Aiforia Technologies (AIFORIA) H1 2026 earnings summary

Executive summary

• Revenue declined 46% year-over-year to EUR 753 thousand in H1 2026, mainly due to delayed revenue recognition and slower conversion of new contracts.

• Expanded clinical customer base with five new hospitals in France, a public tender in Spain, and major agreements in France, Italy, and Spain, supported by government funding and public sector investment.

• Product portfolio grew to 12 CE-IVD marked solutions, with two new models for prostate and gastric cancer diagnostics launched in H1 2026, now covering over 50% of typical clinical workflows.

• Strengthened partner ecosystem with new partnerships, including Proscia, and ongoing collaborations with major scanner manufacturers.

• Financing was strengthened through a EUR 6.4 million share issue and a binding EUR 20 million venture debt facility with the European Investment Bank, with tranches conditional on milestones.

Financial highlights

• H1 2026 revenue was EUR 753,000, down 46% year-over-year from EUR 1,395,000 in H1 2025.

• EBITDA was EUR -4,726,000, including a one-off non-cash item of EUR 1,076,000 related to stock options.

• EBIT was EUR -7,623,000, compared to EUR -5,403,000 in H1 2025.

• Cash and cash equivalents at period end were EUR 9,865,000.

• Order book at end of June 2026 was EUR 3.5 million, stable since December but down 32% year-over-year.

Outlook and guidance

• No short-term financial guidance published; mid-term targets include financial independence by end of 2027 and growing clinical key accounts from 20 to 50, each with significant revenue potential.

• Revenue recognition is shifting toward recurring models, with most new agreements structured as right-to-access, smoothing revenue over contract periods.

• Current cash reserves and first EUR 5 million tranche of EIB financing expected to cover operational needs for at least 12 months.

• Product coverage aims to expand to 80% of the pathologist's workflow by 2030.