Mauna Kea Technologies (ALMKT) H1 2025 earnings summary

Executive summary

• Achieved a key milestone in financial restructuring, including a major reduction in debt and a new capital increase plan, with safeguard proceedings initiated in March 2025 to stabilize finances.

• Revenue for H1 2025 was €3.7 million, down 5% year-over-year, with strong US growth offset by declines in Europe and consumables.

• Operating loss improved to €3.0 million from €3.7 million, reflecting strict expense control and improved operational efficiency.

• Net loss remained stable at €4.7 million, with cash flow from operations improving due to expense control and payment freezes.

• Interim financing of €1.8 million in convertible bonds secured in July 2025, extending financial visibility to mid-November 2025.

Financial highlights

• US revenue grew 16–17% year-over-year, now representing 70–80% of total revenue, while Europe declined 81% and Asia-Pacific rose 124%.

• Gross margin was 63%, down from 66% due to new US tariffs.

• R&D expenses fell 14%, sales and marketing by 27%, and general expenses by 13% year-over-year.

• Cash and cash equivalents stood at €0.7 million as of June 30, 2025.

• License revenue increased 36% year-over-year, driven by new agreements.

Outlook and guidance

• Focus on US growth, especially for Cellvizio in pancreatic cysts and CellTolerance for food intolerances.

• International expansion planned, with launches in Australia and exploration in the Middle East and Latin America.

• Regulatory milestones expected in France for Cellvizio reimbursement in 2026.

• Strategic partnerships and new licensing/distribution agreements targeted.

• Profitability targeted for 2027, contingent on successful restructuring and sales growth.