Prenetics(PRE) - 2025 Q2 - Quarterly Report

Revenue Growth - Revenue for the first half of 2025 grew 452.1% to $32.3 million year-over-year[1] - IM8 achieved $5.9 million in revenue for August 2025, with a compound annual growth rate (CAGR) of over 3,100%[1][8] - Prenetics increased its full-year 2025 revenue guidance range to $85 - $100 million[1][12] - Revenue for the six months ended June 30, 2025, was $32,276,000, a significant increase from $5,846,000 in the same period of 2024, representing a growth of 450%[24] - Revenue for the three months ended June 30, 2025, was $17,680,000, up from $2,544,000 in the same period of 2024, a growth of 594%[25] - Total revenue from continuing operations for the six months ended June 30, 2025, was $32,276, significantly up from $5,846 in the same period of 2024, reflecting a growth of 451.5%[27] - CircleDNA revenue for the six months ended June 30, 2025, was $4,752, down from $5,846 in 2024, a decrease of 18.7%[27] - IM8 generated revenue of $15,486 for the six months ended June 30, 2025, with no revenue reported in the same period of 2024[27] Financial Performance - Adjusted EBITDA loss for the second quarter of 2025 was $(4.1) million, a decrease of 8.7% compared to the first quarter of 2025[5] - Loss from operations for the six months ended June 30, 2025, was $18,427,000, compared to a loss of $14,472,000 in the same period of 2024, reflecting a deterioration of 27%[24] - Loss for the period for the six months ended June 30, 2025, was $23,743,000, compared to a loss of $20,197,000 in the same period of 2024, an increase of 13%[24] - Basic loss per share for the six months ended June 30, 2025, was $(1.74), compared to $(1.58) in the same period of 2024[24] - Loss from continuing operations for the three months ended June 30, 2025, was $10,921,000, compared to $8,898,000 in the same period of 2024, an increase of 23%[25] - For the six months ended June 30, 2025, the loss for the period under IFRS was $23,743, compared to a loss of $20,197 for the same period in 2024, representing an increase of 12.5%[26] - Adjusted EBITDA (Non-IFRS) for the six months ended June 30, 2025, was $(8,657), worsening from $(5,955) in the same period of 2024, indicating a decline of 45.4%[26] - For the three months ended June 30, 2025, the loss for the period under IFRS was $12,727, compared to $11,146 in the same period of 2024, an increase of 14.2%[26] Assets and Cash Position - Total assets as of June 30, 2025, were $199,106,000, down from $206,197,000 as of March 31, 2025, a decrease of 3%[23] - Cash and cash equivalents decreased to $17,249,000 as of June 30, 2025, from $43,153,000 as of March 31, 2025, a decline of 60%[23] - Total equity attributable to equity shareholders decreased to $150,982,000 as of June 30, 2025, from $161,188,000 as of March 31, 2025, a decline of 6%[23] - Current assets under IFRS as of June 30, 2025, were $44,037, a decrease from $75,747 as of December 31, 2024, representing a decline of 42.0%[27] - Adjusted current assets (Non-IFRS) as of June 30, 2025, were $90,342, an increase from $75,747 as of December 31, 2024, indicating a growth of 19.3%[27] Strategic Initiatives - IM8's new customer subscription rate exceeded 80% with an average order value of $110[8] - Prenetics plans to achieve breakeven by Q1 2026, supported by a strong balance sheet of $90 million in cash and BTC[3][12] - Prenetics initiated a disciplined Bitcoin treasury strategy, starting with a $20 million purchase of Bitcoin in June 2025[10] - The divestment of ACT Genomics is expected to provide gross proceeds of $46.3 million, with closing anticipated in Q4 2025[13] Bitcoin Holdings - The company held 228.42 Bitcoin valued at $26.1 million as of September 10, 2025, with an unrealized gain of approximately $1.6 million[5][10] Employee Compensation - The total employee equity-settled share-based payment expenses for the six months ended June 30, 2025, were $2,005, down from $3,273 in 2024, a decrease of 38.8%[28] Discontinued Operations - The loss from discontinued operations, net of tax, for the six months ended June 30, 2025, was $3,979, compared to $5,015 in the same period of 2024, a reduction of 20.7%[26]