Cambridge Cognition Holdings (AIM:COG), the AIM-listed company whose digital cognitive assessments are used in drug development, healthcare and research, reported first-half revenue of £5m, up 16% on the £4.3m recorded in H1 2025.
The period included the first revenues from the company's new Healthcare and Consumer Wellness pilots, worth £0.1m.
Contracted orders at 30 June indicate full-year revenue will be not less than £10m, against £8.8m at the same point last year, with six months of selling still to come.
New sales orders in the first half fell 13% to £6m from £6.9m, though this excludes a £1m contract due to be signed in June that was executed three working days after the period ended.
Including that contract, the order book stood at £16.1m, close to £16.4m a year earlier.
The adjusted EBITDA loss narrowed to an estimated £0.3m from £0.4m, with positive operational cash flow and £0.6m cash at period end, against a cash outflow a year ago. Borrowings fell to £0.2m from £0.9m at December, lifting net cash to £0.4m.
Since the period end, the company completed a £2.5m placing and fully repaid its remaining debt, becoming debt free.
Chief executive Rob Baker said the company is "strengthening our core business" while moving into healthcare and wellness markets, adding: "We look forward to the future development of Cambridge Cognition with confidence."
The board said it remains confident of meeting market expectations for the full year, understood to be consensus revenue of £11.35m and an adjusted loss before tax of £1.25m.
News Intelligence what this means for the company
Cambridge Cognition reported H1 2026 revenue of £5m, up 16% year-on-year, with contracted orders now underpinning at least £10m of full-year revenue—a 14% increase on the £8.8m contracted at the same point last year. The company has also become debt free after completing a £2.5m placing and fully repaying remaining debt, shifting from net debt of £0.3m at end-2025 to net cash of £0.4m at period end, with positive operational cash flow and a narrowing adjusted EBITDA loss.
The combination of accelerating contracted revenue visibility (up 14% year-on-year), entry into Healthcare and Consumer Wellness pilots (£0.1m in H1), and balance-sheet repair (debt elimination, positive cash generation) strengthens the path to profitability. Board confidence in meeting consensus expectations (£11.35m revenue, £1.25m adjusted loss before tax for full year) is anchored in contracted orders covering at least 88% of that revenue target with six months of selling remaining.
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