Mauna Kea Technologies (ALMKT) H1 2026 earnings summary

Executive summary

• H1 2026 product and service revenue rose 37% YoY to €3.197m, led by Europe and CellTolerance; total income fell 13% to €3.498m after scheduled Tasly license revenue recognition ended.

• Net loss was €4.815m versus €4.669m in H1 2025; cash and cash equivalents were €2.349m at June 30, 2026.

• Commercial priorities included Cellvizio adoption and CellTolerance expansion; H2 growth is expected from U.S. systems and usage and continued CellTolerance expansion.

Financial highlights

• Product and service revenue increased €866k YoY to €3.197m; total income was €3.498m, down 13%.

• Gross margin on product and service revenue was 65%, up from 63%; cost of goods sold increased 28% to €1.109m, including €121k of U.S. tariff costs.

• Operating loss was €4.159m versus €3.004m; H1 2025 included €0.212m of non-recurring costs.

• R&D expense declined 3% to €1.605m and G&A declined 2% to €1.968m; sales and marketing rose 24% to €2.344m.

Outlook and guidance

• H2 growth is expected from increased U.S. system sales, higher usage supported by Clinical Associates, and further CellTolerance growth in established and new markets.

• Forecasts incorporating the Vester Finance facility and restructured debt repayment schedule support operations through end-2027; rigorous cost management is expected to continue.

• Q3 2026 revenue publication was scheduled for October 20, 2026, after market close.