Aiforia Technologies Plc, Half-Year Financial Report (H1) 2025, August 28, 2025, at 9:00 a.m. EEST
Aiforia's Half-Year Financial Report January-June 2025: Expansion continues, driven by commercial and regulatory advancements
Aiforia arranges a live webcast on a result publication day at 1.00p.m. Finnish time. Details of the event and how to participate can be found at the end of this release and also available at https://investors.aiforia.com/en/.
This release is a summary of Aiforia Technologies Plc's Half-Year Financial Report for January-June 2025. The full report is attached to this release.
Summary of the reporting period: The demand for Aiforia's AI-assisted image analysis solutions was strong in the first half of 2025. The order book increased by 58% compared to same period last year and totaled EUR 5.1 million. Aiforia's strong market position as a well-known supplier was reflected in new clinical agreements. The company's position was further enhanced by securing IVDR certification for its Quality Management System, enabling the expansion of its clinical portfolio across Europe. Company's commercial momentum also accelerated through strategic partnerships and reseller collaborations, supporting broader market reach and growth.
This Half-Year Report is unaudited. Unless otherwise indicated, figures in brackets refer to the corresponding period in 2024 and are presented the same units.
January-June 2025
- Group revenue increased by 2% to EUR 1,395 (1,372) thousand.
- Order book increased by 58% to EUR 5,113 (3,235) thousand.
- EBITDA was EUR -3,014 (-4,198) thousand.
- Operating loss (EBIT) was EUR -5,403 (-6,073) thousand.
- Result for the review period was EUR -6,618 (-5,966) thousand.
- The Group's net debt at the end of the period was EUR -5,245 (-11,089) thousand.
- Cash and cash equivalents at the end of the period amounted to EUR 11,874 (17,923) thousand.
- Unadjusted earnings per share (EPS) were EUR -0.23 (-0.22).
- In May, Aiforia successfully completed a directed share issue, raising EUR 8 million to accelerate and continue the execution of its growth strategy.
Group Key figures
| 1,000 euros | 1-6/2025 | 1-6/2024 | Change, % | 2024 |
| Revenue | 1,395 | 1,372 | +2% | 2,852 |
| EBITDA | -3,014 | -4,198 | +28% | -8,220 |
| Operating loss | -5,403 | -6,073 | +11% | -12,195 |
| Result for the financial period | -6,618 | -5,966 | -11% | -11,947 |
| Equity ratio, % | 65% | 67% | -4% | 61% |
| Net debt | -5,245 | -11,089 | -53% | -4,935 |
| Cash and cash equivalents and other financial assets at the end of the period | 11,874 | 17,923 | -34% | 11,496 |
| Order book | 5,113 | 3,235 | +58% | 5,165 |
| Balance sheet total | 30,672 | 33,651 | -9% | 28,376 |
| Number of employees on average | 69 | 76 | -9% | 75 |
| Personnel expenses * | 3,813 | 4,387 | -13% | 9,303 |
| Investment in tangible and intangible assets | 3,679 | 2,686 | +37% | 5,652 |
| Earnings per share, undiluted and diluted, EUR ** | -0.23 | -0.22 | 0% | -0.43 |
*Personnel expenses include capitalization of development expenses and non-monetary costs arising from share-based incentive schemes.
**The Company's potential dilutive instruments consist of stock options. As the Company's business has been unprofitable, stock options would have an anti-dilutive effect and therefore they are not taken into account in calculating the dilutive loss per share. Thus, there is no difference between the undiluted and diluted earnings per share.
Jukka Tapaninen, CEO:
In the first half of the year, we achieved commercial success, largely thanks to robust sales performance in Southern and Western Europe. We successfully acquired new customers and secured additional sales from our existing client base. To further expand our sales reach and accelerate solution adoption, we also established multiple key partnerships.
Our AI solutions have gained a solid foothold in enhancing the efficiency and accuracy of pathology image analysis in Europe. Following our first successful large-scale regional digital pathology project in Veneto in Italy in 2023, we signed new agreements during the reporting period with Lombardy, the largest metropolitan area in northern Italy, and Sardinia, covering seven hospitals in the region. The first deployments in the Lombardy region are expected for the latter half of the year, which will make the deal visible also on the revenue side.
France is another strong market for us in Europe. The country is investing heavily in artificial intelligence, with healthcare being one of its top priorities. Following our successful partnership with the AP-HP hospital center in Paris, which was a strategically important market opening for us, the Nantes University Hospital, the sixth largest hospital in France, selected Aiforia in May as a partner for AI-assisted diagnostics. We have had a sales organization in France since 2023, and in July, Aiforia established a local subsidiary to strengthen our presence and support the growing business in the country.
During the reporting period, we have proceeded with the first clinical deployments in Finland, UK, Turkey and Spain. In March, we announced an extension of our collaboration with the Finnish pharmaceutical company Orion. In the US, our renewed agreement with the Mayo Clinic continues to thrive across multiple sites, covering clinical use, research, and joint development projects. However, the US research market has suffered from decreasing public funding.
Our commercial operations have been further strengthened by resellers and strategic partners to support our growth. During the reporting period, Aiforia announced a partnership with Quorum Technologies to make AI-assisted image analysis solutions more accessible to the Canadian healthcare sector. In March, we announced another strategic partnership, with Techcyte, a leader in AI-powered digital pathology systems. Together, we aim to deliver fully integrated AI-powered workflows to anatomic pathology laboratories worldwide. In March, we also partnered with PathPresenter, a digital pathology image viewing and management software provider.
In February, Aiforia reached a significant milestone by successfully obtaining the IVDR certification for its Quality Management System, enabling to launch new CE-IVD marked products to the European market. At the same time, the company launched three new CE-IVD marked AI models for breast and prostate cancer diagnostics, in compliance with the IVDR. In June, Aiforia introduced again a new CE-IVD marked product for breast cancer grading in compliance with the IVDR. This new AI solution complements Aiforia's Breast Cancer Suite, making it the most comprehensive AI toolkit on the market for breast cancer diagnostics. The new solution brings substantial time savings to the pathologists when reporting the histological grade and enhances diagnostic accuracy and consistency across cases, leading to increased confidence in clinical decision-making.
The most important achievements during the reporting period were the successful awarding of the IVDR certificate, the expansion of CE-IVD marked clinical portfolio, and the entry into leading European hospitals. We have fully established our clinical regulatory compliance in Europe and provide the most extensive product portfolio on the market. Today, we offer our solutions as both cloud-based and on-premise deployments to enhance flexibility to cater to diverse customer requirements.
We remain committed to our vision of becoming the global leader in AI-assisted pathology image analysis. Our efforts to raise funds through a directed share issue of EUR 8 million were successful, which will strengthen our sales efforts going forward. I believe that with our dedicated team and strong foundation of innovations, we are well-positioned to grow and make AI a seamless, everyday tool for pathologists worldwide.
Significant events after the reporting period
On July 9, Aiforia announced that it had established a subsidiary in France to strengthen its local presence and support its growing business in the country.
Aiforia Technologies Plc
Board of Directors
Webcast
Aiforia arranges a live webcast for investors, analysts, and media on the result publication day, August 28, 2025, at 1.00 p.m. Finnish time. The event will be held in English. The financial results will be presented by Jukka Tapaninen, CEO and Veli-Matti Parkkonen, CFO. The webcast can be followed at https://aiforia.events.inderes.com/q2-2025.
A recording of the event and the presentation materials will be available at https://investors.aiforia.com/ later in the day.
Further inquiries
Veli-Matti Parkkonen, CFO, Aiforia Technologies Plc
tel. +358 405 009 878
https://investors.aiforia.com/
Certified Adviser
UB Corporate Finance Ltd
ubcf@unitedbankers.fi
About Aiforia
Aiforia is a trusted provider of deep learning artificial intelligence (AI) solutions for pathology. Aiforia delivers software solutions that elevate diagnostic capabilities in image analysis, enabling remarkable medical discoveries now and in the future. With thousands of AI models already developed on the Aiforia platform for research use and several diagnostic solutions deployed, Aiforia is already significantly impacting pathology and healthcare.
Founded in 2013, Aiforia is a publicly traded company operating internationally with thousands of platform users across the globe. The company is headquartered in Helsinki, Finland, with an office in Cambridge, Massachusetts, and local representatives across Europe and North America. The diverse team at Aiforia includes experienced pathologists, medical scientists, AI and software developers, and a dedicated commercial team. Together, they are working to transform pathology with AI, enabling better care for each patient.
Find out more at www.aiforia.com
