Fourth quarter in brief

· Net sales amounted to 18.0 million SEK (12.6), which means an increase in sales of 42 percent.

· Operating profit amounted to -5.3 million SEK (-7.5).

· Net profit for the period amounted to -6.0 million SEK (-5.3).

· Earnings per share before dilution amounted to -0.12 SEK (-0.14).

· Cash flow from operating activities amounted to -4.3 million SEK (-2.8). Cash and cash equivalents amounted at the end of the period to 7.4 million SEK (51.0).

Full year January-December in brief

· Net sales for the full year 2025 amounted to 57.0 million SEK (55.7) which means an increase in sales of 2 percent.

· Operating profit amounted to -49.3 million SEK (-18.3). Adjusted operating profit, after impairment of operating items of -18.5 million SEK and acquisition cost of -0.3 million SEK reported as items affecting comparability, amounts to -30.5 million SEK. The majority of the impairment relates to contract assets.

· Profit for the period amounted to -54.9 million SEK (-16,1).

· Earnings per share before dilution amounted to -0.97 SEK (-0.39).

· Cash flow from operating activities amounted to -5.5 million SEK (-1.7). Cash and cash equivalents amounted at the end of the period to 7.4 million SEK (51.0).

Significant events during the fourth quarter

6[th] of November, SyMRI 15 (3D) has been regulatory approved in India.

22[nd] of November, Marcel Warntjes resigned as a board member of SyntheticMR at his own request.

12[th] of December cMRI-ARIA received regulatory approval in Europe.

17[th] of December cMRI received regulatory approval in India.

17[th] of December the Board of Directors resolved on the Rights Issue and the resolution was announced.

Significant events during the full year 2025

2[nd] of January, the acquisition of Combinostics was completed. The rights issue was fully subscribed and closed in January.

17[th] of January, Ulrik Harrysson resigned as CEO and Vedran Beglerbegovic was appointed as the new CEO of SyntheticMR.

21[st ]of January, Vedran Beglerbegovic resigned as CEO of SyntheticMR and Johanna Norén was appointed acting CEO.

20[th ]of May, the Annual General Meeting appointed Gisli Hennermark as Chairman of the Board of SyntheticMR.

13[th] of June, Lena Åredal was appointed as the new CEO of SyntheticMR. Lena assumed the position on September 1.

22[nd] of November, Marcel Warntjes resigned as a board member of SyntheticMR at his own request.

12[th] of December , cMRI-ARIA received regulatory approval in Europe.

17[th] of December cMRI received regulatory approval in India.

17[th] of December the Board of Directors resolved on the Rights Issue and the resolution was announced.

During 2025 SyMRI 15 (3D) has been regulatory approved in Japan, South Korea and India.

Significant events after the end of the year

9[th] of January, an extraordinary general meeting was held at which the Rights Issue was approved.

4[th] February, the outcome of the rights issue was announced, which was subscribed to 98.6% with and without subscription rights, and the remaining 1.4% through a guarantee commitment.

CEO comments

The third quarter focused on clarifying our commercial priorities and strengthening the company’s foundation. In the fourth quarter, we see clear signs that we are moving in the right direction.

At the RSNA exhibition in Chicago, we held concrete discussions with leading hospitals and OEM partners about how quantitative MRI delivers measurable patient benefits while strengthening the offering of major scanner manufacturers. In Japan, I witnessed firsthand how our solutions are already streamlining workflows and contributing to a more accurate diagnostics. The overall customer dialogue is clear: our products deliver clinical value and our business model is well received.

Net sales increased to SEK 18.0 million (12.6), corresponding to 42 percent growth. APAC performed strongly, driven by OEM sales in Japan where the partnership has deepened over time. Europe grew through increased cMRI sales and a SyMRI delivery to an important reference hospital. The U.S. developed weaker than expected, primarily due to lower research-related SyMRI sales. Research grants have been more difficult for hospitals to secure, and we are therefore adjusting our efforts toward a clearer clinical focus where funding is available.

Operating profit improved to SEK –5.3 million (–7.5). Personnel expenses and other external costs amounted to SEK 21.0 million (20.3) in the quarter, with the increase attributable to the Combinostics business. Adjusted for this, the cost level was approximately 15 percent lower than the previous year, in line with our plan and reflecting the clear impact of earlier cost-saving measures. Depreciation increased by 70 percent to approximately SEK 3 million in the fourth quarter, consistent with prior quarters following the acquisition of Combinostics.

During the quarter, we obtained regulatory approvals for cMRI-ARIA in Europe and cMRI in India, expanding our addressable market. The integration of Combinostics is progressing according to plan. The combination of AI-based analytics and OEM-integrated quantitative image generation provides a scalable offering with clear clinical relevance.

Full-year 2025 was characterized by the work of establishing a stable financial and operational platform. Net sales amounted to SEK 57.0 million (55.7). Following impairment and a new share issue, we have strengthened the balance sheet, providing stability and full focus on commercial execution. Our recurring revenues continue to grow and represent an increasingly important part of the business.

Combinostics continues to develop very positively. Full-year revenue amounted to SEK 12.9 million, corresponding to 41 percent growth. Annual recurring revenue (ARR) reached SEK 11.7 million (8.5), an increase of 38 percent. ARR growth in the fourth quarter was 2 percent compared to the previous quarter, impacted by the reclassification of certain contracts to pay-per-use and longer sales cycles. The continued low churn rate confirms the stability of our subscription model.

The year has laid the foundation for a more focused, cost-conscious, and commercially driven SyntheticMR. We have a clear plan to reach profitability without additional capital injections. The plan is built on sharper commercial execution, continued growth in recurring revenues, and strict cost discipline. A key priority is returning to growth in the U.S. market.

Looking ahead, our focus is on prioritizing time and capital and increasing efficiency. We must significantly strengthen accountability in decision-making, execution, and follow-up across the entire organization.

New disease-modifying Alzheimer’s treatments are changing healthcare workflows and increasing the need for regular, standardized MRI follow-up — particularly for ARIA monitoring. This represents a structural market shift where cNeuro is well positioned. Demand is growing fastest in the U.S. and Japan, with Europe gradually following. This creates strong long-term growth prospects.

The market is there. The products are there. The financial stability is there. Now it is about execution. If we deliver on the plan, SyntheticMR has strong conditions to create long-term shareholder value.

Lena Åredal
CEO SyntheticMR

This is a translation of the Swedish version of the report. When in doubt, the Swedish wording prevails.