NanoEcho (NANECH) Q2 2025 earnings summary

Executive summary

• Achieved key clinical milestones, including successful completion of the first clinical study and publication of the first clinical image of detected nanoparticles in a human lymph node.

• Confirmed system usability and health economic potential, supporting the path toward commercialization.

• Won a public procurement to supply a research system to Lund University, marking a step toward first revenues.

• Strengthened strategic position through algorithm optimization and mapping of key European market stakeholders.

Financial highlights

• Net sales were 0 TSEK for both Q2 and H1 2025, consistent with the clinical phase status.

• Net loss after tax was -4,512 TSEK for Q2 2025 (vs. -4,697 TSEK Q2 2024) and -9,815 TSEK for H1 2025 (vs. -8,675 TSEK H1 2024).

• Cash flow from operations was -3,817 TSEK in Q2 2025 and -9,864 TSEK for H1 2025.

• Cash and cash equivalents at period end were 8,672 TSEK (vs. 2,309 TSEK prior year).

• Equity at period end was 20,572 TSEK, with a solid equity ratio of 84%.

Outlook and guidance

• Financial endurance extended to December 2025 through cost control and focus on value-creating activities.

• Ongoing clinical program with further user studies planned; regulatory approval targeted for 2028.

• First revenues expected soon, following the Lund University contract.