Mainz Biomed (QUCY) H2 2025 earnings summary

Executive summary

• Revenue for 2025 was $537,080, down 40% year-over-year, primarily from ColoAlert kit sales in Europe as the company wound down its direct-to-consumer business and shifted focus to lab partners.

• Net loss for 2025 was $16.2 million, a 25% improvement from 2024, driven by cost reductions and restructuring.

• In February 2026, the company exited its colorectal cancer business to focus on pancreatic cancer diagnostics, resulting in asset sales, employee terminations, and a $2.64 million impairment loss.

• Leadership changes included the appointment of David Lazar as director and co-CEO and Robert Liscouski as non-executive Chairman, aligning with a strategic pivot toward post-quantum cybersecurity.

• The company intends to change its name to Quantum Cyber N.V. and has changed its Nasdaq ticker to QUCY.

Financial highlights

• Gross margin improved to 73% in 2025 from 64% in 2024 due to the shift away from lower-margin direct-to-consumer sales.

• Operating expenses decreased 15% to $16.5 million, reflecting lower R&D, sales, and G&A costs after restructuring.

• Cash and cash equivalents at year-end 2025 were $889,091, down from $6.2 million at the end of 2024.

• Working capital deficit was $1.9 million as of December 31, 2025.

• Accumulated deficit reached $104.9 million.

Outlook and guidance

• The company plans to fund operations through current cash, additional equity/debt financings, and strategic partnerships.

• Substantial doubt remains about the ability to continue as a going concern without additional funding.

• Focus is now on developing a blood-based pancreatic cancer screening test, leveraging a licensed mRNA biomarker and AI algorithm.