Cyclopharm (CYC) H1 2025 earnings summary

Executive summary

• Achieved record half-year revenues of $15.42 million, up 26% year-over-year, driven by strong USA TechnegasⓇ sales and significant third-party distribution growth.

• USA TechnegasⓇ sales doubled in H1 2025, with installations rising to 35 sites and cumulative sales of $2.06 million since approval.

• Major contracts secured with U.S. federal and private healthcare networks, and TechnegasⓇ is now distributed in 66 countries.

• Third-party distribution contributed 50% of total revenue, up 58% year-over-year, reflecting strong demand for equipment, consumables, and services.

• Cash reserves stood at $12.41 million at June 30, 2025, with an additional $6.2 million expected from a non-core asset sale.

Financial highlights

• Total sales revenue reached $15.42 million, up 26% from $12.27 million in the prior year.

• USA TechnegasⓇ sales were $1.24 million for the half, with global TechnegasⓇ revenue at $7.66 million.

• Third-party distribution revenue was $7.76 million, up 58% year-over-year.

• Gross margin was $8.26 million (+20%), with margin percentage declining to 54% from 56% due to product mix.

• Net loss after tax was $7.69 million, similar to the prior year, with loss per share improving to (6.96) cents.

Outlook and guidance

• Guidance reaffirmed for 250–300 USA TechnegasⓇ installations in 2H CY2026, with expectations for accelerated U.S. growth post-summer.

• Recurring revenue from consumables and access fees is expected to become increasingly meaningful as the U.S. footprint expands.

• Beyond PE strategy targets expanded use in COPD, asthma, lung cancer, and occupational lung disease, with a total addressable market over US$1.1 billion.

• The sales pipeline is robust and materially higher than previous periods, with a focus on converting pre-qualified leads.