Nightingale Health (HEALTH) H1 2026 earnings summary

Executive summary

• Positioned as a global standard for AI-powered preventative healthcare, processing over 3 million samples with 900+ publications and regulatory approvals in multiple markets.

• Focused on scaling AI-powered preventative healthcare through standardized blood testing, with labs in Finland, Japan, Singapore, UK, and US, and national use in Finland.

• Achieved significant commercial ramp-up, expanding pilots and sales across Finland, UK, Europe, Singapore, Japan, and the US.

• Signed major new contracts in Denmark and Italy, and extended strategic partnerships, notably with Terveystalo in Finland and Innoquest in Singapore.

• Transformation from a technology-focused to a sales-driven organization accelerated over the past six months.

Financial highlights

• H1 2025/26 revenue reached €2.41 million, up 4% year-over-year.

• EBITDA for H1 was -€5.37 million; operating profit -€8.80 million; net income -€8.81 million.

• Net cash at period end was €37.93 million, impacted by lease renewals.

• Equity ratio at period end was 87%, net debt to equity ratio was -65%.

• Revenue growth target for FY can be achieved without significant increase in cash burn.

Outlook and guidance

• Reiterated target to increase revenue by at least 50% for the fiscal year, with H2 heavily weighted.

• Mid-term goals: agreements to analyze 2 million samples annually in Europe and 10 million in US/Asia, and achieve positive EBITDA.

• Long-term goals: 100 million samples analyzed and €500 million annual revenue.

• Focus for H2 is on targeted sales activities and expanding commercial operations.

• CapEx expected to remain stable unless new labs are opened, tied to customer agreements.