Cambridge Cognition Holdings (AIM:COG) reported revenue of £5m for the six months to 30 June, up 16% from £4.3m a year earlier, including maiden revenues of £0.1m from its new Healthcare and Consumer Wellness pilots.
The AIM-listed neuroscience technology company narrowed its adjusted EBITDA loss to £0.3m from £0.4m, while gross margin rose three percentage points to 75%.
New Sales Orders fell 13% to £6m, though this excludes a £1m contract signed three working days after the period ended; including that deal would have shown growth versus the prior year's £6.9m. The Order Book stood at £16.1m at 30 June, down 2% from £16.4m a year earlier, but revenue visibility into 2027 has improved, with £6.6m already underpinned, up 8.8% on a like-for-like basis.
The company generated positive operating cash flow and held cash of £0.6m at period end, versus a cash outflow a year earlier.
Borrowings fell to £0.2m from £0.9m in December and were fully repaid in July, leaving Cambridge Cognition debt-free.
It raised £2.6m before expenses in July to fund three investment programmes: regulatory clearances in Europe and the US, paediatric normative datasets, and automated speech recognition for its Winterlight platform.
"Each deployment strengthens our evidence base and data advantage," said chief executive Rob Baker, adding the investment programmes are "progressing on time and on budget".
Two clinical studies have been rescheduled from 2026 into early 2027 at clients' request, pushing roughly £0.7m of contracted revenue into next year.
News Intelligence what this means for the company
Cambridge Cognition reported 16% revenue growth to £5m in H1 2026 with narrowing losses (adjusted EBITDA loss of £0.3m vs £0.4m) and improved cash generation, capped by a £2.6m fundraise to fund regulatory clearances, paediatric datasets, and platform development. The company is now debt-free after repaying £0.2m borrowings in July, though near-term sales orders fell 13% and two clinical studies shifted £0.7m of revenue into 2027.
Revenue momentum and margin expansion are offset by a 13% decline in new sales orders and a £0.7m revenue push into 2027 from rescheduled studies. The debt-free position and £2.6m capital raise strengthen the balance sheet to execute on regulatory and product development priorities, but visibility into sustained order growth remains constrained.
Insights assembled by AI. Editor-reviewed and grounded in tickstock’s coverage and proprietary knowledge graph.
Content is for informational purposes only, not financial advice.
