Kamada Reports Record Top- and Bottom-line 2025 Financial Results and Affirms 2026 Guidance Representing Continued Double-Digit Organic Profitable Growth
Rhea-AI Summary
Kamada (NASDAQ: KMDA) reported record 2025 results: $180.5M revenue (+12% YoY), $42.0M adjusted EBITDA (+23% YoY) and $20.2M net income (+40% YoY). The company generated $25.5M cash from operations and ended 2025 with $75.5M cash. Kamada affirmed 2026 guidance of $200M–$205M revenue and $50M–$53M adjusted EBITDA, adopted an annual cash dividend of $0.25 per share, and announced strategic focus on commercial expansion, plasma collection ramp-up and M&A.
Positive
- Revenue $180.5M in 2025, up 12% YoY
- Adjusted EBITDA $42.0M in 2025, up 23% YoY
- Net income $20.2M in 2025, up 40% YoY
- Affirmed 2026 guidance: $200M–$205M revenue and $50M–$53M adjusted EBITDA
- Cash position $75.5M at year-end 2025 with $25.5M operating cash flow
- Adopted annual cash dividend $0.25 per share (~$14.4M total)
Negative
- Cash from operations declined to $25.5M in 2025 from $47.6M in 2024 (≈46% decrease)
- Quarterly adjusted EBITDA fell to $7.8M in Q4 2025 from $8.8M in Q4 2024 (≈11% decline)
- Cash balance reduced partly by $11.5M special dividend and $18.3M net financing use
- Discontinued Phase 3 Inhaled AAT clinical trial, reducing R&D pipeline prospects
Market Reaction – KMDA
Following this news, KMDA has declined 4.91%, reflecting a moderate negative market reaction. Our momentum scanner has triggered 4 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $8.52. This price movement has removed approximately $25M from the company's valuation.
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Key Figures
Market Reality Check
Peers on Argus
KMDA traded slightly down while only one momentum-scanned peer, EOLS, moved up 2.27% with no news, and broader peers showed mixed moves, suggesting stock-specific trading rather than a coordinated sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 10 | Q3 2025 earnings | Positive | +5.4% | Strong Q3 and nine‑month 2025 growth with reiterated full‑year guidance. |
| Aug 13 | Q2/H1 2025 earnings | Positive | -1.3% | Solid Q2 and H1 growth with profitability guidance raised for 2025. |
| May 14 | Q1 2025 earnings | Positive | +2.3% | Q1 revenue and EBITDA up sharply year over year, guidance maintained. |
| Mar 05 | 2024 full-year earnings | Positive | +7.4% | Record 2024 revenues and EBITDA with 2025 guidance and special dividend. |
| Nov 13 | Q3 2024 earnings | Positive | -3.8% | Strong Q3 and nine‑month 2024 results with raised profitability guidance. |
Earnings releases have generally been positive and often met with modest upside moves, though there are instances of post-earnings pullbacks, indicating occasional sell-the-news reactions.
Over the past year, Kamada has repeatedly reported strong financial performance, with record 2024 results and multiple 2025 quarters showing double‑digit revenue and profitability growth. Earnings updates frequently included raised or reaffirmed guidance and highlighted expansion of plasma collection centers and specialty plasma products. Market reactions to these earnings events were usually modestly positive but occasionally negative, showing that even solid results sometimes led to profit‑taking. Today’s record 2025 report and reaffirmed 2026 guidance follow this pattern of consistent operational execution.
Historical Comparison
Across 5 recent earnings releases, KMDA’s average 24‑hour move was 1.99%, indicating typically moderate price reactions to strong financial updates and guidance changes.
Earnings releases show a progression from record 2024 results to consistently stronger 2025 quarters, with repeated reaffirmation or raising of guidance and expanding plasma operations supporting a multi‑year profitable growth story.
Market Pulse Summary
This announcement highlighted record 2025 revenue of $180.5M, a $42.0M adjusted EBITDA result, and net income of $20.2M, alongside an ongoing dividend policy and a $0.25 per-share payout. Management reaffirmed 2026 guidance of $200–$205M in revenue and $50–$53M in adjusted EBITDA, signaling continued organic growth. Investors may watch execution on distribution expansion, plasma collection ramp-up, cash generation trends, and the impact of discontinued inhaled AAT development.
Key Terms
adjusted EBITDA financial
IFRS financial
non-IFRS financial measures financial
Phase 3 medical
biosimilar medical
AI-generated analysis. Not financial advice.
- 2025 Full Year Revenue of
$180.5 Million , up12% Year-over-Year; Adjusted EBITDA of$42.0 Million , up23% Year-over-Year; Net Income of$20.2 Million , up40% Year-over-Year - Company Affirms 2026 Annual Guidance of
$200 Million –$205 Million in Revenues and$50 Million –$53 Million of Adjusted EBITDA, Representing Double-Digit Organic Growth - Generated
$25.5 Million of Cash from Operations in 2025; as of December 31, 2025 had$75.5 Million of Available Cash - Company Aims to Secure New Business Development and M&A Transactions to Accelerate Profitable Growth
- Company Adopted an Annual Cash Dividend Policy and Declares Cash Dividend of
$0.25 Per Share (Totaling Approximately$14.4 Million ) - Conference Call and Live Webcast Today at 8:30am ET
REHOVOT, Israel, and HOBOKEN, N.J., March 11, 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 field, today announced financial results for the three months and full-year ended December 31, 2025.
“Our operational and financial performance in 2025 was excellent, with record total revenues of
“We enter 2026 from a position of significant strength, continuing to benefit from growth across our commercial portfolio. Based on our positive outlook and consistent performance, we affirm our 2026 annual guidance of
“In 2026, we will focus on the expansion of our entire commercial product portfolio, including continued investment in the commercialization and life cycle management of our six FDA-approved specialty plasma-derived products, supporting organic commercial growth in U.S. and ex-U.S. markets. We also anticipate growth of our Distribution segment through the launch of additional biosimilar products in the Israeli market, as well as the expansion of the Distribution business to the MENA region. We further expect to continue ramping up plasma collection in our three plasma centers with the aim of strengthening our vertical integration, reducing specialty plasma costs and supporting continued growth through sales of normal-source plasma. Lastly, we aim to secure new business development and M&A transactions, which will accelerate our profitable growth and expect these transactions to enrich our current portfolio of marketed products and generate synergies with our existing commercial operations,” concluded Mr. London.
Financial Highlights for the Year Ended December 31, 2025
- Total revenues for 2025 were
$180.5 million , a12% increase from the$161.0 million generated in 2024. The overall increase in revenues was driven by the diversity of the Company’s portfolio, primarily attributable to increased sales of VARIZIG® and KEDRAB® in the U.S. market, sales of KAMRAB® and GLASSIA® in ex-U.S. markets, and an overall increased sales in the Distribution segment through the launch of biosimilar and other products in our portfolio. - Gross profit and gross margins for 2025 were
$76.4 million and42% , respectively, compared to$70.0 million and43% , respectively, in 2024. The increase in gross profit is in line with the increase in total revenues. The slight decrease in gross margin is due to product and markets sales mix. - Operating expenses, including R&D, S&M, G&A and other expenses, totaled
$50.2 million in 2025, as compared to$49.9 million in 2024. The reduction in R&D expenses, year-over-year, related to the discontinuation of the Inhaled AAT clinical study was offset by an increase in G&A expenses required to support the growing commercial operation. - Net income for 2025 was
$20.2 million , or$0.35 per diluted share, a40% increase as compared to net income of$14.5 million , or$0.25 per diluted share, in 2024. - Adjusted EBITDA, as detailed in the tables below, was
$42.0 million in 2025, a23% increase as compared to$34.1 million in 2024. - Cash provided by operating activities in the year ended December 31, 2025, was approximately
$25.5 million , as compared to$47.6 million for the prior year. The decrease is correlated to the increase in the Company’s working capital.
Financial Highlights for the Three Months Ended December 31, 2025
- Total revenues were
$44.7 million in the fourth quarter of 2025, an increase of15% compared to$39.0 million in the fourth quarter of 2024. - Gross profit and gross margins were
$17.0 million and38% , respectively, in the fourth quarter of 2025, compared to$17.0 million and44% , respectively, in the fourth quarter of 2024. The reduction in gross margin is related to a change during the fourth quarter in product and markets sales mix. - Operating expenses, including R&D, S&M, G&A and other expenses, totaled
$13.4 million in the fourth quarter of 2025, compared to$12.0 million in the fourth quarter of 2024. The overall increase was in support of the growing commercial operation. - Net income was
$3.6 million , or$0.06 per diluted share, in the fourth quarter of 2025, as compared to$3.8 million , or$0.07 per diluted share, in the fourth quarter of 2024. - Adjusted EBITDA, as detailed in the tables below, was
$7.8 million in the fourth quarter of 2025, compared with$8.8 million achieved in the fourth quarter of 2024. - Cash provided by operating activities was
$7.6 million in the fourth quarter of 2025, as compared to cash provided by operating activities of$10.4 million in the fourth quarter of 2024.
Balance Sheet Highlights
As of December 31, 2025, Kamada had cash and cash equivalents of
Recent Corporate Highlights
- Adopted an annual cash dividend policy and announced the payment of a cash dividend of
$0.25 (approximately NIS 0.77) per share on the Company’s ordinary shares (totaling approximately$14.4 million ) based on Kamada’s strong financial results for 2025 and solid cash position. The cash dividend will be payable on April 6, 2026, to shareholders of record at the close of business on March 23, 2026. - Announced a
$10 million to$14 million extension of an existing tender from the Canadian Blood Services (CBS) for the supply of four specialty plasma-derived products, WINRHO®, HEPAGAM®, CYTOGAM®, and VARIZIG®, for an additional two years. The award secures ongoing sales of those products in the Canadian market between Q2-26 and Q1-28. - Announced discontinuation of the Company’s Phase 3 Inhaled AAT clinical trial.
Fiscal 2026 Guidance
Kamada is reiterating its 2026 annual financial guidance of total revenues in the range of
Conference Call Details
Kamada's management will host an investment community conference call on Wednesday, March 11, 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. 13758519. The call will be webcast live on the internet at: https://viavid.webcasts.com/starthere.jsp?ei=1751343&tp_key=e8c73d1516.
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 Mr. London’s statements that Kamada 1) is entering 2026 from a position of significant strength and will continue to benefit from growth across its commercial portfolio; 2) is focused in 2026 on expansion of its entire commercial product portfolio, supporting organic commercial growth in U.S. and ex-U.S. markets, and its aim to secure new business development and M&A transactions expected to accelerate our profitable growth and enrich Kamada's current portfolio of marketed products and generate synergies with its existing commercial operations; 3) anticipates growth of its Distribution segment through the launch of additional biosimilar products in the Israeli market and expansion of the Distribution business to the MENA region; 4) will continue to ramp up plasma collection in its three plasma centers, reduce specialty plasma costs and support continued growth through sales of normal source plasma; 5) Kamada’s 2026 annual guidance of
CONTACTS:
Chaime Orlev
Chief Financial Officer
IR@kamada.com
Brian Ritchie
LifeSci Advisors, LLC
212-915-2578
britchie@LifeSciAdvisors.com
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CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| As of December 31, | ||||||||
| 2025 | 2024 | |||||||
| U.S. Dollars in thousands | ||||||||
| Assets | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 75,469 | $ | 78,435 | ||||
| Trade receivables, net | 27,007 | 21,547 | ||||||
| Other accounts receivables | 5,656 | 5,546 | ||||||
| Inventories | 84,943 | 78,819 | ||||||
| Total Current Assets | 193,075 | 184,347 | ||||||
| Non-Current Assets | ||||||||
| Property, plant and equipment, net | 41,367 | 36,245 | ||||||
| Right-of-use assets | 8,900 | 9,617 | ||||||
| Intangible assets and other long-term assets | 97,511 | 103,226 | ||||||
| Goodwill | 30,313 | 30,313 | ||||||
| Contract asset | 7,544 | 8,019 | ||||||
| Deferred taxes | - | 488 | ||||||
| Total Non-Current Assets | 185,635 | 187,908 | ||||||
| Total Assets | $ | 378,710 | $ | 372,255 | ||||
| Liabilities | ||||||||
| Current Liabilities | ||||||||
| Current maturities of lease liabilities | 2,121 | 1,631 | ||||||
| Current maturities of other long term liabilities | 9,923 | 10,181 | ||||||
| Trade payables | 23,242 | 27,735 | ||||||
| Other accounts payables | 12,108 | 9,671 | ||||||
| Deferred revenues | - | 171 | ||||||
| Total Current Liabilities | 47,394 | 49,389 | ||||||
| Non-Current Liabilities | ||||||||
| Lease liabilities | 9,440 | 9,431 | ||||||
| Contingent consideration | 20,372 | 20,646 | ||||||
| Other long-term liabilities | 30,113 | 32,816 | ||||||
| Deferred taxes | 1,651 | - | ||||||
| Employee benefit liabilities, net | 670 | 509 | ||||||
| Total Non-Current Liabilities | 62,246 | 63,402 | ||||||
| Shareholder’s Equity | ||||||||
| Ordinary shares | 15,078 | 15,028 | ||||||
| Additional paid in capital net | 268,283 | 266,933 | ||||||
| Capital reserve due to translation to presentation currency | (3,490 | ) | (3,490 | ) | ||||
| Capital reserve from hedges | 177 | 51 | ||||||
| Capital reserve from share-based payments | 5,711 | 6,316 | ||||||
| Capital reserve from employee benefits | 385 | 364 | ||||||
| Accumulated deficit | (17,074 | ) | (25,738 | ) | ||||
| Total Shareholder’s Equity | 269,070 | 259,464 | ||||||
| Total Liabilities and Shareholder’s Equity | $ | 378,710 | $ | 372,255 | ||||
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| For the Year Ended December 31, | For the Three Months Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| U.S. Dollars in thousands, except for per share data | U.S. Dollars in thousands, except for per share data | |||||||||||||||
| Revenues from proprietary products | $ | 156,206 | $ | 141,447 | $ | 38,230 | $ | 31,415 | ||||||||
| Revenues from distribution | 24,254 | 19,506 | 6,448 | 7,590 | ||||||||||||
| Total revenues | 180,460 | 160,953 | 44,678 | 39,005 | ||||||||||||
| Cost of revenues from proprietary products | 83,928 | 73,708 | 22,464 | 14,501 | ||||||||||||
| Cost of revenues from distribution | 20,125 | 17,278 | 5,247 | 7,473 | ||||||||||||
| Total cost of revenues | 104,053 | 90,986 | 27,711 | 21,974 | ||||||||||||
| Gross profit | 76,407 | 69,967 | 16,967 | 17,031 | ||||||||||||
| Research and development expenses | 12,995 | 15,185 | 2,894 | 2,673 | ||||||||||||
| Selling and marketing expenses | 18,455 | 18,428 | 4,882 | 4,566 | ||||||||||||
| General and administrative expenses | 18,724 | 15,702 | 5,640 | 4,124 | ||||||||||||
| Other expense | - | 601 | - | 590 | ||||||||||||
| Operating income | 26,233 | 20,051 | 3,551 | 5,078 | ||||||||||||
| Financial income | 1,921 | 2,118 | 442 | 684 | ||||||||||||
| Income (expenses) in respect of currency exchange differences and derivatives instruments, net | (1,171 | ) | (94 | ) | (405 | ) | (349 | ) | ||||||||
| Revaluation of long-term liabilities | (2,652 | ) | (8,081 | ) | 1,405 | (2,765 | ) | |||||||||
| Financial expense | (864 | ) | (660 | ) | (259 | ) | (189 | ) | ||||||||
| Income before tax on income | 23,467 | 13,334 | 4,734 | 2,459 | ||||||||||||
| Taxes on income | (3,269 | ) | 1,128 | (1,172 | ) | 1,349 | ||||||||||
| Net Income | $ | 20,198 | $ | 14,462 | $ | 3,562 | $ | 3,808 | ||||||||
| Other Comprehensive Income: | ||||||||||||||||
| Amounts that will be or that have been reclassified to profit or loss when specific conditions are met, net of tax | ||||||||||||||||
| Gain (loss) on cash flow hedges | 1,069 | (30 | ) | 299 | 33 | |||||||||||
| Net amounts transferred to the statement of profit or loss for cash flow hedges | (943 | ) | (59 | ) | (468 | ) | 2 | |||||||||
| Items that will not be reclassified to profit or loss in subsequent periods: | ||||||||||||||||
| Remeasurement gain (loss) from defined benefit plan | 21 | 89 | 11 | 81 | ||||||||||||
| Total comprehensive income | $ | 20,345 | $ | 14,462 | $ | 3,404 | $ | 3,924 | ||||||||
| Earnings per share attributable to equity holders of the Company: | ||||||||||||||||
| Basic net earnings per share | $ | 0.35 | $ | 0.25 | $ | 0.06 | $ | 0.07 | ||||||||
| Diluted net earnings per share | $ | 0.35 | $ | 0.25 | $ | 0.06 | $ | 0.07 | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the year ended | For the Three Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| U.S. Dollars in thousands | U.S. Dollars in thousands | |||||||||||||||
| Cash Flows from Operating Activities | ||||||||||||||||
| Net income | $ | 20,198 | $ | 14,462 | $ | 3,562 | $ | 3,808 | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||
| Adjustments to the profit or loss items: | ||||||||||||||||
| Depreciation and amortization | 14,918 | 13,808 | 3,801 | 4,100 | ||||||||||||
| Financial expense, net | 2,766 | 6,717 | (1,183 | ) | 2,619 | |||||||||||
| Cost of share-based payment | 845 | 874 | 458 | 174 | ||||||||||||
| Taxes on income | 3,269 | (1,128 | ) | 1,172 | (1,349 | ) | ||||||||||
| Loss (gain) from sale of property and equipment | (8 | ) | 11 | - | - | |||||||||||
| Change in employee benefit liabilities, net | 183 | 52 | 92 | 46 | ||||||||||||
| 21,973 | 20,334 | 4,340 | 5,590 | |||||||||||||
| Changes in asset and liability items: | ||||||||||||||||
| Decrease (increase) in trade receivables, net | (5,407 | ) | (1,977 | ) | 4,298 | (5,226 | ||||||||||
| Decrease (increase) in other accounts receivables | (535 | ) | 593 | (2,201 | ) | (859 | ) | |||||||||
| Decrease (increase) in inventories | (6,124 | ) | 9,659 | 469 | (7,261 | ) | ||||||||||
| Decrease (increase) in contract asset | 475 | 476 | 144 | 140 | ||||||||||||
| Increase (decrease) in trade payables | (6,870 | ) | 1,226 | (3,373 | ) | 11,973 | ||||||||||
| Increase in other accounts payables | 950 | 1,413 | 1,203 | 1,570 | ||||||||||||
| Increase (decrease) in deferred revenues | (171 | ) | 23 | (1,022 | ) | 130 | ||||||||||
| (17,682 | ) | 11,413 | (482 | ) | 467 | |||||||||||
| Cash (paid) received during the year for: | ||||||||||||||||
| Interest paid | (864 | ) | (594 | ) | (259 | ) | (170 | ) | ||||||||
| Interest received | 1,921 | 2,118 | 442 | 684 | ||||||||||||
| Taxes paid | (56 | ) | (139 | ) | (37 | ) | 19 | |||||||||
| 1,001 | 1,385 | 146 | 533 | |||||||||||||
| Net cash provided by operating activities | $ | 25,490 | $ | 47,594 | $ | 7,566 | $ | 10,398 | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
| For the year ended December 31, | For the Three Months Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| U.S. Dollars in thousands | U.S. Dollars in thousands | |||||||||||||||
| Cash Flows from Investing Activities | ||||||||||||||||
| Purchase of property and equipment and intangible assets | $ | (9,846 | ) | $ | (10,740 | ) | $ | (2,775 | ) | $ | (2,924 | ) | ||||
| Proceeds from sale of property and equipment | 8 | 1 | - | - | ||||||||||||
| Net cash used in investing activities | (9,838 | ) | (10,739 | ) | (2,775 | ) | (2,924 | ) | ||||||||
| Cash Flows from Financing Activities | ||||||||||||||||
| Proceeds from exercise of share base payments | 50 | 7 | 1 | 4 | ||||||||||||
| Repayment of lease liabilities | (972 | ) | (1,251 | ) | (139 | ) | (361 | ) | ||||||||
| Dividend Paid | (11,534 | ) | - | - | - | |||||||||||
| Repayment of other long-term liabilities | (5,889 | ) | (12,667 | ) | (1,041 | ) | (351 | ) | ||||||||
| Net cash provided by (used in) financing activities | (18,345 | ) | (13,911 | ) | (1,179 | ) | (708 | ) | ||||||||
| Exchange differences on balances of cash and cash equivalent | (273 | ) | (150 | ) | (140 | ) | (332 | ) | ||||||||
| Increase in cash and cash equivalents | (2,966 | ) | 22,794 | 3,472 | 6,434 | |||||||||||
| Cash and cash equivalents at the beginning of the year | 78,435 | 55,641 | 71,997 | 72,001 | ||||||||||||
| Cash and cash equivalents at the end of the year | $ | 75,469 | $ | 78,435 | $ | 75,469 | $ | 78,435 | ||||||||
| Significant non-cash transactions | ||||||||||||||||
| Right-of-use asset recognized with corresponding lease liability | $ | 1,221 | $ | 3,304 | $ | 351 | 141 | |||||||||
| Purchase of property and equipment in credit | $ | 2,523 | $ | 1,955 | $ | 2,523 | 1,955 | |||||||||
NON-IFRS MEASURES
| For the year ended | Three months period ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| U.S. Dollars in thousands | ||||||||||||||||
| Net income | $ | 20,198 | $ | 14,462 | $ | 3,562 | $ | 3,808 | ||||||||
| Taxes on income | 3,269 | (1,128 | ) | 1,172 | (1,349 | ) | ||||||||||
| Financial expense (income), net | 2,766 | 6,717 | (1,183 | ) | 2,619 | |||||||||||
| Depreciation and amortization expense | 14,924 | 13,218 | 3,802 | 3,510 | ||||||||||||
| Non-cash share-based compensation expenses | 845 | 867 | 458 | 167 | ||||||||||||
| Adjusted EBITDA | $ | 42,002 | $ | 34,136 | $ | 7,811 | $ | 8,755 | ||||||||
FAQ
What were Kamada's 2025 full-year revenue and adjusted EBITDA (KMDA)?
What guidance did Kamada (KMDA) affirm for 2026 revenue and adjusted EBITDA?
How much cash did Kamada (KMDA) generate from operations in 2025 and what was year-end cash?
What dividend did Kamada (KMDA) declare for 2026 and when is it payable?
What corporate or pipeline changes did Kamada (KMDA) announce that could affect future growth?
