Cyclopharm (CYC) H1 2025 earnings summary

Executive summary

• Achieved record half-year revenue of $15.42 million, up 26% year-over-year, driven by strong U.S. Technegas® sales, global third-party distribution growth, and expanded U.S. commercial traction.

• U.S. Technegas® revenue doubled to $1.24 million in H1 2025, with installations rising to 35 sites and major contracts secured with federal and private healthcare networks.

• Third-party distribution revenue rose 58% to $7.76 million, now representing about half of group revenue.

• Cash reserves at June 30, 2025, were $12.41 million, with an additional $6.2 million expected from a non-core asset sale.

• Net loss after tax was $7.69 million, consistent with the prior year, mainly due to continued investment in U.S. expansion.

Financial highlights

• Total sales revenue reached $15.42 million, up 26% from $12.27 million in the prior year.

• U.S. sales doubled to $1.24 million in H1 2025, with installations increasing from 17 to 35.

• Third-party distribution revenue was $7.76 million (+58% year-over-year).

• Gross margin was $8.26 million (+20%), with margin percentage declining to 54% from 56% due to product mix.

• Net loss after tax was $7.69 million, with loss per share improving to (6.96) cents from (7.83) cents.

Outlook and guidance

• Guidance reaffirmed for 250–300 U.S. Technegas® installations in 2H CY2026, with accelerated U.S. growth expected post-summer.

• Recurring revenue model scaling in the U.S., with consumables and annual access fees under CMS reimbursement.

• Beyond PE strategy targets expanded use in COPD, asthma, lung cancer, and occupational lung disease, with addressable market potential exceeding US$1.1 billion.

• Robust sales pipeline and focus on converting pre-qualified leads.