Ann: Preliminary Final Report, page-2

Financial Performance

• Revenue Growth:

  • Total revenue: A$27.57 million, up 4.7% from 2023.
  • Technegas™ sales: A$15.21 million, up 5.4%.
  • Third-party distribution revenue: A$12.36 million, up 3.8%.

• Net Loss:

  • Cyclopharm reported a net loss of A$13.2 million, a significant increase from the A$4.7 million loss in 2023.
  • The loss was attributed to increased staffing costs (+A$4.42 million), regulatory compliance, and investment in manufacturing for the US market.

• Cash Position:

  • A$20.57 million in cash at the end of 2024.
  • Supported by a successful capital raise.

Operational Highlights

• US Market Expansion:

  • Technegas™ launched in the US after FDA approval in late 2023.
  • US sales increased by 131% in the second half of 2024.
  • Major contracts signed:
    • Hospital Corporation of America (HCA) (168 hospitals) – January 2025.
    • Veterans Health Administration (VA) (120 hospitals) – October 2024.
  • Expectation to install 250–300 Technegas™ systems in the US by late 2026.

• Beyond Pulmonary Embolism (Beyond PE) Strategy:

  • Expanding Technegas™ for asthma, COPD, long-COVID, and lung transplants.
  • New clinical trials launched in France.

• Third-Party Distribution Business:

  • Contributed A$12.36 million in revenue.
  • Strong 57% growth in the second half of 2024.

Outlook

• US market remains the biggest growth driver.
• Continued investment in R&D and expansion into new diagnostic applications.
• Strong balance sheet expected to support growth despite short-term losses.