Slides
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Q2’26 Financial Results July 30, 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 Commission. 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 Diagnostics gross margin, Non-GAAP Diagnostics gross profit, Non-GAAP Data and Applications gross margin, Non-GAAP Data and Applications 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 loss from operations, Non-GAAP net loss, Non-GAAP net loss per share, EBITDA, and Adjusted EBITDA, 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 Company’s most recent 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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3 Diagnostics feeding Data feeding Applications Unrivaled Connectivity Provides access to rich multimodal data via bidirectional pipelines, including outcomes data Tempus has built the operating system for precision medicine Agentic Tools Diagnostics connected to clinical trial and care gap real time insights Insights delivered to point of care Actionable intelligence embedded in clinical and research workflows Proprietary ecosystem Unique data model with exclusive and comprehensive suite of software applications Tempus’ moat is built on embedded integrations, proprietary multi-modal data, and continuously expanding outcome-linked datasets enhanced through the connection between its AI platform and broad clinical adoption. → →
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4 Precision medicine powered by diagnostic intelligence Time Patient Impact Graph is for illustrative purposes only. Clinical Testing Leveraging our broad portfolio of assays to ensure the right test reaches the right patient at the right time across the patient journey EHR Integrations Embedding diagnostic intelligence directly into health system workflows in the EHR to identify at-risk patients and support ordering and results integration Research Converting multimodal patient data into research momentum through targeted programs for clinical trial matching and genomic discovery AI & Technology Deploying advanced technologies across health systems to improve care, research, and drive innovation Getting answers Making answers actionable Transforming answers into discovery Scaling impact to evolve clinical care
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xG Germline testing xT, xF Tissue + Liquid Biopsy xR DNA + RNA Tumor + Normal Match NeXT Dx ImmunoID NeXT (biopharma) xM Tumor-naive xM NeXT Tumor-informed HRD UGT1A1 IPS DPYD PurIST™TO MMR CLDN18 HER2 PD-L1 MGMTFOLR1 c-MET 1p/19q Our Diagnostics business is comprehensive and spans hereditary risk, therapy selection, and MRD & monitoring, fueling our models with longitudinal data Hereditary risk assessment Therapy selection Tailored testing* MRD & disease monitoring Acquired Personalis tests Subject to closing of proposed acquisition 5
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Data generated through Diagnostics creates a virtuous cycle of AI-enabled intelligence As more clinicians use our AI Applications they contribute more data to our platform, creating a self-reinforcing cycle of intelligence. This network effect has led to compounding growth in our multimodal dataset in oncology and other disease areas. Data ApplicationsFoundation Model 6
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Q2’26 Financial Results
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Q2’26 Financial Highlights $382.5M Total revenue 22% Growth YoY 28% Data & Applications Growth $8.0M Adj. EBITDA 244% Improvement YoY Gross profit increased 26% to $246.5 million led by growth in Data & Applications Net income of $5.6 million compared to a net loss of ($42.8 million) in Q2’25 Ended Q2’26 with $820.7 million in cash, cash equivalents, and marketable securities $460.0 million Offering of 0.0% Convertible Senior Notes saves $30 million+ in interest expense annually, which is expected to allow us to be cash flow positive by year end 2026 8 31% Oncology Volume Growth
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Q2 Revenue delivers 22% growth 9 Life Sciences/ Research Oncology Q2 2025 Q2 2026 Hereditary Data and Applications $314.6M $382.5M 22%
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Diagnostics drives growth with revenue and Oncology volume expansion 10 Oncology Volume ~96,500 Q2 2025 Q2 2026 ~73,500 Diagnostics Revenue $289.3M Q2 2025 Q2 2026 $241.8M Oncology and Hereditary achievements fueling Diagnostics growth Q2 Diagnostics Highlights ● 31% YoY Oncology volume growth, 20% YoY Diagnostics revenue growth ● Received FDA approval for tumor-only xT CDx, enabling migration of entire DNA solid tumor portfolio under ADLT pricing ● Clinical launch of xH, a NGS whole-genome approach for hematologic malignancies ● Clinical launch of Rare Whole Genome ● Introduced Tempus Preview surfacing key mutation predictions within ~24 hours of tissue receipt
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MRD volumes accelerate and provide long-term growth opportunity 11 MRD Volume 9,000 Q1 2026 Q2 2026 6,500 MRD Highlights ● 38% growth over Q1 2026 with only ~10% of salesforce selling today ● xM tumor naive represents ~5% of total MRD volume today, providing massive opportunity for upside ● Announced acquisition of Personalis (PSNL) and its tumor-informed xM NeXT to more tightly integrate MRD data into our AI-driven precision oncology platform, if consummated 4,700 Q4 2025
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FDA approval of tumor only xT CDx enables entire DNA solid tumor portfolio to be migrated from LDT (~$2,900) to xT CDx ($4,500) beginning in 2027 Tailwinds from reimbursement to expected to drive ASP growth of >$750* over next several years Reimbursement Milestones FDA clearance for xF could drive ASP increase of ~$550 Broader commercial coverage over time *Assuming Q2 2026 assay and payor mix Therapy Selection ASP expected to rise significantly over the next several years 12 40+% $1,850 >$2,600 ~$200 ~$550Current ASP Illustrative path to >$2600 ASP* xT CDx xF ASP with broader coverage
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Data & Applications growth accelerates on strong partnership expansion 13 Data & Applications Revenue $93.2M Q2 2025 Q2 2026 $72.8M Q2 Data & Apps Highlights ● 28% growth YoY, with Insights growing 36% ● Announced collaboration with Bristol Myers Squibb (NYSE: BMY) to leverage AI, multimodal real-world data and data science to optimize clinical trial designs ● Secured ~$200M in bookings ● Delivered oncology Foundation Model to AstraZeneca ● Established an open-source digital pathology consortium with premier institutions including Memorial Sloan Kettering and Yale
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Performance summary Scaling Diagnostics and Data & Applications fueling operating leverage and Adjusted EBITDA expansion 14 Q2 2026 Q2 2026 Q2 2025 Change Revenue $382.5M $314.6M 22% Gross profit $246.5M $195.0M 26% Loss from operations $(75.9)M $(61.8)M 23% Non-GAAP loss from operations $(2.7)M $(17.0)M (84)% Net income (loss) $5.6M $(42.8)M 113% Adjusted EBITDA $8.0M $(5.6)M 244% Non-GAAP net loss $(7.7)M $(37.3)M (79)% Net income (loss) per share, basic $0.03 $(0.25) 112% Non-GAAP net loss per share, basic $(0.04) $(0.22) (82)% Refer to the Appendix for reconciliation of non-GAAP figures to the most directly comparable GAAP figure
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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. 15 $1.595 - $1.605B ~25% growth year-over-year *assumes no impact from Personalis acquisition in 2026 REVENUE ADJUSTED EBITDA OTHER Q3 FULL YEAR $405 - $410 million of revenue ● Continued strong oncology growth ● Hereditary growth rate improving in H2 ● Data & Applications growth of ~28% vs Q3 2025 $15-20 million ● Continued quarter over quarter improvement in Adjusted EBITDA throughout 2026, similar to previous years ● Stock-based Compensation ($52M) ● Interest Expense ($10M) ● 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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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 positive cash flow. 16Illustrative long-term framework; does not constitute formal financial guidance 2026 2027 20292028 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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Acquiring Personalis Will Further Integrate MRD into our AI-Enabled Precision Oncology Platform 17 Transaction & Rationale Tempus is acquiring remaining shares for $16.25/share via stock and up to 50% cash. ● Will expand presence in the $20B+ U.S. MRD market (<10% penetrated). ● Will create an end-to-end oncology portfolio spanning risk to monitoring. $1.5B Enterprise Value, net of existing ownership Q4 '26/Early 2027 Target Close NeXT Personal® Assay An ultrasensitive, tumor-informed whole genome assay tracking up to 1,800 genetic variants. ● Detects cancer recurrence 5 to 15 months earlier than standard imaging. ● Filters out confounding clonal hematopoiesis (CH) variants. 1.67 PPM Sensitivity 1,800 Variants Tracked Synergy & Scale Will unlock immediate upside by scaling across Tempus's vast commercial footprint. ● Plugs into network covering >55% of U.S. oncologists. ● Feeds longitudinal MRD insights into Tempus multimodal dataset. >35k Tests to Date +33% Q2 QoQ Growth
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Tempus Acquisition of Personalis Transaction Overview Transaction Consideration • Tempus AI will acquire all of the outstanding shares of Personalis’ common stock not already owned by Tempus AI at a price of $16.25 per share, representing a 6% premium to their closing price on July 17, 2026 and a 28% premium to unaffected 30-day VWAP (1) • Results in a total transaction value of $1.7Bn ( $1.5Bn net of Tempus’ existing ownership interest) • Consideration will be structured as a combination of TEM stock and up to 50% cash at TEM’s discretion. TEM’s stock will be priced at the closing of the traction, which is expected in the fourth quarter of 2026 at earliest, subject to shareholder and regulatory approval Exchange Ratio • Personalis shareholders will receive a floating exchange ratio of Tempus AI common stock for each share of Personalis common stock they own at closing, subject to a a maximum exchange ratio of 0.3356x Financing • Cash consideration can be financed with cash on hand and/or additional borrowing TEM procures between signing and closing Approval Process • Approved by both companies’ boards of directors • Subject to approval from Personalis shareholders and customary closing conditions • The closing of the transaction is expected to take place in the fourth quarter of 2026 at earliest 1. VWAP calculated based on trading days 18
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Appendix
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Non-GAAP Total Gross Profit & Gross Margin Gross profit and gross profit margin reconciliation 2026 2025 Net Revenue $ 382,486 $ 314,635 Cost of revenues 135,988 119,596 Gross profit $ 246,498 $ 195,039 Stock-based compensation expense 4,604 2,113 Employer payroll tax related to stock-based compensation 177 369 Non-GAAP gross profit $ 251,279 $ 197,521 Gross margin 64.4% 62.0% Stock-based compensation expense 1.2% 0.7% Employer payroll tax related to stock-based compensation 0.0% 0.1% Non-GAAP gross margin 65.7% 62.8% Three months Ended June 30, Unaudited In thousands, except percentages
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Non-GAAP Diagnostics Gross profit and gross profit margin reconciliation 2026 2025 Diagnostics revenue $289,333 $241,843 Cost of revenues, diagnostics 108,233 99,756 Gross profit, diagnostics $ 181,100 $ 142,087 Stock-based compensation expense 3,636 1,420 Employer payroll tax related to stock-based compensation 124 254 Non-GAAP gross profit, diagnostics $ 184,860 $ 143,761 Diagnostics Gross margin 62.6% 58.8% Stock-based compensation expense 1.3% 0.6% Employer payroll tax related to stock-based compensation 0.0% 0.1% Non-GAAP gross margin, diagnostics 63.9% 59.4% Three months Ended June 30, Unaudited In thousands, except percentages
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Non-GAAP Data and Applications Gross profit and gross profit margin reconciliation Unaudited In thousands, except percentages 2026 2025 Data and applications revenue $ 93,153 $ 72,792 Cost of revenues, data and applications 27,755 19,840 Gross profit, data and applications $ 65,398 $ 52,952 Stock-based compensation expense 968 693 Employer payroll tax related to stock-based compensation 53 114 Non-GAAP gross profit, data and applications $ 66,419 $ 53,759 Gross margin, data and applications 70.2% 72.7% Stock-based compensation expense 1.0% 1.0% Employer payroll tax related to stock-based compensation 0.1% 0.2% Non-GAAP gross margin, data and applications 71.3% 73.9% Three months Ended June 30,
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Non-GAAP Operating expenses reconciliation 2026 2025 Technology R&D $ 43,929 $34,482 Stock-based compensation expense 8,641 3,285 Employer payroll tax related to stock-based compensation 358 495 Non-GAAP technology R&D $ 34,930 $ 30,702 Research & development $52,637 $ 41,619 Stock-based compensation expense 5,287 2,335 Employer payroll tax related to stock-based compensation 248 235 Non-GAAP R&D $ 47,102 $ 39,049 Selling, general & administrative $225,845 $ 180,712 Stock-based compensation expense 35,589 14,722 Employer payroll tax related to stock-based compensation 711 774 Acquisition related expenses 1 990 1,992 Amortization of intangible due to acquisition 16,601 16,771 Franchise taxes related to IPO - 1,647 Non-GAAP SG&A $ 171,954 $ 144,806 Operating expenses $ 322,411 $256,813 Stock-based compensation expense 49,517 20,342 Employer payroll tax related to stock-based compensation 1,317 1,504 Acquisition related expenses 1 990 1,992 Amortization of intangible due to acquisition 16,601 16,771 Franchise taxes related to IPO - 1,647 Non-GAAP operating expenses $ 253,986 $214,557 Three months Ended June 30, Unaudited In thousands 1 Acquisition related expenses consist of legal and diligence, accounting, and financing costs incurred for acquisitions during the three months ended June 30, 2026 and 2025
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Non-GAAP Loss from Operations Unaudited In thousands 1 Acquisition related expenses consist of legal and diligence, accounting, and financing costs incurred for acquisitions during the three months ended June 30, 2026 and 2025. 2026 2025 Loss from operations $ (75,913) $(61,774) Stock-based compensation expense 54,121 22,455 Employer payroll tax related to stock-based compensation 1,493 1,873 Acquisition related expenses 1 990 1,992 Franchise taxes related to IPO - 1,647 Amortization of intangibles due to acquisition 16,601 16,771 Non-GAAP net loss from operations $(2,708) $(17,036) Three months Ended June 30,
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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 marketable equity securities, and indemnity-related holdback liabilities. 2 Acquisition related expenses consist of legal and diligence, accounting, and financing costs incurred for acquisitions during the three months ended June 30, 2026 and 2025. 2026 2025 Net income (loss) $ 5,642 $(42,843) Fair value changes 1 (97,401) (37,546) Stock-based compensation expense 54,121 22,455 Employer payroll tax related to stock-based compensation 1,493 1,873 Acquisition related expenses 2 990 1,992 Amortization of intangibles due to acquisition 16,601 16,771 Losses from equity method investments 2,864 2,100 Provision for income taxes 309 212 Franchise taxes related to IPO - 1,647 Amortization of technology license (3,988) (3,988) Loss on debt extinguishment 11,643 - Non-GAAP net loss $(7,726) $(37,327) Non-GAAP net loss per share, basic $(0.04) $(0.22) Weighted average common shares outstanding, basic 179,917 173,381 Three months Ended June 30,
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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 marketable equity securities, and indemnity-related holdback liabilities. 2 Acquisition related expenses consist of legal and diligence, accounting, and financing costs incurred for acquisitions during the three months ended June 30, 2026 and 2025. 2026 2025 Net income (loss) $5,642 $ (42,843) Interest income (3,897) (1,093) Interest expense 10,283 21,579 Depreciation 7,125 8,347 Amortization 18,860 19,685 Provision for income taxes 309 212 EBITDA $ 38,322 $ 5,887 Losses from equity method investments 2,864 2,100 Fair value changes 1 (97,401) (37,546) Stock-based compensation expense 54,121 22,455 Employer payroll tax related to stock-based compensation 1,493 1,873 Acquisition related expenses 2 990 1,992 Amortization of technology license (3,988) (3,988) Franchise taxes related to IPO - 1,647 Loss on debt extinguishment 11,643 - Adjusted EBITDA $ 8,044 $ (5,580) Three months Ended June 30,