Cyclopharm (CYC) H1 2026 earnings summary

Executive summary

• Achieved record global revenue of approximately $17.1 million for 1H FY26, up 11% year-over-year, driven by strong US growth and recurring revenue streams from TechnegasⓇ installations.

• US TechnegasⓇ revenue surged 73% year-over-year, with 70 revenue-generating primary sites as of 1 July 2026, up from 50 at the May AGM.

• Publication of new international lung imaging guidelines, now approved by all major societies, is expected to further accelerate adoption and growth.

Financial highlights

• 1H26F global revenue reached ~$17.1 million, a record half, compared to $15.4 million in 1H25A.

• TechnegasⓇ USA revenue grew to ~$2.1 million from $1.2 million, while rest of world revenue rose to ~$7.2 million from $6.4 million.

• Third-party distribution revenue remained flat at ~$7.8 million.

• Closing cash balance as of 30 June 2026 was ~$12.2 million, reflecting proceeds from capital raising and reduced net cash consumption.

Outlook and guidance

• Short-term US installation guidance of 250–300 revenue-generating sites deferred to after 31 December 2026 due to guideline publication delays.

• Medium-term target of over 2,000 US installations reaffirmed, with a current US pipeline of over 1,650 engaged sites.

• Management expects recurring revenue and cash flow to improve as the installed base grows and new guidelines drive further adoption.