Trading Update

Cambridge Cognition Holdings PLC

27 July 2026

 

Cambridge Cognition Holdings plc

("Cambridge Cognition", the "Company" or the "Group")

H1 2026 Trading update

Cambridge, UK, 27 July 2026: Cambridge Cognition Holdings plc (AIM: COG), the neuroscience technology company whose digital cognitive assessments drive scientific discovery, accelerate drug development and improve patient care, announces a trading update for the period ended 30 June 2026.

HIGHLIGHTS

·    Revenues of £5.0m, up 16% (H1 2025: £4.3m) including first revenues from the Company's new Healthcare and Consumer Wellness pilots of £0.1m (2025: £0.0m)

·    At 30 June, contracted orders indicate that revenue for the 2026 financial year will be not less than £10.0m, this will be supplemented with six months selling remaining in the year (30 June 2025: £8.8m)

·    New sales orders in H1 of £6.0m (H1 2025: £6.9m)

·    Excluded from this is a £1.0m contract, due to be signed in June, which was fully executed three working days after the period end

·    As a result, the order book on 30 June 2026 was £16.1m (30 June 2025: £16.4m), which excludes the July £1.0m contract

·    Adjusted EBITDA loss improved to an estimated £0.3m (H1 2025: loss £0.4m)

·    Positive operational cash flow in H1 and cash of £0.6m at 30 June 2026 (30 June 2025: cash outflow £(0.3)m)

·    Reduced borrowings of £0.2m (December 2025: £0.9m), resulting in an increased net cash position of £0.4m (December 2025: net cash £0.3m)

·    The Board remains confident in meeting market expectations* for the full year

*Management understands consensus forecasts for FY 2026 to be revenues of £11.35m and adjusted LBT of £1.25m

Post-period end

·   Successful placing completed in July raising gross proceeds of £2.5m for focused selection of investment programmes

·    Borrowings fully repaid, leaving the Company debt free

Overall, this has been a positive year, with H1 revenues up 16% to £5.0m (H1 2025: £4.3m) and for the first time, include sales from our Healthcare and Consumer Wellness agreements.

Importantly, our underpinned revenue for the full year now stands at not less than £10m, and with six months of selling remaining, the Board is confident that the Company is well positioned to deliver significant revenue growth in 2026, in line with current market expectations for the financial year. 

New sales orders for the first half were down 13% to £6.0m (H1 2025: £6.9m).  This reduction reflects the timing of a £1.0m new sales order which was executed three days after the period end and would have otherwise delivered growth over the comparative period.

The adjusted EBITDA loss decreased to £0.3m (H1-2025: loss £0.4m) and cash flow from operations remained positive over the period.

Cash at 30 June 2026 was £0.6m (December 2025: £1.1m) and post period end, the Company made its final payment to Claret Capital Partners relating to the 2023 £3.0m venture debt facility.  The Company is now debt free.

Importantly, in the first half of 2026 the Company signed agreements in the professional healthcare and consumer health & wellness segments: an agreement for the use of CANTAB Pathway™ with a major European private healthcare group; a collaboration with ŌURA, maker of the world's leading smart ring, on a new institutional review board approved brain health study that explores how everyday patterns in rest, stress, and behaviour may relate to cognitive function and performance over time; and, an agreement with Ivory for the commercialisation of CANTAB Pathway™ across the healthcare and consumer health markets in India.

On 10 July the Company completed a gross £2.5m placing to finance: (i) CE marking in Europe and FDA 510(k) clearance in the United States, to facilitate the healthcare and consumer expansion; (ii) the development of new paediatric products; and (iii) the development of automated speech recognition capabilities for the Winterlight platform to create new clinical and healthcare/consumer opportunities.  The Directors expect to see the benefits of the three investment programmes feed through to additional revenue growth beyond existing plans from 2028.

Rob Baker, CEO, Cambridge Cognition said, "This has been an important six months for the Company.  We are strengthening our core business, have cleared our debt facility and are making exciting strategic moves into the healthcare and wellness cognitive assessment market.  Following the Placing in July, we have now kicked off the investment programmes that will support expanding our addressable market and build on our presence in both the clinical and professional healthcare markets, as well as the new consumer health & wellness market.  We look forward to the future development of Cambridge Cognition with confidence."

INVESTOR PRESENTATIONS

A pre-recorded presentation relating to this announcement is available to view through Investor Meet Company: https://www.investormeetcompany.com/companies/cambridge-cognition-holdings-plc/updates.

ENQUIRIES

Cambridge Cognition Holdings plc Rob Baker, Chief Executive Officer Ronald Openshaw, Chief Financial Officer	Tel: [phone] [e-mail]
Cavendish Capital Markets Limited (NOMAD and Joint Broker) Geoff Nash / Elysia Bough / Joe Smith Harriet Ward Nigel Birks	Tel: [phone] Corporate Finance Corporate Broking LS Specialist Sales
Singer Capital Markets Limited (Joint Broker) Amber Higgs / Paul Richards / Daniel Ingram	Tel: [phone]

NOTES TO EDITORS

ABOUT CAMBRIDGE COGNITION

Cambridge Cognition is a neuroscience technology company whose digital cognitive assessments support scientific discovery, accelerate drug development and improve patient care. 

The Company has developed a suite of touchscreen and voice-based cognitive assessments delivered under the CANTAB and Winterlight brands.  These assessments are designed to:

·    require minimal specialist administration

·    deliver objective results in real time or shortly after completion

·    reduce administrator bias

·    support longitudinal monitoring of cognitive function

Assessment results can be presented in formats appropriate for both consumers in home-use settings and healthcare professionals in clinical or research environments. 

CANTAB Pathway™ is Cambridge Cognition's latest scalable cognitive assessment solution, structured as an escalating series of tasks for use in consumer and healthcare settings:

·    CANTAB One - a brief assessment of overall cognitive function

·    CANTAB Insight™ - a three-task battery providing deeper insight across five cognitive sub-domains

·    CANTAB Plus - specialist disease-specific modules for use by appropriately qualified healthcare professionals, covering eight indications including Parkinson's disease, ADHD, multiple sclerosis, Huntington's disease, schizophrenia, depression, and Alzheimer's disease and related dementias

For further information, visit: www.cambridgecognition.com 

 

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