• Group Revenue of $53.1M, up 22% on previous corresponding period
• Net Profit before Tax of $13.9M, up 96% on previous corresponding period
• EBITDA of $16.0M, up 72% with an EBITDA margin of 30.1%

Cogstate Limited (ASX:CGS) has released its Appendix 4E and Annual Report for the year ended 30 June 2025 ('FY25'). The Group has delivered a year of record operational and financial performance, highlighting Cogstate's scalable business model, increasing clinical trials demand, and continued innovation in brain health measurement. Key highlights include: Group Revenue of $53.1M, up 22% on previous corresponding period (pcp); Net Profit before Tax of $13.9M, up 96% on pcp; EBITDA of $16.0M, up 72% and with an EBITDA margin of 30.1%, up 8.7 points; Clinical Trials new contract sales of $41.3M, up 53% on pcp; Contracted future revenue at 30 June of $90.0M, down 11.4%, but contracted revenue for FY26 of $31.5 million, up 8.4% pcp at 30 June 2025; Generated $11.5 million operating cash flow, and $5.4m of total cash flow net of $4.8 million share buy-back; Cash balance of $35.6M; and Maiden fully franked annual dividend of A$0.02 per ordinary share declared post year-end. Strategically, the Medidata partnership advanced with meaningful progress in pipeline development, positioning Cogstate for material revenue contributions from FY26. Innovation was a focus throughout the year with Cogstate preparing to launch its first AI-powered products in FY26.

Management expects revenue growth to continue but no specific guidance is provided at this time, pending execution of additional sales contracts to provide greater certainty in respect of timing of revenue. Continuing to invest for growth, both direct costs and operating costs will increase from FY25 to FY26. Subject to revenue growth in FY26, the increase in expenditure may result in a small decrease in margins (0-3 percentage points) from FY25 to FY26.

Cogstate has entered FY26 with positive momentum. Since 01 July 2025, Cogstate has executed clinical trials sales contracts to the value of $14.1 million, and has $35.9 million of contracted FY26 revenue. The Board will maintain flexibility to execute the share buyback, where there is a compelling case.