MedPal AI (MPAL) H1 2026 earnings summary

Executive summary

• Achieved first revenues of £1.6 million for the six months ended 28 February 2026, transitioning from a pre-revenue position at IPO in August 2025.

• Rapid execution of strategy, including acquisitions and direct supply agreements, forming the MedPal Health OS platform.

• Pharmacy operations reached an annualised revenue run rate of over £5 million by March 2026, with gross margins exceeding 34%.

• Loss after tax of £3.27 million reflects planned investments in infrastructure, staffing, and technology.

Financial highlights

• Revenue for H1 2026: £1,603,943 (H1 2025: £nil); gross profit: £368,550.

• Loss for the period: £3.27 million (H1 2025: £0.06 million).

• Administrative costs: £3.36 million, driven by investment in staff, marketing, and technology.

• Cash and cash equivalents at period end: £4,189, reflecting rapid working capital absorption.

• Equity capital raised: £2.54 million during the period, with a further £4 million post period end.

Outlook and guidance

• Management forecasts pharmacy-level EBITDA breakeven at 80,000 items/month, expected in Q4 2026.

• Anticipates continued growth in NHS dispensing, private GLP-1 revenues, and care home channel penetration.

• Ongoing commercial discussions and further platform roll-out expected to drive sustained, profitable growth.