--- title: "Tempus posts record revenue and a first adjusted profit, with a $1.5 billion stock deal still on the table" description: "The record $411.5 million quarter delivered Tempus's first adjusted profit, but the GAAP loss remains and the $1.5 billion Personalis acquisition is set to be paid for in Tempus shares, with a shareholder vote on November 30." publisher: "The Inference" section: "Health" published: 2026-11-02T15:34:21.277Z modified: 2026-11-02T15:34:21.277Z canonical: https://theinference.org/article/tempus-posts-record-revenue-and-a-first-adjusted-profit-with-a-1-5-billion-stock-deal-still-on-the-table language: en keywords: "Tempus AI, Earnings, Genomics, Diagnostics, M&A" --- # Tempus posts record revenue and a first adjusted profit, with a $1.5 billion stock deal still on the table > The record $411.5 million quarter delivered Tempus's first adjusted profit, but the GAAP loss remains and the $1.5 billion Personalis acquisition is set to be paid for in Tempus shares, with a shareholder vote on November 30. [Tempus AI](https://theinference.org/markets/companies/tempus-ai) walked into Monday's earnings with its stock screened 7.22% lower and the market asking [the question Investing.com had framed in advance](https://www.investing.com/news/earnings/tempus-ai-faces-profitability-test-as-earnings-loom-monday-93CH-4990498): when does the growth pay? [4] The quarter itself answered with the best numbers the two-year-old public company has produced. Revenue hit a record $411.5 million, up 23% year over year, and the company posted its first adjusted profit, earnings per share of $0.07 against expectations of a loss. [1][6] In premarket trading the stock gave back its pre-print slide and traded more than 4% higher. [7] ## The bill for the data moat arrives in stock The complication sits outside the income statement. Tempus, the precision-medicine data platform founded by Eric Lefkofsky, is mid-way through buying Personalis, a cancer-sequencing company, for $16.25 per share in Tempus stock, [an implied enterprise value of about $1.5 billion](https://www.aidatanews.com/tempus-ais-1-5-billion-personalis-deal-tests-investor-patience-on-genomics-bet/). [3] The terms are all-stock, with a floating exchange ratio capped at 0.3356 Tempus shares per Personalis share, a 6% premium to the prior close and 28% to the 30-day volume-weighted average price. [3] Both stocks fell when the deal was announced on July 20, and analysts questioned the price and the dilution. [3] The shareholder vote is set for November 30, with regulatory review now cleared and closing expected late 2026 or early 2027. [7][3] ## The receipts, and the line they stop at *Chart: **Tempus revenue has nearly tripled in ten quarters, a record every recent quarter** Line chart of Tempus AI quarterly revenue from Q1 2024 through Q3 2026, rising from about 146 million dollars to 411.5 million dollars.* *Tempus revenue has nearly tripled in ten quarters, a record every recent quarter [5][1]* The growth engine is real. Data and Applications revenue rose 33% to $108.1 million, diagnostics revenue grew 20% to $303.5 million on 32% oncology volume growth, and minimal residual disease testing volumes, the cancer-recurrence market the Personalis deal targets, surged roughly 300% to about 12,000 tests. [7] Adjusted EBITDA reached $25.6 million, up from $1.5 million a year earlier, and data licensing bookings crossed $550 million year to date, anchored by the [Bristol Myers Squibb](https://theinference.org/markets/companies/bristol-myers-squibb) collaboration [The Inference reported on October 23](https://theinference.org/article/bristol-myers-locked-tempus-data-through-2031-and-led-pathos-237-million-round-tempus-reports-november-2). [6][7] ## Adjusted profit, GAAP red Here is what the bulls' headline number does not carry: on a GAAP basis Tempus still lost $14.9 million in the quarter, narrowed from $80 million a year earlier but still red. [6][7] Every quarter since its 2024 listing shows a GAAP net loss except one, and [the filing series itself flags that one quarter as a break](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001717115), not a trend. [5] Full-year guidance raises the lower revenue bound to $1.60 billion while holding adjusted EBITDA at roughly $65 million, a forecast that remains a non-GAAP figure. [7][6] ## The bull case, stated fairly The strongest opposing view: the first adjusted profit, a sixth straight earnings beat, and a raised outlook are exactly the inflection short sellers were betting against. [Cathie Wood](https://theinference.org/markets/people/cathie-wood)'s ARK [bought 154,521 shares the Friday before the print](https://www.msn.com/en-in/news/other/tem-stock-jumps-on-upbeat-revenue-raised-outlook-cathie-wood-s-ark-buys-over-154k-shares-ahead-of-earnings/ar-AA2gAKBQ). [6][7] That case does not fully resolve the dilution math. Personalis holders receive Tempus paper for a business still unprofitable on a GAAP basis, while Roche's agreement to buy PathAI for up to $1.05 billion shows rivals are also paying up for the same data assets. [3] The trade into the November 30 vote is therefore a priced question: does record revenue plus a $1.5 billion stock-funded data moat deserve a premium, or does the second bill, the one paid in diluted shares, argue for the short? The market has until the votes are counted to answer. ## Takeaway Tempus posted record revenue and its first adjusted profit, but the GAAP loss remains and the $1.5 billion stock-funded Personalis deal goes to a shareholder vote on November 30. ## Sources 1. [Business Wire, Tempus Reports Third Quarter 2026 Results, 2 November 2026](https://www.businesswire.com/news/home/20261102738645/en) 3. [Ai Data News, Tempus AI's $1.5 Billion Personalis Deal Tests Investor Patience on Genomics Bet, 2026](https://www.aidatanews.com/tempus-ais-1-5-billion-personalis-deal-tests-investor-patience-on-genomics-bet/) 4. [Investing.com, Tempus AI faces profitability test as earnings loom Monday, 2 November 2026](https://www.investing.com/news/earnings/tempus-ai-faces-profitability-test-as-earnings-loom-monday-93CH-4990498) 5. [Tempus AI quarterly 10-Q filings, SEC EDGAR, retrieved 2 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001717115) 6. [24/7 Wall St., Tempus AI Posts Its First Adjusted Profit in Q3 2026, 2 November 2026](https://247wallst.com/cards/tempus-ai-q3-2026-earnings-tem-01m6e2c5hg1fv90hhm6jnpr2ta) 7. [Asianet Newsable via MSN, TEM stock jumps on upbeat revenue, raised outlook, 2 November 2026](https://www.msn.com/en-in/news/other/tem-stock-jumps-on-upbeat-revenue-raised-outlook-cathie-wood-s-ark-buys-over-154k-shares-ahead-of-earnings/ar-AA2gAKBQ) --- Tempus posts record revenue and a first adjusted profit, with a $1.5 billion stock deal still on the table — The Inference. Canonical: https://theinference.org/article/tempus-posts-record-revenue-and-a-first-adjusted-profit-with-a-1-5-billion-stock-deal-still-on-the-table