Cambridge Cognition revenue rises 16% as debt is cleared

What has Cambridge Cognition announced?

Cambridge Cognition Holdings has reported a stronger first half of 2026, with revenue rising 16% and management maintaining confidence in current full-year market expectations.

The AIM-listed neuroscience technology company generated revenue of £5.0 million during the six months ended 30 June 2026, compared with £4.3 million a year earlier.

It also delivered positive operational cash flow, reduced its adjusted EBITDA loss and ended the period with net cash of £0.4 million. EBITDA is earnings before interest, tax, depreciation and amortisation, and is commonly used to assess underlying operating performance.

After the period end, Cambridge Cognition completed a placing raising gross proceeds of £2.5 million and repaid its remaining borrowings. The company is now debt free.

Cambridge Cognition's key H1 figures

Metric	H1 2026	Comparative figure	Change or position
Revenue	£5.0 million	£4.3 million	Up 16%
Healthcare and Consumer Wellness pilot revenue	£0.1 million	£0.0 million	First contribution
New sales orders	£6.0 million	£6.9 million	Down 13%
Order book at 30 June	£16.1 million	£16.4 million	Down £0.3 million
Estimated adjusted EBITDA loss	£0.3 million	£0.4 million loss	Improved by £0.1 million
Cash at 30 June	£0.6 million	£1.1 million at December 2025	Down £0.5 million
Borrowings at 30 June	£0.2 million	£0.9 million at December 2025	Down £0.7 million
Net cash at 30 June	£0.4 million	£0.3 million at December 2025	Up £0.1 million

The revenue performance is the clearest positive. Growth of 16% represents a solid start to the year, while the first £0.1 million of revenue from Healthcare and Consumer Wellness pilots provides some early evidence that Cambridge Cognition's expansion beyond its core markets is beginning to contribute.

However, these newer activities remain small relative to total group revenue. Investors will need to see whether pilot agreements develop into larger and more repeatable commercial sales.

Revenue visibility supports full-year expectations

Contracted orders at 30 June indicate that Cambridge Cognition's 2026 revenue will be at least £10.0 million. This compares with an equivalent figure of £8.8 million at 30 June 2025.

Management understands the market consensus forecast for 2026 to be revenue of £11.35 million and an adjusted loss before tax of £1.25 million.

On that basis, the company needs to generate approximately £1.35 million of revenue above its currently underpinned £10.0 million level to meet the revenue consensus. It still had six months of selling activity remaining when the period ended, which explains the board's confidence.

There is also a £1.0 million contract that was expected to be signed in June but was fully executed three working days after the period end. It was excluded from both first-half new sales orders and the £16.1 million order book reported at 30 June.

That timing helps put the reported 13% fall in new sales orders into context. Had the contract been executed before the reporting date, first-half orders would have been £7.0 million rather than £6.0 million, exceeding the £6.9 million recorded in H1 2025.

Still, contract value and recognised revenue are not necessarily the same thing. The announcement does not disclose how much of the £1.0 million contract will be recognised as revenue during 2026.

Losses are narrowing, but Cambridge Cognition is not yet profitable

Cambridge Cognition estimates that its adjusted EBITDA loss improved to £0.3 million from £0.4 million.

The direction is encouraging, particularly alongside positive operational cash flow. But the improvement is modest, and the company continues to operate at a loss.

Full-year market expectations include an adjusted loss before tax of £1.25 million. Investors should therefore distinguish between improving operating performance and reaching profitability. The timing of breakeven was not disclosed.

Cash stood at £0.6 million at the end of June, down from £1.1 million in December 2025. Borrowings fell more sharply, from £0.9 million to £0.2 million, leaving net cash of £0.4 million compared with £0.3 million at the end of 2025.

The balance sheet has been reset

The post-period developments are particularly important for the investment case.

Cambridge Cognition completed a placing on 10 July, raising gross proceeds of £2.5 million. It also made the final payment relating to the £3.0 million venture debt facility agreed with Claret Capital Partners in 2023.

The company is now debt free. Removing borrowings should simplify the balance sheet and eliminate future financing costs associated with that facility, although the financial saving was not disclosed.

The other side of the transaction is dilution. A placing involves issuing new shares, reducing existing shareholders' percentage ownership unless they participate. The announcement does not disclose the number of placing shares, the issue price or the resulting percentage dilution.

It also reports gross proceeds, meaning the amount available after transaction costs was not disclosed.

Where the £2.5 million placing will be invested

The new capital is being directed towards three programmes:

• CE marking in Europe and FDA 510(k) clearance in the US to support expansion into healthcare and consumer markets
• Development of new paediatric products
• Automated speech recognition capabilities for the Winterlight platform

Management expects these programmes to support additional revenue growth beyond existing plans from 2028.

That creates a longer-term opportunity, but also a wait. Investors are being asked to absorb dilution now for benefits that management expects to emerge from 2028. The cost, timetable and expected commercial contribution of each programme were not disclosed.

The regulatory work is intended to make Cambridge Cognition's products more accessible in healthcare and consumer settings. However, the announcement does not provide expected dates for CE marking or FDA clearance.

Healthcare and wellness expansion takes shape

During the first half, Cambridge Cognition signed an agreement to use CANTAB Pathway with a major European private healthcare group.

It also entered a collaboration with ŌURA on an institutional review board-approved brain health study exploring how patterns in rest, stress and behaviour may relate to cognitive function and performance over time.

A further agreement with Ivory covers commercialisation of CANTAB Pathway across healthcare and consumer health markets in India.

These agreements broaden the potential uses of Cambridge Cognition's digital cognitive assessments. They also support management's strategy of serving clinical research, professional healthcare and consumer wellness markets.

The commercial impact remains at an early stage, with Healthcare and Consumer Wellness pilot revenue totalling £0.1 million in H1.

What investors should watch next

This is a broadly constructive trading update. Revenue is growing, the adjusted EBITDA loss has narrowed, operational cash flow was positive and contracted work provides meaningful visibility over the full year. Becoming debt free is another clear improvement.

The main questions concern execution. Reported first-half orders and the period-end order book were both below their prior-year comparatives, even though the post-period £1.0 million contract softens the orders comparison. Cambridge Cognition also remains loss-making and has issued new equity to fund investment.

Attention should now focus on whether the company converts its order book into revenue as expected, reaches the £11.35 million consensus revenue figure and demonstrates that its early healthcare and wellness agreements can become material sources of sales.

For now, the board has reiterated full-year expectations. That confidence is supported by at least £10.0 million of underpinned revenue, but delivery through the second half will determine whether the improving financial and strategic position translates into the significant 2026 growth management expects.