In this Quarterly Report on Form 10-Q (this “Quarterly Report”), the terms “Cryoport,” “Company” and similar terms refer to Cryoport, Inc. and its consolidated subsidiaries, unless the context suggests otherwise. SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS: This Quarterly Report contains forward-looking statements that have been made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995 and concern matters that involve risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. In some cases, you can identify these statements by terminology such as “believes,” “may,” “will,” “expects,” “intends,” “estimates,” “anticipates,” “plans,” “seeks,” “continues,” “predicts,” “potential,” “likely,” or “opportunity”, or similar words which are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Reference is made in particular to forward-looking statements regarding our expectations about future business plans, new products or services, regulatory approvals, strategies, development timelines, prospective financial performance and opportunities, including potential acquisitions; expectations about future benefits of our acquisitions and our ability to successfully integrate those businesses and our plans related thereto; expectations about future benefits relating to the CRYOPDP divestiture and strategic partnership with DHL (as defined in this Quarterly Report); liquidity and capital resources; assumptions relating to the impairment of assets; plans relating to any repurchase of our common stock and/or convertible notes; projected trends in the markets in which we operate, including the anticipated expansion of the cell and gene therapy market; expectations relating to current supply chain impacts, tariffs, and other trade restrictions; inflationary pressures and the effect of foreign currency fluctuations; anticipated regulatory filings or approvals with respect to the products of our clients; expectations about securing and managing strategic relationships with global couriers or large clinical research organizations; plans and expectations regarding the potential or benefits of our existing and future products and technologies; our future capital needs and ability to raise capital on favorable terms or at all; results of our research and development efforts; and approval of our patent applications. Although we believe that our opinions and expectations reflected in the forward-looking statements are reasonable as of the date of this Quarterly Report, we cannot guarantee future results, levels of activity, performance or achievements, and our actual results may differ substantially from the views and expectations set forth in this Quarterly Report. You should be aware that these statements are projections or estimates as to future events and are subject to a number of factors that may tend to influence the accuracy of the statements, including, but not limited to, risks and uncertainties associated with the effects of changing economic and geopolitical conditions, such as those resulting from the war with Iran, supply chain constraints, inflationary pressures, the effects of foreign currency fluctuations, trends in the products markets, variations in the Company’s cash flow, market acceptance risks, the effects of tariffs and other trade restrictions, and technical development risks. Additional risks and uncertainties relating to the CRYOPDP divestiture include, but are not limited to, the risk that any disruption resulting from the CRYOPDP divestiture may adversely affect our businesses and business relationships, including with employees and suppliers. Other important factors that could cause our actual results to differ materially from those in our forward-looking statements include those we describe in the reports we file from time to 26 Table of Contents time with the Securities and Exchange Commission (“SEC”), including those contained in this Quarterly Report, in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on March 5, 2026 (the “2025 Annual Report”), and those reports filed after the date of this Quarterly Report. Forward-looking statements should not be regarded as a representation by the Company or any other person that the events or plans of the Company will be achieved. You should not unduly rely on these forward-looking statements, which speak only as of the date of this Quarterly Report. We undertake no obligation to publicly revise any forward-looking statement to reflect circumstances or events after the date of this Quarterly Report or to reflect the occurrence of unanticipated events. The following management’s discussion and analysis of the Company’s financial condition and results of operations (“MD&A”) should be read in conjunction with the condensed consolidated balance sheet as of June 30, 2026 (unaudited) and the consolidated balance sheet as of December 31, 2025 (audited) and the related unaudited condensed consolidated statements of operations, comprehensive income (loss), and stockholders’ equity for the three and six months ended June 30, 2026 and 2025, and cash flows for the six months ended June 30, 2026 and 2025 and the related notes thereto (see Part I, Item 1. Financial Statements), as well as the audited consolidated financial statements of the Company for the years ended December 31, 2025, 2024 and 2023, included in the Company’s 2025 Annual Report. Overview We are a leading global provider of integrated, temperature-controlled supply chain solutions for the life sciences, with a strong focus on supporting the rapidly growing cell and gene therapy (“CGT”) market. Our solutions are purpose-built to support a broad range of global life sciences markets, including biopharmaceutical and pharmaceutical companies, the animal health markets, reproductive medicine, academic institutions, research, and government agencies. Our solutions help our customers ensure the safe, compliant storage, handling, and delivery of high value, temperature sensitive biological materials, including cell and gene therapies and immunotherapies. Our corporate headquarters, located in Nashville, Tennessee, is complemented by global sites in the Americas, EMEA (Europe, the Middle East, and Africa), and APAC (Asia-Pacific), including locations in the United States, United Kingdom, France, the Netherlands, Belgium, Germany, Japan, and China. Our advanced integrated temperature-controlled supply chain solutions platform is designed to support the global distribution of high-value commercial biologic and cell-based products and therapies regulated by the United States Food and Drug Administration (FDA), the European Medicines Association (EMA) and other international regulatory bodies. Our solutions are also relied upon for the support of pre-clinical, clinical trials, Investigational New Drug Applications (IND), Biologics License Applications (BLA), and New Drug Applications (NDA) with the FDA, as well as global clinical trials initiated in other geographies, where strict regulatory compliance and quality assurance is mandated. Over the past several years, we have established ourselves as a leading provider of temperature-controlled supply chain solutions supporting the clinical development and commercial launch of cell and gene therapies globally. As of June 30, 2026, we supported 779 clinical trials, of which 94 were in Phase 3, and 22 commercial therapies. We believe regenerative medicine advanced therapies that successfully advance through the clinical trial process and obtain regulatory approval represent a significant long-term revenue opportunity for the Company, as the majority of these therapies require comprehensive, temperature-controlled supply chain solutions and related services at commercial scale. We also expect to retain many of these programs as commercial customers, given our involvement during the clinical trial phase and our track record of innovation and responsiveness to customer needs. Revenue generated from our support of commercial therapies (“Commercial Cell and Gene Therapy revenue”) currently consists of BioLogistics Solutions revenue, BioServices revenue, and Life Sciences Products revenue. In addition, we also support the animal health market and the human reproductive market on a global basis with an advanced temperature-controlled supply chain platform. The animal health market is primarily composed of supporting animal husbandry, and companion and recreation animal health. The human reproductive market is primarily composed of In-Vitro Fertilization (IVF) support for patients and fertility clinics. On June 11, 2025, the Company completed the previously disclosed divestiture of its specialty courier CRYOPDP business to designated affiliates of DHL Supply Chain International Holding B.V. (“DHL”) for $133.0 million. Pursuant to the terms of the sale and purchase agreement, DHL acquired 100% of the capital stock and voting rights of certain entities conducting business under the trade name “CryoPDP”, including each of PDP Courier Services (USA), Inc., Courier Polar Expres S.L., Advanced Therapy Logistics and Solutions, SAS and Cryo Express GmbH (collectively, the “Transaction”). The Transaction also included the repayment of 27 Table of Contents approximately $77.2 million of outstanding intercompany loans owed by CRYOPDP to the Company. The Company and DHL also entered into certain related transaction agreements at the closing date of the Transaction, including a master partnership agreement, a transition services agreement and other customary agreements. The divestiture and strategic partnership with DHL are expected to enhance the Company’s ability to develop its business, particularly in the EMEA and APAC regions, and to provide differentiated and high-value services aligned with the Company’s long-term growth strategy. Impact of Inflation Inflation generally impacts us by increasing our costs of labor, material, transportation and pricing from third party manufacturers. The rates of inflation have not had a material impact on our financial statements in the past. Based on the current economic outlook, inflationary pressures could affect our financial performance in the future if cost increases cannot be offset by net realized annual price increases and productivity gains. Segment Reporting Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (“CODM”) in making decisions regarding resource allocation and assessing performance. The CODM is the Company’s Chief Executive Officer. We have two reportable segments: Life Sciences Services and Life Sciences Products. The Company’s Life Sciences Services reportable segment, which aggregates two operating segments (BioLogistics and BioStorage/BioServices), provides temperature-controlled logistics, biostorage, bioservices and cryopreservation services within the life science industry through direct sales. Revenue from this reportable segment is primarily comprised of Life Sciences Services revenue and includes certain immaterial revenue from the sale of accessories that constitute Life Sciences Products revenue. The Company’s Life Sciences Products reportable segment manufactures and sells cryogenic systems, such as freezers and cryogenic dewars and related ancillary accessories used in the storage and transport of life science commodities through direct sales or a distribution network. Revenue from this reportable segment is exclusively Life Sciences Products revenue. See Note 16 – Segment Reporting in our accompanying condensed consolidated financial statements for additional information about our segments. 28 Table of Contents Results of Operations Three months ended June 30, 2026 compared to three months ended June 30, 2025: The following table summarizes certain information derived from our unaudited condensed consolidated statements of operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ $ Change ​ ​ ​ % Change Life Sciences Services revenue $ 27,969 ​ $ 24,369 ​ $ 3,600 14.8% Life Sciences Products revenue ​ 21,002 ​ 21,085 ​ (83) (0.4%) Total revenue ​ 48,971 ​ 45,454 ​ 3,517 7.7% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of services revenue ​ ​ (14,008) ​ ​ (12,449) ​ ​ (1,559) ​ 12.5% Cost of products revenue ​ ​ (12,139) ​ ​ (11,628) ​ ​ (511) ​ 4.4% Total cost of revenue ​ ​ (26,147) ​ ​ (24,077) ​ ​ (2,070) ​ 8.6% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross margin ​ 22,824 ​ 21,377 ​ 1,447 6.8% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative ​ (28,011) ​ (26,908) ​ (1,103) 4.1% Engineering and development ​ (4,852) ​ (4,118) ​ (734) 17.8% Investment income ​ ​ 3,132 ​ ​ 1,466 ​ ​ 1,666 ​ 113.6% Interest expense, net ​ (518) ​ (618) ​ 100 (16.2%) Other expense, net ​ (325) ​ (2,939) ​ 2,614 (88.9%) Provision for income taxes ​ (505) ​ (274) ​ (231) 84.3% ​ ​ ​ ​ ​ ​ ​ ​ Loss from continuing operations ​ ​ (8,255) ​ ​ (12,014) ​ ​ 3,759 ​ (31.3%) Income from discontinued operations, net ​ ​ — ​ ​ 120,883 ​ ​ (120,883) ​ (100.0%) Net income (loss) ​ $ (8,255) ​ $ 108,869 ​ $ (117,124) (107.6%) Paid-in-kind dividend on Series C convertible preferred stock ​ ​ (2,000) ​ ​ (2,000) ​ ​ — ​ — Net income (loss) attributable to common stockholders ​ $ (10,255) ​ $ 106,869 ​ $ (117,124) (109.6%) ​ ​ Total revenue by type (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ $ Change ​ % Change BioLogistics Solutions ​ $ 22,359 ​ $ 19,874 ​ $ 2,485 ​ 12.5 % BioStorage/BioServices ​ ​ 5,610 ​ ​ 4,495 ​ 1,115 ​ 24.8 % Life Sciences Services ​ ​ 27,969 ​ ​ 24,369 ​ 3,600 ​ 14.8 % Life Sciences Products ​ ​ 21,002 ​ ​ 21,085 ​ ​ (83) ​ (0.4) % Total revenue ​ $ 48,971 ​ $ 45,454 ​ $ 3,517 ​ 7.7 % ​ Revenue. Revenue increased by $3.5 million, or 7.7%, from $45.5 million to $49.0 million for the three months ended June 30, 2026, as compared to the same period in 2025. Revenue by type Life Sciences Services revenue increased by $3.6 million, or 14.8%, from $24.4 million to $28.0 million for the three months ended June 30, 2026, as compared to the same period in 2025. This increase was driven by year-over-year growth in BioLogistics Solutions revenue and BioStorage/BioServices revenue of 12.5% and 24.8%, respectively, demonstrating strong demand for our services offerings. Commercial Cell and Gene Therapy revenue included in Life Sciences Services revenue increased by $1.9 million, or 26.5%, from $7.5 million to $9.4 million for the three months ended June 30, 2026, as compared to the prior period, and included BioLogistics and BioStorage/BioServices revenue of $8.8 million and $0.6 million, respectively, compared to $7.5 million and $0, respectively, in the prior period. We also continued to gain clinical trial market share with Cryoport supporting a total of 779 clinical trials globally at June 30, 2026, of which 94 of these clinical trials were in phase 3, representing an overall increase of 51 clinical trials from 728 clinical 29 Table of Contents trials at June 30, 2025. Revenue from the support of CGT clinical trials was $13.4 million for the three months ended June 30, 2026, representing a 12.6% year-over-year increase from $11.9 million in the prior period. Our Company continues to lead the way in providing advanced temperature-controlled supply chain solutions designed to support the development of cell and gene therapies and our future growth. Life Sciences Products revenue decreased by $0.1 million, or 0.4%, from $21.1 million to $21.0 million for the three months ended June 30, 2026, as compared to the same period in 2025. Life Sciences Products revenue was primarily driven by demand from customers in the Americas region. Commercial Cell and Gene Therapy revenue included in Life Sciences Products revenue was $0 and $1.2 million for the three months ended June 30, 2026 and 2025, respectively. Gross margin and cost of revenue. Gross margin for the three months ended June 30, 2026 was 46.6% of total revenue, as compared to 47.0% of total revenue for the three months ended June 30, 2025. Cost of total revenue increased $2.1 million, or 8.6%, to $26.1 million for the three months ended June 30, 2026, as compared to $24.1 million in the same period in 2025. Gross margin for our Life Sciences Services revenue was 49.9%, as compared to 48.9% for the three months ended June 30, 2025. Our cost of services revenue was primarily comprised of freight charges, payroll and associated expenses related to our global logistics and supply chain centers, depreciation expenses of our Cryoport Express® Shippers and supplies and consumables used for our solutions. Gross margin for our Life Sciences Products revenue was 42.2%, as compared to 44.9% for the three months ended June 30, 2025. Life Sciences Products revenue, related cost of revenue and resulting gross margins were primarily driven by our MVE Biological Solutions (“MVE”) business. Our cost of products revenue was primarily comprised of materials, direct and indirect labor, inbound freight charges, purchasing and receiving, inspection, and distribution and warehousing of inventory. In addition, shop supplies, facility maintenance costs and depreciation expense for assets used in the manufacturing process were included in cost of products revenue. Selling, general and administrative expenses. Selling, general and administrative (“SG&A”) expenses include the costs associated with selling our services and products, costs required to support our marketing efforts including legal, accounting, patent, and shareholder services, amortization of intangible assets and other administrative functions. SG&A expenses increased by $1.1 million, or 4.1%, as compared to the same period in 2025. This increase was primarily driven by increases of $0.4 million in stock-based compensation expense, $0.4 million in facility and other overhead allocations, and $0.3 million in wages and associated employee costs. Engineering and development expenses. Engineering and development expenses increased by $0.7 million, or 17.8%, for the three months ended June 30, 2026, as compared to the same period in 2025. We continue to invest in enhancing and expanding the capabilities of our Cryoport Express®, Cryoport ELITE™ Solutions and broader portfolio of temperature-controlled services, as well as in advancing our digital and information strategy, including the deployment of generative artificial intelligence (AI). These initiatives are focused on enabling the safe, reliable, and efficient transport and storage of life sciences commodities through innovative, technology-driven solutions. In parallel, our engineering and development efforts support the ongoing advancement of MVE’s portfolio of cryogenic equipment, including stainless-steel freezers, aluminum dewars, and related ancillary products used in the storage and transport of life sciences materials. Recent developments include the Fusion® 800 Series, built on MVE’s patented Fusion technology, a self-sustaining cryogenic freezer that eliminates the need for a continuous liquid nitrogen (LN₂) supply and is designed for space-constrained environments, as well as the MVE CryoVerse™ Connect controller platform. We supplement our internal engineering and development capabilities with subject matter experts and external consultants to enhance technical expertise and accelerate development timelines. Investment income. Investment income increased by $1.7 million for the three months ended June 30, 2026, as compared to the prior year. Interest expense. Interest expense decreased by $0.1 million for the three months ended June 30, 2026, as compared to the prior year. 30 Table of Contents Other expense, net. Other expense, net decreased by $2.6 million for the three months ended June 30, 2026, as compared to the prior year. This was primarily due to an increase of $1.3 million in short-term investment net unrealized gains and a decrease of $1.3 million related to foreign currency losses. Provision for income taxes. The provision for income taxes increased by $0.2 million for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025, resulting in effective tax rates of negative 6.5% and negative 2.3%, respectively. The increase in tax expense and the decrease in the effective tax rate for the three months ended June 30, 2026, as compared to the prior year is primarily due to lower taxable foreign earnings. The effective tax rate of negative 6.5% for the three months ended June 30, 2026, differed from the U.S. federal statutory rate of 21% primarily due to changes in the valuation allowance that we maintain against our deferred tax assets, income earned by certain foreign subsidiaries being taxed at different rates than the U.S. federal statuary rate, and excess tax benefits associated with share-based compensation. Paid-in-kind dividend on Series C convertible preferred stock. The paid-in-kind dividend relates to the private placement of Series C Preferred Stock with Blackstone. Discontinued operations. Income (loss) from discontinued operations, net of income tax decreased $120.9 million for the three months ended June 30, 2026, as compared to the same period in 2025, due to the gain on sale of the CRYOPDP business recorded in discontinued operations in the second quarter of 2025. ​ Six months ended June 30, 2026 compared to six months ended June 30, 2025: The following table summarizes certain information derived from our unaudited condensed consolidated statements of operations (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ $ Change ​ ​ ​ % Change Life Sciences Services revenue ​ $ 54,867 ​ $ 47,234 ​ $ 7,633 16.2% Life Sciences Products revenue ​ 41,902 ​ 39,260 ​ 2,642 6.7% Total revenue ​ 96,769 ​ 86,494 ​ 10,275 11.9% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cost of services revenue ​ ​ (27,755) ​ ​ (24,369) ​ ​ (3,386) ​ 13.9% Cost of products revenue ​ ​ (24,277) ​ ​ (22,107) ​ ​ (2,170) ​ 9.8% Total cost of revenue ​ ​ (52,032) ​ ​ (46,476) ​ ​ (5,556) ​ 12.0% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross margin ​ 44,737 ​ 40,018 ​ 4,719 11.8% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative ​ (55,631) ​ (48,809) ​ (6,822) 14.0% Engineering and development ​ (8,759) ​ (8,052) ​ (707) 8.8% Investment income ​ ​ 6,222 ​ ​ 3,039 ​ ​ 3,183 ​ 104.7% Interest expense, net ​ (950) ​ (1,201) ​ 251 (20.9%) Other expense, net ​ (2,693) ​ (3,239) ​ 546 (16.9%) Provision for income taxes ​ (613) ​ (508) ​ (105) 20.7% ​ ​ ​ ​ ​ ​ ​ ​ Loss from continuing operations ​ ​ (17,687) ​ ​ (18,752) ​ ​ 1,065 ​ (5.7%) Income (loss) from discontinued operations, net ​ ​ (1,112) ​ ​ 115,640 ​ ​ (116,752) ​ (101.0%) Net income (loss) ​ $ (18,799) ​ $ 96,888 ​ $ (115,687) (119.4%) Paid-in-kind dividend on Series C convertible preferred stock ​ ​ (4,000) ​ ​ (4,000) ​ ​ — ​ — Net income (loss) attributable to common stockholders ​ $ (22,799) ​ $ 92,888 ​ $ (115,687) (124.5%) ​ 31 Table of Contents Total revenue by type (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ $ Change ​ ​ ​ % Change BioLogistics Solutions ​ $ 44,027 ​ $ 38,404 ​ $ 5,623 ​ 14.6 % BioStorage/BioServices ​ ​ 10,840 ​ ​ 8,830 ​ ​ 2,010 ​ 22.8 % Life Sciences Services ​ ​ 54,867 ​ ​ 47,234 ​ ​ 7,633 ​ 16.2 % Life Sciences Products ​ ​ 41,902 ​ ​ 39,260 ​ ​ 2,642 ​ 6.7 % Total revenue ​ $ 96,769 ​ $ 86,494 ​ $ 10,275 ​ 11.9 % ​ Revenue. Revenue increased by $10.3 million, or 11.9%, from $86.5 million to $96.8 million for the six months ended June 30, 2026, as compared to the same period in 2025. Revenue by type Life Sciences Services revenue increased by $7.6 million, or 16.2%, from $47.2 million to $54.9 million for the six months ended June 30, 2026, as compared to the same period in 2025. This increase was driven by year-over-year growth in BioLogistics Solutions revenue and BioStorage/BioServices revenue of 14.6% and 22.8%, respectively, demonstrating strong demand for our services offerings. Commercial Cell and Gene Therapy revenue included in Life Sciences Services revenue increased by $3.4 million, or 23.2%, from $14.6 million to $18.0 million for the six months ended June 30, 2026, as compared to the prior period, and included BioLogistics and BioStorage/BioServices revenue of $16.9 million and $1.1 million, respectively, compared to $14.6 million and $0, respectively, in the prior period. We also continued to gain clinical trial market share with Cryoport supporting a total of 779 clinical trials globally at June 30, 2026, of which 94 of these clinical trials were in phase 3, representing an overall increase of 51 clinical trials from 728 clinical trials at June 30, 2025. Revenue from the support of CGT clinical trials was $26.3 million for the six months ended June 30, 2026, representing a 14.8% year-over-year increase from $22.9 million in the prior period. Our Company continues to lead the way in providing advanced temperature-controlled supply chain solutions designed to support the development of Cell and Gene therapies and our future growth. Life Sciences Products revenue increased by $2.6 million, or 6.7%, from $39.3 million to $41.9 million for the six months ended June 30, 2026, as compared to the same period in 2025. Life Sciences Products revenue consists primarily of revenue from our portfolio of cryogenic stainless-steel freezers, aluminum dewars and related ancillary equipment used in the storage and transport of life sciences commodities, which includes the rapidly growing Cell and Gene Therapy market through a global network of distributors and direct client relationships. Life Sciences Products revenue was primarily driven by demand from customers in the EMEA and APAC regions and strong demand from Animal Health customers in the Americas. Commercial Cell and Gene Therapy revenue included in Life Sciences Products revenue was $0.4 million and $1.2 million for the six months ended June 30, 2026 and 2025, respectively. Gross margin and cost of revenue. Gross margin for the six months ended June 30, 2026 was 46.2% of total revenue, as compared to 46.3% of total revenue for the six months ended June 30, 2025. Cost of total revenue increased $5.6 million to $52.0 million for the six months ended June 30, 2026, as compared to $46.5 million in the same period in 2025. Gross margin for our Life Sciences Services revenue was 49.4%, as compared to 48.4% for the six months ended June 30, 2025. Our cost of services revenue was primarily comprised of freight charges, payroll and associated expenses related to our global logistics and supply chain centers, depreciation expenses of our Cryoport Express® Shippers and supplies and consumables used for our solutions. Gross margin for our Life Sciences Products revenue was 42.1%, as compared to 43.7% for the six months ended June 30, 2025. Our cost of products revenue was primarily comprised of materials, direct and indirect labor, inbound freight charges, purchasing and receiving, inspection, and distribution and warehousing of inventory. In addition, shop supplies, facility maintenance costs and depreciation expense for assets used in the manufacturing process were included in cost of products revenue. Selling, general and administrative expenses. SG&A expenses include the costs associated with selling our services and products, costs required to support our marketing efforts including legal, accounting, patent and shareholder services, amortization of intangible assets and other administrative functions. SG&A expenses increased by $6.8 million, or 14.0%, as compared to the same period in 2025. This increase was primarily driven by the release of contingent consideration of $5.2 million in the first quarter of 2025 that did not recur in 2026, and increases of $1.4 million in wages and associated employee costs and $0.2 million in marketing costs. 32 Table of Contents Engineering and development expenses. Engineering and development expenses increased by $0.7 million, or 8.8%, for the six months ended June 30, 2026, as compared to the same period in 2025. We continue to invest in enhancing and expanding the capabilities of our Cryoport Express®, Cryoport ELITE™ Solutions, and broader portfolio of temperature-controlled services, as well as in advancing our digital and information strategy, including the deployment of generative artificial intelligence (AI). These initiatives are focused on enabling the safe, reliable, and efficient transport and storage of life sciences commodities through innovative, technology-driven solutions. In parallel, our engineering and development efforts support the ongoing advancement of MVE’s portfolio of cryogenic equipment, including stainless-steel freezers, aluminum dewars, and related ancillary products used in the storage and transport of life sciences materials. Recent developments include the Fusion® 800 Series, built on MVE’s patented Fusion technology, a self-sustaining cryogenic freezer that eliminates the need for a continuous liquid nitrogen (LN₂) supply and is designed for space-constrained environments, as well as the MVE CryoVerse™ Connect controller platform. We supplement our internal engineering and development capabilities with subject matter experts and external consultants to enhance technical expertise and accelerate development timelines. Investment income. Investment income increased by $3.2 million for the six months ended June 30, 2026, as compared to the prior year. Interest expense. Interest expense decreased by $0.3 million for the six months ended June 30, 2026, as compared to the prior year. Other expense, net. Other expense, net decreased by $0.5 million for the six months ended June 30, 2026, as compared to the prior year. Provision for income taxes. The provision for income taxes increased by $0.1 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, resulting in effective tax rates of negative 3.6% and negative 2.8%, respectively. The increase in tax expense and decrease in the effective tax rate for the six months ended June 30, 2026, as compared to the prior year is primarily due to lower taxable foreign earnings. The effective tax rate of negative 3.6% for the six months ended June 30, 2026 differed from the U.S. federal statutory rate of 21% primarily due to changes in the valuation allowance that we maintain against our deferred tax assets, income earned by certain foreign subsidiaries being taxed at different rates than the U.S. federal statuary rate, and excess tax benefits associated with share-based compensation. Paid-in-kind dividend on Series C convertible preferred stock. The paid-in-kind dividend relates to the private placement of Series C Preferred Stock with Blackstone. Discontinued operations. Income (loss) from discontinued operations, net of income tax decreased $116.7 million for the six months ended June 30, 2026, as compared to the same period in 2025, due to the gain on sale of the CRYOPDP business recorded in discontinued operations in the second quarter of 2025. Non-GAAP Financial Measures We provide adjusted EBITDA from continuing operations, a non-GAAP financial measure, as a supplemental measure to U.S. GAAP measures regarding our operating performance. Non-GAAP financial measures are not calculated in accordance with U.S. GAAP, are not based on any comprehensive set of accounting rules or principles and may be different from non-GAAP financial measures presented by other companies. Non-GAAP financial measures, including adjusted EBITDA from continuing operations, should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. Adjusted EBITDA from continuing operations Adjusted EBITDA from continuing operations is defined as loss from continuing operations adjusted for net interest expense, income taxes, depreciation and amortization expense, stock-based compensation expense, acquisition and integration costs, cost reduction initiatives, investment income, unrealized gain or loss on investments, foreign currency gain or loss, changes in fair value of contingent consideration and charges or gains resulting from non-recurring events, as applicable. 33 Table of Contents Management believes adjusted EBITDA from continuing operations provides a useful measure of our operating results, a meaningful comparison with historical results and with the results of other companies, and insight into our ongoing operating performance. Further, management and our board of directors utilize adjusted EBITDA from continuing operations to gain a better understanding of our comparative operating performance from period-to-period and as a basis for planning and forecasting future periods. Adjusted EBITDA from continuing operations is also a significant performance measure used by us in connection with our incentive compensation programs. Management believes adjusted EBITDA from continuing operations, when read in conjunction with our U.S. GAAP financials, is useful to investors because it provides a basis for meaningful period-to-period comparisons of our ongoing operating results, including results of operations, against investor and analyst financial models, identifying trends in our underlying business and performing related trend analyses, and it provides a better understanding of how management plans and measures our underlying business. A reconciliation of adjusted EBITDA from continuing operations to loss from continuing operations, the most directly comparable U.S. GAAP financial measure, is presented below. Cryoport, Inc. and Subsidiaries Adjusted EBITDA from Continuing Operations Reconciliation (Unaudited, in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ GAAP loss from continuing operations ​ ​ ​ $ (8,255) ​ ​ ​ $ (12,014) ​ ​ ​ $ (17,687) ​ $ (18,752) ​ ​ ​ Non-GAAP adjustments to loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization expense ​ 6,589 ​ 6,249 ​ 12,991 ​ 12,383 ​ Acquisition and integration costs ​ — ​ 30 ​ — ​ 31 ​ Cost reduction initiatives ​ ​ 140 ​ ​ 266 ​ ​ 140 ​ ​ 482 ​ Investment income ​ (3,132) ​ (1,466) ​ (6,222) ​ (3,039) ​ Unrealized (gain) loss on investments ​ (212) ​ 1,082 ​ 1,893 ​ 1,275 ​ Foreign currency loss ​ 651 ​ 2,002 ​ 1,105 ​ 2,247 ​ Interest expense, net ​ ​ 518 ​ ​ 618 ​ ​ 950 ​ ​ 1,201 ​ Stock-based compensation expense ​ 2,402 ​ 2,045 ​ 4,797 ​ 5,109 ​ Change in fair value of contingent consideration ​ ​ 27 ​ ​ — ​ ​ 42 ​ ​ (5,178) ​ Income taxes ​ ​ 505 ​ ​ 274 ​ 613 ​ ​ 508 ​ Other adjustments ​ ​ 1,142 ​ ​ — ​ ​ 1,142 ​ ​ — ​ Adjusted EBITDA from continuing operations ​ $ 375 ​ $ (914) ​ $ (236) ​ $ (3,733) ​ ​ ​ ​ Liquidity and Capital Resources As of June 30, 2026, the Company had cash and cash equivalents of $269.3 million, short-term investments of $127.4 million and had working capital of $239.2 million. We expect to continue to incur significant expenses for the foreseeable future and to incur operating losses in the near term while we make investments in new supply chain initiatives, geographic expansion and technology to support our anticipated growth, and repay our 2026 Convertible Senior Notes. Historically, we have financed our operations primarily through sales of equity securities and debt instruments. Following the divestiture of the CRYOPDP business, we also expect to use the net proceeds from the divestiture for general corporate purposes. The Company’s management recognizes that the Company may need to obtain additional capital to fund its operations and potential acquisitions until sustained profitable operations are achieved. Additional funding plans may include obtaining additional capital through equity and/or debt funding sources. No assurance can be given that additional capital, if needed, will be available when required or upon terms acceptable to the Company. The Company’s management believes that, based on its current plans and assumptions, which include the repayment of the 2026 Convertible Senior Notes at maturity in December 2026, the current cash and cash equivalents on hand, short-term investments, together with projected cash flows, will satisfy our operational and capital requirements for at least the next twelve months. 34 Table of Contents Cash flows summary ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ $ Change ​ ​ (in thousands) ​ ​ ​ Operating activities ​ $ 4,866 ​ $ (11,687) ​ $ 16,553 Investing activities ​ 12,905 ​ 235,961 ​ (223,056) Financing activities ​ 738 ​ (16,053) ​ 16,791 Effect of exchange rate changes on cash and cash equivalents ​ 264 ​ (10,094) ​ 10,358 Net increase (decrease) in cash and cash equivalents ​ $ 18,773 ​ $ 198,127 ​ $ (179,354) ​ Operating activities For the six months ended June 30, 2026, our cash provided by operating activities of $4.9 million reflects the net loss of $18.8 million offset by non-cash expenses of $22.8 million primarily comprised of $13.0 million of depreciation and amortization, $4.8 million of stock-based compensation, $2.4 million of non-cash operating lease expense, and a loss on available-for-sale investments of $1.4 million. Also contributing to the cash impact of our net operating loss, excluding non-cash items was an increase in accounts receivable of $3.1 million, a decrease in operating lease liabilities of $2.3 million, and a decrease in accrued compensation and related expenses of $0.8 million, which were partially offset by a decrease in prepaid expenses and other current assets of $2.8 million, a decrease in inventories of $1.7 million, and an increase in accounts payable and other accrued expenses of $1.2 million. Investing activities Net cash provided by investing activities of $12.9 million during the six months ended June 30, 2026 was primarily due to the proceeds from the maturity of short-term investments of $33.0 million, which were partially offset by facility expansions (including leasehold improvements, furniture and equipment) and additional purchases of Cryoport Express® Shippers, Smart Pak IITM Condition Monitoring Systems, freezers and computer equipment for $19.1 million. Financing activities Net cash provided by financing activities totaled $0.7 million during the six months ended June 30, 2026, primarily comprised of proceeds of $1.0 million from the exercise of stock options, which were partially offset by the repayment of lease liabilities of $0.2 million. Repurchase Program In March 2022, the Company’s Board of Directors authorized a repurchase program (the “2022 Repurchase Program”) through December 31, 2025, authorizing the repurchase of common stock and/or Convertible Senior Notes in the amount of up to $100.0 million from time to time, on the open market or otherwise, in such quantities, at such prices, and in such manner as determined by the Company’s management at its discretion. The 2022 Repurchase Program expired on December 31, 2025 pursuant to its terms. In August 2024, the Company’s Board of Directors authorized a repurchase program through December 31, 2027, authorizing the repurchase of common stock and/or Convertible Senior Notes in the amount of up to $200.0 million from time to time, on the open market or otherwise, in such quantities, at such prices, and in such manner as determined by the Company’s management at its discretion (the “2024 Repurchase Program”). The authorized amount under the 2024 Repurchase Program was in addition to the 2022 Repurchase Program and did not modify the 2022 Repurchase Program. The size and timing of any repurchases under the 2024 Repurchase Program will depend on a number of factors, including the market price of the Company’s common stock, general market and economic conditions, and applicable legal requirements. There were no repurchases of the 2026 Convertible Senior Notes during the six months ended June 30, 2026 and 2025. There were no shares repurchased during the six months ended June 30, 2026. During the six months ended June 30, 2025, the Company purchased 628,217 shares of its common stock under the Repurchase Programs at an average price of $6.76 per share, for an aggregate purchase price of $4.2 million. These shares were returned to the status of authorized but unissued shares of common stock. All share repurchases were made using cash resources and are reported in the period based on the settlement date of the applicable repurchase. 35 Table of Contents As of June 30, 2026, the Company has approximately $186.2 million in aggregate principal amount of the 2026 Convertible Senior Notes outstanding and has approximately $63.9 million of repurchase authorization available under the 2024 Repurchase Program. ​