What Is Tempus AI (TEM) and Why a $98.5M Mark Made Its Quarter Profitable

Tempus AI booked $5.6 million of net income for the quarter ended 30 June 2026, its only positive bottom line in the ten quarters its XBRL filings cover. Operations lost $75.9 million over the same three months. Its quarterly report for the period ended 30 June 2026 shows a $98.5 million unrealized gain on marketable securities carrying the difference.

The trap is reading that number as an operating turn. Every quarter in the filed series carries a negative operating line, and the securities line that rescued this one printed negative $32.3 million three months earlier. Phemex listed the TEM perpetual on 31 August 2026. A trader who met the company through that ticker has 19 daily bars and no earnings history to read it against.

Tempus AI (TEM) at a Glance

What Is Tempus AI and What Does the Company Sell?

Tempus AI (TEM) is a Nevada-incorporated diagnostics and data company run out of Chicago and traded on the Nasdaq. It runs oncology diagnostics, connects the laboratory results to the clinical record and licenses the resulting data to drug developers. Revenue for the June quarter came to $382.5 million, up 22% on the same quarter of 2025. The company also told investors it had signed about $200 million of new data and applications licences.

The scale arrived fast. Full-year 2025 revenue reached $1.27 billion against $693.4 million in 2024, an 83.4% increase, and the first six months of 2026 brought in $730.6 million. Management then raised 2026 guidance to a range of $1.595 billion to $1.605 billion.

Phemex lists TEM as a perpetual futures contract with no expiry date, which puts a Nasdaq ticker in front of crypto traders who never opened a brokerage account.

How a $98.5 Million Mark Turned an Operating Loss Into Profit

The XBRL data behind the filing separates the two halves of that result. For the three months to 30 June 2026 the company reported an operating loss of $75.9 million. Against it sat an unrealized gain of $98.5 million on equity securities carried at fair value. Its earnings release says the same thing in words, calling out "$98.5 million in unrealized gains on marketable securities" inside net income of $5.6 million. The same release names $55.6 million of stock compensation expense and related employer payroll taxes in that figure.

Put the two side by side and the size of the mark does the talking. It runs 17.5 times the profit it produced, and it clears the operating loss it erased by $22.6 million. Take it out and the June quarter looks like every other quarter in the file.

A fair-value mark moves with the market and reverses with it. That same line cost Tempus AI $32.3 million in the March 2026 quarter and $35.1 million in the March 2025 quarter. The gap between the March and June 2026 readings runs to $130.8 million, on a business with $382.5 million of quarterly revenue. Read Tempus AI earnings off the headline profit and you're pricing a securities portfolio, and the portfolio prices itself.

What the TEM Stock Numbers Look Like Across Ten Quarters

The XBRL series opens with the quarter ended 30 June 2023 and runs to ten quarters. Those ten skip every December quarter, because a fourth quarter files no 10-Q of its own. TEM stock has a negative operating line in every one of them, and only the June 2026 quarter shows positive net income at the bottom. The six months to 30 June 2026 still show a net loss of $120.3 million.

The filing is blunt about the position. "We have incurred significant losses and negative cash flows from operations since our inception", it reads. The same section puts the accumulated deficit at $2.5 billion as of 30 June 2026. The precise figure in the data is $2.516 billion, up from $2.396 billion at the end of 2025. The June quarter's small profit didn't dent it.

Anyone researching Tempus AI stock should read the sentence straight after that one. The company tells investors to expect further operating losses and higher operating expenses as it builds out new offerings.

Why the TEM Perpetual Futures Contract Is Not the Share

The TEM perpetual futures contract on Phemex settles in USDT and prices off the .TEMUSDT index. What you trade is a dollar-denominated derivative of a Nasdaq share, and it is never the share itself.

Twenty times leverage on a stock perpetual behaves differently from twenty times on Bitcoin, because the underlying stops trading at the closing bell and can gap when it reopens. The product record sets maximum leverage at 20x and the funding interval at 28,800 seconds, or eight hours. Boilerplate on the product page still advertises 100x, so read the field and ignore the description.

Funding changes hands three times a day at 00:00, 08:00 and 16:00 UTC. How the funding rate is set matters more on a thin book than on a deep one.

Nineteen daily bars is the entire history, so no 20-day, 50-day or 200-day average exists on this contract yet. Anyone quoting one has made it up. The first bar covers 14 hours and not a full day, because the listing opened at 10:00 UTC on 31 August 2026. That makes the 1 September close of $62.22 the fair base for any move you measure.

From that base the contract closed 18 September 2026 at $77.75, a gain of 24.96%. The 17 September bar added 14.13% and the 18 September bar gave back 2.86%. Phemex carries no spot TEM market, so the perpetual is the only way to take a position on this ticker there.

What Happens to TEM Stock if the Personalis Merger Closes

Tempus signed a merger agreement with Personalis dated 20 July 2026 and filed its S-4 registration statement on 31 August 2026. Holders of Personalis stock receive Tempus Class A shares at an exchange ratio fixed at 0.3356. That fix applies when the Tempus Stock Price lands at or below a floor price of $48.42. Tempus may also elect to pay cash of $16.25 a share for up to half the shares outstanding, and the deal still needs a majority vote of Personalis holders and the antitrust waiting period.

That Tempus Stock Price is a 15-day volume-weighted average of the Nasdaq share, so the $77.75 perpetual close tells you nothing about where it lands. Corporate events set the terms for a listed-stock perpetual, and our Medline IPO analysis works through a stock whose arrival on the market is the event.

Tempus filed a Form 425 on 15 September 2026 carrying a conference transcript from founder and chief executive Eric Lefkofsky. He spoke at the Morgan Stanley Annual Global Healthcare Conference the same day. TEMUSDT closed that session up 10.85% at $68.45 on turnover of $148,200. The two dates line up, and nothing in the filing establishes that one caused the other.

How the TEM Perpetual Trades When US Markets Are Shut

Those 19 bars split into 15 weekdays and four weekend days, and the weekend barely registers. The four weekend bars carry 9.7% of the $1,885,890 the contract turned over across the whole series. Their median high-low range comes to $1.19 against $4.12 on the weekday bars. TradFi perpetuals during a US market closure keep quoting a price with no cash market behind them.

The number that should size your position is the turnover on the anchor bar. TEMUSDT turned over $139,742 on 18 September 2026, which comes to 0.035% of what the Bitcoin perpetual turned over the same day. An order that would disappear into a Bitcoin book moves this one.

Frequently Asked Questions

Does Phemex list a TEM spot market?

No. The product file carries TEMUSDT as a perpetual only, and the currency record names the asset Tempus AI Inc. Pages that look like spot listings for this ticker are templates with no market behind them.

What was Tempus AI's adjusted EBITDA in the June 2026 quarter?

Adjusted EBITDA came to $8.0 million, against negative $5.6 million in the same quarter of 2025. It's the company's own non-GAAP measure, and it leaves the securities mark out.

How much cash does Tempus AI hold?

Cash and cash equivalents stood at $599.6 million on 30 June 2026, and the earnings release puts cash and marketable securities together at $820.7 million. The marketable securities in that second figure are the ones producing the mark.

Where has the TEM perpetual traded on Phemex?

The series high is $81.53, printed intraday on 18 September 2026, and the series low is $57.22 on 14 September 2026. Both fall inside a window that opened on 31 August 2026.

When does the Personalis deal have to close?

The merger agreement sets an outside date of 20 April 2027, extendable by two further six-month periods. It also provides for a reverse termination fee of about $76.8 million payable to Personalis in defined circumstances.

Bottom Line

Price the portfolio and not the press release. Tempus AI's June quarter turned on securities the company happens to hold, and those holdings swung $130.8 million between two readings three months apart. The perpetual lets you take a view on that 24 hours a day, on a book that moved $139,742 of value on the anchor session.

Disclaimer: This article is for informational purposes only and is not financial advice. Cryptocurrency trading involves substantial risk. Always do your own research before making investment decisions.