Original-Research: Aiforia Technologies Oyj - from NuWays AG
Classification of NuWays AG to Aiforia Technologies Oyj
Clinical growth accelerates, roadmap to scale is clear Last Friday, Aiforia reported its H2'25 results. Our review in detail:
On profitability, EBITDA was € -3.0m, improved from € -4.0m, (vs eNuW € -2.7m). The profitability amelioration was driven by (i) strong double digit growth generating operational leverage and (ii) lower personnel expenses. Mind you, the company concluded workforce reductions in November, which aims to reduce run-rate costs by € 2.5m, starting from FY26. Aiforia ended the year with a cash position of € 9.5m (vs eNuW € 11.6m). The higher cash burn was due to higher than anticipated WC requirements and CAPEX. The business mix is shifting from research licensing deals to pay-per-use clinical contracts; a temporary uptick in WC is therefore expected, with WC investments normalising over time toward neutral to slightly positive. Further, investments into intangibles are seen to have peaked in FY25 (eNuW). Looking forward, we expect the more tangible hyperscale years to be in FY26-28. As mentioned in our preview, revenue growth is seen to accelerate on the back of (i) an increased share of wallet, (ii) strategic partnerships (e.g. Siemens Healthineers), (iii) deployment of Foundation Engine-powered AI models and (iv) continued clinical tender wins. Noteworthy, the company's 14 clinical clients currently generate € ~2m run-rate recurring revenue, with scope for a 3-4x increase through share of wallet expansion, at incremental gross margins of ~75% and EBITDA margins of ~40% (eNuW). Aiforia aims to win 50 clinical clients by 2030, an achievable target given the company's past tender performance. For FY26, we expect net sales to increase 70% yoy to € 6.0m. EBITDA is seen to improve from € -6.0m to € -3.1m. We make minor adjustments to our model. Given the strong performance of the Clinical segment in H2'25, our conviction in the long-term story remains intact. We thus reiterate our BUY rating with a € 3.80 PT based on our DCF model. You can download the research here: aiforia-technologies-oyj-2026-03-09-previewreview-en-d8174 For additional information visit our website: https://www.nuways-ag.com/research-feed Contact for questions: NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||||
2287584 09.03.2026 CET/CEST
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