Cyclopharm (CYC) H1 2026 earnings summary

Executive summary

• Achieved fifth consecutive record half-year revenue of $17.5 million (AUD 17.5 million), up 14% year-over-year, with the US market as the primary growth engine and Technegas revenue up 74%.

• US revenue-generating sites doubled to 70 at June 30 and reached 83 by mid-August, with 54% of US sites as expansion units within existing customers.

• Technegas named as the preferred ventilation imaging agent in new international guidelines published July 29, 2026, now approved by all major societies.

• Strong global presence with Technegas available in 67 countries and direct distribution in 17.

• Net loss after tax increased to $8.8 million, reflecting continued US investment, higher R&D, and absence of prior joint venture profit.

Financial highlights

• Total revenue reached $17.5 million (AUD 17.5 million), a 14% increase year-over-year; Technegas revenue $9.4 million (+23%), third-party distribution $8.1 million (+4%).

• US Technegas revenue grew from $1.2 million to $2.1 million, up 74%; rest of world Technegas revenue increased 13% to $7.3 million.

• Gross margin improved to 56.3% from 53.5%, driven by high-margin US consumables (~95% margin).

• Net loss after tax was $8.8 million (vs. $7.7 million prior year); underlying EBITDA loss $7.7 million.

• Cash position at period end was $12.2 million after $13.5 million net capital raise.

Outlook and guidance

• New US and international guidelines are expected to accelerate adoption and revenue growth, with expansion into Beyond PE clinical applications opening a potential $1.1 billion additional addressable market.

• Strong US pipeline with 1,684 actively engaged sites and 429 contracted affiliated sites; medium-term target of over 2,000 US installations reaffirmed.

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

• Quarterly pipeline updates planned for the remainder of the year.

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