Mauna Kea Technologies (ALMKT) H2 2025 earnings summary

Executive summary

• 2025 was a transformational year with a 69–70% reduction in debt, a €20M equity increase, and a clear path to profitability by end-2027, supported by a strengthened balance sheet and dedicated resources for commercial expansion.

• Achieved accelerated sales growth in FY 2025 and Q1 2026, with strong U.S. momentum and global expansion of CellTolerance and Cellvizio programs.

• Net profit reached €10.8M in 2025, reversing a prior loss, mainly due to €21.3M in non-recurring financial income from debt restructuring.

• Adjusted EBITDA improved by €1M to (€3.0M), reflecting cost discipline and operating leverage.

Financial highlights

• Total sales reached €8.2M in 2025, up 7% year-over-year, with U.S. sales up 38% at constant exchange rates.

• Adjusted EBITDA improved to (€3.0M) in 2025, a €1M improvement year-over-year.

• Net profit was €10.8M, driven by €21.3M in exceptional financial income from debt cancellation.

• Operating cash burn decreased by 34% year-over-year and halved since 2022.

• Gross margin (adjusted) was 68% in 2025, or 69.5–70% at constant exchange rates.

Outlook and guidance

• On track to reach EBITDA profitability by end of 2027.

• Cash runway extends to early Q2 2027, excluding potential warrant exercises.

• Anticipates further commercial momentum, new product launches, and expanded CellTolerance and Cellvizio programs in 2026.