- Q1 2026 revenue of
$36.0 million with IM8 revenue of$33.8 million , up 23.1% from IM8 revenue of$27.4 million in Q4 2025 and nearly 6x year-over-year from IM8 revenue of$5.7 million in Q1 2025 - Raises full-year 2026 IM8 revenue guidance to
$190 million to$210 million (previously$180 million to$200 million ) - Projects Q2 2026 revenue of
$46 million to$48 million , with IM8 contributing$44 million to$46 million , representing approximately 33% sequential quarterly growth for IM8 - Fully divested digital asset holdings for
$41.3 million (510 units at~$80,980 ) - Three new SKUs planned for Q4 2026 across Hydration, Creatine, and Kids’ Gummies
- Appointed consumer supplements finance veteran
Brian J. Rosin as Chief Financial Officer of IM8 - Latest investor deck can be found at https://ir.prenetics.com
For the convenience of readers, this announcement consolidates the key operational, strategic and balance sheet information previously furnished in the Preliminary Announcement, together with the Company's complete financial statements for the first quarter ended
Comparison to Preliminary Announcement
The Q1 2026 results are consistent in all material respects with the preliminary estimates set out in the Preliminary Announcement. Revenue of
Loss for the period of
Q1 2026 Financial Results
| Three Months Ended (Unaudited) | |||||||||||
| 2026 | 2025 | 2025 | |||||||||
| (in thousands of | |||||||||||
| Continuing operations | |||||||||||
| Revenue | $ | 35,954 | $ | 33,288 | $ | 8,275 | |||||
| Gross profit | 23,283 | 21,377 | 5,607 | ||||||||
| Loss from operations | (8,866 | ) | (11,514 | ) | (5,971 | ) | |||||
| EBITDA | (23,177 | ) | (7,430 | ) | (11,074 | ) | |||||
| Adjusted EBITDA | (5,599 | ) | (1,836 | ) | (2,439 | ) | |||||
The below tables set out our revenue and gross profit by business unit for the quarters ended
| Three Months Ended (Unaudited) | ||||||||
| Revenue | Gross profit | Gross margin | ||||||
| (in thousands of | ||||||||
| Continuing operations | ||||||||
| CircleDNA | $ | 2,172 | $ | 1,555 | 72 | % | ||
| IM8 | 33,782 | 21,728 | 64 | % | ||||
| $ | 35,954 | $ | 23,283 | 65 | % | |||
| Three Months Ended (Unaudited) | ||||||||
| Revenue | Gross profit | Gross margin | ||||||
| (in thousands of | ||||||||
| Continuing operations | ||||||||
| CircleDNA | $ | 5,840 | $ | 4,864 | 83 | % | ||
| IM8 | 27,448 | 16,513 | 60 | % | ||||
| $ | 33,288 | $ | 21,377 | 64 | % | |||
| Three Months Ended (Unaudited) | ||||||||
| Revenue | Gross profit | Gross margin | ||||||
| (in thousands of | ||||||||
| Continuing operations | ||||||||
| CircleDNA | $ | 2,543 | $ | 2,192 | 86 | % | ||
| IM8 | 5,732 | 3,415 | 60 | % | ||||
| $ | 8,275 | $ | 5,607 | 68 | % | |||
IM8: A Breakout Global Brand
IM8 continued to demonstrate strong global product-market fit and brand momentum, with Q1 2026 revenue of approximately
IM8 – Key Performance Indicators
| Metric | Q1 2026 | Q4 2025 | Growth | ||||||
| Monthly Revenue (End of Period) | +18% | ||||||||
| Quarterly Revenue | +23% | ||||||||
| Total Customer Orders | 220,000+ | 230,000+ | (4)% | ||||||
| Total Servings Delivered | 8.8 million+ | 6.9 million+ | +28% | ||||||
| New Customer Average Order Value | +53% | ||||||||
| Average Order Value (Last Month of Period) | +20% | ||||||||
| New Customer Subscription Rate | ~79% | ~80% | Maintained | ||||||
| Gross Margin | ~64% | ~60% | +4% | ||||||
IM8 delivered meaningful gross margin expansion in Q1 2026, improving from approximately 60% in Q4 2025 to approximately 64% in Q1 2026, an approximately 400 basis point increase quarter-over-quarter. The improvement was driven by a combination of scale-driven manufacturing efficiencies as production volumes increased across the Daily Ultimate Essentials Pro and Daily Ultimate Longevity lines, renegotiated unit economics with key contract manufacturers and ingredient suppliers, a favorable product mix shift toward higher-margin SKUs and subscription orders, packaging optimization, and improved fulfillment and freight efficiencies as order density grew across our 43 international markets. The Company expects to maintain gross margin efficiencies through the balance of 2026 as volumes scale further and supply chain initiatives mature.
Total servings delivered grew approximately 28% quarter-over-quarter to over 8.8 million, reflecting accelerating consumer engagement and increased product consumption across IM8’s global customer base. Total customer orders declined modestly quarter-over-quarter to approximately 220,000, due to IM8’s deliberate and strategic transition toward quarterly subscription plans, which consolidate three months of customer demand into a single, larger order. As a result, average servings per order increased approximately 33% in Q1 2026, consistent with broader quarterly plan adoption. On a cumulative basis, IM8 has now delivered more than 43 million servings to customers worldwide since launch, and in
Global Diversification of IM8 Revenue
IM8 continues to expand its international reach, and by the end of Q1 2026, IM8 shipped to 43 countries, with over 60% of IM8 revenue generated outside
Top Five IM8 Markets (Q1 2026)
| Market | Q1 2026 IM8 Revenue | % of Total Q1 2026 IM8 Revenue | |||
| 38.7 | % | ||||
| 13.7 | % | ||||
| 9.8 | % | ||||
| 5.6 | % | ||||
| 4.2 | % | ||||
Strategic Evolution Toward Quarterly Subscriptions
Following the initial rollout of quarterly subscription plans in
The impact of this transition has been substantial:
- FY2025 average order value: approximately
$110 - Q4 2025 (last month of period) average order value: approximately
$133 - Q1 2026 (new customer) average order value: approximately
$240
IM8’s new customer average order value increased to approximately
Management Commentary
Based on this trajectory, we currently expect Q2 2026 revenues of approximately
Looking ahead, I am especially excited about our product roadmap. In Q4 2026, IM8 plans to launch new offerings in three meaningful categories with very large addressable markets — hydration, creatine, and kids’ gummies — extending the brand into high-growth segments. What we have built with
A World-Class Roster of
A defining feature of the IM8 brand is its roster of world-class athlete partners, each of whom has a direct equity-based alignment with the Company’s long-term success. Co-founded with
Expanding the IM8 Product Portfolio – New Q4 2026 Launches
IM8 plans to extend its product portfolio in Q4 2026 with new offerings in three adjacent categories: hydration, creatine, and kids’ gummies. These categories represent large, fast-growing segments of the global consumer health market — the global hydration category is approximately
A Strong, Debt-Free Balance Sheet
As of
Returning Capital to Shareholders
On
Advancing Global Nutrition – Partnership with Vitamin Angels
In
Strengthening IM8 Leadership for the Next Phase of Growth
IM8 also strengthened its leadership team with the appointment of
Outlook
IM8 generated revenue of approximately
About
About IM8
IM8 is the pinnacle of premium core nutrition, born from a collaboration between David Beckham as a co-founding partner, and an elite team of scientists spanning medical professionals, academia and space science. Combining cutting-edge science with nature’s most potent ingredients, IM8 delivers a holistic, science-backed approach to health, empowering you to live your most vibrant life. IM8’s flagship product, Daily Ultimate Essentials Pro, is an all-in-one powder supplement engineered to replace 16 different supplements in a delicious drink and is NSF Certified for Sport, non-GMO, vegan, free from common allergens, and contains no artificial flavors, colors or sweeteners. IM8 is a subsidiary of Prenetics (NASDAQ: PRE), a leading global health sciences company dedicated to advancing consumer health. To learn more about IM8, please visit www.IM8health.com.
Investor Relations Contact
investors@prenetics.com
PRE@mzgroup.us
Angela Cheung
Investor Relations / Corporate Finance
angela.hm.cheung@prenetics.com
Forward-Looking Statements
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s goals, targets, projections, outlooks, beliefs, expectations, strategy, plans, objectives of management for future operations of the Company, and growth opportunities are forward-looking statements. Our guidance reflects management’s current estimates and assumptions as of the date of this release, is subject to significant risks and uncertainties, and is not a guarantee of future performance. Actual results may differ materially. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” “guidance,” “outlook,” “forecast,” or other similar expressions. Forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company, which involve inherent risks and uncertainties, and therefore they should not be relied upon as being necessarily indicative of future results. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to: the Company may not be able to maintain and enhance its IM8 business and brand if it suffers negative publicity or fails to maintain a strong base of engaged customers and content creators, or otherwise fails to meet customers’ expectations; the Company’s ability to further develop and grow its business, including new products and services; and its ability to identify and execute on M&A opportunities. In addition to the foregoing factors, you should also carefully consider the other risks and uncertainties described in the “Risk Factors” section of the Company’s most recent registration statement and the prospectus therein, and the other documents filed by the Company from time to time with the U.S. Securities and Exchange Commission. Unless otherwise specified, all information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Nothing in this press release constitutes an offer to sell, or the solicitation of an offer to buy, any securities of the Company.
Basis of Presentation
Figures for prior periods have been re-presented in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (“IFRS 5”). As part of the Group’s strategic repositioning to focus its resources and capital allocation on its core consumer health and prevention businesses, the Group has divested or exited certain non-core businesses and investments, including ACT Genomics, Europa and Insighta.
In June 2025, the Group determined that ACT Genomics Holdings Company Limited (“ACT Genomics”) met the criteria to be classified as held for sale and a discontinued operation, following the signing of a definitive sale and purchase agreement with Delta Electronics, Inc. The divestment of ACT Genomics was completed on October 1, 2025, and its results have been excluded from the Group’s continuing operations thereafter.
The Group also completed the divestiture of substantially all of the assets of its Europa business in January 2026. Accordingly, Europa’s results are included in the Group’s financial results only up to the date of completion of the divestiture and are excluded from the Group’s continuing operations thereafter.
In February 2026, the Group completed the disposal of its remaining equity interest in Insighta Holdings Limited (“Insighta”). Accordingly, the Group’s share of results from Insighta is included only up to the date of completion of the disposal.
In accordance with IFRS 5, the results of discontinued operations are presented separately from the Group’s continuing operations (comprising IM8 and CircleDNA) in the unaudited consolidated statements of profit or loss and other comprehensive income, and comparative figures for those statements have been re-presented accordingly.
The financial information presented in this press release was unaudited. Unaudited non-IFRS financial measures have been provided in this press release. An explanation of these measures is also included below under the heading “Unaudited Non-IFRS Financial Measures”.
Unaudited Non-IFRS Financial Measures
To supplement the Company’s consolidated financial statements prepared in accordance with IFRS Accounting Standards, the Company is providing the following non-IFRS measures: EBITDA and adjusted EBITDA. These non-IFRS financial measures are not based on any standardized methodology prescribed by IFRS Accounting Standards and are not necessarily comparable to similarly-titled measures presented by other companies. Management believes these non-IFRS financial measures are useful to investors in evaluating the Company’s ongoing operating results and trends.
EBITDA is defined as net loss before (1) depreciation and amortization, (2) interest income, (3) other finance costs, and (4) income tax expense.
Adjusted EBITDA is defined as EBITDA further adjusted to exclude (1) amortization of deferred expenses, (2) equity-settled share-based payment expenses, (3) non-recurring expenses related to acquisition, disposal and fundraising, (4) strategic realignment expenses, (5) exchange gain or loss, net, (6) fair value loss/(gain) on financial assets at fair value through profit or loss, (7) fair value loss on warrant liabilities, (8) gain on warrant exchange, (9) unrealized fair value loss on digital asset, and (10) (profit)/loss from discontinued operations, net of tax.
In addition, other companies, including companies in the same industry, may not use the same non-IFRS measures or may calculate these metrics in a different manner than management, or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of these non-IFRS measures as comparative measures. Because of these limitations, the Company’s non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS Accounting Standards.
Investors are encouraged to review the breakdown provided in the non-IFRS reconciliation set forth in the below table captioned “Reconciliation of loss for the period under IFRS Accounting Standards and adjusted EBITDA (Non-IFRS).”
PRENETICS GLOBAL LIMITED
Unaudited consolidated statements of financial position
(All amounts in thousands of U.S. dollars (“$”))
| 2026 | 2025 | ||||
| (Unaudited) | (Audited) | ||||
| Assets | |||||
| Property, plant and equipment | $ | 594 | $ | 1,763 | |
| Intangible assets | 40 | 66 | |||
| Digital assets | 34,799 | 44,629 | |||
| — | 1,379 | ||||
| Interests in equity-accounted investees | — | 66,109 | |||
| Financial assets at fair value through profit or loss - non-current | 2,338 | 252 | |||
| Other non-current assets | 5,423 | 6,678 | |||
| Non-current assets | 43,194 | 120,876 | |||
| Inventories | 14,198 | 7,032 | |||
| Trade receivables | 2,529 | 2,978 | |||
| Deposits, prepayments and other receivables | 9,346 | 11,860 | |||
| Amount due from a related company | — | 4 | |||
| Financial assets at fair value through profit or loss - current | 50,018 | 31,192 | |||
| Cash and cash equivalents | 56,017 | 32,131 | |||
| Current assets | 132,108 | 85,197 | |||
| Total assets | $ | 175,302 | $ | 206,073 | |
| Liabilities | |||||
| Deferred tax liabilities | $ | 8 | $ | 8 | |
| Warrant liabilities | 28,354 | 20,319 | |||
| Lease liabilities - non-current | 50 | 437 | |||
| Other non-current liabilities | 228 | 230 | |||
| Non-current liabilities | 28,640 | 20,994 | |||
| Trade payables | 1,961 | 3,142 | |||
| Accrued expenses and other current liabilities | 20,293 | 21,124 | |||
| Contract liabilities | 2,948 | 3,086 | |||
| Lease liabilities - current | 407 | 1,330 | |||
| Tax payable | 31 | 31 | |||
| Current liabilities | 25,640 | 28,713 | |||
| Total liabilities | 54,280 | 49,707 | |||
| Equity | |||||
| Class A ordinary shares | 23 | 23 | |||
| Class B ordinary shares | 2 | 2 | |||
| Reserves | 121,090 | 156,434 | |||
| Total equity attributable to equity shareholders of the Company | 121,115 | 156,459 | |||
| Non-controlling interests | (93 | (93 | |||
| Total equity | 121,022 | 156,366 | |||
| Total equity and liabilities | $ | 175,302 | $ | 206,073 | |
Unaudited consolidated statements of profit or loss and other comprehensive income
(All amounts in thousands of
| Three Months Ended | |||||||||||
| 2026 | 2025 | 2025 | |||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Continuing operations | |||||||||||
| Revenue | $ | 35,954 | $ | 33,288 | $ | 8,275 | |||||
| Direct costs | (12,671 | ) | (11,911 | ) | (2,668 | ) | |||||
| Gross profit | 23,283 | 21,377 | 5,607 | ||||||||
| Other income and other net gain | 840 | 212 | 204 | ||||||||
| Selling and marketing expenses4 | (22,205 | ) | (16,090 | ) | (4,126 | ) | |||||
| Research and development expenses4 | (1,443 | ) | (743 | ) | (2,007 | ) | |||||
| Administrative and other operating expenses4 | (9,341 | ) | (16,270 | ) | (5,649 | ) | |||||
| Loss from operations | (8,866 | ) | (11,514 | ) | (5,971 | ) | |||||
| Fair value (loss)/gain on financial assets at fair value through profit or loss | (568 | ) | 879 | — | |||||||
| Gain on warrant exchange | — | 36,657 | — | ||||||||
| Fair value loss on warrant liabilities | (8,035 | ) | (17,339 | ) | (63 | ) | |||||
| Unrealized fair value loss on digital assets | (9,830 | ) | (9,725 | ) | — | ||||||
| Other finance costs | (9 | ) | (12 | ) | (18 | ) | |||||
| Loss before taxation | (27,308 | ) | (1,054 | ) | (6,052 | ) | |||||
| Income tax expense | (28 | ) | (37 | ) | (20 | ) | |||||
| Loss from continuing operations | (27,336 | ) | (1,091 | ) | (6,072 | ) | |||||
| Discontinued operation | |||||||||||
| Profit/(loss) from discontinued operation, net of tax5 | 4,231 | (6,451 | ) | (4,944 | ) | ||||||
| Loss for the period | (23,105 | ) | (7,542 | ) | (11,016 | ) | |||||
| Other comprehensive (expense)/income for the period | |||||||||||
| Items that will not be reclassified subsequently to profit or loss: | |||||||||||
| Share of other comprehensive (expense)/income of equity-accounted investees | (167 | ) | 40 | (36 | ) | ||||||
| Unrealized fair value loss on digital asset | — | (1,351 | ) | — | |||||||
| Item that may be reclassified subsequently to profit or loss: | |||||||||||
| Reclassification of cumulative translation reserve upon disposal of foreign operations | — | (74 | ) | — | |||||||
| Exchange difference on translation of foreign operations | (198 | ) | 328 | 103 | |||||||
| Other comprehensive (expense)/income for the period | (365 | ) | (1,057 | ) | 67 | ||||||
| Total comprehensive expense for the period | $ | (23,470 | ) | $ | (8,599 | ) | $ | (10,949 | ) | ||
| Loss attributable to: | |||||||||||
| Equity shareholders of | $ | (23,104 | ) | $ | (7,500 | ) | $ | (10,390 | ) | ||
| Non-controlling interests | — | (42 | ) | (626 | ) | ||||||
| $ | (23,104 | ) | $ | (7,542 | ) | $ | (11,016 | ) | |||
| Total comprehensive expense attributable to: | |||||||||||
| Equity shareholders of | $ | (23,470 | ) | $ | (8,592 | ) | $ | (10,243 | ) | ||
| Non-controlling interests | — | (7 | ) | (706 | ) | ||||||
| $ | (23,470 | ) | $ | (8,599 | ) | $ | (10,949 | ) | |||
| Loss per share: | |||||||||||
| Basic | $ | (1.36 | ) | $ | (0.47 | ) | $ | (0.80 | ) | ||
| Diluted | (1.36 | ) | (0.47 | ) | (0.80 | ) | |||||
| Loss per share - Continuing operations: | |||||||||||
| Basic | (1.61 | ) | (0.07 | ) | (0.44 | ) | |||||
| Diluted | (1.61 | ) | (0.07 | ) | (0.44 | ) | |||||
| Weighted average number of common shares: | |||||||||||
| Basic | 16,982,575 | 16,034,309 | 13,003,881 | ||||||||
| Diluted | 16,982,575 | 16,034,309 | 13,003,881 | ||||||||
Unaudited consolidated statements of cash flows
(All amounts in thousands of
| Three Months Ended | |||||
| 2026 | 2025 | ||||
| (Unaudited | ) | (Unaudited | ) | ||
| Cash flows from operating activities | |||||
| Loss for the year | (23,105 | ) | (11,016 | ) | |
| Adjustments for: | |||||
| Bank interest income | (294 | ) | (440 | ) | |
| Depreciation | 159 | 893 | |||
| Amortization of intangible assets | 25 | 239 | |||
| Other finance costs | 9 | 69 | |||
| Fair value loss on financial assets at fair value through profit or loss | 568 | — | |||
| Fair value loss on warrant liabilities | 8,035 | 63 | |||
| Unrealized fair value loss on digital asset | 9,830 | — | |||
| Net foreign exchange losses | (20 | ) | (196 | ) | |
| Gain on disposal of assets | (253 | ) | — | ||
| Write-off on inventories | (32 | ) | 667 | ||
| Gain on disposal of an equity-accounted investee | (4,172 | ) | — | ||
| Share of loss of equity-accounted investees | 113 | 309 | |||
| Equity-settled share-based payment expenses | 1,242 | 1,119 | |||
| Income tax expense/(credit) | 28 | (64 | ) | ||
| (7,867 | ) | (8,357 | ) | ||
| Changes in: | |||||
| Decrease in deferred expenses | — | 2,057 | |||
| Increase in inventories | (7,134 | ) | (711 | ) | |
| Decrease in trade receivables | 451 | 779 | |||
| (Increase)/decrease in deposits, prepayments and other receivables | 2,874 | 1,043 | |||
| Decrease in amounts due from related companies | 4 | — | |||
| Decrease in other non-current assets | 1,255 | 118 | |||
| (Decrease)/increase in trade payables | (1,179 | ) | 469 | ||
| (Decrease)/increase in accrued expenses and other current liabilities | (358 | ) | 926 | ||
| Decrease in contract liabilities | (138 | ) | (300 | ) | |
| Decrease in other non-current liabilities | (4 | ) | (1 | ) | |
| Cash used in operating activities | (12,096 | ) | (3,977 | ) | |
| Income taxes paid | (28 | ) | — | ||
| Net cash used in operating activities | (12,124 | ) | (3,977 | ) | |
| Cash flows from investing activities | |||||
| Payment for purchase of financial assets at fair value through profit or loss | (19,876 | ) | — | ||
| Net cash inflow from disposal of an equity-accounted investee | 69,000 | — | |||
| Interest received | 294 | 440 | |||
| Net cash from investing activities | 49,418 | 440 | |||
| Cash flows from financing activities | |||||
| Capital element of lease rentals paid | (142 | ) | (622 | ) | |
| Interest element of lease rentals paid | (9 | ) | (69 | ) | |
| Proceeds from public placement | (13,117 | ) | — | ||
| Net cash used in financing activities | (13,268 | ) | (691 | ) | |
| Net increase/(decrease) in cash and cash equivalents | 24,026 | (4,228 | ) | ||
| Cash and cash equivalents at the beginning of the period | 32,131 | 52,251 | |||
| Effect of foreign exchange rate changes | (140 | ) | (57 | ) | |
| Cash and cash equivalents at the end of the period | 56,017 | 47,966 | |||
Unaudited Non-IFRS Financial Measures
(All amounts in thousands of
Reconciliation of loss for the period under IFRS Accounting Standards and adjusted EBITDA (Non-IFRS)
| Three Months Ended | |||||||||||
| 2026 | 2025 | 2025 | |||||||||
| (Unaudited | ) | (Unaudited | ) | (Unaudited | ) | ||||||
| Loss for the period under IFRS Accounting Standards | $ | (23,104 | ) | $ | (7,542 | ) | $ | (11,016 | ) | ||
| Depreciation and amortization | 184 | 273 | 326 | ||||||||
| Interest income | (294 | ) | (210 | ) | (422 | ) | |||||
| Other finance costs | 9 | 12 | 18 | ||||||||
| Income tax expense | 28 | 37 | 20 | ||||||||
| EBITDA | (23,177 | ) | (7,430 | ) | (11,074 | ) | |||||
| Amortization of deferred expenses | — | — | 2,057 | ||||||||
| Equity-settled share-based payment expenses | 1,242 | 1,299 | 1,167 | ||||||||
| Non-recurring expenses related to acquisition, disposal and fundraising | 953 | 4,366 | 126 | ||||||||
| Strategic realignment expenses | 1,252 | 3,750 | 2 | ||||||||
| Exchange gain or loss, net | (71 | ) | 200 | 276 | |||||||
| Fair value loss/(gain) on financial assets at fair value through profit or loss | 568 | (879 | ) | — | |||||||
| Fair value loss on warrant liabilities | 8,035 | 17,339 | 63 | ||||||||
| Gain on warrant exchange | — | (36,657 | ) | — | |||||||
| Unrealized fair value loss on digital assets | 9,830 | 9,725 | — | ||||||||
| (Profit)/loss from discontinued operation, net of tax | (4,231 | ) | 6,451 | 4,944 | |||||||
| Adjusted EBITDA | $ | (5,599 | ) | $ | (1,836 | ) | $ | (2,439 | ) | ||
| Three Months Ended | ||||||||
| 2026 | 2025 | 2025 | ||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||
| Continuing operations | ||||||||
| Selling and marketing expenses | $ | 27 | $ | 24 | $ | 1 | ||
| Research and development expenses | 226 | 90 | 467 | |||||
| Administrative and other operating expenses | 746 | 444 | 456 | |||||
| Total employee equity-settled share-based payment expenses | $ | 999 | $ | 558 | $ | 924 | ||
1 EBITDA is a non-IFRS financial measure used by us to measure the strength of our core financial and operating performance. EBITDA excludes (1) depreciation and amortization, (2) interest income, (3) other finance costs, and (4) income tax expense. For more information regarding this non-IFRS financial measure, see "Unaudited Non-IFRS Financial Measures."
2 Adjusted EBITDA is a non-IFRS financial measure used by us to measure the strength of our core financial and operating performance. Adjusted EBITDA represents EBITDA further adjusted to exclude (1) amortization of deferred expenses, (2) equity-settled share-based payment expenses, (3) non-recurring expenses related to acquisition, disposal and fundraising, (4) strategic realignment expenses, (5) exchange gain or loss, net, (6) fair value loss/(gain) on financial assets at fair value through profit or loss, (7) fair value loss on warrant liabilities, (8) gain on warrant exchange, (9) unrealized fair value loss on digital asset, and (10) (profit)/loss from discontinued operations, net of tax. These adjustments are made for items that may not be indicative of our business performance, including non-cash and/or non-recurring items. For more information regarding this non-IFRS financial measure, see "Unaudited Non-IFRS Financial Measures."
3 The Company uses annualized recurring revenue (“ARR”) as a key operating metric and is calculated by multiplying the monthly revenue from the last month of a given period by 12.
4 Includes equity-settled share-based payment expenses from continuing operations as follows:
5
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1a9e11ac-9f38-4820-84e0-218e21ce0f7d
IM8 Monthly Revenue ($M)
