Aiforia's Half-Year Financial Report January-June 2026: Financing arrangements and new customers support future growth, revenue remained below the comparison period's level
Aiforia Technologies Plc, Half-Year Financial Report (H1) 2026, August 28, 2026, at 9:00 a.m. EEST
Aiforia’s Half-Year Financial Report January-June 2026: Financing arrangements and new customers support future growth, revenue remained below the comparison period's level
This release is a summary of Aiforia Technologies Plc's Half-Year Financial Report for January–June 2026. The full report is attached to this release and also available at https://investors.aiforia.com/en/.
Summary of the reporting period: Aiforia continued to strengthen its market position in the first half of 2026 by acquiring new customers and expanding its product portfolio. The range of CE-IVD-marked AI models grew further as Aiforia launched new generation IVDR-certified clinical AI solutions for prostate and gastric cancer diagnostics. In addition, future growth was supported by strategic partnerships, such as the collaboration with pathology software company Proscia and joint partner Siemens Healthineers to provide an integrated, fully digital, and AI-powered solution.
This Half-Year Financial Report is unaudited. Unless otherwise indicated, figures in brackets refer to the corresponding period in 2025 and are presented with the same units.
January-June 2026
- Group revenue decreased by 46% to EUR 753 (1,395) thousand.
- The order book was EUR 3,455 (5,113) thousand.
- EBITDA was EUR –4,726 (–3,014) thousand.
- Operating loss (EBIT) was EUR –7,623 (–5,403) thousand.
- Result for the review period was EUR –7,697 (–6,618) thousand.
- The Group’s net debt at the end of the period was EUR –2,575 (–5,245) thousand.
- Cash and cash equivalents at the end of the period amounted to EUR 9,865 (11,874) thousand.
- Unadjusted earnings per share (EPS) were EUR –0.23 (–0,23).
- In June, Aiforia and the European Investment Bank (“EIB”) agreed upon a non-binding indicative term sheet for an up to EUR 20 million venture debt financing facility. The final binding financing agreement was signed on July 31, 2026.
- In June, Aiforia carried out a directed share issue of 3,600,000 new shares raising approximately EUR 6.4 million in proceeds to be used for the acceleration and continuing execution of Aiforia's growth strategy.
Key figures
| 1,000 euros | 1–6/2026 | 1–6/2025 | Change, % | 2025 |
| Revenue | 753 | 1,395 | -46% | 3,535 |
| EBITDA | -4,726 | -3,014 | -57% | -6,045 |
| Operating loss | -7,623 | -5,403 | -41% | -11,183 |
| Result for the financial period | -7,697 | -6,618 | -16% | -12,665 |
| Equity ratio, % | 60% | 65% | -7% | 60% |
| Net debt | -2,575 | -5,245 | -51% | -2,348 |
| Cash and cash equivalents and other financial assets at the end of the financial period | 9,865 | 11,874 | -17% | 9,529 |
| Order book | 3,455 | 5,113 | -32% | 3,399 |
| Balance sheet total | 28,589 | 30,672 | -7% | 29,164 |
| Number of employees on average | 68 | 69 | -1% | 71 |
| Personnel expenses * | 4,918 | 3,813 | +29% | 7,915 |
| Investment in tangible and intangible assets | 2,891 | 3,679 | -21% | 6,645 |
| Earnings per share, undiluted and diluted, EUR ** | -0.23 | -0.23 | 0% | -0.41 |
*The reported personnel expenses are those incurred prior to the capitalization of development costs and include non-monetary share-based payments in accordance with IFRS 2. The figure includes a one-off charge of EUR 1,076 thousand resulting from changes to the stock option plans.
**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 2026, Aiforia continued to strengthen its market position as a pioneer in AI-assisted pathology. Throughout the period, we bolstered our European expansion by signing new agreements in Italy, Spain, and France, among other countries. At the same time, we deepened collaboration with existing customers to better address their evolving clinical needs and to enable the development and deployment of tailored AI solutions. Customer satisfaction remained strong in the first half, and our customer retention continues to be excellent.
Stable order book – significant investments in growth and sales capabilities
Our order book remained stable compared to the end of 2025, although it decreased year-over-year. Aiforia's order book represents the value of signed contracts not yet recognized as revenue. A significant portion of our business is based on recurring revenue solutions, which is why new orders do not convert into revenue immediately after the contract is signed. Recurring revenue only begins to accrue once the solution has been deployed in clinical work and pathologists start utilizing it as part of diagnostics. Our goal is to accelerate the deployment of our products and thus expedite the conversion of our order book into revenue as efficiently as possible. I am very pleased that the number of diagnoses made by our customers has grown strongly compared to the same period last year. This proves that the utilization rates of our clinical products are increasing, which supports the development of our future recurring revenue.
Currently, our clinical customers are only using a small portion of Aiforia’s AI models. This creates significant additional sales potential for us. Our mid-term goal is to achieve 50 key accounts, each with the potential for over EUR 500,000 in annual recurring revenue. To achieve this significant growth target, we have also strengthened our sales organization. A new Chief Commercial Officer will start in September, and we are also appointing regional account executives in the UK, DACH, Nordics. We have also decided to establish a Customer Success team focused on growing existing accounts. Furthermore, we are strengthening our partner sales and increasing investments in the development of the partner channel.
Revenue declined against a strong comparison period
Despite customer successes, the revenue for the review period fell short of our estimate, leading us to issue a profit warning after the review period. The weaker-than-anticipated revenue development was primarily due to revenue recognition for agreements signed earlier in the year — including our expansion into five new hospitals in the Paris region and our agreement with a new regional healthcare provider in Spain — only commencing in the second half of the year, in line with our revenue recognition practices, which are based on the deployment of software solutions. Delays in certain ongoing customer agreements also slowed revenue development in the first half of the year.
Financing arrangements support growth strategy execution
The financing arrangements implemented during the review period support Aiforia's growth strategy and strengthen our ability to invest in accelerating commercial growth and product development. In June, we carried out a share issue, raising some EUR 6.4 million in gross proceeds. In addition, the venture debt financing arrangement with the European Investment Bank, announced in June, was signed after the review period, on July 31. The strengthened financial position gives us better prerequisites to advance the execution of our strategy. The financing also allows us to accelerate product development and advance our goal of improving patient care through AI-powered image analysis solutions.
Product portfolio is expanding
During the review period, we continued to expand our CE-IVD-marked product portfolio and launched two next-generation AI solutions for prostate and gastric cancer diagnostics. Both solutions are based on Aiforia's new Foundation Engine technology, developed to operate reliably in real-life situations where sample quality, staining, and digitization may vary. IVDR certification for our AI-powered cancer diagnostics solutions demonstrates that our clinical solutions meet the regulation's safety, performance, and risk management requirements. At the end of June 2026, Aiforia had twelve CE-IVD-marked products. During the review period, we also continued product development to offer our customers solutions for a broader pathology workflow. This helps us grow the size of our addressable market.
Close collaboration with customers
France is an important market for us, and skilled local personnel support our growing business and promote closer cooperation with local healthcare providers. During the review period, Aiforia was selected as the AI partner for the PROSTIA project led by Assistance Publique–Hôpitaux de Paris (AP-HP). The project is one of Europe's first large-scale AI adoptions in routine pathology. Aiforia's CE-IVD-marked prostate cancer diagnostics solution will be deployed across all AP-HP pathology sites.
In Finland, Fimlab Laboratories expanded the use of Aiforia's AI solutions in routine diagnostics and clinically deployed a customized solution designed specifically for Ki67 biomarker quantification across various organs. Close cooperation enables the development of tailored and impactful solutions and serves as a concrete example of strong partnership, the adaptability of our platform, and our commitment to continuous product and solution development.
The field of pathology continues to evolve as digitalization advances, and we at Aiforia continue to work toward making AI an intuitive and everyday tool for pathologists. The company's strengthened financial position gives us even better opportunities to accelerate growth, while also helping to ensure that every patient has access to the best possible care.
Significant events after the reporting period
On July 21, 2026, Aiforia issued a profit warning, stating that the company's January–June 2026 revenue developed below the company's internal estimates. The company has not published financial guidance for revenue development for 2026. Aiforia stated that revenue would decrease compared to the corresponding period in the previous year and was estimated to be approximately EUR 750 thousand (EUR 1.4 million in January–June 2025).
On July 31, 2026, Aiforia announced that it had signed a binding venture debt financing agreement of up to EUR 20 million with the European Investment Bank ("EIB"). The signing of a non-binding preliminary term sheet was announced on June 15, 2026. The financing is divided into three loan tranches. The first loan tranche is EUR 5 million, the second EUR 7 million, and the third EUR 8 million. Drawing each loan tranche is conditional on achieving the revenue and other milestones defined in the financing agreement within the agreed availability periods, all of which are within 36 months of signing the binding financing agreement. The loan period for each tranche is seven years from the date of withdrawal and includes a three-year grace period, after which the loan will be amortized. In accordance with the financing agreement, Aiforia and the EIB agreed on a synthetic warrant arrangement, under the terms of which synthetic warrants will be issued upon the withdrawal of each loan tranche, and the arrangement will not cause immediate dilution of shares to Aiforia's current shareholders. Aiforia plans to use the financing to accelerate its product development projects related to existing and new image analysis solutions and to boost its commercial operations.
Aiforia Technologies Plc
Board of Directors
Webcast
Aiforia arranges a live webcast for investors, analysts, and media on the result publication day, August 28, 2026, at 10.00 a.m. Finnish time. The event will be held in English. The event will be chaired by CEO Jukka Tapaninen as well as CFO Antti Ojala and will include a review of the company's financial performance and the progress of its strategy during the first half of the year.
The webcast can be followed at https://aiforia.events.inderes.com/q2-2026.
A recording of the event and the presentation materials will be available at https://investors.aiforia.com/ later in the day.
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