Aiforia H2'25 preview: Will customer wins turn into growth?

Translation: Original published in Finnish on 3/4/2026 at 6:45 am EET.

Source: Inderes

Aiforia will publish its H2 report on Friday, March 06, 2026, and the company's earnings release can be followed here at 10:00 am EET. We expect Aiforia's revenue growth to have accelerated toward the end of the year, supported by a ramp-up in clinical customers. We estimate that the result was still loss-making. In the report, we will pay particular attention to revenue growth, the development of the order book, and an updated assessment of the financial position's adequacy.

Revenue growth relies on ramping up clinical customers

We expect Aiforia's H2 revenue to increase by 30% to 1.9 MEUR. For the full year of 2025, we estimate revenue of 3.3 MEUR, representing a 16.4% increase compared to 2024. The main driver of growth is clinical customer accounts, which, according to the company, have taken longer to ramp up than previously expected. However, we believe invoicing for new customer accounts, such as several European health authorities, began rolling out at a higher volume during the second half of the year. Growth is also supported by new product launches, such as a gastric cancer diagnostic solution based on Foundation Engine technology, which we believe will strengthen the company's position as the market leader in Europe.

Cost savings and strict cost control support earnings development

We estimate Aiforia’s H2 EBITDA at -2.9 MEUR and its adjusted EBIT at -5.5 MEUR. While the result remains clearly negative, we anticipate an improvement in the profitability trend year-over-year (H2'24 EBITDA: -4.0 MEUR). We estimate that the company's largest investment phase is over and that it is now focusing on the scaling phase. At this stage, revenue growth is gradually starting to turn the earnings trend in a more positive direction. However, profitability continues to be burdened by high depreciation due to the significant past capitalization of R&D expenses. The change negotiations implemented at the end of 2025 will have a more significant impact on costs starting at the beginning of this year.

Focus on clinical deployment and financing position

Aiforia does not typically provide short-term numerical guidance, so the core of the report consists of management comments on the progress of the sales pipeline and deployments. It will be particularly interesting to hear how the company's new Foundation Engine platform has been received and how it will affect the validation and adoption of new clinical models.

The financing position is a critical factor to monitor in terms of the investment story. The company raised 4.2 MEUR in gross proceeds through a directed share issue in December 2025, which we estimate will suffice until the last quarter of 2026. We will monitor the company's cash flow development and estimate of future financing needs based on the report because we have predicted that the company will still require additional financing (an estimated 10+10 MEUR in 2026–2027) before achieving positive cash flow.