AOTI (AOTI) H1 2026 earnings summary

Executive summary

• Achieved robust underlying revenue growth of 18.8% year-over-year to $31.9m in H1 2026, driven by strong VA and Medicaid segments, excluding Arizona Medicaid.

• EBITDA increased 16.6% to $3.6m, with margin improving to 10.1% from 9.6% in H1 2025.

• Net profit rose 278% to $0.94m, reflecting operational efficiencies and improved working capital.

• Positive operating cash flow of $0.9m, reversing a $4.7m outflow in H1 2025.

• Positioned for transformational growth with impending CMS Medicare coverage and expanded US market access.

Financial highlights

• Total revenues grew 10.8% to $35.3m; underlying revenue growth (ex-Arizona Medicaid) reached 18.8%.

• Gross profit margin improved to 88.8% (H1 25: 87.7%).

• EBITDA increased to $3.6m, with margin at 10.1%.

• Net debt at $6.3m as of 30 June 2026, down from $6.5m at year-end 2025; cash at period end was $13.8m.

• Operating expenses increased due to higher staff bonuses, severance, bad debt, and professional fees.

Outlook and guidance

• 2026 expected to be transformative with final CMS LCD and Medicare coverage anticipated by July 2027.

• Full-year 2026 EBITDA expected in line with consensus at $6.8m; confident in net debt and cash flow outlook.

• Underlying mid-teens revenue growth (excluding Arizona Medicaid) anticipated, with low single-digit reported growth.