• Record 26% revenue growth driven by USA and Third-Party distribution
• Doubled USA Technegas® sites, secured full Medicare/Medicaid reimbursement
• Consistent Technegas® sales in 65 global markets, Third-Party distribution up 58%

In the first half of 2025, Cyclopharm achieved another record six months of sales revenue, up 26% to $15.4 million. This was driven by growth initiatives in the USA and the well-established Third-Party distribution business. In the USA, Cyclopharm continued to increase revenue to $1.24 million and doubled the number of sites operating its Technegas® systems. Revenue from Technegas® sales in the 65 markets outside the USA was $6.42 million, down $0.68 million on the prior period. The Third-Party distribution business delivered a third consecutive half-year of sales growth, up 58% to $7.76 million. The net loss after tax was $7.69 million, up from $7.51 million in the prior period, mainly due to continued investment in expanding the USA operations. Cyclopharm is well-positioned to maintain the strong performance of Technegas® globally, continue growth in Third-Party distribution, and advance the Beyond PE growth strategy to access new respiratory markets for Technegas®.

Cyclopharm expects to deliver 250 - 300 USA Technegas® installations during the second half of CY2026, which is expected to drive a significant increase in revenues and shareholder value.

Cyclopharm's entry into the USA market has triggered its next growth phase, with the USA rollout plan allowing Technegas® installations to generate recurring revenues. The company is also advancing its Beyond PE strategy to expand the use of Technegas® in additional respiratory disease states.