Cyclopharm (CYC) H2 2025 earnings summary

Executive summary

• Achieved record group revenue of $32.3m in FY2025, up 17% year-over-year, driven by US TechnegasⓇ sales and strong third-party distribution growth.

• US TechnegasⓇ revenue surged 226% year-over-year, making the US the largest single market for the product.

• Net loss after tax was $17.2m, reflecting significant investment in US market expansion and foundational infrastructure.

• Third-party distribution revenue rose 26% to $15.6m, providing diversification and recurring revenue.

• TechnegasⓇ is now available in 67 countries, with regulatory approval in Colombia secured in December 2025.

Financial highlights

• Group revenue: $32.33m (up 17% from $27.57m in FY2024).

• TechnegasⓇ revenue: $16.69m (up 10% year-over-year).

• Third-party distribution revenue: $15.63m (up 26% year-over-year).

• Gross margin: $17.9m, stable year-over-year despite evolving revenue mix.

• Underlying EBITDA: $(15.4)m (vs. $(11.9)m in FY2024).

• Diluted loss per share: (15.64) cents (vs. (12.83) cents in FY2024).

• Net cash balance at year-end: $6.6m (down from $20.6m in FY2024).

Outlook and guidance

• Reaffirmed guidance for 250-300 US TechnegasⓇ installations in the second half of 2026.

• US market expected to drive exponential growth, with a total addressable market of over US$1 billion annually (US$180m for PE, US$900m for 'Beyond PE' applications).

• Additional $14m capital raised in Q1 2026 to accelerate US expansion, manufacturing, and clinical development.

• Ongoing investment in next-generation TechnegasⓇ technology and expansion into broader respiratory indications.