Cambridge Cognition (LSE:COG) reported a marked improvement in commercial momentum during 2025, with new sales orders rising 73% year on year to £12.8 million and the year-end order book increasing 25% to £16.9 million. Reported revenue for the year fell 10% to around £9.4 million, reflecting a comparatively weaker opening order book carried over from the prior period.
The company said its adjusted EBITDA loss and revenue performance were broadly in line with revised market expectations. Financial resilience improved over the year through tighter cost control, reduced borrowings and an equity placing completed in August, resulting in a net cash position of £0.2 million at year end.
Strategically, Cambridge Cognition has accelerated its expansion beyond its traditional research and pharmaceutical client base into professional healthcare and consumer health and wellness markets. During the year, the group launched its CANTAB Pathway™ clinical assessment platform and secured its first major pilot programme with a large European private healthcare provider. Management noted that this initial engagement has the potential to scale into a broader pan-European rollout.
Looking ahead to 2026, the company highlighted a strengthened sales pipeline, an increasing presence in consumer-focused cognitive health solutions and a significantly larger order book. These factors are expected to support improved revenue growth, earnings progression and cash generation in the year ahead.
From a market perspective, Cambridge Cognition continues to face notable financial and operational challenges, including declining revenues and ongoing losses. Share price technical indicators suggest bearish momentum, while valuation metrics remain unattractive due to negative profitability. However, recent corporate developments — including strategic board appointments and share capital expansion — are viewed as supportive of the company’s longer-term growth ambitions and market positioning.
More about Cambridge Cognition Holdings
Cambridge Cognition Holdings is a neuroscience technology business specialising in digital cognitive assessment solutions. Its proprietary touch-screen and voice-based tools support pharmaceutical clinical trials, academic research into central nervous system disorders, healthcare providers assessing cognitive function, and the growing consumer health and wellness market focused on brain health monitoring.
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