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Cambridge Cognition sees 73% surge in orders and a stronger order book, setting up higher revenue for 2026 and launching a key healthcare pilot.
This article covers information on Cambridge Cognition Holdings PLC.
LON:COGCambridge 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.
| 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 |
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.
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.
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.
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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.
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.
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.
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.
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.
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