Nexstim (NXTMH) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 grew 41.8% year-over-year to €4.5M, with significant improvement in profitability and positive EBITDA for the second consecutive half-year.

• Diagnostic business revenue surged 65.3% to €2.5M, while therapy business declined 8.4% to €1.4M; research and neuroscience revenue rose 565.7%.

• Signed an exclusive agreement with Sinaptica Therapeutics for Alzheimer's therapy collaboration, with milestone-based payments and €0.2M recognized in H1 2025.

• Strengthened partnership with Brainlab, enhancing global sales and marketing reach to thousands of customers.

• Operating loss narrowed to €-0.2M from €-0.9M year-over-year; net loss improved to €-0.3M.

Financial highlights

• Revenue reached €4.5M in H1 2025, up 41.8% year-over-year; hardware sales grew 79.7% to €2.2M.

• Adjusted revenue (excluding Sinaptica license) was €4.3M, up 35.5% year-over-year.

• EBITDA was €0.2M (H1 2024: -€0.5M); operating expenses increased 11%.

• Cash and cash equivalents at period end were €2.7M, down from €3.0M; operating cash flow €0.3M.

• Equity ratio improved to 31.9% from 28.7% year-over-year.

Outlook and guidance

• Expects continued revenue growth and further improvement in operating result for full-year 2025.

• Strategic focus on profitable growth, minimizing future capital needs, and expanding partnerships, especially in the US.