Cambridge Cognition Reports 73% Surge in Orders and Launches Healthcare Pilot in 2025 Update

Orders up 73%, revenue down 10%: how to read Cambridge Cognition’s 2025

Cambridge Cognition has delivered the cleanest sign yet that its commercial reboot is working. New sales orders jumped 73% to £12.8 million, the order book grew 25% to £16.9 million, and the company ended the year with net cash of £0.2 million after paying down debt. The headline snag is revenue, which fell 10% to about £9.4 million as the weaker 2024 order book flowed through.

On balance, this is a classic “orders lead, revenue follows” story. If management executes, the enlarged order book should translate into higher revenue and improved cash generation in 2026.

Key numbers from the 2025 trading update

Metric	2025	2024	Comment
New sales orders	£12.8m	£7.4m	Up 73% year-on-year
Order book at year-end	£16.9m	£13.6m	Up 25%
Revenue	c.£9.4m	£10.3m	Down 10%
Adjusted EBITDA	Not disclosed	Loss £43k	In line with revised FY25 consensus
Cash at year-end	£1.1m	£1.3m (Dec)	Includes August placing proceeds
Borrowings	£0.9m	£1.9m	Reduced by £1.0m
Net cash/(debt)	£0.2m	£(0.6)m	Moved into net cash
Equity placing	£1.1m	–	Raised in August 2025

Order book strength underpins 2026 revenue

The order book – contracted work not yet recognised as revenue – grew to £16.9 million. Cambridge Cognition expects £8.5 million to £9.0 million of that to convert into revenue during 2026, about 30% higher than the £6.6 million expected at the start of last year. As with prior years, additional 2026 orders should top up that number as the year progresses.

This is the core of the bull case: strong sales execution in 2025 sets up a better revenue mix in 2026, and management is guiding to growth in revenue, earnings and cash generation as a result.

Why revenue dipped despite surging orders

Management warned at the interims that 2025 would reflect the soft 2024 order book, before the sales reset. That’s exactly what happened: revenue came in around £9.4 million, broadly in line with revised consensus. In businesses with multi-period contracts, revenue recognises after the order is won. The lag cuts both ways – hurting 2025, helping 2026.

Healthcare expansion: CANTAB Pathway pilot and its potential

Cambridge Cognition has extended its offering into professional healthcare and consumer health & wellness. The company repackaged its touch-screen and voice-based cognitive tasks into a clinician-friendly delivery model called CANTAB Pathway. In simple terms, it aims to give clinicians faster, consistent and less biased cognitive assessments than traditional paper tests.

Crucially, the first agreement is in place for a “significant pilot programme” with a major European private healthcare group. If the pilot delivers the expected benefits, the company anticipates a pan-European roll-out reaching a significant patient population. Details on size, duration and commercial terms are not disclosed, but the direction of travel is clear: this could open a meaningful new distribution channel.

Academic research returns to growth – small line, big signal

After declining since 2022, the academic research segment returned to growth in 2025. That matters more than it sounds. Peer-reviewed publications are a key credibility engine in neuroscience – they reinforce the utility of Cambridge Cognition’s tools across clinical applications and support adoption in pharma trials and clinical practice.

Costs, cash and EBITDA: moving the right way

Adjusted EBITDA for 2025 is not disclosed but is expected to be in line with revised consensus. Cost control remains a theme, and the balance sheet metrics have improved. Borrowings were reduced by £1.0 million to £0.9 million, and the company ended the year with £1.1 million in cash and a net cash position of £0.2 million, helped by the £1.1 million placing in August.

For context, “adjusted EBITDA” is operating profit before interest, tax, depreciation and amortisation, adjusted for exceptional items. “Placing” refers to issuing new shares to investors to raise cash. The cash position is still modest, so continued discipline and timely conversion of the order book will matter.

Management tone and 2026 outlook

CEO Rob Baker’s tone is upbeat: stronger commercial execution, an enhanced product set, a bigger order book, and a “strong pipeline” heading into 2026. The company expects further growth in new sales orders this year, alongside continued development in consumer health and wellness.

The directional guide is positive: more orders, higher conversion from the order book, and better earnings and cash generation in 2026. Formal guidance beyond the order book conversion is not disclosed.

What could move the shares next

• Pilot validation: Results and potential roll-out of CANTAB Pathway with the European healthcare group.
• Order momentum: Evidence of continued quarter-on-quarter growth in new sales orders.
• Revenue conversion: Progress against the £8.5 million to £9.0 million 2026 revenue expected from the order book.
• Cash trajectory: Sustained net cash and working capital discipline as volumes build.
• Consumer health progress: First tangible wins or partnerships in the wellness market.

My take: meaningful progress, now deliver the conversion

The 73% surge in orders, a larger order book and a return to net cash are all solid upgrades to the investment case. The healthcare pilot is strategically important – proof of clinical utility at scale could unlock a new growth leg. Academic research momentum adds credibility to the platform.

The flip side is familiar: revenue was down, adjusted EBITDA remains a loss (undisclosed), and the year-end cash balance is still tight, even after the placing. Execution risk sits in converting that order book into revenue on time and scaling the healthcare roll-out beyond a pilot.

Net-net, 2025 looks like the reset year that sets up 2026. If orders keep compounding and the pilot turns into a broader deployment, the operational gearing should start to show through the P&L and cash flow.