{"success":true,"data":{"pressRelease":{"id":"164698","rtpr_id":"nBw5ctQ8ba-20261008","ticker":"ALMKT","exchange":"Euronext Paris","all_tickers":["ALMKT"],"title":"Mauna Kea Technologies Announces 2026 Half-Year Results","author":"Business Wire","published_at":"2026-10-08T17:52:00.149Z","article_body":"Mauna Kea Technologies Announces 2026 Half-Year Results\n\nProduct and service revenue of €3.2 million, up 37% driven by strong\nCellTolerance® momentum in Europe and new international markets\n\nGross margin on product and service revenue of 65%, up 2 points\n\nOperating expenses(1) of €5.9 million, with R&D and G&A slightly\ndown\n\nFinancial visibility extended to the end of 2027 with the renewed support of\nlong-term shareholder and partner Vester Finance\n\nRegulatory News:\n\nMauna Kea Technologies (Euronext Growth: ALMKT), inventor of Cellvizio®, the\nmultidisciplinary probe and needle-based confocal laser endomicroscopy\n(p/nCLE) platform, today reports its consolidated results for the first half\nof 2026, as approved by the Board of Directors on September 28, 2026. The\nhalf-year financial report will be available on the Company's website.\n\nSacha Loiseau, Ph.D., Chairman and CEO of Mauna Kea Technologies, commented:\n\"The first half of 2026 was consistent with our roadmap. Growth was driven by\nCellTolerance®, with dynamic sales in Europe, notably in Germany and\nSwitzerland, and first sales in new markets such as the United Arab Emirates,\nAustralia and Spain, while we maintained strict cost discipline. In the United\nStates, we have evolved our commercial model with a dedicated Clinical\nAssociates team focused on providing clinical support and driving Cellvizio\nusage. Completed in June, this organization is ramping up and lays the\nfoundations for healthy, sustainable growth.\n\nAt the same time, the clinical foundations of Cellvizio continue to\nstrengthen, with results confirmed both in Barrett's esophagus, through the\nlarge independent meta-analysis conducted in South Korea, and in pancreatic\ncysts, with the CLIMB study and associated ancillary studies. Cellvizio is\nbecoming established in interventional endoscopy. Finally, thanks to the\nrenewed commitment of our long-term shareholder and partner, Vester Finance,\nour financial visibility now extends to the end of 2027, giving us the means\nto execute our plan.\"\n\nH1 2026 highlights\n\nConfirmatory clinical data\n\n\n * Pancreatic cysts: the CLIMB study was selected for the ASGE Presidential\nPlenary Session at Digestive Disease Week 2026, where ten Cellvizio abstracts\nwere accepted. The Ohio State University Annual Pancreatic Cyst Consortium\nMeeting brought together more than 100 interventional endoscopists, reflecting\nthe growing recognition of Cellvizio in pancreatic cyst risk stratification.\n\n * Barrett's esophagus: an independent systematic review and meta-analysis led by\nNECA, South Korea's National Health Technology Assessment agency, covering 33\nstudies and 2,350 patients, concluded that adding Cellvizio to standard\nendoscopy nearly tripled the dysplasia detection rate (from 10% to 28% of\npatients) while reducing the average number of biopsies by 48.5%.\n\n * Inflammatory bowel disease: a prospective study published in the UEG Journal\nshowed that all ulcerative colitis patients (29 out of 29) who achieved\n\"triple healing\" assessed by Cellvizio remained relapse-free over 24 months,\ncompared with a 33% relapse rate in those who did not.\n\nStrengthened U.S. commercial organization\n\n\n * The U.S. commercial model evolved with a dedicated Clinical Associates team,\ncompleted in June 2026 with two new hires bringing the team to four. Working\nalongside the Territory Managers, they provide clinical support and drive\nCellvizio usage within existing accounts. Given the time needed for training\nand ramp-up, this new organization is not yet reflected in H1 figures.\n\n * Four new CellTolerance accounts were added in the United States, including a\nlarge hospital system, with first clinical use initiated at the end of the\nsecond quarter.\n\nInternational expansion of CellTolerance\n\n\n * Dynamic CellTolerance sales in Europe, notably in Germany and Switzerland,\nwith Europe and Rest of World revenue up from €0.3 million to €1.1\nmillion.\n\n * Regulatory clearances obtained in the UAE, Turkey, Switzerland and the United\nKingdom, opening new addressable markets.\n\n * First sales in four new markets: the United Arab Emirates, Switzerland,\nAustralia and Spain.\n\n * Establishment of a dedicated commercial organization led by Benoît Chardon,\nsupported by a network of specialized agents, enabling rapid entry into new\nterritories.\n\nConsolidated financial statements\n\nThe Board of Directors approved the consolidated financial statements on\nSeptember 28, 2026. The complete unaudited financial statements of Mauna Kea\nwill be available on the website www.maunakeatech.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.maunakeatech.com%2F&esheet=54617636&newsitemid=20261008132184&lan=en-US&anchor=www.maunakeatech.com&index=1&md5=cde4d1639886a658d1ea651544e3b8b1)\n.\n\nDetails of the First Half 2026 Results\n\nConsolidated Income Statement for the First Half of 2026\n (in €k) – IFRS                         H1 2026  H1 2025  Change          \n                                        €k                %        \n Product and service revenue            3,197    2,331    +866     +37%   \n License revenue (non-cash item)*       -        1,361    (1,361)  -100%  \n Total revenue                          3,197    3,692    (495)    -13%   \n Other income                           301      339      (38)     -11%   \n Total income                           3,498    4,031    (533)    -13%   \n Cost of goods sold                     (1,109)  (865)    (244)    +28%   \n Research & Development expenses        (1,605)  (1,655)  +50      -3%    \n Sales & Marketing expenses             (2,344)  (1,883)  (461)    +24%   \n General & Administrative expenses      (1,968)  (1,999)  +31      -2%    \n Share-based payments                   (631)    (421)    (210)    +50%   \n Current operating income (loss)        (4,159)  (2,792)  (1,367)  +49%   \n Non-current operating income (loss)    -        (212)    +212     -100%  \n Operating income (loss)                (4,159)  (3,004)  (1,155)  +38%   \n Share of equity affiliates             -        (685)    +685     -100%  \n Financial result                       (656)    (924)    +268     -29%   \n Income tax                             -        (56)     +56      -100%  \n Net Profit (loss)                      (4,815)  (4,669)  (146)    +3%    \n * Non-cash revenue corresponding to the recognition over three years     \n (2023–2025) of the $9 million licensing payment received from Tasly in 2023. \n Recognition ended as scheduled at the end of 2025.                       \n\n\nRevenue\n\nProduct and service revenue amounted to €3.2 million, up 37% compared with\nH1 2025. By category, systems sales rose 73% to €1.2 million, consumables\n27% to €1.5 million and services 12% to €0.5 million. By geography,\nrevenue in Europe and the Rest of the World increased to €1.1 million\n(€0.3 million in H1 2025), driven by the deployment of CellTolerance in food\nintolerance. The United States remained stable at €2.0 million, as the new\ncommercial organization ramps up.\n\nTotal revenue amounted to €3.2 million, down 13% compared with €3.7\nmillion in H1 2025. This anticipated decrease is non-cash in nature: it\nreflects the scheduled end, at the end of 2025, of the three-year recognition\nof the $9 million licensing payment received from Tasly in 2023.\n\nGross margin\n\nCost of goods sold increased by 28% to €1.1 million, alongside growth in\nproduct and service revenue. Gross margin on product and service revenue\nimproved to 65%, compared with 63% in H1 2025.\n\nOperating expenses\n\nR&D expenses decreased 3% to €1.6 million. Sales and marketing expenses\nincreased 24% to €2.3 million, reflecting the strengthening of the\ncommercial organization: in the United States, the recruitment in 2025 of two\nTerritory Managers at the end of H1 and two Clinical Associates in H2,\ndedicated to clinical support and to driving Cellvizio usage within existing\naccounts; in Europe and Rest of World, the set-up of a dedicated outsourced\nsales network for CellTolerance. General and administrative expenses decreased\n2% to €2.0 million, reflecting the sustained cost savings implemented in\n2025. Share-based payments, a non-cash expense, amounted to €0.6 million,\nreflecting the employee plan granted in the second half of 2025.\n\nOperating loss\n\nCurrent operating loss was €4.2 million, compared with €2.8 million in H1\n2025, mainly reflecting the absence of licensing revenue recognition in H1\n2026. Operating loss was €4.2 million, compared with €3.0 million in H1\n2025, which included €0.2 million of non-recurring costs related to the\nsafeguard proceedings.\n\nNet financial expense and net loss\n\nNet financial expense improved to €0.7 million (€0.9 million in H1 2025),\nreflecting the debt restructuring completed in November 2025. It consists\nmainly of non-cash interest expense. Consequently, net loss amounted to €4.8\nmillion, compared with €4.7 million in H1 2025.\n\nCash flow and financial position\n\nNet cash used in operating activities amounted to €2.8 million, compared\nwith €2.2 million in H1 2025. It reflects a cash flow before changes in\nworking capital of -€3.3 million, partly offset by a €0.5 million\nfavorable change in working capital, mainly driven by trade receivables\ncollection and inventory reduction. Net cash from financing activities\namounted to €0.2 million, including €0.3 million from the exercise of\nwarrants.\n\nCash and cash equivalents stood at €2.3 million on June 30, 2026, compared\nwith €5.0 million on December 31, 2025. Financial debt amounted to €11.8\nmillion, consisting mainly of the European Investment Bank loan restructured\nunder the safeguard plan approved in November 2025.\n\nVester Finance, a long-standing shareholder and partner of the Company, has\nrenewed and increased its support by raising the shareholder current-account\nfacility agreed in July 2026 from €4.0 million to €5.0 million. This\nfacility can be drawn at the Company's sole initiative, with no obligation to\nuse it, and is repayable in cash or in new shares. Accordingly, the maximum\nnumber of new shares that may be issued in the event of repayment in shares\nhas been raised by 26 million to a total of 47 million shares, representing at\nmost 23.6% of the current share capital. The issue price will be based on the\nvolume-weighted average share price preceding each issuance, with a maximum\ndiscount of 7%(2).\n\nTaking this facility into account, and based on its current growth\nassumptions, the Company estimates that it has sufficient financial resources\nto fund its operations until the end of 2027. Beyond this horizon, the Company\ncould also rely on the 69 million warrants (BSA) issued in connection with the\n2025 capital increase and still outstanding, which could provide up to\napproximately €8.4 million if fully exercised (exercise price: €0.1216;\nexpiry: November 17, 2030).\n\nRisk factors\n\nThe risk factors affecting the Company are detailed in Chapter 2 of the 2025\nAnnual Report, filed with the AMF on April 30, 2026 and available on the\nCompany's website (www.maunakeatech.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.maunakeatech.com&esheet=54617636&newsitemid=20261008132184&lan=en-US&anchor=www.maunakeatech.com&index=2&md5=5ec3802d3e20ae62c6c2bd0cdabc8386)\n). Vester Finance, acting here in its capacity as both shareholder and\nfinancier, may be led to sell all or part of the shares subscribed in\nconnection with this transaction, over a shorter or longer horizon. The sale\nof these shares on the market may have an impact on the volatility and\nliquidity of the stock, as well as on the share price.\n\nNext financial publication\n\nQ3 2026 revenue: October 20, 2026, after market close.\n\nAbout Mauna Kea Technologies\n\nMauna Kea Technologies is a global medical device company that develops and\nmarkets Cellvizio®, an imaging platform that enables real-time, cellular\nvisualization of tissue during a routine medical examination. Cellvizio® is\ngradually establishing itself as the gold standard for assessing the risk of\nmalignancy of pancreatic cystic tumors, thereby avoiding unnecessary\nsurgeries, for detecting Barrett's esophagus—a condition that can progress\nto esophageal cancer—and for identifying food intolerances by directly\nobserving the intestinal barrier. Approved in more than 40 countries,\nincluding the United States, Europe, Japan and China, it has been used in more\nthan 110,000 patients, has been the subject of more than 1,200 clinical\npublications, and is covered under Category I reimbursement codes in the\nUnited States. For more information, visit www.maunakeatech.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.maunakeatech.com&esheet=54617636&newsitemid=20261008132184&lan=en-US&anchor=www.maunakeatech.com&index=3&md5=144e92a68bd6fc94f0fd790a2e29562f)\n.\n\nDisclaimer\n\nThis press release contains forward-looking statements about Mauna Kea\nTechnologies and its business. All statements other than statements of\nhistorical fact included in this press release, including, but not limited to,\nstatements regarding Mauna Kea Technologies' financial condition, business,\nstrategies, plans and objectives for future operations are forward-looking\nstatements. Mauna Kea Technologies believes that these forward-looking\nstatements are based on reasonable assumptions. However, no assurance can be\ngiven that the expectations expressed in these forward-looking statements will\nbe achieved. These forward-looking statements are subject to numerous risks\nand uncertainties, including those described in Chapter 2 of Mauna Kea\nTechnologies' 2025 Annual Report filed with the Autorité des marchés\nfinanciers (AMF) on April 30, 2026, which is available on the Company's\nwebsite (www.maunakeatech.fr\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.maunakeatech.fr&esheet=54617636&newsitemid=20261008132184&lan=en-US&anchor=www.maunakeatech.fr&index=4&md5=19f4d45756a354535909d605d41c0db1)\n), as well as the risks associated with changes in economic conditions,\nfinancial markets and the markets in which Mauna Kea Technologies operates.\nThe forward-looking statements contained in this press release are also\nsubject to risks that are unknown to Mauna Kea Technologies or that Mauna Kea\nTechnologies does not currently consider material. The occurrence of some or\nall of these risks could cause the actual results, financial condition,\nperformance or achievements of Mauna Kea Technologies to differ materially\nfrom those expressed in the forward-looking statements. This press release and\nthe information contained herein do not constitute an offer to sell or\nsubscribe for, or the solicitation of an order to buy or subscribe for, shares\nof Mauna Kea Technologies in any jurisdiction in which such offer,\nsolicitation or sale would be unlawful prior to registration or qualification\nunder the securities laws of any such jurisdiction. The distribution of this\npress release may be restricted in certain jurisdictions by local law. Persons\ninto whose possession this document comes are required to comply with all\nlocal regulations applicable to this document.\n (____________________)                                                           \n \n                                                                                \n \n(1) Excluding share-based payments                                              \n (2) The new shares that may be issued upon repayment of the advances in shares   \n would be issued by the Board of Directors pursuant to the delegation of          \n authority granted under the 14th resolution of the Combined General Meeting of   \n June 4, 2026. The issue price will be based on the volume-weighted average       \n share price over the 5 trading sessions preceding each issuance, less a          \n maximum discount of 7%, within the limits set by said resolution. The new        \n shares would carry current dividend rights, be fully fungible with existing      \n shares and be admitted to trading on Euronext Growth Paris on the same           \n quotation line (ISIN: FR0010609263). These issuances do not require the          \n publication of a prospectus subject to AMF approval. For illustrative            \n purposes, a shareholder holding 1.00% of the share capital before any issuance   \n would hold 0.81% after the issuance of the maximum number of new shares (0.59%   \n on a fully diluted basis). The other terms of the facility are described in      \n the Company's press release dated July 15, 2026.                                 \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261008132184/en/\n(https://www.businesswire.com/news/home/20261008132184/en/)\n\nMauna Kea Technologies \n\ninvestors@maunakeatech.com \n(mailto:investors@maunakeatech.com) \n\n\nNewCap - Investor Relations \n\nThomas Grojean\n\n+33 (0)1 44 71 94 94\n\nmaunakea@newcap.eu (mailto:maunakea@newcap.eu)\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBw5ctQ8ba-20261008","title":"Mauna Kea Technologies Announces 2026 Half-Year Results","author":"Business Wire","ticker":"ALMKT","created":"2026-10-08T17:52:00.149Z","tickers":["ALMKT"],"exchange":"Euronext Paris","article_body":"Mauna Kea Technologies Announces 2026 Half-Year Results\n\nProduct and service revenue of €3.2 million, up 37% driven by strong\nCellTolerance® momentum in Europe and new international markets\n\nGross margin on product and service revenue of 65%, up 2 points\n\nOperating expenses(1) of €5.9 million, with R&D and G&A slightly\ndown\n\nFinancial visibility extended to the end of 2027 with the renewed support of\nlong-term shareholder and partner Vester Finance\n\nRegulatory News:\n\nMauna Kea Technologies (Euronext Growth: ALMKT), inventor of Cellvizio®, the\nmultidisciplinary probe and needle-based confocal laser endomicroscopy\n(p/nCLE) platform, today reports its consolidated results for the first half\nof 2026, as approved by the Board of Directors on September 28, 2026. The\nhalf-year financial report will be available on the Company's website.\n\nSacha Loiseau, Ph.D., Chairman and CEO of Mauna Kea Technologies, commented:\n\"The first half of 2026 was consistent with our roadmap. Growth was driven by\nCellTolerance®, with dynamic sales in Europe, notably in Germany and\nSwitzerland, and first sales in new markets such as the United Arab Emirates,\nAustralia and Spain, while we maintained strict cost discipline. In the United\nStates, we have evolved our commercial model with a dedicated Clinical\nAssociates team focused on providing clinical support and driving Cellvizio\nusage. Completed in June, this organization is ramping up and lays the\nfoundations for healthy, sustainable growth.\n\nAt the same time, the clinical foundations of Cellvizio continue to\nstrengthen, with results confirmed both in Barrett's esophagus, through the\nlarge independent meta-analysis conducted in South Korea, and in pancreatic\ncysts, with the CLIMB study and associated ancillary studies. Cellvizio is\nbecoming established in interventional endoscopy. Finally, thanks to the\nrenewed commitment of our long-term shareholder and partner, Vester Finance,\nour financial visibility now extends to the end of 2027, giving us the means\nto execute our plan.\"\n\nH1 2026 highlights\n\nConfirmatory clinical data\n\n\n * Pancreatic cysts: the CLIMB study was selected for the ASGE Presidential\nPlenary Session at Digestive Disease Week 2026, where ten Cellvizio abstracts\nwere accepted. The Ohio State University Annual Pancreatic Cyst Consortium\nMeeting brought together more than 100 interventional endoscopists, reflecting\nthe growing recognition of Cellvizio in pancreatic cyst risk stratification.\n\n * Barrett's esophagus: an independent systematic review and meta-analysis led by\nNECA, South Korea's National Health Technology Assessment agency, covering 33\nstudies and 2,350 patients, concluded that adding Cellvizio to standard\nendoscopy nearly tripled the dysplasia detection rate (from 10% to 28% of\npatients) while reducing the average number of biopsies by 48.5%.\n\n * Inflammatory bowel disease: a prospective study published in the UEG Journal\nshowed that all ulcerative colitis patients (29 out of 29) who achieved\n\"triple healing\" assessed by Cellvizio remained relapse-free over 24 months,\ncompared with a 33% relapse rate in those who did not.\n\nStrengthened U.S. commercial organization\n\n\n * The U.S. commercial model evolved with a dedicated Clinical Associates team,\ncompleted in June 2026 with two new hires bringing the team to four. Working\nalongside the Territory Managers, they provide clinical support and drive\nCellvizio usage within existing accounts. Given the time needed for training\nand ramp-up, this new organization is not yet reflected in H1 figures.\n\n * Four new CellTolerance accounts were added in the United States, including a\nlarge hospital system, with first clinical use initiated at the end of the\nsecond quarter.\n\nInternational expansion of CellTolerance\n\n\n * Dynamic CellTolerance sales in Europe, notably in Germany and Switzerland,\nwith Europe and Rest of World revenue up from €0.3 million to €1.1\nmillion.\n\n * Regulatory clearances obtained in the UAE, Turkey, Switzerland and the United\nKingdom, opening new addressable markets.\n\n * First sales in four new markets: the United Arab Emirates, Switzerland,\nAustralia and Spain.\n\n * Establishment of a dedicated commercial organization led by Benoît Chardon,\nsupported by a network of specialized agents, enabling rapid entry into new\nterritories.\n\nConsolidated financial statements\n\nThe Board of Directors approved the consolidated financial statements on\nSeptember 28, 2026. The complete unaudited financial statements of Mauna Kea\nwill be available on the website www.maunakeatech.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.maunakeatech.com%2F&esheet=54617636&newsitemid=20261008132184&lan=en-US&anchor=www.maunakeatech.com&index=1&md5=cde4d1639886a658d1ea651544e3b8b1)\n.\n\nDetails of the First Half 2026 Results\n\nConsolidated Income Statement for the First Half of 2026\n (in €k) – IFRS                         H1 2026  H1 2025  Change          \n                                        €k                %        \n Product and service revenue            3,197    2,331    +866     +37%   \n License revenue (non-cash item)*       -        1,361    (1,361)  -100%  \n Total revenue                          3,197    3,692    (495)    -13%   \n Other income                           301      339      (38)     -11%   \n Total income                           3,498    4,031    (533)    -13%   \n Cost of goods sold                     (1,109)  (865)    (244)    +28%   \n Research & Development expenses        (1,605)  (1,655)  +50      -3%    \n Sales & Marketing expenses             (2,344)  (1,883)  (461)    +24%   \n General & Administrative expenses      (1,968)  (1,999)  +31      -2%    \n Share-based payments                   (631)    (421)    (210)    +50%   \n Current operating income (loss)        (4,159)  (2,792)  (1,367)  +49%   \n Non-current operating income (loss)    -        (212)    +212     -100%  \n Operating income (loss)                (4,159)  (3,004)  (1,155)  +38%   \n Share of equity affiliates             -        (685)    +685     -100%  \n Financial result                       (656)    (924)    +268     -29%   \n Income tax                             -        (56)     +56      -100%  \n Net Profit (loss)                      (4,815)  (4,669)  (146)    +3%    \n * Non-cash revenue corresponding to the recognition over three years     \n (2023–2025) of the $9 million licensing payment received from Tasly in 2023. \n Recognition ended as scheduled at the end of 2025.                       \n\n\nRevenue\n\nProduct and service revenue amounted to €3.2 million, up 37% compared with\nH1 2025. By category, systems sales rose 73% to €1.2 million, consumables\n27% to €1.5 million and services 12% to €0.5 million. By geography,\nrevenue in Europe and the Rest of the World increased to €1.1 million\n(€0.3 million in H1 2025), driven by the deployment of CellTolerance in food\nintolerance. The United States remained stable at €2.0 million, as the new\ncommercial organization ramps up.\n\nTotal revenue amounted to €3.2 million, down 13% compared with €3.7\nmillion in H1 2025. This anticipated decrease is non-cash in nature: it\nreflects the scheduled end, at the end of 2025, of the three-year recognition\nof the $9 million licensing payment received from Tasly in 2023.\n\nGross margin\n\nCost of goods sold increased by 28% to €1.1 million, alongside growth in\nproduct and service revenue. Gross margin on product and service revenue\nimproved to 65%, compared with 63% in H1 2025.\n\nOperating expenses\n\nR&D expenses decreased 3% to €1.6 million. Sales and marketing expenses\nincreased 24% to €2.3 million, reflecting the strengthening of the\ncommercial organization: in the United States, the recruitment in 2025 of two\nTerritory Managers at the end of H1 and two Clinical Associates in H2,\ndedicated to clinical support and to driving Cellvizio usage within existing\naccounts; in Europe and Rest of World, the set-up of a dedicated outsourced\nsales network for CellTolerance. General and administrative expenses decreased\n2% to €2.0 million, reflecting the sustained cost savings implemented in\n2025. Share-based payments, a non-cash expense, amounted to €0.6 million,\nreflecting the employee plan granted in the second half of 2025.\n\nOperating loss\n\nCurrent operating loss was €4.2 million, compared with €2.8 million in H1\n2025, mainly reflecting the absence of licensing revenue recognition in H1\n2026. Operating loss was €4.2 million, compared with €3.0 million in H1\n2025, which included €0.2 million of non-recurring costs related to the\nsafeguard proceedings.\n\nNet financial expense and net loss\n\nNet financial expense improved to €0.7 million (€0.9 million in H1 2025),\nreflecting the debt restructuring completed in November 2025. It consists\nmainly of non-cash interest expense. Consequently, net loss amounted to €4.8\nmillion, compared with €4.7 million in H1 2025.\n\nCash flow and financial position\n\nNet cash used in operating activities amounted to €2.8 million, compared\nwith €2.2 million in H1 2025. It reflects a cash flow before changes in\nworking capital of -€3.3 million, partly offset by a €0.5 million\nfavorable change in working capital, mainly driven by trade receivables\ncollection and inventory reduction. Net cash from financing activities\namounted to €0.2 million, including €0.3 million from the exercise of\nwarrants.\n\nCash and cash equivalents stood at €2.3 million on June 30, 2026, compared\nwith €5.0 million on December 31, 2025. Financial debt amounted to €11.8\nmillion, consisting mainly of the European Investment Bank loan restructured\nunder the safeguard plan approved in November 2025.\n\nVester Finance, a long-standing shareholder and partner of the Company, has\nrenewed and increased its support by raising the shareholder current-account\nfacility agreed in July 2026 from €4.0 million to €5.0 million. This\nfacility can be drawn at the Company's sole initiative, with no obligation to\nuse it, and is repayable in cash or in new shares. Accordingly, the maximum\nnumber of new shares that may be issued in the event of repayment in shares\nhas been raised by 26 million to a total of 47 million shares, representing at\nmost 23.6% of the current share capital. The issue price will be based on the\nvolume-weighted average share price preceding each issuance, with a maximum\ndiscount of 7%(2).\n\nTaking this facility into account, and based on its current growth\nassumptions, the Company estimates that it has sufficient financial resources\nto fund its operations until the end of 2027. Beyond this horizon, the Company\ncould also rely on the 69 million warrants (BSA) issued in connection with the\n2025 capital increase and still outstanding, which could provide up to\napproximately €8.4 million if fully exercised (exercise price: €0.1216;\nexpiry: November 17, 2030).\n\nRisk factors\n\nThe risk factors affecting the Company are detailed in Chapter 2 of the 2025\nAnnual Report, filed with the AMF on April 30, 2026 and available on the\nCompany's website (www.maunakeatech.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.maunakeatech.com&esheet=54617636&newsitemid=20261008132184&lan=en-US&anchor=www.maunakeatech.com&index=2&md5=5ec3802d3e20ae62c6c2bd0cdabc8386)\n). Vester Finance, acting here in its capacity as both shareholder and\nfinancier, may be led to sell all or part of the shares subscribed in\nconnection with this transaction, over a shorter or longer horizon. The sale\nof these shares on the market may have an impact on the volatility and\nliquidity of the stock, as well as on the share price.\n\nNext financial publication\n\nQ3 2026 revenue: October 20, 2026, after market close.\n\nAbout Mauna Kea Technologies\n\nMauna Kea Technologies is a global medical device company that develops and\nmarkets Cellvizio®, an imaging platform that enables real-time, cellular\nvisualization of tissue during a routine medical examination. Cellvizio® is\ngradually establishing itself as the gold standard for assessing the risk of\nmalignancy of pancreatic cystic tumors, thereby avoiding unnecessary\nsurgeries, for detecting Barrett's esophagus—a condition that can progress\nto esophageal cancer—and for identifying food intolerances by directly\nobserving the intestinal barrier. Approved in more than 40 countries,\nincluding the United States, Europe, Japan and China, it has been used in more\nthan 110,000 patients, has been the subject of more than 1,200 clinical\npublications, and is covered under Category I reimbursement codes in the\nUnited States. For more information, visit www.maunakeatech.com\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.maunakeatech.com&esheet=54617636&newsitemid=20261008132184&lan=en-US&anchor=www.maunakeatech.com&index=3&md5=144e92a68bd6fc94f0fd790a2e29562f)\n.\n\nDisclaimer\n\nThis press release contains forward-looking statements about Mauna Kea\nTechnologies and its business. All statements other than statements of\nhistorical fact included in this press release, including, but not limited to,\nstatements regarding Mauna Kea Technologies' financial condition, business,\nstrategies, plans and objectives for future operations are forward-looking\nstatements. Mauna Kea Technologies believes that these forward-looking\nstatements are based on reasonable assumptions. However, no assurance can be\ngiven that the expectations expressed in these forward-looking statements will\nbe achieved. These forward-looking statements are subject to numerous risks\nand uncertainties, including those described in Chapter 2 of Mauna Kea\nTechnologies' 2025 Annual Report filed with the Autorité des marchés\nfinanciers (AMF) on April 30, 2026, which is available on the Company's\nwebsite (www.maunakeatech.fr\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.maunakeatech.fr&esheet=54617636&newsitemid=20261008132184&lan=en-US&anchor=www.maunakeatech.fr&index=4&md5=19f4d45756a354535909d605d41c0db1)\n), as well as the risks associated with changes in economic conditions,\nfinancial markets and the markets in which Mauna Kea Technologies operates.\nThe forward-looking statements contained in this press release are also\nsubject to risks that are unknown to Mauna Kea Technologies or that Mauna Kea\nTechnologies does not currently consider material. The occurrence of some or\nall of these risks could cause the actual results, financial condition,\nperformance or achievements of Mauna Kea Technologies to differ materially\nfrom those expressed in the forward-looking statements. This press release and\nthe information contained herein do not constitute an offer to sell or\nsubscribe for, or the solicitation of an order to buy or subscribe for, shares\nof Mauna Kea Technologies in any jurisdiction in which such offer,\nsolicitation or sale would be unlawful prior to registration or qualification\nunder the securities laws of any such jurisdiction. The distribution of this\npress release may be restricted in certain jurisdictions by local law. Persons\ninto whose possession this document comes are required to comply with all\nlocal regulations applicable to this document.\n (____________________)                                                           \n \n                                                                                \n \n(1) Excluding share-based payments                                              \n (2) The new shares that may be issued upon repayment of the advances in shares   \n would be issued by the Board of Directors pursuant to the delegation of          \n authority granted under the 14th resolution of the Combined General Meeting of   \n June 4, 2026. The issue price will be based on the volume-weighted average       \n share price over the 5 trading sessions preceding each issuance, less a          \n maximum discount of 7%, within the limits set by said resolution. The new        \n shares would carry current dividend rights, be fully fungible with existing      \n shares and be admitted to trading on Euronext Growth Paris on the same           \n quotation line (ISIN: FR0010609263). These issuances do not require the          \n publication of a prospectus subject to AMF approval. For illustrative            \n purposes, a shareholder holding 1.00% of the share capital before any issuance   \n would hold 0.81% after the issuance of the maximum number of new shares (0.59%   \n on a fully diluted basis). The other terms of the facility are described in      \n the Company's press release dated July 15, 2026.                                 \n\n\n \n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20261008132184/en/\n(https://www.businesswire.com/news/home/20261008132184/en/)\n\nMauna Kea Technologies \n\ninvestors@maunakeatech.com \n(mailto:investors@maunakeatech.com) \n\n\nNewCap - Investor Relations \n\nThomas Grojean\n\n+33 (0)1 44 71 94 94\n\nmaunakea@newcap.eu (mailto:maunakea@newcap.eu)\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-10-08T17:52:00.195858621Z","server_sent_at_ms":1791481920195},"received_at":"2026-10-08T17:52:00.366Z","source_url":"https://www.businesswire.com/news/home/20261008132184/en/"},"analysis":{"id":"153108","press_release_id":"164698","analysis_json":{"industry":{"label":"Health Care Equipment & Supplies","sector":"Health Care"},"redFlags":["potential dilution of up to 23.6% of share capital via Vester Finance facility repayable in shares at up to 7% discount","cash of €2.3 million versus €11.8 million financial debt; ongoing €2.8M half-year operating cash burn","operating loss widened to €4.2M from €3.0M; viability depends on growth assumptions","69 million warrants outstanding (€0.1216 exercise price) create further dilution overhang","Vester Finance may sell shares subscribed under the facility, pressuring stock liquidity and price"],"eventType":"earnings","narrative":"Mauna Kea Technologies reported H1 2026 product and service revenue of €3.2 million, up 37% year-over-year, driven by CellTolerance momentum in Europe and first sales in four new markets, with gross margin improving to 65%.\n\nTotal revenue nonetheless fell 13% to €3.2 million due to the scheduled end of non-cash recognition of the $9 million Tasly licensing payment, and the operating loss widened to €4.2 million with net loss of €4.8 million.\n\nVester Finance raised its shareholder current-account facility from €4.0 million to €5.0 million, extending funding visibility to end-2027, but repayment in shares could add up to 47 million shares — 23.6% of current capital — priced at up to a 7% discount.\n\nCash stood at €2.3 million against €11.8 million of financial debt, leaving the company reliant on shareholder support and 69 million outstanding warrants for future liquidity.","sentiment":"mixed","agentHooks":{"shouldPost":true,"suggestedAngle":"Core product growth of 37% masks a widened loss and a heavily dilutive shareholder financing — cash runway bought at the cost of 23.6% potential share issuance."},"keyFigures":{"revenue":"€3.2 million","revenueYoy":"37%","customDimensions":{"net_loss":"€4,815k","gross_margin":"65%","total_revenue":"€3,197k","financial_debt":"€11.8 million","operating_loss":"€4,159k","vester_facility":"€5.0 million (raised from €4.0 million)","total_revenue_yoy":"-13%","warrant_potential":"€8.4 million (69 million BSA at €0.1216)","funding_visibility":"end of 2027","operating_cash_use":"€2.8 million","cash_and_equivalents":"€2.3 million","product_service_revenue":"€3,197k","potential_share_issuance":"47 million shares (max 23.6% of capital)","product_service_revenue_yoy":"+37%"}},"quotedText":"thanks to the renewed commitment of our long-term shareholder and partner, Vester Finance, our financial visibility now extends to the end of 2027, giving us the means to execute our plan","namedEntities":{"people":[{"name":"Sacha Loiseau, Ph.D.","role":"Chairman and CEO"},{"name":"Benoît Chardon","role":"international commercial organization lead"},{"name":"Thomas Grojean","role":"NewCap Investor Relations"}],"products":["Cellvizio","CellTolerance"],"companies":[{"name":"Mauna Kea Technologies","ticker":"ALMKT","relationship":"filer"},{"name":"Vester Finance","relationship":"long-term shareholder and financing partner"},{"name":"Tasly","relationship":"licensing counterparty (2023 payment)"},{"name":"European Investment Bank","relationship":"lender"},{"name":"NewCap","relationship":"investor relations agency"}],"dollarAmounts":[{"amount":"$9 million","context":"2023 licensing payment from Tasly (recognition ended end-2025)"},{"amount":"€3.2 million","context":"H1 2026 product and service revenue"},{"amount":"€4.8 million","context":"H1 2026 net loss"},{"amount":"€2.3 million","context":"cash and cash equivalents at June 30, 2026"},{"amount":"€11.8 million","context":"financial debt"},{"amount":"€5.0 million","context":"Vester Finance shareholder current-account facility"},{"amount":"€8.4 million","context":"potential proceeds if all 69 million warrants exercised"}]},"materialImpact":{"score":3,"reasoning":"Core product/service revenue grew 37% with improving gross margin and extended funding visibility to end-2027, but total revenue fell 13% YoY, operating loss widened to €4.2M, and the enlarged Vester Finance facility enables up to 23.6% dilution plus a potential €8.4M warrant overhang."},"tickerRelevance":{"others":[],"primary":"ALMKT"},"globalImportance":22,"audienceRelevance":20,"eventTypeSecondary":["dilution"],"importanceComponents":{"tickerTier":"micro-cap","dilutionFlag":true,"eventGravity":"half-year earnings with dilutive financing","sectorWeight":"medical device / medtech niche"}},"event_type":"earnings","event_type_secondary":["dilution"],"sentiment":"mixed","material_impact_score":3,"narrative":"Mauna Kea Technologies reported H1 2026 product and service revenue of €3.2 million, up 37% year-over-year, driven by CellTolerance momentum in Europe and first sales in four new markets, with gross margin improving to 65%.\n\nTotal revenue nonetheless fell 13% to €3.2 million due to the scheduled end of non-cash recognition of the $9 million Tasly licensing payment, and the operating loss widened to €4.2 million with net loss of €4.8 million.\n\nVester Finance raised its shareholder current-account facility from €4.0 million to €5.0 million, extending 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million","context":"Vester Finance shareholder current-account facility"},{"amount":"€8.4 million","context":"potential proceeds if all 69 million warrants exercised"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-08T17:52:10.017Z","global_importance":22,"audience_relevance":20,"importance_components":{"tickerTier":"micro-cap","dilutionFlag":true,"eventGravity":"half-year earnings with dilutive financing","sectorWeight":"medical device / medtech niche"}},"durationMs":9630,"modelName":"glm-5.3-flashx"}}