Prenetics 2025 revenue jumps to $92M amid loss
Amended 2025 Form 20-F refines Prenetics’ non-IFRS metrics while underscoring rapid IM8-led revenue growth alongside continuing losses and sizable warrant liabilities.
Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
20-F/A
Rhea-AI Filing Summary
Prenetics Global Ltd (PRE) filed Amendment No. 3 to its Form 20-F for 2025 to revise non-IFRS disclosures and expand explanations of its share of loss from equity-accounted investees and certain non-IFRS metrics, in response to SEC comments. The amendment does not update financial statements or other items beyond these sections.
The filing highlights Prenetics’ pivot into a consumer health and longevity platform anchored by its IM8 brand, which generated $60.1 million of revenue in its first full year and reached $120 million annualized revenue run-rate by December 2025. Total 2025 revenue from continuing operations was $92 million, up sharply from $15 million in 2024, with gross profit of $48 million and a 52.8% margin. The company still recorded a $40 million loss and an adjusted EBITDA loss of $18 million, though Q4 2025 revenue grew to $36.6 million with gross margin improving to about 59%. Prenetics executed divestitures and a $70 million Insighta stake sale, a ~$44 million equity raise, a high-participation warrant exchange, and authorized up to $40 million of share repurchases, while carrying warrant liabilities of $20.3 million at year-end 2025.
Positive
- Total revenue from continuing operations rose to $92 million in 2025 from $15 million in 2024, driven largely by IM8, demonstrating rapid top-line scaling.
- IM8 generated $60.1 million of 2025 revenue and reached $120 million ARR within 12 months, indicating strong early traction for the flagship consumer health brand.
- Q4 2025 gross margin improved to about 59% from roughly 37% a year earlier, reflecting a mix shift toward higher-margin IM8 products.
- The company realized large non-dilutive capital events, including a $70 million cash sale of a 35% Insighta stake and up to ~$46 million gross from the ACT Genomics divestiture.
- The board authorized a 12‑month share repurchase program of up to $40 million, following approximately $2.75 million in open‑market purchases by the executive team.
Negative
- Prenetics reported a 2025 net loss of $40 million, only a modest improvement from a $49 million loss in 2024, indicating the business remains meaningfully unprofitable.
- Adjusted EBITDA loss was $18 million in 2025 versus $17 million in 2024, and guidance targets adjusted EBITDA profitability only by Q4 2027, implying several more years of losses.
- Warrant liabilities totaled $20.3 million at December 31, 2025, creating fair‑value volatility in earnings and reflecting ongoing potential dilution despite a warrant exchange program.
