Kamada Reports Record-High First Half and Second Quarter 2026 Financial Results, Representing Double-Digit Profitable Growth and the Strongest in Kamada's History; Affirms 2026 Annual Guidance
Rhea-AI Summary
Kamada (NASDAQ: KMDA) reported record-high results for the first half and second quarter of 2026. Q2 revenues reached $54.9 million, up 23% year-over-year, with adjusted EBITDA of $14.1 million, a 26% margin, and net income of $9.3 million, up 26%.
First-half 2026 revenues were $100.2 million, up 13%, with adjusted EBITDA of $25.7 million (26% margin) and net income of $13.4 million, up 18%. Operating cash flow for the first six months rose to $17.8 million from $7.5 million. Kamada reaffirmed 2026 guidance of $200–$205 million in revenues and $50–$53 million in adjusted EBITDA, implying 12% and 23% year-over-year growth at midpoints.
The company signed a new three-year plasma supply agreement of approximately $50 million, expects initial sales in Q4 2026, and paid a cash dividend of $0.25 per share (about $14.4 million). Cash and short-term investments totaled $70.1 million as of June 30, 2026.
Positive
- Q2 2026 revenues $54.9M, up 23% year-over-year
- H1 2026 revenues $100.2M, up 13% year-over-year
- Q2 adjusted EBITDA $14.1M, up 29%, 26% margin
- H1 adjusted EBITDA $25.7M, up 14%, 26% margin
- H1 operating cash flow $17.8M vs. $7.5M in H1 2025
- 2026 guidance revenues $200–$205M, adjusted EBITDA $50–$53M
- New three-year plasma agreement ~ $50M expected, starting Q4 2026
- Dividend paid $0.25 per share, total ~$14.4M to shareholders
Negative
- Q2 gross margin 41% vs. 42% in Q2 2025
- H1 gross margin 42% vs. 45% in H1 2025
- Q2 operating expenses $13.0M vs. $11.9M in Q2 2025
- Cash and short-term investments $70.1M vs. $75.5M at Dec. 31, 2025
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 13 | Q1 earnings report | Positive | -6.8% | Positive Q1 results and reaffirmed annual guidance preceded a negative 24-hour reaction. |
| Mar 11 | Annual earnings report | Positive | -4.6% | Record annual results, guidance affirmation, and dividend adoption preceded a negative reaction. |
| Nov 10 | Q3 earnings report | Positive | +5.4% | Strong Q3 profitability growth and reiterated guidance preceded a positive reaction. |
| Aug 13 | Q2 earnings report | Positive | -1.3% | First-half growth and raised profitability guidance preceded a negative reaction. |
| May 14 | Q1 earnings report | Positive | +2.3% | Revenue and profitability growth, plus operational updates, preceded a positive reaction. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Kamada's tag-specific earnings announcements produced mixed reactions, with three of five events followed by declines despite positive reported results.
Key Terms
adjusted ebitda financial
non-ifrs financial measures financial
investigator-initiated study medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Record-High First Half Revenues of
$100.2 Million , up13% Year-over-Year; Record-High First Half Adjusted EBITDA of$25.7 Million , a26% margin of Revenues, up14% Year-over-Year - Record-High Second Quarter Revenues of
$54.9 Million , up23% Year-over-Year; Second Quarter Adjusted EBITDA of$14.1 Million , a26% margin of Revenues, up29% Year-over-Year - Net Income for the First Half was
$13.4 Million , up18% Year-over-Year; Second Quarter Net Income of$9.3 Million , up26% Year-over-Year - Company Affirms 2026 Annual Guidance of
$200 Million –$205 Million in Revenues and$50 Million –$53 Million of Adjusted EBITDA, Representing Annual Double-Digit Organic Profitable Growth - Strong Cash Generated from Operating Activities of
$17.8 Million During the First Six Months of 2026, Compared to$7.5 Million During the First Six Months of 2025 - Secured a First-Time Strategic Three-Year Sales Agreement of approximately
$50 Million to Supply Plasma to a Leading Biopharmaceutical Company - Company Remains Focused on Accelerating Growth Through Business Development and M&A Transactions
- Conference Call and Live Webcast Today at 8:30am ET
REHOVOT, Israel and HOBOKEN, N.J., Aug. 12, 2026 (GLOBE NEWSWIRE) -- Kamada Ltd. (NASDAQ: KMDA; TASE: KMDA.TA), a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived therapies field, today announced financial results for the three months and six months ended June 30, 2026.
“We continue to execute on our plan delivering record-high operational and financial performance during the first half of 2026, with strong double-digit growth in revenues and adjusted EBITDA for both the six-month and second quarter reporting periods,” said Amir London, Kamada’s Chief Executive Officer. “The first half of the year was the strongest in Kamada’s history with revenues of
“For the second half of 2026, our focus continues to be on growing sales of our entire commercial portfolio, including our six FDA-approved specialty plasma-derived products. In our Distribution segment, growth is supported by the launch of additional biosimilar products in the Israeli market, as well as the expansion of the Distribution business to the MENA region, which is already ongoing with new distribution agreements being signed. We continue to ramp up plasma collection at our Texas-based facilities in support of our new three-year sale agreement of approximately
Financial Highlights for the Three Months Ended June 30, 2026
- Record-high total revenues of
$54.9 million for the second quarter of 2026, up23% compared to$44.8 million in the second quarter of 2025. The increase in revenues was driven by the diversity of the Company’s portfolio, primarily attributable to increased sales of KEDRAB in the U.S. market and VARIZIG and HEPAGAM. - Gross profit and gross margins were
$22.5 million and41% , respectively, in the second quarter of 2026, as compared to$18.9 million and42% , respectively, in the second quarter of 2025. The increase in gross profit is in line with the increase in total revenues. - Operating expenses, including R&D, S&M, G&A and other expenses, totaled
$13.0 million in the second quarter of 2026, as compared to$11.9 million in the second quarter of 2025. The increase was in support of our increased commercial operations. - Net income was
$9.3 million , or$0.16 per diluted share, in the second quarter of 2026, up26% compared to$7.4 million , or$0.13 per diluted share, in the second quarter of 2025. - Adjusted EBITDA, as detailed in the tables below, was
$14.1 million in the second quarter of 2026, up29% compared to$10.9 million in the second quarter of 2025. Adjusted EBITDA for the second quarter represents a26% margin of revenues and is the outcome of our continued profitable commercial growth. - Cash provided by operating activities was
$18.1 million in the second quarter of 2026, as compared to$8.0 million in the second quarter of 2025. The increase in operating cash flow is indicative of the Company’s ability to convert its increased profitability into cash-flow.
Financial Highlights for the Six Months Ended June 30, 2026
- Record-high total revenues for the first six months of 2026 were
$100.2 million , a13% increase from$88.8 million generated in the first six months of 2025. The increase in revenues was driven by the diversity of the Company’s portfolio, primarily attributable to increased sales of KEDRAB in the U.S. market and VARIZIG and HEPAGAM. Total revenues for the first six months of 2026 are at approximately50% of the mid-point of the 2026 annual guidance. - Gross profit and gross margins for the first six months of 2026 were
$41.6 million and42% , respectively, compared to$39.7 million and45% , respectively, in the first six months of 2025. The increase in gross profit is in line with the increase in total revenues. - Operating expenses, including R&D, S&M, G&A and other expenses, totaled
$25.1 million for the first six months of 2026, as compared to$24.8 million in the first six months of 2025, resulting from the continued disciplined management of our operational expenses while supporting the Company’s expanded commercial operations. - Net income for the first six months of 2026 was
$13.4 million , or$0.23 per diluted share, up18% as compared to$11.3 million , or$0.19 per diluted share, in the first six months of 2025. - Record-high Adjusted EBITDA, as detailed in the tables below, was
$25.7 million in the first six months of 2026, a14% increase as compared to$22.5 million in the first six months of 2025. Adjusted EBITDA for the first six months of 2026 is at50% of the mid-point of the 2026 annual guidance. - Cash provided by operating activities during the first six months of 2026 was approximately
$17.8 million , as compared to$7.5 million during the first six months of 2025. The increase in operating cash flow is indicative of the Company’s ability to convert its increased profitability into cash-flow.
Balance Sheet Highlights
As of June 30, 2026, Kamada had cash and cash equivalents and short-term investment totaling
Recent Corporate Highlights
- Announced a three-year sales agreement of approximately
$50 million to supply plasma to a leading biopharmaceutical company focused on plasma-derived therapies. Initial commercial sales under the agreement are expected to be recorded in the fourth quarter of 2026. Expected fourth quarter sales from this agreement are included in the Company’s current annual guidance. - Announced that results of an Investigator-Initiated Study were presented at the 2026 International Society for Heart and Lung Transplant (ISHLT). Findings from analyses of CMV high-risk lung transplant recipients suggested CYTOGAM use is associated with improved clinical outcomes, supporting increased CYTOGAM utilization. The study is part of the Company’s comprehensive post-marketing research program aimed at generating key data in support of the benefits of CYTOGAM in the management of cytomegalovirus (CMV) in solid organ transplantation.
- Announced FDA approval of the Company’s new in-house Rapid Fluorescent Focus Inhibition Test (RFFIT) laboratory. RFFIT is the gold standard neutralizing test used to measure the level of rabies-neutralizing antibodies.
- Paid cash dividend of
$0.25 (approximately NIS 0.77) per share on the Company’s ordinary shares (totaling approximately$14.4 million ). The cash dividend was paid on April 7, 2026, to shareholders of record at the close of business on March 23, 2026. - Concluded a renewal of the collective bargaining agreement with Histadrut - General Federation of Labor in Israel and the Employees’ Committee of Kamada’s Beit Kama production facility in Israel for a period of four years ending on December 31, 2029.
Fiscal 2026 Guidance
Kamada is reiterating its 2026 annual financial guidance of total revenues in the range of
Conference Call Details
Kamada management will host an investment community conference call on Wednesday, August 12, at 8:30am Eastern Time to discuss these results and answer questions. Shareholders and other interested parties may participate in the call by dialing 1-877-407-0792 (from within the U.S.), 1-809-406-247 (from Israel), or 1-201-689- 8263 (International) using conference I.D. 13761830. The call will be webcast live on the internet at: https://viavid.webcasts.com/starthere.jsp?ei=1770235&tp_key=a29c72f53b.
Non-IFRS financial measures
We present EBITDA and adjusted EBITDA because we use these non-IFRS financial measures to assess our operational performance, for financial and operational decision-making, and as a means to evaluate period-to-period comparisons on a consistent basis. Management believes these non-IFRS financial measures are useful to investors because: (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and provide investors with a meaningful perspective on the current underlying performance of the Company’s core ongoing operations; and (2) they exclude the impact of certain items that are not directly attributable to our core operating performance and that may obscure trends in the core operating performance of the business. Non-IFRS financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, our IFRS results. We expect to continue reporting non-IFRS financial measures, adjusting for the items described below, and we expect to continue to incur expenses similar to certain of the non-cash, non-IFRS adjustments described below. Accordingly, unless otherwise stated, the exclusion of these and other similar items in the presentation of non-IFRS financial measures should not be construed as an inference that these items are unusual, infrequent or non-recurring. EBITDA and adjusted EBITDA are not recognized terms under IFRS and do not purport to be an alternative to IFRS terms as an indicator of operating performance or any other IFRS measure. Moreover, because not all companies use identical measures and calculations, the presentation of EBITDA and adjusted EBITDA may not be comparable to other similarly titled measures of other companies. EBITDA is defined as net income (loss), plus income tax expense, plus or minus financial income or expenses, net, plus or minus income or expense in respect of securities measured at fair value, net, plus or minus income or expenses in respect of currency exchange differences and derivatives instruments, net, plus depreciation and amortization expense, whereas adjusted EBITDA is the EBITDA plus non-cash share-based compensation expenses and certain other costs.
For the projected 2026 adjusted EBITDA information presented herein, the Company is unable to provide a reconciliation of this forward measure to the most comparable IFRS financial measure because the information for these measures is dependent on future events, many of which are outside of the Company’s control. Additionally, estimating such forward-looking measures and providing a meaningful reconciliation consistent with the Company’s accounting policies for future periods is meaningfully difficult and requires a level of precision that is unavailable for these future periods and cannot be accomplished without unreasonable effort. Forward-looking non-IFRS measures are estimated in a manner consistent with the relevant definitions and assumptions noted in the Company’s adjusted EBITDA for historical periods.
About Kamada
Kamada Ltd. (the “Company”) is a global biopharmaceutical company with a portfolio of marketed products indicated for rare and serious conditions and a leader in the specialty plasma-derived therapies field. FIMI Opportunity Funds, the leading private equity firm in Israel, is the Company’s controlling shareholder, beneficially owning approximately
Cautionary Note Regarding Forward-Looking Statements
This release includes forward-looking statements within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts, including statements regarding: 1) Kamada’s re-affirmation of its 2026 annual financial guidance; 2) expected growth in sales of the Company’s commercial portfolio and Distribution segment; 3) the expected timing and contribution of plasma sales under the Company’s new supply agreement, including revenue contributions to 2026 financial results; 4) the Company’s ability to secure new business development and M&A opportunities; 5) the Company’s expectations regarding long-term double-digit profitable growth; 6) the Company’s ability to convert profitability into cash flows; 7) the Company’s ability to expand its current commercial portfolio; and 8) optimism about increased sales of CYTOGAM based on results of an Investigator-Initiated Study. Forward-looking statements are based on Kamada’s current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including, but not limited to the evolving nature of the conflicts in the Middle East and the impact of such conflicts in Israel, the Middle East and the rest of the world, the impact of these conflicts on market conditions and the general economic, industry and political conditions in Israel, the U.S. and globally, the effect of tariffs on overall international trade and specifically on Kamada’s ability to continue maintaining expected sales and profit levels in light of such tariffs, the effect on the establishment and timing of business initiatives, Kamada’s ability to find business development and M&A transactions and leverage such opportunities and successfully integrate such opportunities with its existing product portfolio, unexpected results of clinical and development programs, regulatory delays, and other risks detailed in Kamada’s filings with the U.S. Securities and Exchange Commission (the “SEC”) including those discussed in its most recent Annual Report on Form 20-F and in any subsequent reports on Form 6-K, each of which is on file or furnished with the SEC and available at the SEC’s website at www.sec.gov. The forward-looking statements made herein speak only as of the date of this announcement and Kamada undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.
CONTACTS:
Chaime Orlev
Chief Financial Officer
IR@kamada.com
Brian Ritchie
LifeSci Advisors, LLC
212-915-2578
britchie@LifeSciAdvisors.com
| CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | ||||||||||||
| As of | As of | |||||||||||
| June 30, | December 31, | |||||||||||
| 2026 | 2025 | 2025 | ||||||||||
| Unaudited | ||||||||||||
| U.S. Dollars in Thousands | ||||||||||||
| Assets | ||||||||||||
| Current Assets | ||||||||||||
| Cash and cash equivalents | $ | 29,473 | $ | 65,985 | $ | 75,469 | ||||||
| Short-term investments | 40,660 | - | - | |||||||||
| Trade receivables, net | 36,707 | 30,501 | 27,007 | |||||||||
| Other accounts receivables | 5,859 | 4,704 | 5,656 | |||||||||
| Inventories | 86,875 | 82,079 | 84,943 | |||||||||
| Total Current Assets | 199,574 | 183,269 | 193,075 | |||||||||
| Non-Current Assets | ||||||||||||
| Property, plant and equipment, net | 43,271 | 37,894 | 41,367 | |||||||||
| Right-of-use assets | 8,730 | 9,250 | 8,900 | |||||||||
| Intangible assets, and other long-term assets | 93,967 | 99,640 | 97,511 | |||||||||
| Goodwill | 30,313 | 30,313 | 30,313 | |||||||||
| Contract assets | 7,307 | 7,807 | 7,544 | |||||||||
| Total Non-Current Assets | 183,588 | 184,904 | 185,635 | |||||||||
| Total Assets | $ | 383,162 | $ | 368,173 | $ | 378,710 | ||||||
| Liabilities | ||||||||||||
| Current Liabilities | ||||||||||||
| Current maturities of lease liabilities | 2,286 | 1,866 | 2,121 | |||||||||
| Current maturities of other long term liabilities | 6,031 | 9,850 | 9,923 | |||||||||
| Trade payables | 28,351 | 25,077 | 23,242 | |||||||||
| Other accounts payables | 12,330 | 8,804 | 12,108 | |||||||||
| Deferred revenues | 161 | 177 | - | |||||||||
| Total Current Liabilities | 49,159 | 45,774 | 47,394 | |||||||||
| Non-Current Liabilities | ||||||||||||
| Lease liabilities | 9,515 | 9,549 | 9,440 | |||||||||
| Contingent consideration | 21,327 | 18,884 | 20,372 | |||||||||
| Other long-term liabilities | 28,962 | 32,782 | 30,113 | |||||||||
| Deferred taxes | 3,820 | 659 | 1,651 | |||||||||
| Employee benefit liabilities, net | 821 | 571 | 670 | |||||||||
| Total Non-Current Liabilities | 64,445 | 62,445 | 62,246 | |||||||||
| Shareholder’s Equity | ||||||||||||
| Ordinary shares | 15,081 | 15,077 | 15,078 | |||||||||
| Additional paid in capital net | 268,404 | 268,243 | 268,283 | |||||||||
| Capital reserve due to translation to presentation currency | (3,490 | ) | (3,490 | ) | (3,490 | ) | ||||||
| Capital reserve from hedges | 160 | 456 | 177 | |||||||||
| Capital reserve from share-based payments | 7,110 | 5,226 | 5,711 | |||||||||
| Capital reserve from employee benefits | 394 | 374 | 385 | |||||||||
| Accumulated deficit | (18,101 | ) | (25,932 | ) | (17,074 | ) | ||||||
| Total Shareholder’s Equity | 269,558 | 259,954 | 269,070 | |||||||||
| Total Liabilities and Shareholder’s Equity | $ | 383,162 | $ | 368,173 | $ | 378,710 | ||||||
| CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME | ||||||||||||||||||||
| Six months period ended | Three months period ended | Year ended | ||||||||||||||||||
| June 30, | June 30, | December 31, | ||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | ||||||||||||||||
| Unaudited | Unaudited | |||||||||||||||||||
| U.S. Dollars in Thousands | ||||||||||||||||||||
| Revenues from proprietary products | $ | 83,926 | $ | 78,453 | $ | 47,699 | $ | 38,436 | $ | 156,206 | ||||||||||
| Revenues from distribution | 16,235 | 10,319 | 7,222 | 6,318 | 24,254 | |||||||||||||||
| Total revenues | 100,161 | 88,772 | 54,921 | 44,754 | 180,460 | |||||||||||||||
| Cost of revenues from proprietary products | 44,806 | 40,580 | 26,604 | 20,842 | 83,928 | |||||||||||||||
| Cost of revenues from distribution | 13,772 | 8,514 | 5,850 | 4,983 | 20,125 | |||||||||||||||
| Total cost of revenues | 58,578 | 49,094 | 32,454 | 25,825 | 104,053 | |||||||||||||||
| Gross profit | 41,583 | 39,678 | 22,467 | 18,929 | 76,407 | |||||||||||||||
| Research and development expenses | 4,381 | 7,465 | 2,200 | 3,219 | 12,995 | |||||||||||||||
| Selling and marketing expenses | 9,691 | 9,068 | 4,938 | 4,558 | 18,455 | |||||||||||||||
| General and administrative expenses | 11,048 | 8,265 | 5,819 | 4,067 | 18,724 | |||||||||||||||
| Other expenses | - | 14 | - | 14 | - | |||||||||||||||
| Operating income | 16,463 | 14,866 | 9,510 | 7,071 | 26,233 | |||||||||||||||
| Financial income | 859 | 987 | 434 | 453 | 1,921 | |||||||||||||||
| Income (expenses) in respect of currency exchange differences and derivatives instruments, net | (693 | ) | (723 | ) | (432 | ) | (974 | ) | (1,171 | ) | ||||||||||
| Revaluation of long- term liabilities | (490 | ) | (2,380 | ) | 1,048 | (605 | ) | (2,652 | ) | |||||||||||
| Financial expenses | (559 | ) | (384 | ) | (371 | ) | (192 | ) | (864 | ) | ||||||||||
| Income before tax on income | 15,580 | 12,366 | 10,189 | 5,753 | 23,467 | |||||||||||||||
| Taxes on income | (2,186 | ) | (1,026 | ) | (927 | ) | 1,623 | (3,269 | ) | |||||||||||
| Net Income | $ | 13,394 | $ | 11,340 | $ | 9,262 | $ | 7,376 | $ | 20,198 | ||||||||||
| Other Comprehensive Income (loss) : | ||||||||||||||||||||
| Amounts that will be or that have been reclassified to profit or loss when specific conditions are met | ||||||||||||||||||||
| Gain on cash flow hedges | 784 | 563 | 694 | 677 | 1,069 | |||||||||||||||
| Net amounts transferred to the statement of profit or loss for cash flow hedges | (801 | ) | (158 | ) | (528 | ) | (104 | ) | (943 | ) | ||||||||||
| Items that will not be reclassified to profit or loss in subsequent periods: | ||||||||||||||||||||
| Remeasurement gain from defined benefit plan | 9 | 10 | 20 | 2 | 21 | |||||||||||||||
| Total comprehensive income (loss) | $ | 13,386 | $ | 11,755 | $ | 9,448 | $ | 7,951 | $ | 20,345 | ||||||||||
| Earnings per share attributable to equity holders of the Company: | ||||||||||||||||||||
| Basic net earnings per share | $ | 0.23 | $ | 0.20 | $ | 0.16 | $ | 0.13 | $ | 0.35 | ||||||||||
| Diluted net earnings per share | $ | 0.23 | $ | 0.19 | $ | 0.16 | $ | 0.13 | $ | 0.35 | ||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
| Six months period Ended | Three months period Ended | Year Ended | ||||||||||||||||||
| June 30, | June 30, | December 31, | ||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | ||||||||||||||||
| Unaudited | ||||||||||||||||||||
| U.S Dollars In thousands | ||||||||||||||||||||
| Cash Flows from Operating Activities | ||||||||||||||||||||
| Net income | $ | 13,394 | $ | 11,340 | $ | 9,262 | $ | 7,376 | $ | 20,198 | ||||||||||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||||||||||||||||||||
| Adjustments to the profit or loss items: | ||||||||||||||||||||
| Depreciation and amortization | 7,742 | 7,357 | 3,891 | 3,746 | 14,918 | |||||||||||||||
| Financial expenses net | 883 | 2,500 | (679 | ) | 1,318 | 2,766 | ||||||||||||||
| Cost of share-based payment | 1,520 | 270 | 720 | 95 | 845 | |||||||||||||||
| Taxes on income | 2,186 | 1,026 | 927 | (1,623 | ) | 3,269 | ||||||||||||||
| Gain from sale of property and equipment | - | (8 | ) | - | - | (8 | ) | |||||||||||||
| Change in employee benefit liabilities, net | 165 | 74 | 134 | 58 | 183 | |||||||||||||||
| 12,496 | 11,219 | 4,993 | 3,594 | 21,973 | ||||||||||||||||
| Changes in asset and liability items: | ||||||||||||||||||||
| Increase in trade receivables, net | (9,948 | ) | (8,670 | ) | (191 | ) | (2,113 | ) | (5,407 | ) | ||||||||||
| Decrease (increase) in other accounts receivables | (697 | ) | 1,078 | (1,985 | ) | 1,749 | (535 | ) | ||||||||||||
| Increase in inventories | (1,932 | ) | (3,260 | ) | (1,438 | ) | (3,721 | ) | (6,124 | ) | ||||||||||
| Decrease in contract asset | 237 | 212 | 118 | 118 | 475 | |||||||||||||||
| Increase (decrease) in trade payables | 3,912 | (4,131 | ) | 5,358 | (383 | ) | (6,870 | ) | ||||||||||||
| Increase (decrease) in other accounts payables | (87 | ) | (883 | ) | 1,810 | 1,161 | 950 | |||||||||||||
| Increase (decrease) in deferred revenues | 161 | 6 | 94 | (28 | ) | (171 | ) | |||||||||||||
| (8,354 | ) | (15,648 | ) | 3,766 | (3,217 | ) | (17,682 | ) | ||||||||||||
| Cash received (paid) during the period for: | ||||||||||||||||||||
| Interest paid | (559 | ) | (384 | ) | (372 | ) | (208 | ) | (864 | ) | ||||||||||
| Interest received | 859 | 987 | 434 | 453 | 1,921 | |||||||||||||||
| Taxes (paid) received | (59 | ) | (6 | ) | (15 | ) | 23 | (56 | ) | |||||||||||
| 241 | 597 | 47 | 268 | 1,001 | ||||||||||||||||
| Net cash provided by operating activities | $ | 17,777 | $ | 7,508 | $ | 18,068 | $ | 8,021 | $ | 25,490 | ||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS (continued) | ||||||||||||||||||||
| Six months period Ended | Three months period Ended | Year Ended | ||||||||||||||||||
| June 30, | June 30, | December 31, | ||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | ||||||||||||||||
| Unaudited | ||||||||||||||||||||
| U.S Dollars In thousands | ||||||||||||||||||||
| Cash Flows from Investing Activities | ||||||||||||||||||||
| Purchase of property and equipment and intangible assets | (3,080 | ) | (3,482 | ) | (2,107 | ) | (2,014 | ) | (9,846 | ) | ||||||||||
| Investment in short term investments | (40,660 | ) | - | (435 | ) | - | - | |||||||||||||
| Proceeds from sale of property and equipment | - | 8 | - | - | 8 | |||||||||||||||
| Net cash used in investing activities | (43,740 | ) | (3,474 | ) | (2,542 | ) | (2,014 | ) | (9,838 | ) | ||||||||||
| Cash Flows from Financing Activities | ||||||||||||||||||||
| Proceeds from exercise of share base payments | 3 | 49 | 3 | 3 | 50 | |||||||||||||||
| Repayment of lease liabilities | (857 | ) | (418 | ) | (468 | ) | (404 | ) | (972 | ) | ||||||||||
| Repayment of other long-term liabilities | (4,577 | ) | (4,509 | ) | (4,110 | ) | (4,184 | ) | (11,534 | ) | ||||||||||
| Dividends Paid | (14,421 | ) | (11,534 | ) | (14,421 | ) | (11,534 | ) | (5,889 | ) | ||||||||||
| Net cash used in financing activities | (19,852 | ) | (16,412 | ) | (18,996 | ) | (16,119 | ) | (18,345 | ) | ||||||||||
| Exchange differences on balances of cash and cash equivalent | (181 | ) | (72 | ) | 21 | (153 | ) | (273 | ) | |||||||||||
| Decrease in cash and cash equivalents | (45,996 | ) | (12,450 | ) | (3,449 | ) | (10,265 | ) | (2,966 | ) | ||||||||||
| Cash and cash equivalents at the beginning of the period | 75,469 | 78,435 | 32,922 | 76,250 | 78,435 | |||||||||||||||
| Cash and cash equivalents at the end of the period | $ | 29,473 | $ | 65,985 | $ | 29,473 | $ | 65,985 | $ | 75,469 | ||||||||||
| Significant non-cash transactions | ||||||||||||||||||||
| Right-of-use asset recognized with corresponding lease liability | $ | 685 | $ | 509 | $ | 246 | $ | 157 | $ | 1,221 | ||||||||||
| Purchase of property and equipment and Intangible assets | $ | 1,743 | $ | 1,030 | $ | 1,743 | $ | 1,030 | $ | 2,523 | ||||||||||
| NON-IFRS MEASURES | ||||||||||||||||||||
| Six months period ended | Three months period ended | Year ended | ||||||||||||||||||
| June 30, | June 30, | December 31, | ||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | 2025 | ||||||||||||||||
| In thousands | ||||||||||||||||||||
| Net income | $ | 13,394 | $ | 11,340 | $ | 9,262 | $ | 7,376 | $ | 20,198 | ||||||||||
| Taxes on income | 2,186 | 1,026 | 927 | (1,623 | ) | 3,269 | ||||||||||||||
| Financial expense (income), net | 883 | 2,500 | (679 | ) | 1,318 | 2,766 | ||||||||||||||
| Depreciation and amortization expense | 7,742 | 7,357 | 3,891 | 3,746 | 14,924 | |||||||||||||||
| Non-cash share-based compensation expenses | 1,520 | 270 | 720 | 95 | 845 | |||||||||||||||
| Adjusted EBITDA | $ | 25,725 | $ | 22,493 | $ | 14,121 | $ | 10,912 | $ | 42,002 | ||||||||||
