Original-Research: Aiforia Technologies Oyj (von NuWays AG): HOLD
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Original-Research: Aiforia Technologies Oyj - from NuWays AG
02.09.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Aiforia Technologies Oyj
Company Name: Aiforia Technologies Oyj
ISIN: FI4000507934
Reason for the research: Update
Recommendation: HOLD
Target price: EUR 1
Target price on sight of: 12 months
Last rating change:
Analyst: Julius Neittamo
H1'26 review: costs above expectations; est. & PT chg.
Aiforia published its H1'26 report last Friday. Revenue of EUR 0.75m (-46%
yoy) was already known from the July profit warning, which we attributed to
the absence of onboarding revenue and a slower than expected usage ramp up
of existing clinical clients (eNuW). Costs remained elevated despite the
revenue decline. Material expenses of EUR 0.4m proved somewhat inflexible to
the weaker revenue development, likely reflecting fixed cloud capacity and a
relatively high Research revenue contribution, which still accounted for 54%
of sales at EUR 0.4m. Personnel expenses were EUR 3.6m, including a EUR 1.1m
non-cash one-off from an amendment to the option programmes, which extended
the subscription periods of the 2016-25 schemes to end-2031. Other operating
expenses fell yoy to EUR 1.7m (H1'25: EUR 2.0m). Adj. EBITDA was EUR -3.6m against
our EUR -3.2m estimate. D&A of EUR 2.9m exceeded our EUR 2.7m, taking adj. EBIT to
EUR -6.5m (eNuW: EUR -5.9m), versus EUR -5.4m a year prior.
H1'26 gave a first read on the recurring business. Approximately 98% of H1
revenue was reported to be recurring. The order book of EUR 3.5m was stable
against year-end and is predominantly recurring, of which c. EUR 2.8m relates
to Clinical. Contracts are structured so that minimum revenue is guaranteed
irrespective of analysis volumes, to be paid out at the end of the year.
This is set to support H2 sales should utilisation fall short of contracted
levels.
Funding remains a central topic. Thanks to the EUR 6.4m directed share issue
in June, cash stood at EUR 9.9m at end-June 2026. We see pre-financing cash
flow of EUR -11.7m in FY26e and EUR -11.4m in FY27e, leaving Aiforia
sufficiently capitalised to run operations without further funding through
Q1'27 (eNuW). The EUR 20m EIB facility is signed, and management indicated on
the call that capital will become available once milestones are delivered,
though these have not been disclosed. Tranche timing is therefore the single
most important near-term variable.
We make adjustments to our model as costs remain sticky while visibility on
revenue turnaround remains limited (eNuW). We leave FY26e revenue unchanged
at EUR 2.1m but cut our EBITDA to EUR -8.0m (old: EUR -5.6m). In FY27e we see
revenue recovering to EUR 3.6m and EBITDA at EUR -6.0m (old: EUR -5.0m). We cut
our PT to EUR 1.00 (old: EUR 1.10) and reiterate our HOLD rating.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=3bc87cb532b0e27bd4f2e8992fac331f
For additional information visit our website:
https://www.nuways-ag.com/research
Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2392158 02.09.2026 CET/CEST
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