Aiforia issued a profit warning with H1'26 revenues coming in at a mere € 0.75m, down from € 1.4m in H1'25 (-46% yoy), against our expectation of roughly doubling yoy, following last year's strong Clinical momentum (organic growth of +65%). At the same time, the order book at the end of H1 stood at € 3.5m, down from € 5.1m in H1'25 (-32%). Despite this, management maintains its mid-term targets of financial independence by 2027.
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