Kromek announces its final results for the year ended 30 April 2025

Financial Highlights

• Revenue increased 37% to £26.5m (2024: £19.4m)

  • Advanced Imaging revenue of £20.3m (2024: £9.0m)

  • CBRN Detection revenue of £6.2m (2024: £10.4m)

• Gross margin improved to 81% (2024: 55%)

• Adjusted EBITDA increased to £10.3m (2024: £3.1m)*

• Profit before tax was significantly ahead of market expectations at £3.1m (2024: £3.5m loss), which is positive for the first time in the history of Kromek

• £5.5m term loan facility and £5.9m short-term loan facilities were repaid in February 2025

• Cash and cash equivalents at 30 April 2025 were £1.7m (30 April 2024: £0.5m) with $5m received post year end and an undrawn credit facility of £6.0m plus a £0.5m asset finance facility to ensure there is sufficient capital to drive further growth

*A reconciliation of adjusted EBITDA can be found in the Financial Review

Operational Highlights

Advanced Imaging

• Substantial growth as a result of landmark agreements signed with Siemens Medical Solutions USA, Inc. (“Siemens Healthineers”) to enable the production of cadmium zinc telluride (“CZT”) detectors for single photon emission computed tomography (“SPECT”) application

  • Received the initial payment of $25.0m during the year, out of a total of $37.5m, and a further $5.0m post year end

• Sustained delivery under collaboration contracts and other component supply agreements, with customers including recognised Tier 1 OEMs, Analogic Corporation and Spectrum Dynamics

• Continued to make progress under the ultra-low dose molecular breast imaging programme funded by Innovate UK

CBRN Detection

Nuclear Security

• Demand in H1 was subdued as a result of the elections in the UK and US and consequent impact on government spending, but a strong recovery in H2

• Awarded a contract worth £2.0m from the UK Ministry of Defence (“MoD”) for the supply of the D5 RIID along with Alpha Beta Probe attachment and ancillary products

• Selected under two new UK Government frameworks, each lasting four years, designed to enhance the UK’s systems and capabilities for ensuring public safety and security:

  • The UK Government’s Resilience Framework, with a first order received from Merseyside Fire & Rescue Service during the year

  • The UK Government’s Radiological Nuclear Detection Framework, with a first order received, post year end, worth £1.7m

• Further Nuclear Security orders received post year end amounting to c. £2.9m, with the vast majority to be delivered in the current financial year, from customers across the UK and Europe, the US, Japan and Canada

Biological-Threat Detection

• Continued to progress the development of biological-threat detection systems under contracts with a UK Government department and the US Department of Homeland Security

• Received a contract, post year end, from the MoD’s Defence Science and Technology Laboratory, worth £250k, for the development of novel methods of enhancing the detection of biological agents and incidents

Manufacturing and IP

• Continued to execute on programmes for the expansion of production capacity and process automation, resulting in greater manufacturing productivity and cost efficiency

• Applied for four new patents and had one patent granted, with the total number of patents held being in excess of 180

Dr Arnab Basu, CEO of Kromek, said:
“This year has been pivotal for Kromek, marked by our maiden profit, which exceeded market expectations, and a significant reduction in debt. These achievements were driven by a landmark agreement with Siemens Healthineers, showcasing the strength of our Advanced Imaging division. While the CBRN Detection division had a slower start, the second half saw a sharp acceleration in momentum due to contract awards under UK Government frameworks, US federal contracts and a healthy international sales pipeline.

“Looking ahead to FY 2026, we expect to deliver further revenue growth and profitability, in line with market expectations. The CBRN Detection division is on track for a strong year-on-year revenue increase, while Advanced Imaging is set to deliver growth on a like-for-like basis. With a strengthened balance sheet and strong operational momentum, we are well-positioned to capitalise on growth opportunities across both divisions and drive sustained, long-term profitable growth.

To read the full announcement click here