Nanalysis Announces Fourth Quarter and Full Year 2025 Results

• FY 2025 revenue fell 12% YoY to C$40.1 M; Q4 revenue down 13% to C$10.7 M.
• Adjusted EBITDA turned positive in Q4 (C$1.2 M) but slipped to C$0.9 M for the full year, a 68% decline YoY.
• Net loss narrowed dramatically to C$5.66 M from C$13.61 M a year earlier.
• Margins improved on product side (product margin up to 57%) but service margins slipped further (down to ~10%).
• Received C$1.0 M non‑dilutive federal funding (Mar 2026) and completed a private placement that reduced term loan from C$5.8 M to C$3.7 M.
• Management highlighted new vendor relationships, geographic diversification, a five‑year distribution agreement for metal detection equipment, and an NMR upgrade contract with ETH Zurich.
• Outlook: expects stronger 2026 performance driven by service contracts, cost optimisation and expanded market reach.

• Financials: The earnings release shows a material improvement in loss profile (‑57% YoY) and the first quarterly positive EBITDA since before 2024. However, revenue remains down double‑digits and full‑year EBITDA is still negative, limiting upside.
• Capital structure: The private placement reduced debt by C$2.1 M and added cash, easing short‑term liquidity pressure. The non‑dilutive grant adds a modest cushion but does not materially change the balance sheet.
• Strategic moves: New vendor contracts and the CEIA distribution agreement are incremental; they do not constitute a game‑changing revenue driver yet. The ETH Zurich upgrade contract is notable for credibility but its financial impact is not quantified.
• Overall: The news is better than expected (loss narrowing, EBITDA positive) but falls short of a transformational shift. It therefore rates as Routine – Positive: incremental improvement that supports the existing turnaround narrative without fundamentally altering valuation.

Nanalysis Scientific Corp. designs, manufactures, and sells low‑field (benchtop) NMR spectrometers and related software solutions for pharmaceutical, biotech, materials and academic markets. The flagship product line includes the “NMReady” series of portable NMR instruments, complemented by service contracts and software integrations (e.g., Wiley KnowItAll). Recent strategic focus is on expanding service revenue, reducing component costs via new vendors, and entering European distribution channels.