Mauna Kea Technologies (ALMKT) Q4 2025 TU earnings summary

Executive summary

• Q4 2025 revenue increased 19% year-over-year on a reported basis and 29% at constant exchange rates, driven by strong U.S. performance.

• U.S. sales grew 65% (82% at CER), now representing 77% of total Q4 revenue, up from 60% in Q4 2024.

• CellTolerance achieved €1 million in global sales for FY 2025, confirming it as a second growth pillar.

• Commercial activity outside the U.S. rebounded post-Safeguard proceedings, with new market entries in Australia and Austria.

Financial highlights

• Q4 2025 total revenue was €2.41 million, up from €1.74 million in Q4 2024.

• FY 2025 revenue reached €7.99 million, a 5% increase year-over-year (9% at CER).

• U.S. system sales rose 284% (324% at CER) in Q4, with four new systems sold at 96% of list price.

• U.S. probe sales increased 83% (101% at CER), while PPU revenue declined 23% (-16% at CER).

• EMEA & ROW Q4 revenue declined 39% due to the end of a non-recurring J&J payment, but core system and probe sales grew 23% and 68%, respectively.

Outlook and guidance

• Entering 2026 with improved visibility and confidence, supported by U.S. market underpenetration, a new partnership, and international expansion.

• The Tae Woong Medical USA partnership is expected to be operational by end of Q1 2026, with no fixed costs for Mauna Kea.