Nightingale Health (HEALTH) H1 2026 earnings summary

Executive summary

• Focused on scaling AI-powered preventative healthcare through standardized blood testing technology, with global operations and labs in five countries.

• Revenue for July–December 2025 was EUR 2.41 million, up from EUR 2.31 million year-over-year.

• Transformation from a technology-focused to a sales-driven organization accelerated over the past six months.

• Significant new contracts signed in Denmark and Italy, expanding research and healthcare partnerships.

• Strategic agreements and pilot projects launched in Finland, UK, Singapore, Japan, and the US.

Financial highlights

• H1 revenue increased by 4% year-over-year, with the majority of fiscal year revenue expected in H2 due to project timing.

• EBITDA was EUR -5.37 million, compared to EUR -4.72 million year-over-year.

• Net cash at period end was EUR 37.93 million, down from EUR 47.64 million at June 2025.

• Equity ratio at period end was 87%, down from 90% at June 2025.

• Net cash change impacted by a €2 million headquarters lease renewal.

Outlook and guidance

• Reiterated target to increase revenue by at least 50% for the fiscal year, with H2 heavily weighted.

• Mid-term goals include analyzing 2 million samples annually in Europe and 10 million in the US or Asia.

• Long-term goal to analyze 100 million blood samples and generate EUR 500 million annual revenue.

• Confident in delivering the Aalborg contract in H2 and closing additional material deals.

• CapEx expected to remain stable unless new labs are opened, which would be tied to customer agreements.