Aiforia published its H1'26 report last Friday. Revenue of € 0.75m (-46% yoy) was already known from the July profit warning, which we attributed to the absence of onboarding revenue and a slower than expected usage ramp up of existing clinical clients (eNuW). Costs remained elevated despite the revenue decline. Material expenses of € 0.4m proved somewhat inflexible to the weaker revenue development, likely reflecting fixed cloud capacity and a relatively high Research revenue contribution, which still accounted for 54% of sales at € 0.4m. Personnel expenses were € 3.6m, including a € 1.1m non-cash one-off from an amendment to the option programmes, which extended the subscription periods of the 2016-25 schemes to end-2031. Other operating expenses fell yoy to € 1.7m (H1'25: € 2.0m). Adj. EBITDA was € -3.6m against our € -3.2m estimate. D&A of € 2.9m exceeded our € 2.7m, taking adj. EBIT to € -6.5m (eNuW: € -5.9m), versus € -5.4m a year prior.
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