Novacyt (ALNOV) H2 2025 TU earnings summary

Executive summary

• Full year 2025 revenue reached approximately £20.0m, meeting market expectations and reflecting a 4% underlying growth year-over-year, excluding the Taiwan service laboratory divestment.

• Sequential half-year revenue growth was maintained for three consecutive periods, with H2 2025 revenue at £10.2m, up from £9.6m in H2 2024.

• Cash position remained strong at £19.2m as of 31 December 2025, with the Group remaining debt free.

Financial highlights

• Statutory revenue for FY 2025 expected at £20.0m (FY 2024: £19.6m), in line with market expectations of £19.8m.

• Adjusted EBITDA loss expected to meet or improve on market expectations of £8.5m.

• Closing cash balance at year-end was £19.2m, compared to £23.8m at 30 June 2025.

Outlook and guidance

• Healthy pipeline of opportunities for 2026 and beyond, particularly in the Instrumentation segment.

• Product launches and beta testing underway, with new products expected to drive future growth.