Mauna Kea Technologies (ALMKT) H2 2024 earnings summary

Executive summary

• 2024 marked a challenging year with a 27% revenue decline, mainly due to the absence of orders and payments from the China JV and US reimbursement cuts.

• Operational progress included a 12-point gross margin improvement, a one-third reduction in monthly cash burn, and EBITDA loss above expectations despite lower revenue.

• Launched CellTolerance, targeting the food intolerance market, and achieved inclusion of Cellvizio in ESGE guidelines for pancreatic cysts.

• Safeguard proceedings and creditor/investor discussions underway to strengthen long-term financial position.

Financial highlights

• Total sales fell to €7.7m, down 27% year-over-year, mainly from lost China JV licensing revenue.

• Gross margin rose to 78% from 66%, aided by cost controls and a one-off accounting impact.

• EBITDA loss increased to €4.5m from €3.9m; net loss widened to €10.4m from €3.7m, reflecting non-cash items and absence of prior year capital gain.

• Operating cash burn reduced by over 25% to €539K/month; cash and equivalents at €1.7m as of April 2025.

Outlook and guidance

• Financial loss reduction trajectory expected to continue, with debt restructuring via safeguard proceedings.

• Plans to expand CellTolerance in Europe/US and pursue local partnerships; revenue from this indication expected to triple in 2025.

• Anticipates strategic partnerships or licensing agreements to materialize in 2025.