Cambridge Cognition Results for the year ended 31 December 2025

Results for the year ended 31 December 2025

Return to growth and expanding market opportunities

Cambridge Cognition Holdings plc (AIM: COG), the neuroscience technology company whose digital cognitive assessments drive scientific discovery, accelerate drug development and improve patient care, announces its results for the period ending 31 December 2025.

Highlights

•    New sales orders in year up 73% to £12.8m (2024: £7.4m)
•    Order book at year end up 21% to £16.5m (2024: £13.6m)
•    Revenues of c.£9.4m down 10% (2024: £10.3m)
•    Adjusted EBITDA loss of £0.5m (2024: loss £43k)
•    Successful placing in August raising gross proceeds of £1.1m
•    Cash of £1.1m (June 2025: £0.4m, December 2024 £1.3m)
•    Reduced borrowing to £0.9m (December 2024: £1.9m), resulting in a net cash position of c.£0.3m (December 2024: net debt £0.6m)

2025 saw Cambridge Cognition reverse previous negative trends to deliver new sales order growth and expansion across four market segments that strengthened our position in clinical studies and academic research, while entering professional healthcare and consumer health & wellness markets.

Although revenue declined in 2025 due to the weak opening order book, the impact on adjusted EBITDA was limited following previous reductions in the Company's cost base.  Encouragingly, we saw positive cashflow from operating activities following a period of previous cash consumption.  We believe returning to growth in sales sets the Company up for future revenue, profit and cash generation.  This will provide the foundation for strategic investment in our science and technology. 

At the date of this announcement the Company expects to deliver 2026 revenue of £9.5m, supported by the current Order Book and revenue recognised to date. This is an increase from the £8.8m expected at 31 December 2025. This does not take into account the impact of further new Sales Orders in Q2, Q3 and Q4 2026.  Consequently, we expect to see a growth in revenue in the current year.

Our objective is to solidify our leadership in serving academic researchers and drug developers, and establish our trusted technology with healthcare professionals (physicians) and consumers.

Rob Baker, Chief Executive Officer, said:

"2025 saw a return to growth in new sales orders and clear progress in strengthening the foundations of the business. We have enhanced our commercial execution, maintained high-quality operational delivery and expanded into professional healthcare and consumer health & wellness markets, significantly increasing our addressable opportunity.

Whilst revenue and profitability reflect the prior year's reduced order book, the recovery in new business, combined with a healthy pipeline and early progress in our new markets, position us for growth in revenue, earnings and cash generation in 2026.

As Dr Steven Powell prepares to step down as Chair at the AGM, I would like to recognise his outstanding contribution to Cambridge Cognition over the past 12 years. His leadership has been instrumental in shaping the Company and positioning it for this next phase of growth."

Audited Annual Report and Accounts

Copies of the audited Annual Report and Accounts for the year ended 31 December 2025 will be available on the Company's website for shareholders to download at:

https://cambridgecognition.com/reports-and-accounts/.

Investor presentations

A pre-recorded presentation on the results is available to view through Investor Meet Company:

https://www.investormeetcompany.com/companies/cambridge-cognition-holdings-plc/

Rob Baker, CEO, and Ronald Openshaw, CFO will be hosting a live Q&A session on Monday 13 April 2026, 15:00 BST, which is open to all existing and potential shareholders and accessible through the Investor Meet Company dashboard. Questions can be submitted pre-event via the dashboard, or at any time during the Q&A session.

Annual General Meeting

The Company announces its intention to hold its Annual General Meeting ("AGM") on 21 May 2026. Details of the AGM will be communicated to shareholders via the Company's website and a Regulatory Information Service as soon as they are finalised. This notice will also include the date on which the notice of AGM and the Annual Report will be posted to shareholders.