Translation: Original published in Finnish on 8/26/2026 at 7:15 am EEST.

Source: Inderes

Aiforia will publish its H1 report on Friday, August 28, and the results presentation can be followed here. Based on the profit warning issued in July, we expect the company's revenue to have been weak at the beginning of the year. We estimate that the result remained clearly unprofitable due to low revenue, though cost savings will mitigate the decline. Our main focus in the report centers on the background of the profit warning and the development of customer accounts.

H1 revenue remained sluggish

In July, Aiforia issued a profit warning, stating that the company’s revenue from January to June had significantly declined from the comparison period, coming in at approximately 0.75 MEUR. According to the company, underlying causes of the weak performance include delays in ongoing customer contracts and the fact that revenue from new contracts signed early in the year (such as the Paris and Spain hospital expansions) will only start to be recognized in the second half of the year. Our assessment indicates that the low revenue suggests that recurring billing from tissue section analysis remains modest and that implementing new contracts is taking longer than expected. The strong revenue growth in H2'25, driven by the clinical segment, appears to have been due to fulfilling the order book. In H1, there was no corresponding support from the order book. The order book at the end of June was 3.5 MEUR, which is clearly lower than in the comparison period (H1'25: 5.1 MEUR) and roughly equal to the beginning of the year (H2'25: 3.4 MEUR).

Low revenue weighs on earnings

We expect Aiforia's H1 EBITDA to have settled at -3.2 MEUR and EBIT to -5.9 MEUR. The low level of revenue significantly weighs on profitability, even though we assume the company has maintained strict cost control. The cost structure of the business is largely fixed and centered on personnel expenses, which is why a lack of volume directly impacts the bottom line. EBIT is further burdened by write-offs of previous product development capitalizations. A turnaround in profitability requires clear revenue scalability from the company, which the early-year figures do not yet indicate.

Focus on customer ramp-ups and milestones in EIB financing

Aiforia typically does not provide short-term numerical guidance. Key points of the earnings report include management's comments on the reasons for the profit warning, as well as progress on the sales pipeline and deployments. Of particular interest are the estimates regarding the timeline for delayed customer projects to begin generating recurring revenue and the progress of the clinical implementation of new AI models.

Regarding financing, the situation became significantly clearer in early August when Aiforia signed a 20 MEUR venture debt financing agreement with the European Investment Bank (EIB). Together with the 6.4 MEUR share issue raised in June, the arrangement secures the company's financing needs for the coming years. However, withdrawal of the EIB loan is tied to revenue targets and other commercial milestones, meaning securing financing requires positive business development. We are therefore interested in hearing management's comments on fulfilling these conditions and the overall ability of the business to accelerate its slowed growth.