Spineway (ALSPW) H1 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached €5.7 million, up 3% year-over-year, with Q2 2026 revenue rising 29% compared to Q2 2025, reflecting strong commercial momentum and normalization of supply conditions.

• Gross margin remained stable at 67%, while operating income declined due to increased regulatory investments and non-recurring ERP implementation expenses.

• Net loss for H1 2026 was €1.5 million, slightly higher than the €1.4 million loss in H1 2025.

Financial highlights

• Revenue: €5.7 million in H1 2026 vs. €5.6 million in H1 2025 (3% growth).

• Gross margin: €3.84 million (67% of revenue), nearly unchanged from prior year.

• Operating loss: €1.65 million, compared to €1.24 million in H1 2025.

• Net loss: €1.54 million, compared to €1.42 million in H1 2025.

• Net cash position as of June 30, 2026: €1.5 million.

Outlook and guidance

• Expansion of medical education initiatives and international rollout of ESP® artificial disc expected to drive future growth.

• Additional financing through straight bonds to support regulatory investments and working capital needs.