Key Highlights

  • Recursion Pharmaceuticals led the group with 258.5% year over year Revenue growth (calculated) on revenue of $18.6 million.
  • Aehr Test Systems posted record revenue of $33.0 million, up 200%, and raised its fiscal 2027 revenue outlook to $150 million.
  • Ethos revenue rose 151% to $235.2 million, while fourth quarter revenue guidance of $220 million to $224 million sits below that level.
  • Lumentum revenue reached $1,262.6 million, up 136.5%, with GAAP Net Income of $360.3 million.
  • Voyager Technologies reported record Backlog of $742 million alongside 124.1% revenue growth to $88.7 million.

Which Companies Posted the Fastest Revenue Growth This Earnings Season?

Five companies that reported results on Nov 2, 2026 stand out for the pace of their year over year revenue growth, although their revenue bases differ widely. This list ranks them by reported growth, with rank 1 first.

Recursion Pharmaceuticals (NASDAQ:RXRX) leads at 258.5% (calculated), with third quarter revenue of $18.6 million supported by a $10.0 million milestone. Aehr Test Systems (NASDAQ:AEHR) follows with 200% growth to a record $33.0 million in its fiscal first quarter. Ethos (NASDAQ:LIFE) ranks third after revenue rose 151% to $235.2 million. Lumentum (NASDAQ:LITE) grew 136.5% to $1,262.6 million, and Voyager Technologies (NYSE:VOYG) completes the group with 124.1% growth to $88.7 million.

The bases run from $18.6 million to $1,262.6 million, so similar percentages mean very different dollar gains. Aehr and Lumentum also report fiscal quarters rather than calendar ones. Profit outcomes were mixed: Aehr, Ethos and Lumentum posted net income, while Recursion and Voyager posted net losses.

1. Recursion Pharmaceuticals: What Drove the 258.5% Revenue Jump?

Recursion reported third quarter revenue of $18.6 million for the quarter ended Sep 30, 2026, up from $5.2 million a year earlier, or roughly 3.6 times the prior-year level (calculated). The company attributed the increase mainly to a $10.0 million milestone linked to a collaboration option on an immunology candidate.

The clinical-stage company uses artificial intelligence, automation and biological data in drug discovery. Nine-month revenue was $32.7 million, down 16% from $39.1 million, which the article ties to a decline in revenue from another partner after project phases were completed.

The net loss narrowed 27% to $119.0 million, or $0.22 per share, and Research and Development expense fell 18% to $99.1 million. Cash and equivalents were $549.9 million, which management believes funds operations for at least 12 months, although the filing says additional financing will be needed in the future.

2. Aehr Test Systems: How Did It Reach a Record $33.0 Million Quarter?

Aehr posted record fiscal first quarter 2027 revenue of $33.0 million for the quarter ended Sep 25, 2026, up 200% from $11.0 million and up 75% sequentially. The company makes test and burn-in systems that screen semiconductors for early failures, including those used in AI processors.

GAAP net income was $7.2 million, or $0.21 per diluted share, against a net loss of $2.1 million a year earlier, and GAAP gross Margin was 47.5%. Bookings reached $46.7 million, and effective backlog stood at $109.3 million as of Nov 1, 2026.

Management raised its fiscal 2027 revenue outlook to $150 million from a prior range of $130 million to $150 million and expects non-GAAP net income of at least 20% of revenue. The company flagged risks including the non-binding nature of customer forecasts and possible order delays or cancellations.

3. Ethos: Why Is Fourth Quarter Guidance Below the Third Quarter?

Ethos reported third quarter revenue of $235.2 million, up 151% from $93.8 million, a third straight quarter of triple-digit growth. Direct channel revenue rose 112% to $118.8 million, and third-party channel revenue climbed 209% to $116.4 million. The company runs a digital Life insurance platform.

Net income was $4.7 million, or $0.07 per share, down from $15.9 million a year earlier, and adjusted EBITDA was $34.9 million. Average revenue per policy was $1,655, down 13%, as more whole life policies came through the third-party channel.

Management raised full-year 2026 revenue guidance to $838 million to $842 million. Fourth quarter revenue is guided to $220 million to $224 million, which sits below the third quarter figure, a comparison drawn from the article's numbers rather than stated by the company.

4. Lumentum: What Sits Behind the Swing From a $7.2 Billion Loss to $360.3 Million of Profit?

Lumentum reported fiscal first quarter 2027 revenue of $1,262.6 million, up 136.5% from $533.8 million and up 25.5% sequentially. Systems revenue rose 228.8% to $508.4 million, and components revenue rose 98.9% to $754.2 million. The company makes lasers, modules and optical subsystems used in Data Center connectivity and other markets.

GAAP net income was $360.3 million, or $3.54 per diluted share, compared with a net loss of $7.2 billion in the prior quarter, which the reconciliation ties to a $7,756.6 million loss on Debt extinguishment. Non-GAAP net income was $461.1 million.

For the fiscal second quarter, the company expects revenue of $1.575 billion to $1.625 billion and non-GAAP EPS of $5.90 to $6.20. Cash and short-term investments totaled $2.0 billion, down $758.8 million from the prior quarter, and the reason for that decline is not stated in the files.

5. Voyager Technologies: How Large Is the Record $742 Million Backlog?

Voyager reported record third quarter net sales of $88.7 million, up 124.1% from $39.6 million, along with record bookings of $116 million and a record backlog of $742 million. The backlog includes $347 million added through an acquisition.

The defense technology and space company posted a net loss of $55.7 million, or $0.91 per share, versus $16.3 million a year earlier, as gross margin fell to 11.5% from 15.4%. Selling, general and administrative expense rose to $47.8 million, and research and development to $16.3 million.

The company raised the low end of 2026 revenue guidance by $10 million, to $285 million to $305 million. It ended September with $553.6 million in cash and $815.7 million of total liquidity, and free Cash Flow was an outflow of $47.8 million in the quarter.

Fastest Revenue Growth Compared: Percentage Gains Against Very Different Revenue Bases

The average year over year growth across the five companies was 174.0% (calculated), and the spread between Recursion Pharmaceuticals at 258.5% and Voyager Technologies at 124.1% was 134.4 percentage points (calculated). Combined quarterly revenue for the group was about $1,638.1 million (calculated), and Lumentum alone accounted for roughly 77.1% of that total (calculated).

That concentration shows why percentages alone can mislead. Recursion's gain added about $13.4 million of revenue (calculated), while Lumentum's added about $728.8 million (calculated), and Recursion's growth rested mainly on a single milestone.

Three of the five posted net income: Aehr at $7.2 million, Ethos at $4.7 million and Lumentum at $360.3 million. Recursion and Voyager posted net losses of $119.0 million and $55.7 million. Quarter definitions also differ, since Aehr and Lumentum report fiscal quarters.

What to Watch Next: Trial Timelines, a Taiwan Installation and Fiscal Second Quarter Guidance

Recursion expects to start a registrational trial for REC-4881 in the second half of 2027, pending FDA discussions, and to report expansion data for REC-1245 in the same half; no exact dates were given. Aehr points to a Taiwan installation planned for early calendar 2027 and says its second quarter is largely covered by existing backlog.

Ethos plans to preview 2027 when it reports fourth quarter results in February, with no day specified. No dated event was identified in Lumentum's materials beyond its fiscal second quarter results as the next checkpoint.

Voyager faces a December 2026 submission deadline for a government commercial space station proposal process, with an award anticipated in spring 2027, and a late-2026 lander launch.