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Kromek (KMK) Share News

IN BRIEF: Kromek eyes profitability after receiving Siemens payment

17th Feb 2025 17:36

Kromek Group PLC - Detection technology supplier - Receives first USD25.0 million payment under its enablement agreement with Siemens Medical Solutions US Inc. This follows Kromek satisfying the first milestone under the deal. As a result, Kromek confirms that it will become profitable in the current financial year. Chief Executive Arnab Basu says: "These funds will be used to support the delivery of various milestones under the agreement, significantly reduce our debt and strengthen our balance sheet, ultimately enhancing our operational capabilities. It also enables us to become profitable in the current financial year - which is a significant milestone." Read More

IN BRIEF: Kromek signs Siemens deal; sees brighter profit view

31st Jan 2025 20:00

Kromek Group PLC - Detection technology supplier - On Thursday, reports weaker half-year revenue and a wider pretax loss, and announces a USD37.5 million deal with Siemens Healthineers AG. Pretax loss widens to GBP5.7 million in the six months to October 31 from USD3.5 million a year prior as revenue falls to GBP3.7 million from GBP7.1 million. Expects to become profitable from the current financial year, with profit for FY 2025 significantly ahead of market expectations. The deal with healthcare services provider Siemens sees Kromek provide "know-how and use rights of IP on a non-exclusive basis". It will supply CZT-based detector tiles and furnaces and related services, as part of an enablement agreement and patent licensing deals. "Under the enablement agreement, the group will be paid a total of USD37.5 million in cash in four instalments over a four-year period, with the first instalment of USD25.0 million to be received in the current financial year, a material amount of which will be recognised as revenue. In addition, the directors believe the supply agreement will make a material contribution to Advanced Imaging revenue from the second year of the agreement onwards," Kromek adds. Read More

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