Elsight (ELS) H2 2025 earnings summary

Executive summary

• Achieved transformational growth in 2025 with 11-fold organic revenue increase to US$22.8M, reaching profitability and cash flow breakeven in H1 2025.

• Ended year with US$59M cash, zero debt, and a US$22M order backlog, providing strong revenue visibility into 2026.

• Expanded global business development, doubled manufacturing capacity, and launched new products including Aura, broadening addressable markets.

Financial highlights

• Revenue: US$22.8M for 2025, up from US$2.0M in 2024 (11x increase).

• Net profit: US$7.5M (2024: US$3.9M loss).

• Gross margin: ~77%, reflecting high-value product mix.

• Operating cash flow: US$19.8M (2024: US$1.8M outflow).

• Cash and cash equivalents: US$59M at year-end (2024: US$0.87M).

• Working capital: US$48.8M (2024: US$0.97M).

• Recurring revenue: US$2.8M, up 250% YoY, now 12% of total revenue.

Outlook and guidance

• Entered 2026 with ~96% of 2025 revenue already secured in backlog for H1 2026.

• Major US$21.2M contract secured for delivery in early 2026; additional commercial orders received post year-end.

• Ongoing investments in sales, marketing, and product development to drive multi-year expansion.