approach 50% in the back half of 2025 and reiterates 2025 revenue guidance of $372–$379 million, with adjusted EBITDA loss narrowing to a range of $48–$53 million. An accelerated path to adjusted EBITDA breakeven is targeted by the end of fiscal 2026, supported by the Atlas transaction and operating leverage from higher volumes. The company continues to pursue share gains across SynBio, NGS, and Biopharma, while expanding its academic and diagnostic offerings through initiatives such as Express Genes promotions and the Twist Wallet, aimed at broadening customer adoption. The macro environment remains mixed, with academic funding pressures contrasted by growing demand in NGS diagnostics and biotech services. Investors should monitor the pace of MRD-related deployments, the contribution from Atlas to Twist’s overall profitability, and the trajectory of gross margins as the company scales production and leverages fixed costs.