Mauna Kea Technologies (Euronext Growth: ALMKT) reported product and service revenue of €3.2 million for the first half of 2026, marking a 37% increase year-on-year. This growth was driven by strong momentum for its CellTolerance platform in Europe and new international markets, partially offsetting a decline in total reported revenue due to the end of non-cash licensing recognition.

The company’s total revenue stood at €3.2 million, down 13% from €3.7 million in H1 2025. The decrease is attributed to the scheduled completion of the three-year recognition of a $9 million licensing payment from Tasly, which concluded at the end of 2025. Excluding this non-cash item, the core business demonstrated robust expansion.

Financial Performance Breakdown

The gross margin on product and service revenue improved to 65%, up two percentage points from 63% in the prior year period. Operating expenses totaled €5.9 million, with R&D and G&A costs seeing slight reductions. However, Sales & Marketing expenses rose 24% to €2.3 million as the company strengthened its commercial organization in the United States and Europe.

Commercial Expansion and Clinical Milestones

Revenue growth was led by systems sales, which rose 73% to €1.2 million, and consumables, which increased 27% to €1.5 million. Geographically, Europe and Rest of World revenue surged to €1.1 million from €0.3 million in H1 2025, driven by CellTolerance deployments in Germany, Switzerland, and new markets including the UAE, Australia, and Spain. United States revenue remained stable at €2.0 million as a new Clinical Associates team completed its ramp-up in June 2026.

Clinically, Cellvizio’s adoption accelerated with positive data in pancreatic cysts and Barrett’s esophagus. A meta-analysis covering 2,350 patients showed that adding Cellvizio to standard endoscopy nearly tripled dysplasia detection rates while reducing biopsies by 48.5%.

Liquidity and Funding Outlook

Net cash used in operating activities was €2.8 million, compared to €2.2 million in H1 2025. Cash and cash equivalents stood at €2.3 million as of June 30, 2026, against financial debt of €11.8 million. To extend financial visibility, long-term shareholder Vester Finance increased its shareholder current-account facility to €5.0 million. With this support and outstanding warrants, the company estimates sufficient resources to fund operations until the end of 2027.

What the Numbers Show

A divergence exists between the headline total revenue decline and the underlying operational health. While total revenue fell 13% due to the absence of €1.4 million in non-cash license revenue, core product and service revenue grew 37%. Furthermore, the widening net loss to €4.8 million is largely optical; excluding the €1.4 million license revenue drop, the operational cash burn increased moderately, reflecting strategic investments in sales infrastructure rather than deteriorating fundamentals.

Mauna Kea Technologies (Euronext Growth Paris: ALMKT) reported its total number of shares and voting rights as of September 30, 2026. The medical device company disclosed 199,066,710 shares comprising the capital in circulation.

The filing provides the gross and net totals for voting rights, which are identical at 200,153,761. This disclosure adheres to Article L233-8-II of the Commercial Code and Article 223-16 of the General Regulations of the Autorité des marchés financiers (AMF).

Voting rights and share capital breakdown

The following table details the share count and voting rights as of the reporting date:

The gross number of voting rights, also referred to as theoretical voting rights, serves as the basis for calculating ownership thresholds. This figure includes all shares carrying voting rights, even those without voting rights, in accordance with Article 223-11 of the AMF General Regulations.

The net number of voting rights represents those exercisable in a General Meeting. This calculation excludes shares with suspended voting rights and is published for public information purposes per the AMF recommendation of July 17, 2007.

Company profile

Mauna Kea Technologies is a global medical device company specializing in real-time in vivo cellular imaging. Its primary product, the Cellvizio platform, allows physicians to visualize cells inside the body. This technology supports disease monitoring, real-time reaction assessment, and surgical guidance across various medical specialties.