The main risk is economic capture, not lack of demand. Twist likely benefits if AI creates more biological experiments, but shareholders still need proof that volume converts into higher
gross margin, durable breakeven, and lower financing dependence. The near-term gates are clear: deliver Q3 revenue, finish FY26 above 52%
gross margin, hit
Q4 adjusted EBITDA breakeven, avoid meaningful
ATM usage, and keep the single-source component from becoming a throughput bottleneck.