Diaceutics (DXRX) H1 2026 TU earnings summary

Executive summary

• Revenue for H1 2026 grew 22% at constant currency to £17.5 million, with a 3-year CAGR of 21%.

• Annual Recurring Revenue (ARR) surged 75% year-over-year to £28.8 million, with recurring revenue now 61% of total TTM revenues.

• Order book expanded 38% to £43.7 million, with £15.7 million contracted for H2 2026 delivery, providing 91% visibility on FY 2026 consensus revenue.

• Customer base grew to 54 across 99 therapeutic brands, with deepening relationships and longer-term contracts.

Financial highlights

• H1 2026 revenue: £17.5 million (H1 2025: £14.6 million), up 20% year-over-year.

• Gross margin increased to 87% (H1 2025: 83%).

• Adjusted EBITDA expected at £1.1 million, up from £0.1 million in H1 2025.

• Cash position at £8.1 million with no debt as of 30 June 2026.

Outlook and guidance

• 91% visibility on achieving FY 2026 median analyst consensus revenue estimates of £46.7 million.

• Management confident in meeting 2026 targets, supported by recurring revenue, order book, and pipeline.

• Focus remains on disciplined organic growth, recurring revenue expansion, cash conversion, and cost control.