Tempus AI Inc-A 2025年度报告

Dear Shareholders, This is our second shareholder letter as a public company. The first outlined how we expectedto behave as a public company and what you as shareholders could expect from us in return. I struggled writing this second letter. We provide detailed overviews of the business eachquarter, which go into depth on how we are performing, including key operational and financialmetrics. So, given that we discuss the business every quarter, what’s the purpose of writing ashareholder letter? Then it hit me. To discuss the stock. So that’s what I’m going to do. This letter will have virtually nothing to do with the businessand how it is performing and everything to with the stock and how it is performing. To theextent my thoughts on that topic are interesting, keep reading. If not, this is a good time to flipthe page. TEM’s stock closed at $59.05 per share on December 31, 2025, and was up approximately75% for the year, which implied a market cap of ~$10.3 billion at year end. Given that we went public in June of 2024 at $37.00 per share and closed 2024 at $33.76 pershare, the appreciation was meaningful, especially on a percentage basis. This might lead oneto think we feel good about the stock performance last year, which is only semi accurate. It's nice that the stock was up approximately 75% in 2025. Those types of gains are alwaysmeaningful, especially when the NASDAQ Composite was up approximately 20% and the S&P500 climbed approximately 16% in 2025. But context is important, and when we put Tempus into context, I feel less good about how thestock performed in 2025 and how it's performing as of late. The Challenge of Categorization While diagnostics are foundational to our mission, they are the starting point, not thedestination. Tempus operates at the unique intersection of two distinct investment universes:Healthcare (Next-Generation Sequencing) and Technology (AI-driven data platforms). We have observed a persistent "knowledge gap" in the marketplace. Healthcare investorsoften view our data business with skepticism, while technology investors are frequentlydeterred by the complexities of the diagnostic regulatory landscape. This creates a form ofanalytical paralysis. We’re not the first company to deal with this. Historically, the market struggled to valueAmazon’s cloud infrastructure through a retail lens or Tesla’s software and energy investmentsthrough an automotive lens. Innovation that spans multiple business models is often mispricedas "complexity risk" rather than valued as a competitive advantage. That is, until thebusinesses reach a certain scale at which point it often flips and investor enthusiasm can turneuphoric. Addressing the Valuation Disconnect As a result of this misunderstanding, Tempus trades at a significant discount to its peers inboth categories: ƔIn Diagnostics: At year-end 2025, Tempus traded at ~7x 2026 revenue, compared to~9x and ~10x 2026 revenue for Guardant and Natera, respectively. This discountpersists despite the fact that our analysts’ projected five-year revenue growth ratesurpasses the peer average.ƔIn Data and AI: Pure-play AI and proprietary data companies frequently commandmultiples of 10x to 20x forward revenue. If we apply even the midpoint of that range toour Data & Applications business alone, the implied valuation would exceed $10 billion,a figure nearly matching the market capitalization of our entire company at year end. So I think it's fair to say we trade at a discount to the best NGS diagnostic companies and adiscount to comparable AI data companies. From my perspective, I think that discount is notsmall. If diagnostic investors could invest in only our sequencing business and technologyinvestors could invest in only our data business, it’s quite possible our market cap could morethan double. Ok. So we think our stock is significantly undervalued. What do we do about it? Unfortunately, there’s no magic bullet, but here’s our approach: 1.Keep executing. As Benjamin Graham famously said, “In the short run, the market is avoting machine, but in the long run, it’s a weighing machine.”2.Keep telling our story to investors. We have to bear responsibility for the fact that ourstory, and the strength of our business, is misunderstood. 3.Take action to advance the long term proprietary advantage of each business. Whenyou have two great businesses, as we do, you have to make sure both are nurtured. To the extent #3 requires us to be bold, expect that we will be. As Shareholders you should expect nothing less. Eric Lefkofsky CEO, Tempus Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES☒NO☐ Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period t