• Year on year performance remains strong with uplifts in revenue and activity across all key metrics
• Investment in people and technology has led to increased operating costs
• All key initiatives are on plan, including a new brand launch and commercial agreement with Toniq

Pharmx Technologies Ltd (ASX:PHX) has reported a strong H1 FY25 performance, with year-on-year revenue growth of 17% and positive trends across its key business segments of Beauty, Vapes and Medicinal cannabis. The company has continued to invest in its people and technology to support growth, leading to increased operating costs. However, all key initiatives remain on plan, including the successful launch of a new brand identity and a commercial agreement with Toniq that expands Pharmx's distribution network to over 99% of pharmacies across Australia and New Zealand. The Toniq partnership enables existing and new suppliers in the Toniq network to migrate to the Pharmx Gateway, increasing Pharmx's supplier network to over 200 suppliers. Pharmx's platform metrics have also shown strong growth, with increases in total suppliers, account connections, order volumes and invoice values across both the Gateway and Marketplace platforms. The company remains in a strong financial position, with positive underlying operating cashflows and a closing cash balance of $4.5 million as of 31 December 2024.

Pharmx Technologies Ltd expects to continue its strong revenue growth trajectory, with the company's total addressable market (TAM) across its Gateway, Marketplace and Analytics business lines estimated at $1.685 billion per annum.

Pharmx Technologies Ltd is focused on strengthening its core capabilities while adopting a modern, product-centric approach to accelerate the expansion of its solutions. Key initiatives include continued investment in talent, brand-building, account and volume growth, and enhancing its analytics capabilities to drive platform engagement and strategic decision-making.