Aiforia Technologies Plc, Financial Statements Bulletin 2025, March 6, 2026, at 9:00 a.m. EET
Aiforia Technologies Plc's Financial Statements Bulletin for January-December 2025 (unaudited): Clinical sector revenue increased 68% in 2025, driven by portfolio expansion and commercial execution
This release is a summary of Aiforia Technologies Plc's Financial Statements Bulletin for January-December 2025. The full report is attached to this release and also available at https://investors.aiforia.com/en/.
Summary of the reporting period: In 2025, we significantly advanced towards becoming a market leader in AI-assisted image analysis in pathology, integrating solutions across Europe and acquiring new customers. A major milestone was the IVDR certification for five new clinical AI solutions. We expanded geographically by establishing a subsidiary in France. In the US, we optimized our sales organization and secured a collaboration with a world-renowned cancer institute, while continuing our strong partnership with Mayo Clinic. Further growth was supported by key partnerships, including Siemens Healthineers, and an extended collaboration with Orion for preclinical histology processes.
Unless otherwise indicated, figures in brackets refer to the corresponding period in 2024.
July-December 2025
- Group revenue increased by 45% to EUR 2,140 (1,479) thousand.
- EBITDA was EUR -3,027 (-4,021) thousand.
- Operating loss (EBIT) was EUR -5,779 (-6,122) thousand.
- Result for the review period was EUR -6,048 (-5,980) thousand.
- The Group's net debt at the end of the period was EUR -2,348 (-4,935) thousand.
- Cash and cash equivalents at the end of the period amounted to EUR 9,529 (11,496) thousand.
- Unadjusted earnings per share (EPS) were EUR -0.19 (-0.22).
- In December Aiforia successfully completed a directed share issue raising EUR 4.2 million for the acceleration and continuing execution of Aiforia's growth strategy.
January-December 2025
- Group revenue increased by 24% to EUR 3,535 (2,852) thousand.
- EBITDA was EUR -6,045 (-8,220) thousand.
- Operating loss (EBIT) was EUR -11,183 (-12,195) thousand.
- Result for the review period was EUR -12,665 (-11,947) thousand.
- Net debt was EUR -2?348 (-4?935) thousand.
- Cash and cash equivalents were EUR 9?529 (11?496) thousand.
- Unadjusted earnings per share (EPS) were EUR -0.41 (-0.43).
- The parent company's loss for the financial year is EUR -11,493 thousand, and the distributable free equity is EUR 9,091 thousand. The Board of Directors proposes to the General Meeting that the loss for the financial year be retained in the retained earnings account and that no dividend be paid.
Key figures
| 1,000 euros | 7-12/2025 | 7-12/2024 | Change, % | 2025 | 2024 | Change, % |
|---|---|---|---|---|---|---|
| Revenue | 2,140 | 1,479 | +45% | 3,535 | 2,852 | +24% |
| EBITDA | -3,027 | -4,021 | +25% | -6,045 | -8,220 | +26% |
| Operating loss (EBIT) | -5,779 | -6,122 | +6% | -11,183 | -12,195 | +8% |
| Result for the financial period | -6,048 | -5,980 | -1% | -12,665 | -11,947 | -6% |
| Equity ratio, % | 60% | 61% | -2% | 60% | 61% | -2% |
| Net debt | -2,348 | -4,935 | +52% | -2,348 | -4,935 | +52% |
| Cash and cash equivalents at the end of the financial period | 9,529 | 11,496 | -17% | 9,529 | 11,496 | -17% |
| Balance sheet total | 29,164 | 28,376 | +3% | 29,164 | 28,376 | +3% |
| Number of employees on average | 72 | 74 | -3% | 71 | 75 | -5% |
| Personnel expenses * | 4,102 | 4,916 | -17% | 7,915 | 9,303 | -15% |
| Investment in tangible and intangible assets | 2,965 | 2,966 | -0% | 6,645 | 5,652 | +18% |
| Earnings per share, undiluted and diluted, EUR ** | -0,19 | -0,22 | +12% | -0,41 | -0,43 | +4% |
*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 2025, our journey towards becoming a market leader in AI-assisted image analysis in pathology continued. During the year, we saw several European healthcare providers successfully integrate Aiforia's AI solutions into their clinical diagnostics workflows, which confirms the value of our technology. Commercially, we took steps forward as we continued to acquire new customers and completed essential clinical customer deployments in multiple countries. Operationally, we improved our cost structure and efficiency while secured funding to support the company's future growth.
In February 2025, we reached a huge regulatory milestone, as we successfully achieved in Vitro Diagnostic Regulation (IVDR) certification for the selection of AI solutions focused on breast and prostate cancer diagnostics. It was a significant step for the company, as it enables us to introduce a broader range of products to the cancer diagnostics market in Europe. The certification shows that Aiforia's clinical solutions meet stringent safety, performance, and risk management requirements according to the IVDR. During 2025, we continued expanding our CE-IVD marked product portfolio and launched all together five new AI solutions for cancer diagnostics. One of the products is a market-leading Breast Cancer Grading AI solution with five AI models, which together with the existing breast biomarker models form a unique and complete AI offering for breast cancer diagnostics. In total, we had eleven CE-IVD marked products at the end of 2025.
We continued our product development efforts and announced an expansion of our AI technology platform featuring the Vision Transformer architecture. The new Aiforia Foundation Engine leverages foundation models and combines them with task-specific annotations provided by pathologists. This optimized combination significantly accelerates our AI model development, resulting in robust models that work in multiple environments.
In 2025 we established a subsidiary in France to support business growth and strengthen local presence. France is a key market, where we already have a strong presence through collaboration with the AP-HP hospital group in Paris as well as partnerships with Nantes University Hospital and Institut Curie. The new subsidiary with a strong local team will enhance both our growth and customer service, as well as foster closer cooperation with local healthcare providers. In France, there is a significant focus on leveraging AI in the healthcare sector, with European AI players being considered particularly relevant.
In 2025, we optimized our US sales organization, which is fully operational and vital for our future growth. At the end of 2025 we signed an agreement with a prestigious and world-renowned cancer institute in the US to collaborate on AI-powered image analysis. This collaboration with a globally recognized cancer institute is a significant validation of Aiforia's platform and its potential to accelerate advanced research. Our strong collaboration with the Mayo Clinic in the US continues.
In Finland, we made progress in multiple fronts. Fimlab Laboratories implemented Aiforia's solutions for breast cancer diagnostics to support pathology workflows with AI. In 2025, we extended our collaboration with the Finnish pharmaceutical company Orion to integrate our software solution into their preclinical histology processes, aiming to further automate and improve study evaluation workflows. This led to the December launch of a new version of the Aiforia® Studies module, which includes an advanced data capture module specifically designed for effective recording of preclinical study findings.
Our sales reach was expanded during the year through the establishment of multiple key sales and marketing partnerships, notably a collaboration with Siemens Healthineers.
Having successfully achieved almost all our short-term business targets for 2024-2025, our strategic focus is now firmly set on our 2030 mid-term targets. In December, we successfully completed a share issue, raising EUR 4.2 million to accelerate and execute our growth strategy.
I extend my sincere thanks to Aiforia's customers, partners, personnel and shareholders for 2025. We are fully committed to seizing the opportunities within the rapidly evolving AI-driven digital pathology landscape and look forward to continuing our mission to advance patient care through AI innovation.
Business targets
Aiforia does not publish short-term outlooks or financial targets. However, the company has set medium-term business targets:?
Aiforia's mid-term business targets are:
- Achieve financial independence by the end of 2027
- Create a product offering that covers 80 percent of the pathologist's diagnostic workflow (2030)
- Achieve 50 key accounts (potential for over EUR 500 thousand in annual recurring revenue) (2030)
- Leverage technology beyond diagnostic support for pathologists (2030).
Significant events after the reporting period
Aiforia Technologies Plc's Board of Directors decided on 19 January 2026 to extend and unify the subscription periods of the company's old option plans from 2016-2025. The subscription periods were extended by one to three years, so that the new expiration date for all option plans is 31 December 2031. The Board of Directors' decision did not involve issuing new stock options, and all other terms and conditions for the stock option plans remain unchanged.
On 2 February 2026, Aiforia announced the launch of a new clinical AI solution for gastric cancer diagnostics. This solution is CE-IVD marked under the IVDR. Aiforia® Gastric Cancer AI application is designed to support pathologists in the detection and reporting of gastric cancer in digitized gastric tissue samples.
On February 5, 2026, Aiforia announced that a total of 85,000 of Aiforia's new shares were subscribed for with the stock options 2016 A, 2019 I and 2021 IV on January 7, 2026. The new shares were registered in the trade register on February 5, 2026. After registration, the total number of shares was 33,691,604.
Proposal by the Board of Directors on the treatment of the result for the financial year
The parent company's loss for the financial year 2025 is EUR -11,493 thousand and the distributable free equity is EUR 9,091 thousand. The Board of Directors proposes to the General Meeting that the loss for the financial year be retained in the retained earnings account and that no dividend be paid.
Financial reporting and Annual General Meeting in 2026
Aiforia will publish the following financial reports and financial statements in 2026 as follows:
- March 11, 2026: The Financial Statements and the Board of Directors' Report for financial year 2025
- August 28, 2026: Half-Year Financial Report for 1 January-30 June 2026
Aiforia Technologies's Annual General Meeting is planned to be held on April 2, 2026. The Board of Directors will convene the meeting with a separate company release at a later date.
Financial reports are available after publication on Aiforia's website at https://investors.aiforia.com/en/.
Webcast
Aiforia arranges a live webcast for investors, analysts, and media today, March 6, 2026, at 10.00 a.m. Finnish time. The event will be held in English. The financial results will be presented by Jukka Tapaninen, CEO.
The webcast can be followed at https://aiforia.events.inderes.com/q4-2025.
A recording of the event and the presentation materials will be available at https://investors.aiforia.com/ later in the day.
Aiforia Technologies Plc
Board of Directors
Further inquiries
Jukka Tapaninen, CEO, Aiforia Technologies Plc
tel. +33 61 041 6686
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 advanced software solutions that elevate diagnostic capabilities in image analysis, empowering remarkable medical discoveries both today and in the future. With thousands of AI models developed for research use and several diagnostic solutions deployed, Aiforia is making a significant impact on pathology and healthcare. In Europe, Aiforia is the leading provider of CE-IVD marked AI-powered solutions for digital pathology.
Founded in 2013, Aiforia is a publicly traded company with a global presence and thousands of users worldwide. Headquartered in Helsinki, Finland, the company also operates subsidiaries in the United States and France, and maintains a network of local representatives across Europe and North America. Aiforia's diverse team includes experienced AI and software developers, pathologists, medical scientists, and a dedicated commercial team. Together, they are transforming pathology through AI, enabling better care for every patient.
Find out more at www.aiforia.com
