Dianomi FY2025 results explained – resilient revenue, better margins, but still a loss
Dianomi’s full-year 2025 results are a bit of a mixed bag, but there is a genuine improvement under the bonnet. Revenue slipped slightly to £27.4 million from £28.0 million, yet gross profit rose to £7.4 million and gross margin improved to 27.1% from 26.1%. That tells you the business got more efficient even while the ad market stayed cautious.
The headline management wants investors to focus on is this: Dianomi says it returned to growth and profitability in the second half of 2025. For a small-cap digital advertising business coming through a soft market, that matters more than the flat full-year top line. It suggests trading improved as the year went on, rather than deteriorated.
Dianomi key FY2025 numbers retail investors should know
| Metric | FY2025 | FY2024 | Change |
|---|---|---|---|
| Revenue | £27.4 million | £28.0 million | -2.1% |
| Gross profit | £7.4 million | £7.3 million | +1.4% |
| Gross margin | 27.1% | 26.1% | +100 bps |
| Adjusted EBITDA | Loss of £0.3 million | Loss of £0.3 million | Flat |
| Loss before tax | £0.8 million | Profit of £0.3 million | Down £1.1 million |
| Adjusted loss per share | 2.99 pence | 1.06 pence | Worse by 1.93 pence |
| Cash | £5.8 million | £8.8 million | -34.1% |
| Borrowings | Nil | Nil | No change |
Why Dianomi’s return to H2 growth in 2025 matters
This is the biggest positive in the release. Full-year figures can hide turning points, and Dianomi is telling the market that the second half was both growing and profitable. If that trend continues into 2026, investors may start valuing the business on recovery potential rather than on last year’s weak ad market.
There is supporting evidence behind that claim. The company said trading momentum improved into 2026, and it also expanded relationships with major publishers including CNN and Associated Press, with further expansion agreed after the year end. Management expects benefits from that to flow from Q2 FY2026 onwards.
Publisher quality looks strong even as traffic weakens
The awkward bit is traffic. Impressions fell 14.1% to 39.1 billion and average monthly unique devices dropped 13.5% to 424 million. Dianomi directly links this to lower readership at some non-subscription publishers as users increasingly consume AI-generated summaries and zero-click search results instead of visiting publisher websites.
That is not a temporary weather issue. It looks like a structural shift in how people consume content online. For any ad-tech business tied to publisher traffic, that is a real risk and investors should not ignore it.
Still, there is a counterpoint. Publisher churn remained very low at 2.9%, and the number of publishers was level at 341. That suggests Dianomi is not losing partners – the challenge is audience behaviour, not publisher dissatisfaction.
Dianomi margin improvement and revenue per click show pricing power
The strongest operational stat in these results is average revenue per click, or RPC, which rose 7.4% to £0.58 from £0.54. In plain English, Dianomi earned more money each time users clicked on an advert. That helped offset weaker traffic volumes.
This matters because it hints at pricing power and better monetisation of premium ad inventory. Advertisers still seem willing to pay for brand-safe environments and affluent audiences, particularly in finance and business publishing where Dianomi is strongest.
Non-Apple News publishers were especially encouraging on this front. Their impressions fell, but RPC increased to £1.105 from 89.6 pence. That suggests the quality of the remaining traffic may be improving, even if the quantity is lower.
AI strategy at Dianomi – real product progress, but investors should stay grounded
Dianomi clearly wants the market to see it as more than a standard native advertising platform. It highlighted work on Dianomi Audiences, Dianomi Insights, an AI-driven bidder, and a new partnership with Dappier to launch an AI-powered financial answers engine for publishers.
Some of this is more concrete than others. Dianomi Audiences already generated £3.0 million of advertising revenue in 2025, which is a meaningful proof point. Programmatic revenue also increased to £1.7 million from £1.6 million, and affiliate advertising produced £0.5 million from a standing start.
The Dappier partnership is the more speculative piece, but it is strategically interesting. The idea is to let publishers keep AI-driven question-and-answer activity on their own sites rather than losing it to outside platforms, while also creating a new advertising slot inside that experience. Clever in theory, but for now there are no revenue figures disclosed, so investors should treat it as promising rather than proven.
Profit, cash and dividend – the weaker parts of the Dianomi results
Here is where the results lose some shine. Dianomi posted a loss before tax of £0.8 million versus a profit before tax of £0.3 million in 2024, and a loss after tax of £1.1 million versus a profit of £0.4 million. Statutory loss per share was 3.70 pence, compared with earnings per share of 1.40 pence a year earlier.
Some of that year-on-year swing is accounting noise. In 2024 the company booked a £0.7 million share-based payment credit, which boosted profit, while in 2025 it took a £0.2 million write-off of another receivable. Even so, adjusted loss per share still worsened to 2.99 pence from 1.06 pence, so this is not just a technical issue.
Cash also fell sharply to £5.8 million from £8.8 million. The business used £2.1 million in operations, compared with generating £1.2 million the year before, and also took a £0.4 million foreign exchange hit because most of its cash is held in US dollars. The balance sheet is still solid with no borrowings, but the cash burn needs watching.
No dividend is being proposed. That makes sense. When a company is still loss-making and investing in product, sales and AI, preserving cash is the sensible choice.
My take on Dianomi shares after these final results
I think these results are cautiously encouraging rather than outright exciting. The positives are real: H2 recovery, better margins, stable advertiser spending among the top 100 at £219k, low publisher churn, new publisher wins, and a debt-free balance sheet. That is a decent platform for a recovery story.
But the negatives are real too. Traffic declines driven by AI and zero-click search could be a lasting industry problem, not a one-off. The company is not yet back to full-year profitability, cash has moved the wrong way, and some of the AI narrative is early-stage.
For retail investors, this looks like a business in transition. If the stronger second half continues, and if the CNN and Associated Press expansion starts feeding through in Q2 FY2026, the market may warm up. If traffic keeps falling faster than monetisation improves, the turnaround will be harder work.
What to watch in Dianomi during 2026
- Whether revenue growth continues beyond the second half bounce
- Progress from the CNN and Associated Press expansion from Q2 FY2026 onwards
- Cash movement and whether operating cash flow improves
- Further evidence that Dianomi Audiences, programmatic and affiliate channels can scale
- Any disclosed commercial traction from the Dappier AI partnership
- Whether margins hold at or above 27.1%
Bottom line on Dianomi’s 2025 final results
Dianomi did not deliver a clean set of growth numbers, but it did deliver signs of a business regaining its footing. Revenue held up better than you might expect in a weak market, margins improved, and management says the company returned to growth and profitability in H2. That is the core takeaway.
The market will now want proof that this was the start of something durable, not just a better patch in a difficult industry. For now, the story is improving, but not yet fully repaired.
