Earnings call transcript: Embassy REIT posts strong Q2 2026 beat on profit, revenue

Cyclopharm Limited reported record U.S. sales in Q3 2026, with revenue increasing 124% from the same quarter a year earlier. The company's U.S. business generated $1.62 million in revenue, up significantly from $1.32 million in Q3 2025. Consumable sales accounted for 76% of U.S. sales, a notable rise from 58% in the previous quarter.

The installed base of U.S. systems grew to 84 systems by the end of Q3 2026, up from 40 systems at the end of 2025. Cash burn improved significantly, dropping to about $900,000 a month in Q3 2026 from $1.8 million in H2 2025. The company's nine-month U.S. revenue reached $3.8 million, already 40% above its full-year 2025 U.S. revenue of $2.88 million.

Global revenue for the first nine months of 2026 climbed 13.7% year over year to $25.9 million. Cyclopharm's U.S. business shows momentum as it aims to expand the installed base and increase recurring consumable sales, driven by new lung-imaging guidelines. Despite the positive earnings, the stock only gained 2.7% to $0.38, remaining below its 52-week high of $1.29.

The company has cash on hand of $9.6 million and is still rapidly burning through cash. Management highlighted the improving cash position and the transition from system placements to consumable sales, which offer higher margins and better cash generation.