Kromek Group (KMK) H1 2026 earnings summary

Executive summary

• CZT detector adoption in medical imaging (CT and SPECT) is accelerating, with major OEMs introducing new products and Kromek positioned as the only independent commercial supplier for 40% of the $400M CZT market by 2030.

• Revenue for the six months ended 31 October 2025 rose to £15.0m from £3.7m year-over-year, driven by both Advanced Imaging and CBRN Detection segments.

• The company has transitioned from a cash-burning, R&D-led model to a profitable, licensing-heavy business, with a strong focus on sustainable, product-led growth in advanced imaging and CBRN segments.

• Strategic contracts with Siemens, Spectrum Dynamics, and others underpin medium-term revenue targets of £60M and 30% EBITDA margin by 2030.

• Operational momentum was supported by major agreements, notably with Siemens Healthineers, and strong order intake in CBRN Detection.

Financial highlights

• Achieved profitability and delivered positive results, with licensing revenue from the Siemens enablement contract recognized primarily in FY2025 ($20.5M, ~£16.5M), and £8.3m in H1.

• Gross margin improved to 71.7% from 56.9% year-over-year, with historical margin around 55%.

• Adjusted EBITDA reached £6.0m, reversing a £2.3m loss in the prior year period; profit before tax was £3.1m versus a £5.7m loss.

• Secured a £6M revolving credit facility to support working capital, primarily for advanced imaging production ramp-up.

• Cash and cash equivalents at period end were £1.2m, down from £1.7m at 30 April 2025.

Outlook and guidance

• Medium-term revenue target of £60M remains, defined as a 3–5 year horizon toward 2030.

• Full-year performance expected to be in line with market expectations, with continued growth in both segments.

• Underlying business expected to grow as licensing revenue tails off, with advanced imaging and CBRN segments both showing strong prospects.

• No intention for further equity raises; growth to be funded through debt facilities and contract-structured CapEx.

• Ongoing commitment to cost control and margin sustainability.