Medicalgorithmics S A : Summarizes the Q1 2025 51% revenue growth, positive EBITDA, and positive operating cash flow

Medicalgorithmics S.A., a developer of globally innovative AI algorithms and an ECG analysis platform, has published its report for the first quarter of 2026. The company generated consolidated sales revenue of PLN 10.2 million, representing a 51% year-over-year increase. EBITDA for the period amounted to PLN 1.1 million, and cash flow from operating activities was PLN 1.2 million. This means that the Company has remained above the cash break-even point at the operating level for the second consecutive quarter.

- Although our first-quarter results were impacted by extraordinary factors such as the crippling cold snap in the United States (which affected the number of sessions) and the outbreak of war in Iran in March (which indirectly delayed Kardiobeat.ai contracts and distribution), we generated EBITDA at a level comparable to the record-breaking fourth quarter of 2025. This is proof of our company's resilience and a solid foundation for further dynamic growth in the near future -comments Dr. Kris Siemionow, CEO of Medicalgorithmics.

In the first quarter of 2026, Medicalgorithmics reported consolidated revenue of PLN 10.2 million, compared to PLN 6.8 million in the same period last year. This represents a 51% year-over-year increase. The U.S. market generated PLN 4.7 million in revenue for the Company, with a growth rate of 105%. At the same time, the Company recorded positive cash flow from operating activities for the second consecutive time, at PLN 1.2 million. These figures confirm the success of the Company's strategy, which focuses on selling AI algorithms and diagnostic software with the highest margins. During the reporting period, the Company performed nearly 114,000 ECG tests.

- We are entering a period that looks very promising from both a business and technological perspective. Our growth is accelerating on many fronts. On the one hand, we are expanding into the advanced medical robotics segment thanks to a letter of intent with BioFund and the Zbigniew Religa Foundation for the Development of Cardiac Surgery, with whom we are negotiating the terms of further cooperation. On the other hand, we are constantly expanding our customer base and conducting advanced discussions regarding further major contracts, particularly with European IDTFs. The coming months should also bring a breakthrough in the commercialization of the VCAST platform. In the second half of this year, not only should the first revenues appear, but we also intend to submit documentation to the FDA to obtain certification. This is a technology that redefines cardiac diagnostics - adds Dr. Kris Siemionow.

In the first quarter of this year, the Company established numerous partnerships and received several additional orders, while many significant events took place in the second quarter. During that time, the Company received an additional order from a Canadian partner worth $0.5 million. Medicalgorithmics also signed a letter of intent with the Prof. Zbigniew Religa Foundation for the Development of Cardiac Surgery in Zabrze and BioFund Capital Management, under which it is negotiating the terms of cooperation for the development of a proprietary surgical robot. The project aims to develop a minimally invasive robotic system to assist physicians in performing procedures to treat structural heart defects.

Furthermore, the Company has ambitious plans for the coming quarters. An application for VCAST certification with the FDA is planned as early as the second half of this year. Meanwhile, the innovative technology should generate its first revenues from markets where it is already available.

• May 29, 2026