Kromek – “expects to report profit before tax and positive adjusted EBITDA for the first half”, but why of a scale which dares not speak its name?

‘Advanced imaging and CBRN detection’ company Kromek (KMK) has announced that significant revenue growth means it “expects to report profit before tax and positive adjusted EBITDA for the first half of 2026 compared with a loss before tax of £5.7m and an adjusted EBITDA loss of £2.3m for H1 2025… reinforces the board’s confidence that the group will deliver revenue growth for FY 2026 with results in line with market expectations”. What does that mean financially though, with the shares currently responding slightly higher to 7.3p to give a £47.8 million market cap?

Kromek (#KMK) – expects H1 swing to profit before tax, reinforces confidence for FY “in line with market expectations”

Kromek – trading update stating “maintaining profitability”. But what about the level of it and compared to the group’s valuation?…

Describing itself as “a leading developer of radiation and bio-detection technology solutions for the Advanced Imaging and CBRN Detection segments”, Kromek Group (KMK) has issued a trading update headlined “Kromek to deliver revenue and profits ahead of market expectations” and concluding that “with contracted revenues of approximately £20 million, we have strong visibility for FY 2026 and are well-positioned to deliver another year of revenue growth, at least in line with market expectations, driving long-term value for our shareholders”. What about this and a share price currently 4% up to 6p in response?

Kromek – emphasises “significant agreements” with Siemens Medical USA, but significant enough?…

Radiation and bio-detection technology group Kromek (KMK) has announced half-year results and that it “Signs Agreements with Siemens Healthineers”. What of these with a current more than 25% higher share price response to 6.65p?

Kromek – full-year results argue “delivered on all our KPIs”, but why also an ‘Update’ announcement that dare not speak its name as to why an “additional loan” is needed?

Describing itself as “a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments”, Kromek Group (KMK) “is pleased to announce that it has agreed an additional £4.9m secured term loan… has a repayment date for the principal sum of 27 March 2025, with an option to extend for a further 12 months. It carries a fixed interest rate of 9.5%”. Hmmm, a high interest rate and a short term then – and the “Financing Update” announcement omits why it is needed. What about also-announced results for the group’s year ended 30th April 2024 then?

Kromek – “expects to report positive EBITDA”, but how much of an achievement is that?

Describing itself as “a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments”, Kromek (KMK) has issued a trading update headlined “Expected to report record revenues; EBITDA to be ahead of market expectations”. What about that in relation to a current 7.6p share price, over 12.5% higher?

Kromek (#KMK) – expects to report FY “positive EBITDA… ahead of market expectations”, but provides no financial specifics

Kromek – ‘pleased to receive’ new nuclear security contract, how pleasing really is it though?…

Kromek Group (KMK) has issued a “new Nuclear Security contract” announcement headlined “Kromek receives new Nuclear Security contract from US federal entity. New contract worth up to $2.9m over two years” and the shares have currently responded more than 9% higher to 7.65p, an above £49 million market capitalisation. However, what does “worth up to $2.9m over two years” actually mean currently for a self-described “leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments”

Kromek – “Cancellation of £1.2m of Convertible Loan Notes”… but still more equity issuance ahoy!

Describing itself as “a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments”, Kromek Group (KMK) has issued a “Cancellation of £1.2m of Convertible Loan Notes”-titled announcement. Is this good news, with the shares having risen to 8p earlier this month and currently at 7.75p?

Kromek – interims argue “continues to look to the future with confidence”, what about on the financial position?

Describing itself as “a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments”, Kromek Group (KMK) has announced results for its half-year ended 31st October 2023 including stating “pleased to report another period of growth… At the same time, we heavily focused on managing our cost base and increasing the efficiency within our business, which remains a key priority… the board continues to look to the future with confidence”. Though what about the financial details and a current up to 5.8p share price?

Kromek – “award of $5.9m contract”. Attempted ramptastic?

Describing itself as “a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments”, Kromek Group (KMK) states that it is pleased to announce it has been awarded its first biosecurity contract from the US Department of Homeland Security and that this underscores its belief that there are significant market opportunities in this area. So what of the shares currently responding 8.4% higher to 4.5p in response?

Kromek – full-year results reckon “looks to the future with confidence”. What about still the financing uncertainty?

Describing itself as “a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments”, Kromek (KMK) has announced results for its year ended 30th April 2023 including “cash and cash equivalents at 30 April 2023 were £1.1m… Post year end, the group successfully concluded a placing, subscription and open offer which raised £7.4m net of fundraising costs… looks to the future with confidence”. So what of a current share price response down a few percent to below 5p?

Kromek – another “collaboration agreement” helps shares further higher, but is that justified?

Radiation detection and bio-detection technology group Kromek (KMK) has announced “an agreement to collaborate on the development of next-generation Cadmium Zinc Telluride based detector solutions” with “global leaders in CT detector technology for over 50 years”, Analogic – stating that “this innovative technology can result in improved image quality whilst also providing a gateway to material characterization and quantitative results”. So what of a current share price of 7p in response, up 12%?

Kromek – interims argue “continues to look to the future with confidence”. Really?

Previously writing on radiation and bio-detection technology group Kromek (KMK), last month with the shares up to 11p I concluded that, with financial and valuation concerns, I avoided. Today it has announced a c. £2.5 million funding award “from the UK's innovation agency, Innovate UK” (of Versarien (VRS) infamy) and half-year ended 31st October 2022 results… and what of the shares in response currently a further near 10% lower to 9.35p?

Kromek – “delighted” with nuclear security contracts wins, what about the balance sheet?

Kromek Group (KMK) states that it is “delighted” to have been awarded two contracts to supply European government end-users “totalling £1.5m, for the supply of its D3M and D3S-based nuclear security products. Delivery will commence immediately and the revenue will be received in Kromek's current financial year”. So what of a current share price response up approaching 8% towards 11p?

Kromek – “Award of £5m bio-threat contract by UK Government”, but how are those overall financials?

Describing itself as “a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments”, Kromek Group (KMK) has announced “Award of £5m bio-threat contract by UK Government”. It emphasises that it is “delighted to have been awarded this contract… Governments throughout the world are reviewing their strategies to update their defence against such threats. We believe technologies that can provide information about emerging threats in near real time will be a critical component of such strategies”, but what of a share price currently above 9p in response, approaching 12% higher?

Kromek – is it right to be “delighted” with its digital detectors news?

Kromek Group (KMK) states that it is “delighted that our CZT detectors have been integrated into Spectrum Dynamics' VERITON-CT 400 SPECT/CT systems… the world's first digital SPECT/CT scanner for higher energy imaging”. So what of the shares currently up approaching 6% to 8.35p?

Kromek – further fundraising, how are the financials?

Previously writing on group which describes itself as “a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments” Kromek (KMK), last month I noted a new distribution agreement but asked what about financials?, and concluded continue to avoid. Now it “is pleased to announce that it has completed a fundraising of £1.14 million through the issue of convertible loan notes”.

Kromek (#KMK) – issues 8% per annum interest convertible loan notes raising £1.7m

Kromek – Smiths Detection distribution agreement, but what about financials?

Radiation and bio-detection technology group Kromek (KMK) is “delighted to partner with Smiths Detection… to deliver our solutions to customers across North and South America”. So what of a share price response currently approaching 8% higher towards 10p?