Cyclopharm (CYC) H2 2025 earnings summary

Executive summary

• Achieved record group revenue of A$32.3 million for 2025, up 17% year-over-year, driven by US market entry and strong third-party distribution growth.

• US became the largest individual country for Technegas® sales, with revenue of $2.7 million, up 226% year-over-year.

• Loss after tax increased to $17.2 million from $13.2 million, reflecting targeted investment in US expansion.

• Technegas® now operational in 67 countries, with Colombia added in 2025.

Financial highlights

• Total revenue: $32.3 million (2024: $27.6 million), up 17.2% year-over-year.

• Technegas® revenue: $16.7 million, up 9.7%; third-party distribution revenue: $15.6 million, up 26.5%.

• Underlying EBITDA loss: $15.4 million (2024: $11.9 million), up 28.9%.

• Gross margin: $17.9 million, stable year-over-year, with margin pressure from lower-margin third-party sales.

• Diluted loss per share: (15.64) cents (2024: (12.83) cents).

Outlook and guidance

• Reaffirmed guidance for 250–300 revenue-generating Technegas® sites in the US by H2 2026.

• US market expected to drive exponential growth, with Beyond PE initiatives targeting broader respiratory applications.

• Total addressable market estimated at over US$1 billion annually, combining US PE and Beyond PE opportunities.