Prenetics Announces First Quarter 2025 Financial Results, Raises FY2025 Outlook, & Crypto Strategy Announcement Soon
- Revenue from continuing operations increased 169.9% YoY to $17.3M
- Consumer business revenue grew 336.5% YoY to $14.4M (excluding ACT Genomics)
- Raised full-year revenue guidance to $80-100M from previous $73-85M
- IM8 showing strong growth with 55,000+ customers and 91% subscription rate
- Strong financial position with $78M in cash and short-term assets, debt-free
- Gross profit from continuing operations increased 94.1% YoY to $7.3M
- Adjusted EBITDA loss from continuing operations increased 59.4% to $6.5M
- Consumer business Adjusted EBITDA loss increased 123.7% to $4.8M
- Uncertainty around ACT Genomics strategic review outcome
- Potential risks associated with planned crypto strategy and Bitcoin adoption
Insights
Prenetics shows strong 336.5% revenue growth, raises outlook, signals crypto strategy amid impressive IM8 product traction.
Prenetics has delivered exceptional Q1 2025 results with normalized consumer business revenue surging
The standout performer is clearly the IM8 product line, which contributed
While revenue growth is substantial, the company is still operating at a loss with an Adjusted EBITDA loss of
The company maintains a strong financial foundation with
Prenetics pivots to consumer health with spectacular IM8 growth, while unusual crypto strategy signals ambitious differentiation approach.
Prenetics is executing a remarkable strategic pivot from its previous focus toward the global consumer healthcare market. The company's IM8 product line is emerging as the centerpiece of this transformation, demonstrating extraordinary early-stage metrics that validate this strategic shift. The
The international expansion to 31 countries in just six months demonstrates exceptional operational execution and suggests the company has developed scalable distribution systems. This global approach provides significant diversification against regional market fluctuations and opens multiple growth vectors simultaneously.
The pending strategic review of ACT Genomics appears to be part of a broader portfolio optimization strategy, potentially divesting non-core assets to concentrate resources on the highest-growth opportunities. This disciplined approach to capital allocation is crucial for companies undergoing strategic transformation.
Most intriguing is the announced crypto and Bitcoin treasury strategy, which represents a highly unconventional approach in the healthcare sector. While companies like MicroStrategy and Tesla have implemented Bitcoin treasury strategies, this would position Prenetics as a first-mover in healthcare. This carries both significant differentiation potential and elevated risk, particularly regarding regulatory uncertainty and volatility exposure.
The formation of a crypto advisory panel with industry veterans suggests the company is taking a measured approach rather than making impulsive decisions. However, this initiative may distract management attention from the core business during a critical growth phase. The strategic merit will ultimately depend on implementation details and the proportion of treasury allocated to digital assets versus maintaining operational liquidity.
- Revenue grew
336.5% to$14.4 million from prior year (excluding ACT Genomics) - Raises full year revenue outlook to
$80 -$100 million (excluding ACT Genomics) - IM8 contributed
$5.7 million in Q1, with$2.8 million in March alone & provides Q2 revenue projections - IM8 has more than 55,000 customers with 4.9 million servings delivered and counting
- Details of crypto strategy and Bitcoin adoption to be announced soon as part of innovative treasury approach
CHARLOTTE, N.C., June 12, 2025 (GLOBE NEWSWIRE) -- Prenetics Global Limited (NASDAQ: PRE) (“Prenetics” or the “Company”), a leading health sciences company, today announced unaudited financial results for the first quarter ended March 31, 2025, along with recent business updates.
First Quarter 2025 Financial Highlights
- Revenue from continuing operations of
$17.3 million in the first quarter 2025, an increase of169.9% as compared to the first quarter 2024. - Revenue from our consumer business1, normalized to exclude ACT Genomics, of
$14.4 million in the first quarter 2025, an increase of336.5% as compared to the first quarter 2024. - Gross profit from continuing operations of
$7.3 million in the first quarter 2025, an increase of94.1% as compared to the first quarter 2024. - Adjusted EBITDA2 loss from continuing operations of
$(6.5) million in the first quarter 2025, an increase of59.4% as compared to the first quarter 2024. - Adjusted EBITDA loss from our consumer business, normalized to exclude ACT Genomics, of
$(4.8) million in the first quarter 2025, an increase of123.7% as compared to the first quarter 2024. - Cash and other short-term assets3 of
$78.0 million and the Company remained debt-free as of March 31, 2025.
Management Commentary
Danny Yeung, Chief Executive Officer and Co-Founder, remarked: “The first quarter of 2025 marked an exceptionally strong start for Prenetics, with financial performance that significantly surpassed expectations and strategic advancements that position us for accelerated growth. We are thrilled to report robust momentum, with revenue increasing by an impressive
Our strategic realignment towards the global consumer healthcare market is gaining tremendous traction. This strong start to the year is reflected in our revised full year outlook for the year in which we are raising our revenue expectations from
We have made significant progress in our previously announced strategic review of ACT Genomics and anticipate concluding this process shortly. An announcement regarding the strategic decision on our ownership stake in ACT Genomics will be forthcoming.
With a robust financial foundation of
_______________
1 Represents the prevention and consumer health segments of the Group, which include genetic testing services, health and wellness products, and the distribution of sports nutrition products.
2 Adjusted EBITDA is a non-IFRS financial measure defined as loss for the period excluding (1) depreciation and amortization, (2) interest income, (3) other finance costs, (4) income tax credit, (5) amortization of deferred expenses, (6) employee equity-settled share-based payment expenses, (7) acquisition and transaction-related costs, (8) strategic realignment and discontinued products impact, (9) exchange gain or loss, net, (10) fair value loss on financial assets at fair value through profit or loss, (11) fair value loss/(gain) on warrant liabilities, (12) gain on partial disposal of an equity-accounted investee, (13) share of loss of equity-accounted investees, net of tax, and (14) loss/(profit) from discontinued operation, net of tax. These adjustments are made for items that may not be indicative of our business performance, including non-cash and/or non-recurring items.
3 Represents current assets, including cash and cash equivalents of
Business Updates and Strategic Initiatives
IM8 Business Momentum:
IM8 has achieved remarkable success in just six months since launch, attracting over 55,000 customers and delivering more than 4.9 million servings of its flagship Daily Ultimate Essentials. Our industry-leading
Strategic Crypto Advisory Initiatives:
Leveraging our strong cash position and robust business fundamentals, management is actively advancing our innovative treasury management approach by evaluating strategic crypto initiatives and Bitcoin adoption. We are in active discussions with leading crypto industry veterans and thought leaders to provide expert guidance on digital asset opportunities, which will significantly enhance our crypto strategy decision-making capabilities and strengthen our market positioning in the evolving digital asset space. This forward-thinking approach to corporate finance aims to optimize capital allocation and drive long-term shareholder value creation.
Outlook
The Company is increasing full-year 2025 revenue guidance to
As IM8 continues to demonstrate exceptional growth, and with Q1 2025 revenue of
About Prenetics
Prenetics (NASDAQ:PRE), a leading health sciences company, is dedicated to advancing consumer and clinical health. Our consumer initiative is led by IM8, a health and wellness brand and Europa, one of the largest sports distribution companies in the USA. Each of Prenetics’ units synergistically enhances our global impact on health, embodying our commitment to ‘enhancing life through science’. To learn more about Prenetics, please visit prenetics.com.
About IM8
IM8 is the pinnacle of premium core nutrition, born from a collaboration between David Beckham as a co-founding partner, and an elite team of scientists spanning medical professionals, academia and space science. Combining cutting-edge science with nature’s most potent ingredients, IM8 delivers a holistic, science-backed approach to health, empowering you to live your most vibrant life. IM8’s flagship product, Daily Ultimate Essentials is an all-in-one powder supplement engineered to replace 16 different supplements in a delicious drink and is NSF Certified for Sport, non-GMO, vegan, free from common allergens, and contains no artificial flavors, colors or sweeteners. IM8 is a subsidiary of Prenetics (NASDAQ: PRE), a leading global health sciences company dedicated to advancing consumer health. To learn more about IM8, please visit IM8health.com.
Investor Relations Contact:
investors@prenetics.com
PRE@mzgroup.us
Angela Cheung
Investor Relations / Corporate Finance
Prenetics Global Limited
angela.hm.cheung@prenetics.com
Forward-Looking Statements
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's goals, targets, projections, outlooks, beliefs, expectations, strategy, plans, objectives of management for future operations of the Company, and growth opportunities are forward-looking statements. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Forward-looking statements are based upon estimates and forecasts and reflect the views, assumptions, expectations, and opinions of the Company, which involve inherent risks and uncertainties, therefore they should not be relied upon as being necessarily indicative of future results. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to: the Company’s ability to further develop and grow its business, including new products and services; its ability to execute on its new business strategy in genomics, precision oncology, and specifically, early detection for cancer; the results of case control studies and/or clinical trials; and its ability to identify and execute on M&A opportunities, especially in precision oncology. In addition to the foregoing factors, you should also carefully consider the other risks and uncertainties described in the “Risk Factors” section of the Company’s most recent registration statement and the prospectus therein, and the other documents filed by the Company from time to time with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
Basis of Presentation
Non-IFRS Financial Measure has been provided in the financial statements tables included at the end of this press release. An explanation of this measure is also included below under the heading “Non-IFRS Financial Measure”.
Unaudited Non-IFRS Financial Measures
To supplement Prenetics’ consolidated financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), the Company is providing non-IFRS measure, adjusted EBITDA loss from continuing operations, total revenue from continuing operations, normalized to exclude ACT Genomics and total adjusted EBITDA from continuing operations, normalized to exclude ACT Genomics. This non-IFRS financial measure is not based on any standardized methodology prescribed by IFRS and are not necessarily comparable to similarly-titled measures presented by other companies. Management believes this non-IFRS financial measure is useful to investors in evaluating the Company’s ongoing operating results and trends.
Management is excluding from some or all of its non-IFRS results (1) depreciation and amortization, (2) interest income, (3) other finance costs, (4) income tax credit, (5) amortization of deferred expenses, (6) employee equity-settled share-based payment expenses, (7) acquisition and transaction-related costs, (8) strategic realignment and discontinued products impact, (9) exchange gain or loss, net, (10) fair value loss on financial assets at fair value through profit or loss, (11) fair value loss/(gain) on warrant liabilities, (12) gain on partial disposal of an equity-accounted investee, and (13) share of loss of equity-accounted investees, net of tax — items that may not be indicative of our business, results of operations, or outlook, including but not limited to non-cash and/ or non-recurring items. These non-IFRS financial measures are limited in value because they exclude certain items that may have a material impact on the reported financial results. Management accounts for this limitation by analyzing results on an IFRS basis as well as a non-IFRS basis and also by providing IFRS measures in the Company’s public disclosures.
In addition, other companies, including companies in the same industry, may not use the same non-IFRS measures or may calculate these metrics in a different manner than management or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of these non-IFRS measures as comparative measures. Because of these limitations, the Company’s non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS. Investors are encouraged to review the non-IFRS reconciliations provided in the tables captioned “Reconciliation of loss for the period under IFRS and adjusted EBITDA loss from continuing operations (Non-IFRS)”, “Total Revenue from continuing operations, Normalized to exclude ACT Genomics” and “Total adjusted EBITDA from continuing operations, Normalized to exclude ACT Genomics” set forth at the end of this document.
PRENETICS GLOBAL LIMITED
Unaudited consolidated statements of financial position
(All amounts in thousands of U.S. dollars (“$”))
| March 31, | December 31, | ||||
| 2025 | 2024 | ||||
| Assets | |||||
| Property, plant and equipment | $ | 7,073 | $ | 7,811 | |
| Intangible assets | 11,333 | 11,574 | |||
| Goodwill | 37,364 | 37,364 | |||
| Interests in equity-accounted investees | 67,884 | 68,223 | |||
| Financial assets at fair value through profit or loss - non-current | 1,103 | 1,103 | |||
| Other non-current assets | 1,234 | 1,352 | |||
| Non-current assets | 125,991 | 127,427 | |||
| Deferred expenses - current | 1,492 | 3,549 | |||
| Inventories | 6,610 | 6,566 | |||
| Trade receivables | 4,462 | 5,242 | |||
| Deposits, prepayments and other receivables | 6,929 | 7,975 | |||
| Amount due from a related company | 3 | 3 | |||
| Financial assets at fair value through profit or loss - current | 10,562 | 10,562 | |||
| Cash and cash equivalents | 47,966 | 52,251 | |||
| Current assets | 78,024 | 86,148 | |||
| Total assets | $ | 204,015 | $ | 213,575 | |
| Liabilities | |||||
| Deferred tax liabilities | $ | 2,097 | $ | 2,165 | |
| Warrant liabilities | 237 | 175 | |||
| Lease liabilities - non-current | 2,546 | 3,014 | |||
| Other non-current liabilities | 323 | 324 | |||
| Non-current liabilities | 5,203 | 5,678 | |||
| Trade payables | 4,137 | 3,668 | |||
| Accrued expenses and other current liabilities | 10,231 | 9,312 | |||
| Contract liabilities | 6,191 | 6,491 | |||
| Lease liabilities - current | 2,604 | 2,758 | |||
| Liabilities for puttable financial instrument5 | 14,520 | 14,309 | |||
| Tax payable | 13 | 13 | |||
| Current liabilities | 37,696 | 36,551 | |||
| Total liabilities | 42,899 | 42,229 | |||
| Equity | |||||
| Share capital | 20 | 19 | |||
| Reserves | 160,862 | 170,370 | |||
| Total equity attributable to equity shareholders of the Company | 160,882 | 170,389 | |||
| Non-controlling interests | 234 | 957 | |||
| Total equity | 161,116 | 171,346 | |||
| Total equity and liabilities | $ | 204,015 | $ | 213,575 | |
PRENETICS GLOBAL LIMITED
Unaudited consolidated statements of profit or loss and other comprehensive income
(All amounts in thousands of U.S. dollars (“$”) unless otherwise indicated)
| Three Months Ended | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2025 | 2024 | 2024 | |||||||||
| Continuing operations | |||||||||||
| Revenue | $ | 17,312 | $ | 10,488 | $ | 6,413 | |||||
| Direct costs6 | (9,970 | ) | (6,586 | ) | (2,631 | ) | |||||
| Gross profit | 7,342 | 3,902 | 3,782 | ||||||||
| Other income and other net gain | 312 | 1,293 | 748 | ||||||||
| Selling and distribution expenses6 | (4,789 | ) | (2,406 | ) | (1,898 | ) | |||||
| Research and development expenses6 | (2,416 | ) | (2,579 | ) | (2,731 | ) | |||||
| Administrative and other operating expenses6 | (11,081 | ) | (16,780 | ) | (9,061 | ) | |||||
| Operating loss from continuing operations | (10,632 | ) | (16,570 | ) | (9,160 | ) | |||||
| Fair value loss on financial assets at fair value through profit or loss | — | (8,728 | ) | — | |||||||
| Fair value (loss)/gain on warrant liabilities | (63 | ) | 31 | 81 | |||||||
| Gain on partial disposal of an equity-accounted investee | — | 1,244 | — | ||||||||
| Share of loss of equity-accounted investees, net of tax | (309 | ) | (869 | ) | (216 | ) | |||||
| Other finance costs | (69 | ) | (78 | ) | (16 | ) | |||||
| Loss before taxation | (11,073 | ) | (24,970 | ) | (9,311 | ) | |||||
| Income tax credit | 64 | 7,424 | 286 | ||||||||
| Loss from continuing operations | (11,009 | ) | (17,546 | ) | (9,025 | ) | |||||
| Discontinued operation | |||||||||||
| (Loss)/profit from discontinued operation, net of tax7 | (7 | ) | 3 | (27 | ) | ||||||
| Loss for the period | (11,016 | ) | (17,543 | ) | (9,052 | ) | |||||
| Other comprehensive income/(expense) | |||||||||||
| Items that will not be reclassified subsequently to profit or loss: | |||||||||||
| Share of other comprehensive income of equity-accounted investees | (36 | ) | 303 | — | |||||||
| Item that may be reclassified subsequently to profit or loss: | |||||||||||
| Exchange difference on translation of foreign operations | 103 | (726 | ) | (430 | ) | ||||||
| Other comprehensive income/(expense) for the period | 67 | (423 | ) | (430 | ) | ||||||
| Total comprehensive expense for the period | $ | (10,949 | ) | $ | (17,966 | ) | $ | (9,482 | ) | ||
| Loss attributable to: | |||||||||||
| Equity shareholders of Prenetics | $ | (10,390 | ) | $ | (16,343 | ) | $ | (8,568 | ) | ||
| Non-controlling interests | (626 | ) | (1,200 | ) | (484 | ) | |||||
| $ | (11,016 | ) | $ | (17,543 | ) | $ | (9,052 | ) | |||
| Total comprehensive expense attributable to: | |||||||||||
| Equity shareholders of Prenetics | $ | (10,243 | ) | $ | (16,607 | ) | $ | (9,001 | ) | ||
| Non-controlling interests | (706 | ) | (1,359 | ) | (481 | ) | |||||
| $ | (10,949 | ) | $ | (17,966 | ) | $ | (9,482 | ) | |||
| Loss per share: | |||||||||||
| Basic | $ | (0.80 | ) | $ | (1.31 | ) | (0.70 | ) | |||
| Diluted | (0.80 | ) | (1.31 | ) | (0.70 | ) | |||||
| Loss per share - Continuing operations: | |||||||||||
| Basic | (0.80 | ) | (1.31 | ) | (0.70 | ) | |||||
| Diluted | (0.80 | ) | (1.31 | ) | (0.70 | ) | |||||
| Weighted average number of common shares: | |||||||||||
| Basic | 13,002,975 | 12,494,648 | 12,215,904 | ||||||||
| Diluted | 13,002,975 | 12,494,648 | 12,215,904 | ||||||||
PRENETICS GLOBAL LIMITED
Unaudited Non-IFRS Financial Measures
(All amounts in thousands of U.S. dollars (“$”))
Reconciliation of loss for the period under IFRS and adjusted EBITDA from continuing operations (Non-IFRS)
| Three Months Ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2025 | 2024 | 2024 | ||||||||||
| Loss for the period under IFRS | $ | (11,016 | ) | $ | (17,543 | ) | $ | (9,052 | ) | |||
| Depreciation and amortization | 1,126 | 1,394 | 1,720 | |||||||||
| Interest income | (440 | ) | (550 | ) | (607 | ) | ||||||
| Other finance costs | 69 | 78 | 16 | |||||||||
| Income tax credit | (64 | ) | (7,424 | ) | (286 | ) | ||||||
| EBITDA (Non-IFRS) | (10,325 | ) | (24,045 | ) | (8,209 | ) | ||||||
| Amortization of deferred expenses | 2,088 | 2,099 | 2,088 | |||||||||
| Employee equity-settled share-based payment expenses | 1,101 | 2,984 | 1,937 | |||||||||
| Acquisition and transaction-related costs | — | 1,781 | — | |||||||||
| Strategic realignment and discontinued products impact | 10 | 10 | 8 | |||||||||
| Exchange gain or loss, net | 202 | (562 | ) | (92 | ) | |||||||
| Fair value loss on financial assets at fair value through profit or loss | — | 8,728 | — | |||||||||
| Fair value loss/(gain) on warrant liabilities | 63 | (31 | ) | (81 | ) | |||||||
| Gain on partial disposal of an equity-accounted investee | — | (1,244 | ) | — | ||||||||
| Share of loss of equity-accounted investees, net of tax | 309 | 869 | 216 | |||||||||
| Loss/(profit) from discontinued operation, net of tax | 7 | (3 | ) | 27 | ||||||||
| Adjusted EBITDA from continuing operations (Non-IFRS) | $ | (6,545 | ) | $ | — | $ | (9,414 | ) | $ | (4,106 | ) | |
Total Revenue from continuing operations, Normalized to exclude ACT Genomics
| Three Months Ended | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2025 | 2024 | 2024 | |||||||||
| Revenue from continuing operations under IFRS | $ | 17,312 | $ | 10,488 | $ | 6,413 | |||||
| Impact from ACT Genomics | (2,901 | ) | (3,925 | ) | (3,112 | ) | |||||
| Revenue normalized to exclude ACT Genomics (non-GAAP) | $ | 14,411 | $ | 6,563 | $ | 3,301 | |||||
Total adjusted EBITDA from continuing operations, Normalized to exclude ACT Genomics
| Three Months Ended | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2025 | 2024 | 2024 | |||||||||
| Adjusted EBITDA from continuing operations (non-IFRS) | $ | (6,545 | ) | $ | (9,414 | ) | $ | (4,106 | ) | ||
| Impact from adjusted EBITDA loss from ACT Genomics business | 1,782 | 1,966 | 1,977 | ||||||||
| Adjusted EBITDA normalized to exclude ACT Genomics (non-GAAP) | $ | (4,763 | ) | $ | (7,448 | ) | $ | (2,129 | ) | ||
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5 In connection with the acquisition of ACT Genomics, the remaining shareholders of ACT Genomics were granted put options which allow these remaining shareholders to put their remaining shares to Prenetics under certain conditions. The liabilities arising from such put option are recorded as liabilities for puttable financial instrument, and are valued at the present value of the exercise price of the put option.
6 Includes equity-settled share-based payment expenses from continuing operations as follows:
| Three Months Ended | ||||||||
| March 31, | December 31, | March 31, | ||||||
| 2025 | 2024 | 2024 | ||||||
| Direct costs | $ | — | $ | 39 | $ | 1 | ||
| Selling and distribution expenses | 1 | 153 | 1 | |||||
| Research and development expenses | 467 | 511 | 758 | |||||
| Administrative and other operating expenses | 390 | 2,049 | 1,156 | |||||
| Total equity-settled share-based payment expenses | $ | 858 | $ | 2,752 | $ | 1,916 | ||
7 We ceased our COVID-19 testing business entirely in 2023 Q2, and other DNA testing operations in the EMEA regions in 2023 Q4. As a result, COVID-19 testing business and the operations in the EMEA regions are reported as a discontinued operation under IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. In accordance with IFRS 5, the results of the discontinued operation have been presented separately from the continuing operations in the consolidated statements of profit or loss and other comprehensive income.
FAQ
What was Prenetics (PRE) revenue growth in Q1 2025?
What is Prenetics' (PRE) revenue guidance for 2025?
How is Prenetics' IM8 business performing?
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What are Prenetics' plans regarding cryptocurrency?
