Cyclopharm (CYC) H2 2025 earnings summary

Executive summary

• Record operating revenue of $32.3 million for FY2025, up 17% year-over-year, with the U.S. becoming the largest individual market for Technegas®.

• U.S. Technegas® revenue surged 226% to $2.7 million, reflecting rapid adoption post-FDA approval and reimbursement.

• Third-party distribution revenue rose 26% to $15.6 million, driven by consumables and services.

• FY2025 marked a pivotal year with foundational investments to scale U.S. operations and accelerate growth.

Financial highlights

• Gross margin held steady at $17.8 million, consistent with FY2024, despite a changing revenue mix.

• Cash balance at year-end was $6.6 million.

• Underlying unaudited net loss before income tax was $17.0–$18.0 million, compared to a $13.1 million loss in FY2024, reflecting targeted U.S. investment.

• Consumables and service revenue increased 46% year-over-year, strengthening recurring revenue.

Outlook and guidance

• Guidance reaffirmed for 250–300 revenue-generating Technegas® installations in the U.S. by H2 2026.

• More than 150 Technegas® generators already landed in the U.S., supporting near-term deployment and insulating from tariff variations.

• Growing contracted pipeline and increasing institutional demand expected to drive sustained revenue growth.