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Tempus AI, Inc. Investor Presentation Q4 2025 and Full Year 2025 FEBRUARY 2026
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Disclaimer This presentation contains forward-looking statements that reflect Tempus AI, Inc.’s (the “Company” or “Tempus”) current expectations and projections with respect to, among other things, its financial condition, results of operations, plans, objectives, future performance and business. Forward-looking statements include all statements that are not historical facts. Such forward-looking statements are subject to various risks and uncertainties, including those set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and in subsequent reports Tempus files with the Securities and Exchange Commision. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Tempus does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. Moreover, the Company operates in very competitive and rapidly changing environments, and new risks may emerge from time to time. It is not possible for the Company to predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements the Company may make. This presentation includes information concerning economic conditions, the Company’s industry, the Company’s markets and the Company’s competitive position that is based on a variety of sources, including information from independent industry analysts and publications, as well as Tempus’ own estimates and research. The Company’s estimates are derived from publicly available information released by third-party sources, as well as data from its internal research, and are based on such data and the Company’s knowledge of its industry, which the Company believes to be reasonable. This presentation includes certain financial information, such as Non-GAAP Genomics gross margin, Non-GAAP Genomics gross profit, Non-GAAP Data and Services gross margin, Non-GAAP Data and Services gross profit, Non-GAAP operating expenses, Non-GAAP gross margin, Non-GAAP gross profit, Non-GAAP technology R&D, Non-GAAP R&D, Non-GAAP SG&A, Non-GAAP operating expenses, Non-GAAP net loss, Non-GAAP net loss per share, EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin, that have not been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Management uses this Non-GAAP financial information internally in analyzing the Company's financial results and believes that it is useful to investors as an additional tool to evaluate ongoing operating results and trends. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial measures prepared in accordance with GAAP and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP. Tempus urges you to review the reconciliation of its non-GAAP financial measures to the most directly comparable GAAP financial measures set forth in the Appendix to this presentation, and not to rely on any single financial measure to evaluate the Company's business. For additional information concerning Tempus’ non-GAAP measures, see the earnings release posted on Tempus’ Investor Relations website at https:/ /investors.tempus.com. Tempus believes non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by institutional investors and the analyst community to help them analyze the health of Tempus’ business. In particular, Adjusted EBITDA is a key measurement used by Tempus management to make operating decisions, including those related to analyzing operating expenses, evaluating performance, and performing strategic planning and annual budgeting. However, there are a number of limitations related to the use of Non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures. 2
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Ten years ago, we started Tempus to solve a single problem could AI enabled diagnostics unlock precision medicine 3
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In order to leverage AI to make diagnostics intelligent, you need: Access to vast amounts of proprietary data to train models and uncover insights 01 A distribution system to deliver these insights to physicians and patients 02 4
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Tempus has both Trial matching Therapy selection Drug discovery 5
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The platform we built is now connected to 5,000+ providers across the US Connected health systems PDO Sites * Ordering physicians TIME Sites Tempus Labs As of 12/31/2025 6
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This scale allows us to train AI models and deliver real-world insights directly to physicians, patients, and researchers >65% of U.S. academic medical centers All powered by 450+ petabytes of rich, multimodal healthcare data >55% of oncologists, 7k+ regularly ordering As of 12/31/2025 7
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As a result, we’ve built one of the world’s largest proprietary healthcare datasets >45,000,000 total patient records >8,000,000 imaging records >4,000,000 samples sequenced >350,000 DNA +RNA profiles 10,000 DNA+RNA TCGA As of 12/31/2025 8
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Our integrated platform compounds value through its inherent network effects The more patients we sequence, the more data we collect, which allows us to provide additional insights, further enhancing our genomics business and compounding the value of our Data and Applications business. TEMPUS DATA MODEL Genomic assays New products & product improvements Tissue profiling Liquid biopsy Digital Pathology Algos DNA RNA Clinical data Images Methylation Algos Fuses Sparks ECG-Devices NEXT PIXEL Insights Massive multimodal data AI ML Multimodal RWD 9
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Turning data at scale into an AI-powered platform Massive data acquisition We’ve now cleared both. 1st CHALLENGE A scalable, self-sustaining platform that structures data and powers AI 2nd CHALLENGE 10
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Unrivaled ingestion pipelines Provides access to rich multimodal data via bidirectional pipelines, including outcomes data A self-reinforcing platform Building the operating system for precision medicine Tempus Data Model Proprietary intelligence layer, purpose built for drug discovery and precision medicine research Insights delivered to point of care Actionable intelligence embedded in clinical and research workflows Tempus has a self-reinforcing, durable data moat built on embedded integrations, proprietary multi-modal data, and continuously expanding outcome-linked datasets. Diagnostics feeding Data feeding Applications Proprietary ecosystem Difficult to replicate data model and exclusive and comprehensive suite of software applications 11
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Diagnostics Oncology & Hereditary
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Germline testing Tissue + Liquid Biopsy Tumor + Normal Match DNA + RNA Tumor-naive + Tumor-informed HRD UGT1A1 IPS DPYD PurIST™ TO MMR CLDN18 HER2 PD-L1 MGMT FOLR1 c-MET 1p/19q Our Diagnostics business is the most comprehensive in the industry, spanning hereditary risk, therapy selection, and MRD & monitoring *Select tests powered by a Tempus Partner Lab Hereditary risk assessment Treatment selection Tailored testing* MRD & disease monitoring
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Our comprehensive tests incorporate best-in-class science to help physicians treat their patients 750+ manuscripts 1K+ abstracts 800+ patents & applications 2K+ publications 2K+ 1K+ 750+ 800+ As of 12/31/2025 14
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The gold standard of testing Best in class DNA sequencing First to incorporate tumor/normal match at national scale, which identifies pathogenic germline variants in ~7% of patients while providing a ~28% reduction in somatic false- positive calls, based on a Tempus study published in Nature.2,4 “ Pioneer of RNA sequencing First to include whole transcriptome RNA and demonstrate that 21% more patients with fusions eligible for FDA-approved targeted therapies were identified with DNA and RNA sequencing compared to DNA sequencing alone, based on a Tempus real-world pan-cancer analysis of ~67,000 patients.1 “ Clinical + molecular integration First to incorporate clinical data into report results, which matches 96% of patients to a targeted therapy or clinical trial by combining NGS with real-world clinical data.2 “ First to offer solid tumor + liquid biopsy First to offer concurrent testing and validated that 9% of patients had unique actionable alterations found in ctDNA that were not observed in solid tumor alone.3 “ Leader in PGx and algorithmic insights First to include AI-enabled, novel algorithms and PGx in test results to optimize and personalize cancer care. Most comprehensive (27 genes) and fastest (3-5 days) oncology PGx offering. “ Most comprehensive MRD & monitoring portfolio First to offer both tumor-naive and tumor-informed assays that detect ctDNA to enable proactive and personalized management. “ 1. Based on a retrospective study involving a cohort of patients with metastatic or stage IV solid tumors across 43 cancer types, where actionable fusions with FDA-approved matched therapies were detected in 2.2% of patients (n=1,497/67,278). Gai L, Bowles B, Hockenberry AJ, et al. Molecular characterization of oncogenic gene fusions in a large real-world cohort of solid tumors. Cancer Res Commun. 2025;5(11):1967-1976. doi:10.1158/2767-9764.CRC-25-0329 2. Based on a retrospective study involving a cohort of randomly selected patients with tumor types including brain, breast, colorectal, lung, ovarian, endometrial, pancreatic and prostate cancer. Beaubier N, Bontrager M, Huether R, et al. Integrated genomic profiling expands clinical options for patients with cancer. Nat Biotechnol. 2019;37(11):1351-1360. 3. Based on a retrospective study involving a cohort of randomly selected patients with breast, colorectal, lung, and prostate cancer. Iams, WT, MacKay M, Ben-Shachar R, et al. Concurrent tissue and circulating tumor DNA molecular profiling to detect guideline-based targeted mutations in a multicancer cohort. JAMA Netw Open. 2024;7(1):e2351700. 4. Based on a retrospective study involving a cohort of randomly selected patients treated in geographically diverse oncology practices in the US with tumor types including bladder, brain, lung, cholangiocarcinoma, head and neck, breast, ovarian, pancreatic, prostate, endometrial and colorectal. Yap TA, Ashok A, Stoll J, et al. Prevalence of germline findings among tumors from cancer types lacking hereditary testing guidelines. JAMA Netw Open. 2022;5(5):e2213070. 15
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ONCOLOGY NGS - TESTS DELIVERED ONCOLOGY NGS - AVERAGE REVENUE PER TEST $633 $736 $714 $916 $1,450 $1,640 $1,510 2019 2020 2021 2022 2023 2024 2025 148,000 64,300 218,700 97,000 270,800 40,600 340,500 Our comprehensive and technologically superior platform is accelerating the business, with continued physician migration driving growing market share Oncology growth accelerates on strong volume and ASP expansion 2019 2020 2021 2022 2023 2024 Q4 2025 16
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Vast majority of xT will migrate from LDT version (~$2,900) to xT CDx ($4,500) Tailwinds from reimbursement to expected to drive ASP growth of >$500* over next several years Reimbursement Milestones $1,640 >$2,200 ~$200 ~$230 ~$150+ Current ASP ASP with broader coverage Illustrative path to >$2200 ASP* xT CDx xF Commercial Coverage xF FDA clearance to drive increased ASP Broader commercial coverage over time *Assuming Q4 2025 assay and payor mix With Oncology ASP expected to rise significantly over the next several years 17
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HEREDITARY - TESTS DELIVERED Sustained Hereditary testing growth reflecting market share capture which will taper throughout 2026 ~125,000 Q4 2024 Q4 2025 ~101,500 Hereditary risk represents a stable and growing category, driven by: ● An increase in inherited cancers and NCCN guideline recommendations with testing recommended in breast, ovarian, pancreatic, prostate and colorectal cancers among others 1 ● Personalized prevention, risk stratification and treatment strategies driven by genetic risk profile ● Increasing incidence of cancers globally, with estimated 10% linked to hereditary mutations 2 Average reimbursement per test of $800 in Q4 2025 Sources: 1.NCCN Guidelines 2. National Cancer Institute 18
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Data & Applications
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Our large and growing data business We license libraries of de-identified clinical, molecular, and imaging data and provide a suite of analytic and AI tools through our Lens platform and foundation models to pharmaceutical and biotechnology companies. 20
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We help biopharma at every stage of drug discovery & development Pre-clinical validation Trial design Companion diagnostics development Precision medicine adoption Novel target discovery Patient enrollment accelerator Biomarker development and indication selection Trial conduct and data management Evidence generation and label expansion 21
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Our integrated solutions are now deeply embedded within biopharma 19 out of 20 of the largest pharmaceutical companies Over 250 biotech companies $2 billion+ in Data and Applications contracts signed to date $316.4 million of Data and Applications revenue in 2025, representing 30.9% growth Large strategic partnerships with AZ, GSK, BMS, Pfizer, Novartis, Merck, Recursion, Pathos, Boehringer Ingelheim, and others Delivered over 8 million de-identified patient records to biopharma to advance drug discovery & development As of 12/31/2025 22
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Data & Applications key metrics Year End 2025 Total Remaining Contract Value* >$1.1 Billion Our data business continues to demonstrate robust growth based on the remaining committed total contract value (“Total Remaining Contract Value” or “TCV”) that is contractually committed to be delivered in the future and annual Net Revenue Retention from customers Year End 2025 Net Revenue Retention** ~126% *As of December 31, 2025 approximate TCV is equal to the total potential value of signed contracts and assumes the exercise of all contract options, all discretionary opt-ins, and no early termination. It excludes any revenue recognized to date on these contracts or any future adjustments made to the contractual value as a result of amendments or terminations. Many of our agreements contain termination clauses, including the ability of our counterparty to terminate for convenience, and there can be no guarantee that contracts will not be terminated, that contractual options and discretionary opt-ins will be exercised, or that we will achieve the full amount of potential revenue represented by these contracts in the time periods set forth above or at all. TCV is not a calculation of revenue and should be viewed independently of revenue and deferred revenue, as TCV is not intended to be combined with or replace these items. Similarly, TCV is not a forecast of future revenue, which can be impacted by, among other things, contract start and end dates and the exercise of contractual options. Moreover, Remaining TCV may differ from similarly titled metrics presented by other companies and may not be comparable to such other metrics. ** Net Revenue Retention compares the annual revenue generated from all Data Licensing customers (includes data and services, excluding CRO services) in one year to the annual revenue generated from the same cohort of Data Licensing customers in the subsequent year. Net Revenue Retention is not a calculation of revenue and should be viewed independently of revenue and deferred revenue, as Net Revenue Retention is not intended to be combined with or replace these items. Similarly, Net Revenue Retention is not a forecast of future revenue. Moreover, Net Revenue Retention may differ from similarly titled metrics presented by other companies and may not be comparable to such other metrics.
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Total Remaining Contract Value (TCV) at record levels Q4 2025 bookings expand TCV, with committed revenue converting over time and providing high visibility to 2026 TCV Includes ~$300 M future opt-ins >$1.1 Bn TCV expansion supported by committed backlog Q4 bookings meaningfully increased Contracted backlog underpins sustainable revenue growth ● New bookings continue to replenish and expand TCV as revenue is recognized ● ~$350 million of TCV relates to 2026 providing strong forward visibility ● We also have a long history of signing and delivering revenue within the year, as ~$100 million of revenue for 2025 was signed in 2025 *As of December 31, 2025 approximate TCV is equal to the total potential value of signed contracts and assumes the exercise of all contract options, all discretionary opt-ins, and no early termination. It excludes any revenue recognized to date on these contracts or any future adjustments made to the contractual value as a result of amendments or terminations. Many of our agreements contain termination clauses, including the ability of our counterparty to terminate for convenience, and there can be no guarantee that contracts will not be terminated, that contractual options and discretionary opt-ins will be exercised, or that we will achieve the full amount of potential revenue represented by these contracts in the time periods set forth above or at all. TCV is not a calculation of revenue and should be viewed independently of revenue and deferred revenue, as TCV is not intended to be combined with or replace these items. Similarly, TCV is not a forecast of future revenue, which can be impacted by, among other things, contract start and end dates and the exercise of contractual options. Moreover, Remaining TCV may differ from similarly titled metrics presented by other companies and may not be comparable to such other metrics. 2026 2027+
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Because we generate massive volumes of proprietary data and have built an agentic AI platform to produce insights at scale, deployed across 5k+ providers, we can distribute algorithmic insights through our Applications business. Over time, we expect this to become a significant catalyst to our financial results. Proprietary data algorithmic insights at scale → 25
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AI Applications AI-enabled clinical trial matching and just-in-time clinical trial activation We have a suite of applications that live both inside EHRs and in our own proprietary applications, enabling providers to leverage Tempus technology, from clinical trial matching, to care gap closure, to algorithms that drive intelligent results and clinical insights. TIME: Clinical trial matching AI-platform that enables healthcare systems to deliver guidelines based care across specialties NEXT: Care gap intelligence Algorithms that transform genomic data, DICOM images, and digitized H&E slides into automated clinical actions Algos: Actionable insights 26
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Our ECG based cardio algorithms are one example Tempus Cardiology Applications have broad clinical deployment with FDA clearance, but reimbursement is early and just beginning to materialize ● 60+ algorithms spanning 15 major diseases across 140+ hospitals ● ~2.5 M patients screened and analyzed by cardio care gap algos ● FDA cleared ECG-AF in 2024 and ECG-Low EF in 2025 ● CMS established CPT code at $128/test, provides path to reimbursement Viewing Timeline Through ECGs No specific ECG signals Changes in physiology lead to predictive ECG signals Symptomatic Diagnostic Delay Physiology Timeline Disease Onset Diagnosis Date Physiology Changes ex: elevated LV pressure Intervention / Treatment Asymptomatic As of 12/31/2025 27
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Illustrative revenue opportunity in Atrial Fibrillation Directional example of potential monetization over time Collaboration results in estimated 35,000 indicated ECGs run/year Resulting in ~ $2 million in potential Tempus revenue per year assuming hospital reimbursement of ~$128/ECG run Scaling over time with annual growth and expansion to additional health systems could reach >$200 million annually from A-fib alone Illustrative framework for discussion only, not guidance. 28
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Unlike other diagnostic providers, we are and always have been a technology company AI is at the center of everything we do 29
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AI is integrated throughout all of our products What is the status of [my patient’s] report? “ We are embedding generative AI into all of our products. Every day, they are getting smarter. Ultimately, intelligence will drive adoption and utility. Which of my patients have a [EGFR mutation]? “ Open [my patient’s] report “ Change the next blood draw for [my patient] to mobile phlebotomy. “ CONCIERGE FEATURE 30
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We are also leveraging AI to build a large scale foundation model in oncology Develop multimodal signatures to predict patient response and identify non-responders with biologic rationale We will utilize the foundation model we are developing in collaboration with AstraZeneca and Pathos to generate insights that we can infuse into our diagnostic offerings, leveraging our unique flywheel and further differentiating our tests - allowing the test to function like an expert clinician at scale. Predict treatment response with unmatched precision Leverage DNA, RNA, spatial, TME patterns to cluster patients by subtypes not identified by genomics/pathology alone Enrich disease subtyping correlated with prognosis & response ctDNA, DNA, RNA with radiographic images could provide a dynamic understanding of disease progression Improve patient early relapse prediction months before imaging Patterns across radiomics, genomics and pathology may forecast site of metastasis informing monitoring / treatment intensification Generate metastatic risk profiles 31
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Today we’re at scale in oncology but our platform works across all disease areas Oncology Wide variety of genomic and phenotypic profiles and targeted therapeutics opportunities August 2015 Tempus launch, and the Platform’s first application was in oncology Neurology & Psychiatry Highly complex disease and wide range of therapeutics efficacy depending on the patient November 2018 Expand into depression Cardiology Disease signals are multifactorial justifying a multimodal diagnostic approach June 2019 Expand into cardiology Radiology AI algorithms applied to medical images that provide actionable insights October 2022 Expand into radiology through the Arterys acquisition Rare Disease Multimodal genomic assays for patients with rare diseases and neurodevelopmental disorders February 2025 Expand into rare disease and deeper into oncology genetic testing through the Ambry acquisition Digital Pathology Tissue-based AI assisted application to support detection, biomarkers from tissue August 2025 Establish strong footprint in digital pathology and expand dataset 32
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Quarterly Results Q4 2025
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Performance summary Sustained platform momentum across Diagnostics and Data and Applications supported operating leverage and improving adjusted EBITDA 34 Q4 2025 Q4 2025 Q4 2024 Change Revenue $367.2M $200.7M 83.0% Gross Profit $237.7M $122.1M 94.7% Loss from operations $(61.4)M $(50.7)M 21.1% Net loss $(54.2)M $(13.0)M 316.2% Adjusted EBITDA $12.9M $(7.8)M 266.3% Net loss per share attributable to common shareholders, basic and diluted $(0.30) $(0.08) 275.0% Non-GAAP net loss per share $(0.04) $(0.16) (75.0)% Refer to the Appendix for reconciliation of non-GAAP figures to the most directly comparable GAAP figure
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Summary of Results Q4 2025 Scaling Diagnostics and Data and Applications with improving profitability Q4 revenue of $367.2 million, up 83.0% year-over-year with 33.5% organic growth (excluding Ambry) ● Diagnostics revenue of $266.9 million, representing 121.6% growth year-over-year, driven by Oncology volume growth of 29% and Hereditary volume growth of 23%; MRD volume was ~4,700 tests in the fourth quarter, up 56% quarter-over-quarter ● Data and Applications revenue of $100.4 million, representing 25.1% year-over-year growth, with Insights growing 69.5%, excluding the impact of the AstraZeneca warrant in Q4 2024 ● Quarterly gross profit increased 94.7% to $237.7 million, led by strong performance in Diagnostics ● Net loss of ($54.2 million), including $48.7 million of stock compensation expense and related employer payroll taxes in the Q4 2025 compared to a net loss of ($13.0 million) in Q4 2024 and a net loss of ($80.0 million) in Q3 2025 ● Adjusted EBITDA improved to $12.9 million in Q4 2025, versus ($7.8 million) in Q4 2024 and $1.5 million in Q3 2025 ● Ended the year with over $1.1 billion in Total Remaining Contract Value and 126% Net Revenue Retention ● Ended 2025 with $759.7 million in cash and marketable securities 35
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Operational Highlights Q4 2025 Collaborations ● Entered a multi-year strategic collaboration with NYU Langone Health, centered on a prospective observational study using serial molecular profiling to track cancer evolution and treatment resistance in order to develop AI-powered diagnostic tools and personalized therapies. ● Selected by Northwestern Medicine to expand genomic testing access to oncology patients across the health system, leveraging Tempus' full suite of DNA, RNA, liquid biopsy, and MRD tests to enable more personalized cancer care and clinical trial design. Apps ● Launched Paige Predict, an AI-powered digital pathology suite that analyzes standard H&E slides to predict 123 biomarkers across 16 cancer types, helping clinicians make informed testing decisions even when tissue samples are limited, which improves Tempus’ ability to render insights across its genomic tests. ● Announced results from a new study demonstrating that Tempus’ AI-driven Immune Profile Score (IPS) test more accurately predicts immunotherapy outcomes across various cancers than conventional biomarkers. 36
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2026 Guidance Our revenue and adjusted EBITDA guidance reflect targets and are therefore noted to be approximate values. Given the unique nature of our business, it is difficult to predict these numbers with complete accuracy; as such, the word “approximately” implies a modest range. 37 ~$1.59B ~25% growth year-over-year REVENUE ADJUSTED EBITDA OTHER Q1 FULL YEAR ~$345 million of revenue ● Continued strong oncology growth ● Hereditary growth rate moderating as we lap market share gains in Q1 2025 ● Data & Applications growth of ~40% vs Q1 2025 ~($5) million ● Continued quarter over quarter improvement in Adjusted EBITDA throughout 2026, similar to previous years ● Stock-based Compensation ($55M) ● Interest Expense ($15M) ● Depreciation and Amortization ($30M) ● JV Losses ($5M) ~$65M ~$72M improvement over 2025 ● Stock-based Compensation ($200M) ● Interest Expense ($60M) ● Depreciation and Amortization ($120M) ● JV Losses ($20M)
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Tempus economic model at scale A framework for durable growth, operating leverage, and long-term value creation DIAGNOSTICS ● Reimbursement wins support ASP growth ● Installed provider base drives recurring demand ● Scaled testing infrastructure drives operating leverage ● Data generation fuels downstream monetization DATA AND APPLICATIONS ● High retention and expansion with customer base ● Sustainable enterprise revenue from multi-year strategic collaborations ● Embedded workflows drive high retention and expansion ● Durable margin expansion supported by platform scale AI ENGINE ● Proprietary algorithmic insights enhance and differentiate diagnostic results ● Expands platform reach across specialties ● Reinforces ecosystem flywheel that compounds data advantages and platform value over time 38
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Balancing near-term reinvestment with long-term Adjusted EBITDA expansion We expect 25% top-line growth over the next 3 years supported by continued strength in Diagnostics and expanding scale in our Data and Applications business. Over the next several years, we plan to reinvest the majority of incremental gross profit growth to accelerate platform expansion, while still generating meaningful Adjusted EBITDA and free cash flow. 39 Illustrative long-term framework; does not constitute formal financial guidance 2026 2027 2029 2028 Revenue Adjusted EBITDA As the platform matures, we expect increasing operating leverage to allow a greater portion of growth to flow to adjusted EBITDA.
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This is the power of precision medicine. This is Tempus.
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Total Gross Profit & Gross Margin Gross profit and gross profit margin reconciliation Three months ended December 31, Year ended December 31, 2025 2024 2025 2024 Net Revenue 367,211 200,680 1,271,789 693,398 Cost of revenues 129,498 78,616 473,892 312,285 Gross profit $ 237,713 $ 122,064 $ 797,897 $ 381,113 Stock-based compensation expense 3,031 1,600 9,315 22,155 Employer payroll tax related to stock-based compensation 83 495 641 819 Non-GAAP gross profit $ 240,827 $ 124,159 $ 807,853 $ 404,087 Gross margin 64.7% 60.8% 62.7% 55.0% Stock-based compensation expense 0.8% 0.8% 0.7% 3.2% Employer payroll tax related to stock-based compensation 0.0% 0.2% 0.1% 0.1% Non-GAAP gross margin 65.6% 61.9% 63.5% 58.3% Unaudited In thousands, except percentages 41
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Non-GAAP Diagnostics Gross profit and gross profit margin reconciliation Three months ended December 31, Year ended December 31, 2025 2024 2025 2024 Revenue 266,856 120,434 955,381 451,749 Cost of revenues 102,920 62,182 386,102 243,467 Gross profit, diagnostics $ 163,936 $ 58,252 $ 569,279 $ 208,282 Stock-based compensation expense 2,138 1,215 6,224 13,625 Employer payroll tax related to stock-based compensation 35 293 373 455 Non-GAAP gross profit, diagnostics $166,109 $ 59,760 $ 575,876 $ 222,362 Gross margin 61.4% 48.4% 59.6% 46.1% Stock-based compensation expense 0.8% 1.0% 0.7% 3.0% Employer payroll tax related to stock-based compensation 0.0% 0.2% 0.0% 0.1% Non-GAAP gross margin, diagnostics 62.2% 49.6% 60.3% 49.2% 42 Unaudited In thousands, except percentages
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43 Non-GAAP Data and Applications Gross profit and gross profit margin reconciliation Unaudited In thousands, except percentages Three months ended December 31, Year ended December 31, 2025 2024 2025 2024 Revenue 100,355 80,246 316,408 241,649 Cost of revenues 26,578 16,434 87,790 68,818 Gross profit, data and applications $ 73,777 $ 63,812 $ 228,618 $ 172,831 Stock-based compensation expense 893 385 3,091 8,530 Employer payroll tax related to stock-based compensation 48 202 268 364 Non-GAAP gross profit, data and applications $ 74,718 $ 64,399 $ 231,977 $ 181,725 Gross margin 73.5% 79.5% 72.3% 71.5% Stock-based compensation expense 0.9% 0.5% 1.0% 3.5% Employer payroll tax related to stock-based compensation 0.0% 0.3% 0.1% 0.2% Non-GAAP gross margin, data and applications 74.5% 80.3% 73.3% 75.2%
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Non-GAAP Operating expenses reconciliation Unaudited In thousands Three months ended December 31, Year ended December 31, 2025 2024 2025 2024 Technology R&D 40,147 31,684 $ 146,107 $ 167,519 Stock-based compensation expense 6,995 4,110 19,062 58,473 Employer payroll tax related to stock-based compensation 186 1,306 1,220 2,747 Non-GAAP technology R&D $ 32,966 $ 26,448 $ 125,825 $ 106,299 Research & development $ 50,471 $ 29,612 $ 172,924 $ 149,325 Stock-based compensation expense 5,070 2,851 12,688 47,638 Employer payroll tax related to stock-based compensation 99 756 632 1,566 Non-GAAP R&D $ 45,302 $ 26,005 $159,604 $ 100,121 Selling, general & administrative $ 208,508 $ 111,288 $ 731,738 $ 755,351 Stock-based compensation expense 30,243 16,226 83,682 405,872 Employer payroll tax related to stock-based compensation 3,006 5,023 9,046 8,411 Acquisition related expenses 1 143 2,708 6,216 2,708 Amortization of intangibles due to acquisition 16,838 — 61,529 — Franchise taxes related to IPO — — 1,647 — Non-GAAP SG&A $ 158,278 $87,331 $ 569,618 $338,360 Operating expenses $ 299,126 $172,764 $ 1,050,769 $1,072,195 Stock-based compensation expense 42,308 23,187 115,432 511,983 Employer payroll tax related to stock-based compensation 3,291 7,085 10,898 12,724 Acquisition related expenses 1 143 2,708 6,216 2,708 Amortization of intangibles due to acquisition 16,838 — 61,529 — Franchise taxes related to IPO — — 1,647 — Non-GAAP operating expenses $ 236,546 $139,784 $ 855,047 $544,780 1.Acquisition related expenses consist of legal, diligence, accounting, and financing costs, incurred for acquisitions during the three months and years ended December 31, 2025 and 2024.
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Non-GAAP EPS reconciliation Unaudited In thousands, except per share numbers 1.Fair value changes include gains and losses related to quarterly fair value adjustments of our warrant liability, warrant asset, marketable equity securities, contingent consideration liabilities, and indemnity-related holdback liabilities. 2.Acquisition related expenses consist of legal, diligence, accounting, and financing costs, as well as a gain on bargain purchase, incurred for acquisitions during the three months and years ended December 31, 2025 and 2024. Three months ended December 31, Year ended December 31, 2025 2024 2025 2024 Net loss (54,166) (13,014) (245,028) (705,809) Fair value changes 1 (13,366) (47,753) (17,807) (27,868) Stock-based compensation expense 45,339 24,787 124,747 534,138 Employer payroll tax related to stock-based compensation 3,374 7,580 11,539 13,543 Acquisition related expenses 2 (136) 2,708 5,937 2,708 Amortization of intangibles due to acquisition 16,838 — 61,529 — Loss from equity method investments 3,149 2,536 5,614 4,228 (Benefit from) provision for income taxes (5,992) 122 (51,684) 266 G-4 Special Payment — — — 2,250 Franchise taxes related to IPO — — 1,647 — Other tax expense 1,608 — 1,608 — Loss on debt extinguishment — — 12,034 — Amortization of technology license (3,989) (3,988) (15,955) (7,977) Non-GAAP net loss ($7,341) ($27,022) ($105,819) ($184,521) Non-GAAP net loss per share ($0.04) ($0.16) ($0.61) ($1.54) Weighted average common shares outstanding, basic and diluted 178,093 166,398 174,264 119,849
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Adjusted EBITDA reconciliation Unaudited In thousands 1.Fair value changes include gains and losses related to quarterly fair value adjustments of our warrant liability, warrant asset, marketable equity securities, contingent consideration liabilities, and indemnity-related holdback liabilities. 2.Acquisition related expenses consist of legal, diligence, accounting, and financing costs, as well as a gain on bargain purchase, incurred for acquisitions during the three months and years ended December 31, 2025 and 2024. Three months ended December 31, Year ended December 31, 2025 2024 2025 2024 Net loss $(54,166) $(13,014) (245,028) (705,809) Interest income (5,122) (3,546) (12,628) (11,084) Interest expense 15,286 13,359 70,267 53,653 Depreciation 7,704 6,884 32,054 26,356 Amortization 19,204 2,573 70,270 10,889 (Benefit from) provision for income taxes (5,992) 122 (51,684) 266 EBITDA $(23,086) $6,378 $ (136,749) $ (625,729) Losses on equity method investments 3,149 2,536 5,614 4,228 Fair value changes 1 (13,366) (47,753) (17,807) (27,868) Stock-based compensation expense 45,339 24,787 124,747 534,138 Employer payroll tax related to stock-based compensation 3,374 7,580 11,539 13,543 Acquisition related expenses 2 (136) 2,708 5,937 2,708 G-4 Special Payment — — — 2,250 Amortization of technology license (3,989) (3,988) (15,955) (7,977) Franchise taxes related to IPO — — 1,647 — Other tax expense 1,608 — 1,608 — Loss on debt extinguishment — — 12,034 — Adjusted EBITDA $12,893 $(7,752) $ (7,385) $ (104,707)
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Non-GAAP Loss from operations reconciliation Unaudited In thousands, except per share numbers 1.Acquisition related expenses consist of legal, diligence, accounting, and financing costs, incurred for acquisitions during the three months and years ended December 31, 2025 and 2024 Three months ended December 31, Year ended December 31, 2025 2024 2025 2024 Loss from operations (61,413) (50,700) (252,872) (691,082) Stock-based compensation expense 45,339 24,787 124,747 534,138 Employer payroll tax related to stock-based compensation 3,374 7,580 11,539 13,543 Acquisition related expenses 1 143 2,708 6,216 2,708 Franchise taxes related to IPO — — 1,647 — Amortization of intangibles due to acquisition 16,838 — 61,529 — Non-GAAP loss from operations 4,281 (15,625) (47,194) (140,693)