Valbiotis (ALVAL) H1 2026 earnings summary

Executive summary

• H1 revenue was €765K, up 130% YoY; revenue including other income was €2.296M, and net loss narrowed to €3.368M from €4.593M.

• Cash was €11.729M at June 30, 2026, supporting a runway to end-2027, excluding potential additional financing.

• French commercial growth and expanded sales infrastructure supported the rollout; slower-than-expected Q3 momentum led to withdrawal of financial ambitions.

Financial highlights

• Operating loss narrowed to €3.162M from €4.667M; loss after equity-accounted companies was €3.340M.

• Operating expenses rose 8% to €5.5M; the €3.368M net loss included a €178K share of loss from the Chinese joint venture.

• Other operating income of €1.5M mainly reflected a non-cash gain on contributing patents and trademarks to the Chinese joint venture.

Outlook and guidance

• The €3M FY2026 revenue ambition and 2027–2030 financial ambitions were withdrawn after Q3 momentum fell short of expectations and visibility beyond 2026 remained limited.

• Growth acceleration was still expected from H2 2026; first Chinese sales were expected by year-end, with Middle East registrations scheduled for H1 2027.

• Valbiotis PRO® registrations in Saudi Arabia, Lebanon, Iraq and Qatar were scheduled for H1 2027.