Onward Medical (ONWD) Q2 2026 earnings summary

Executive summary

• 159 ARC-EX systems sold or supplied via paid evaluation in H1 2026, representing up to 430% year-over-year growth, now available in over 130 US clinics and 150 clinics globally, with robust home use demand, especially in the US Veterans Affairs system.

• Advanced clinical pipeline with first participant enrolled and implanted in the Empower BP pivotal study for ARC-IM, EIGER feasibility study for mobility restoration, and two additional ARC-BCI implants, bringing the total to seven.

• First half 2026 revenue reached EUR 4.2 million, up 250% year-over-year, with cash balance at June 30, 2026 of EUR 81.5 million, bolstered by over EUR 40 million in new equity capital.

• Significant equity raise included EUR 25 million from EQT Life Sciences and a new EUR 50 million debt facility from BlackRock, replacing previous lenders.

• Filed for potential NASDAQ listing, with timing contingent on market conditions.

Financial highlights

• H1 2026 revenue: EUR 4.2 million (EUR 3.4 million product revenue), with gross profit of EUR 2.9 million (~69-70% margin).

• Operating loss widened to EUR 23.3 million; net loss for the period was EUR 24.7 million.

• Cash position at June 30, 2026: EUR 81.5 million, with EUR 26 million cash used during H1 2026.

• Interest-bearing loans at period end totaled up to EUR 13.5 million.

• Equity increased to EUR 71.9 million, mainly from the April 2026 capital raise.

Outlook and guidance

• Focus on scaling ARC-EX commercialization, expanding home use, and executing the Empower BP pivotal study, with interim readout expected by spring 2027.

• Regulatory approval for ARC-IM targeted by end of 2028, with commercial launch in early 2029.

• Preparing for further international expansion and new feasibility studies for additional indications.

• Cash runway extends into Q1 2028 following recent equity raise.

• No formal sales guidance issued due to early commercialization stage and expected seasonality.