IXICO plc

The company reported H1 FY26 revenue of GBP 3.9 million, up 23% year over year, with gross margin at 53%, an increase versus the prior year period. EBITDA loss was GBP 0.5 million for the first 6 months, improving despite new investment. The cash balance was GBP 1.7 million at the half, rising to GBP 10.8 million at the end of April after GBP 9.4 million of net proceeds from the capital raise. The order book hit a record GBP 18.1 million, and management said this covers 95% of the GBP 7.5 million full-year revenue guidance. Management reiterated that they expect at least 15% revenue growth for the full year and said profitability and cash generation are expected by '29.

Bram Goorden framed the quarter as evidence that the company's Innovate, Lead, Scale strategy is working, pointing to stronger pipeline diversity, broader geographic reach, and growing endorsement from key opinion leaders. He said Alzheimer's now represents around 50% of the pipeline and emphasized that the business is expanding beyond a pure CRO model toward a more productized IXI platform. His tone was confident and forward-looking, but he repeatedly noted that the TechBio phase will take time and disciplined execution.

Grant Nash emphasized the hard numbers: H1 revenue of GBP 3.9 million, 53% gross margin, a GBP 0.5 million EBITDA loss, and a cash balance of GBP 1.7 million at period end before the GBP 9.4 million net capital raise proceeds. He said capital expenditure remained around GBP 300,000 per half, with about GBP 100,000 each spent on IT infrastructure and office refurbishment, and that the group remains debt-free aside from about GBP 0.5 million of lease-related long-term liabilities. He also noted the GBP 18.1 million order book, book-to-bill of 1.75, and said the raise was designed to fund investments that should accelerate revenue growth and later improve profitability.

Analysts focused on profitability, cash generation, and whether H2 might be weaker than H1 given the full-year guide. Management said they expect the company to be profitable and cash generative by '29, and that they are deliberately investing ahead of that target; they also said they see no reason H2 revenue should be lower than H1 and that 95% of the full-year guide is already contracted. Questions also probed cancellations, contract duration, AI risk, and the Medidata partnership; management said cancellations are always modeled but none have materialized, newer contracts are increasingly longer or quicker-to-recognize depending on the use case, and the moat is as much the data set as the AI itself.