Aiforia Technologies Plc - Leading AI-Powered Digital Pathology Solutions Provider

Company Profile (Updated April 2026)

Aiforia Technologies Plc is a publicly traded medical technology company headquartered in Helsinki, Finland. Founded in 2013, the company is a trusted provider of deep learning artificial intelligence (AI) solutions for pathology, delivering advanced software that elevates diagnostic capabilities in medical image analysis. Aiforia is listed on the Nasdaq First North Growth Market Finland and serves thoUSAnds of users worldwide.

The company operates subsidiaries in the United States and France and maintains a network of local representatives across Europe and North America. Its diverse team includes experienced AI and software developers, pathologists, medical scientists, and a dedicated commercial team. In Europe, Aiforia is the leADINg provider of CE-IVD marked AI-powered solutions for digital pathology.

Core Mission: To transform pathology through AI, enabling better care for every patient by empowering pathologists and scientists with powerful deep-learning software for translating images into discoveries, decisions, and diagnoses.

2025 Financial Performance

Full-Year 2025 Results

Group Revenue (2025): Approximately EUR 3.5 million / USD 4.0 million

Clinical Sector Revenue Growth: +68% year-over-year, driven by portfolio expansion and commercial execution

H1 2025 Revenue: EUR 1,395 thousand (+2% YoY)

H2 2025 Revenue: EUR 2,140 thousand (+45% YoY)

H1 2025 EBITDA: EUR -3,014 thousand (vs. -4,198 thousand in H1 2024)

H2 2025 EBITDA: EUR -3,027 thousand (vs. -4,021 thousand in H2 2024)

H1 2025 Operating Loss (EBIT): EUR -5,403 thousand (vs. -6,073 thousand in H1 2024)

H2 2025 Operating Loss (EBIT): EUR -5,779 thousand (vs. -6,122 thousand in H2 2024)

Parent Company Loss (2025): EUR -11,493 thousand

DistributAble Free Equity (2025): EUR 9,091 thousand

Year-End Cash and Cash Equivalents: EUR 9,529 thousand

Year-End Net Debt: EUR -2,348 thousand

Total Assets (Mid-2025): EUR 30,672 thousand

Order Book (H1 2025): EUR 5,113 thousand (+58% YoY)

Unadjusted EPS (H1 2025): EUR -0.23

Unadjusted EPS (H2 2025): EUR -0.19

Average Employees (H1 2025): 69 (down from 76 in H1 2024); PitchBook estimates approximately 86 employees as of early 2026

2024 Comparative Performance

- Full-Year 2024 Revenue: EUR 2,852 thousand

- Full-Year 2024 EBITDA: EUR -8,220 thousand

- Full-Year 2024 Operating Loss: EUR -12,195 thousand

- Full-Year 2024 Net Loss: EUR -11,947 thousand

- Year-End 2024 Order Book: EUR 5,165 thousand (+118% YoY)

Funding and Capital Raises (2025-2026)

May 2025 Directed Share Issue: Raised EUR 8.0 million through issuance of 2,502,187 shares

December 2025 Directed Share Issue: Raised EUR 4.2 million through issuance of 2,000,000 shares at EUR 2.106 per share

Total 2025 Equity Raised: EUR 12.2 million

January 2026 Stock Option Exercises: 85,000 new shares subscribed through stock options 2016 A, 2019 I, and 2021 IV

February 2026 Registration: Total shares outstanding increased to 33,691,604

Market Capitalization (March 2026): Approximately USD 69.3 million

Share Price (March 2026): Approximately USD 2.05

52-Week Range: EUR 2.20 - 4.05

Core Products and Technology Platform

Aiforia Clinical Suite

The Aiforia Clinical Suite Viewer provides an integrated platform for full case review and reporting within a single user interface, enabling seamless integration into existing digital pathology workflows.

Foundation Engine and Aiforia 7.0

In December 2025, Aiforia released Aiforia 7.0, bringing the Foundation Engine to users of its Aiforia Create tool. The Foundation Engine is built on Vision Transformer architecture and is designed to perform robustly across real-world variation in sample quality, staining (including both H&E and HES), and scanning.

Aiforia Create

Aiforia's unique Aiforia Create tool enables users to develop custom AI models for research use. Thousands of AI models have already been developed on the platform for research applications.

Aiforia Studies (Preclinical)

The Aiforia Studies module supports preclinical histology processes and study evaluation workflows. In December 2025, a new version was launched with an advanced data capture module specifically designed for effective recording of preclinical study findings.

CE-IVD Marked Clinical AI Solutions

Aiforia holds the broadest portfolio of CE-IVD marked AI solutions available in the pathology market. All clinical solutions are CE-IVD marked under the IVDR (In Vitro Diagnostic Regulation 2017/746).

Cancer Diagnostics Portfolio

- Aiforia Prostate Cancer Biopsy (Next Generation): Launched March 2026. Enhances pathologists' diagnostic workflow with comprehensive analysis and reporting of prostate needle biopsies

- Aiforia Gastric Cancer: Launched February 2026. Supports pathologists in detection and reporting of gastric cancer in digitized gastric tissue samples, including hard-to-identify forms

- Breast Cancer Grading AI: Includes five AI models for comprehensive breast cancer diagnostics

- Lymph Node Metastases AI: Solution for three primary cancers

- Breast and Prostate Cancer AI Models: Three new CE-IVD marked models launched in February 2025 following IVDR certification by BSI Group

2025-2026 Strategic Partnerships and Deployments

Key Partnerships

- Siemens Healthineers: Strategic collaboration to advance digital and AI-supported pathology workflows, integrated through the Syngo Carbon enterprise imaging platform

- Proscia: Partnership announced March 2026 to establish seamless integration between Proscia's Concentriq platform and Aiforia's AI-powered diagnostic applications. Aiforia joined the Proscia Ready partner alliance

- Orion: Extended collaboration (March 2025) to implement the Aiforia Studies module within Orion's preclinical histology processes, with joint development to automate study evaluation workflows

- Mayo Clinic: Continued strong partnership in the United States

Clinical Customer Deployments (2025)

Aiforia successfully integrated its AI solutions into clinical diagnostics workflows across multiple countries:

- France: AP-HP (Assistance Publique-Hôpitaux de Paris) hospital group, Nantes University Hospital, Institut Curie

- Spain: Castile and León Hospital District

- Italy: Lombardy healthcare region

- Finland: Fimlab (Finland's largest healthcare laboratory company)

- Denmark, UK, Turkey: Additional clinical deployments

April 2026 PROSTIA Project Expansion with AP-HP

On April 16, 2026, Aiforia announced a major expansion of its PROSTIA project with AP-HP (Assistance Publique-Hôpitaux de Paris), Europe's largest university hospital group:

- Scope Expansion: Aiforia's French subsidiary was selected as AP-HP's AI partner to extend deployment to five additional Paris hospitals (in addition to existing collaboration at Bicêtre and Saint-Louis hospitals)

- Volume: AI technology will be used to analyze AP-HP's full volume of 3,000 annual prostate biopsies

- Significance: One of the first large-scale routine AI pathology implementations in Europe

- Funding: Supported by Bpifrance (French national investment bank) under the France 2030 national strategy

- Objectives: Evaluate medical, operational, and economic impact of AI in pathology, providing foundational data for future AI pathology reimbursement models

Regulatory Milestones

- February 2025: Successfully obtained IVDR (In Vitro Diagnostic Regulation) certification from BSI Group, enabling expanded CE-IVD portfolio across Europe

- 2025: Secured IVDR certification for five new clinical AI solutions

- Europe: Leading provider of CE-IVD marked AI-powered solutions for digital pathology

Company Basic Information

Corporate Overview

Company Full Name: Aiforia Technologies Plc (Aiforia Technologies Oyj)

Founded: 2013

Headquarters: Helsinki, Finland

Listing: Nasdaq First North Growth Market Finland

ISIN: FI4000507934

Stock Symbol: AIFORIA

Company Type: Public Listed Company

Industry: Medical Technology / AI Software for Pathology

Employees: Approximately 86 (as of early 2026, per PitchBook)

CEO: Jukka Tapaninen

CFO: Antti Ojala

Official Website: www.aiforia.com

Investor Relations: investors.aiforia.com

Certified Adviser: UB Corporate Finance Ltd (ubcf@unitedbankers.fi)

Board of Directors (2026)

The following members were proposed for re-election at the April 2, 2026 Annual General Meeting:

- Johan Lundin

- Jerry Jian Hong

- Tuomas Tenkanen

- Joseph Bernardo

- Minna Koivula

Board Remuneration: Chairman EUR 40,000/year; ordinary members EUR 20,000/year; Vice Chairman EUR 25,000/year

Auditor

PricewaterhouseCoopers Oy, with APA Martin Grandell as the responsible auditor

Mid-Term Business Targets (2030)

- Financial Independence: Achieve by the end of 2027

- Product Coverage: Create a product offering that covers 80% of the pathologist's diagnostic workflow

- Revenue Target: Achieve revenue of over EUR 100 million

- Key Accounts: Achieve 50 key accounts with potential for over EUR 500 thousand in annual recurring revenue each

- Technology Expansion: Leverage technology beyond diagnostic support for pathologists

2026 Outlook and Strategic Priorities

Strategic Focus Areas

- Clinical Portfolio Expansion: Continue launching new CE-IVD marked AI solutions across additional cancer types and diagnostic workflows

- Platform Integration: Deepen partnerships with digital pathology platform providers (Proscia, Siemens Healthineers) to ensure seamless workflow integration

- Geographic Expansion: Strengthen presence in France, the United States, and other key markets through direct sales and partnerships

- Preclinical Growth: Expand the Aiforia Studies module and partnerships with pharmaceutical companies for preclinical histology evaluation

- Technology Leadership: Advance the Foundation Engine and Vision Transformer architecture to maintain AI performance leadership

- Path to Profitability: Execute toward financial independence by 2027 through revenue growth and operational efficiency

Competitive Landscape

Aiforia competes in the AI-based digital pathology market alongside companies including:

- Paige (United States)

- PathAI (United States)

- Ibex Medical Analytics (Israel)

- Indica Labs (United States)

- Visiopharm (Denmark)

- Proscia (United States)

- Roche Tissue Diagnostics (Switzerland)

2026 Corporate Calendar

- April 2, 2026: Annual General Meeting (hybrid format, Helsinki)

- August 28, 2026: Half-Year Financial Report for January–June 2026

Contact Information

Headquarters

Location: Helsinki, Finland
   Website: www.aiforia.com
   Investor Relations: investors.aiforia.com

Investor and Media Inquiries

CEO: Jukka Tapaninen, tel. +33 61 041 6686
   CFO: Antti Ojala, tel. +358 40 720 2448
   Certified Adviser: UB Corporate Finance Ltd, ubcf@unitedbankers.fi

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