Cambridge Cognition reports rebound in commercial momentum

19th Jan 2026 13:17

(Sharecast News) - Cambridge Cognition reported a sharp rebound in commercial momentum on Monday, with new sales orders rising strongly and the order book expanding in 2025, although full-year revenue fell as expected due to a weaker opening backlog.

For the year ended 31 December, new sales orders increased 73% to £12.8m from £7.4m a year earlier, with growth achieved in every quarter.

The AIM-traded firm said the order book at year-end rose 25% to £16.9m, compared with £13.6m at the end of 2024.

It said it expected £8.5m to £9m of that to convert into revenue in 2026, around 30% higher than the opening order book a year earlier, with further revenue expected to be supported by new orders secured during the year.

Revenue for 2025 was expected to be around £9.4m, down 10% from £10.3m in 2024, reflecting the weaker order book entering the year before changes to management and commercial operations were implemented.

The group said revenue was broadly in line with revised market expectations.

Adjusted EBITDA was expected to show a loss in line with consensus, following a £43k loss in 2024, as the company continued to tightly control its cost base.

Cambridge Cognition strengthened its balance sheet during the year, completing a placing in August that raised £1.1m in gross proceeds.

Cash at the year-end stood at £1.1m, while borrowings were reduced to £0.9m from £1.9m a year earlier, leaving the group in a net cash position of £0.2m compared with net debt of £0.6m at the end of 2024.

The firm said its academic research segment returned to growth in 2025 following several years of declining new orders, which it described as strategically important in supporting peer-reviewed validation of its technology across clinical applications.

During the year, Cambridge Cognition also expanded into professional healthcare and consumer health and wellness markets with the launch of 'CANTAB Pathway', a new delivery model for its cognitive assessment tasks.

The group said it had signed its first agreement for CANTAB Pathway under a pilot programme with a major European private healthcare provider, with the potential for wider rollout if successful.

Looking ahead, the company said it entered 2026 with a strong pipeline of opportunities and expected further growth in new sales orders as investment in its commercial team continued.

"We enter 2026 with confidence and optimism," said chief executive Rob Baker.

"2025 has been a year of meaningful progress for the company.

"We have strengthened our commercial execution, enhanced our product offering and expanded our order book - which underpins growth in revenue, earnings and cash generation in 2026."

At 1224 GMT, shares in Cambridge Cognition Holdings were up 0.39% at 28.11p.

Reporting by Josh White for Sharecast.com.