• Record revenue of $15.42m, up 26% on prior comparable period
• Technegas® USA revenue doubled with 35 installations
• Third-Party distribution revenue up 58% to $7.76m, now ~50% of group revenue

Cyclopharm Limited (ASX: CYC) today released its Half Year 2025 results, delivering record revenue growth, strong commercial traction in the USA, and further strategic milestones that reinforce the Company's position as a global leader in functional lung imaging. Key highlights include: record revenue of $15.42m, up 26% on the prior comparable period; Technegas® USA revenue doubling with 35 installations; third-party distribution revenue up 58% to $7.76m, now accounting for ~50% of group revenue; sustained ex-USA Technegas® sales of $6.42m across 65 established markets; a cash position of $12.41m at 30 June 2025 with a further $6.2m cash inflow post-period from asset sale and earnings linked to non-core cyclotron assets; securing a US patent extension to early 2031 and filing a new IP family on Technegas® generator innovations with potential 20-year exclusivity; and validation of the 'Beyond PE' strategy through peer-reviewed research highlighting Technegas® applications in COPD, asthma, lung cancer, and lung transplant prognostics.

Cyclopharm is on track to deliver transformational growth, reaffirming guidance of 250-300 U.S. Technegas® installations during the second half of CY2026.

Cyclopharm is entering a phase of accelerated U.S. growth as institutional procurement cycles resume post US-summer hiatus, with the recurring revenue model scaling from consumables and annual access fees under full CMS reimbursement. The company is also unlocking major new clinical opportunities for Technegas® that extend well beyond pulmonary embolism, with an addressable market potential exceeding US$1.1bn across COPD, asthma, lung cancer, and occupational lung disease.