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Highlights:

  • Oxford Nanopore Technologies reports 25% revenue increase in H1FY5 to GBP 105 million
  • ONT Growth led by PromethION platform and Applied markets across EMEAI and APAC regions
  • ONT Adjusted EBITDA loss narrows; cash reserves at GBP 337 million at end-June 2025

Oxford Nanopore Technologies plc (LSE:ONT), a UK-based molecular sensing company specialising in nanopore-based DNA and RNA sequencing, has issued a trading update for the six months ended 30 June 2025. The Group expects revenue for the period to reach approximately £105 million, a year-on-year increase of 28% on a constant currency basis and 25% on a reported basis. This outcome is above previously communicated expectations. The performance in H1FY25 was driven largely by increased uptake of the PromethION product range, which recorded approximately 59% growth compared to the same period last year. This platform, targeted at large-scale sequencing requirements, contributed significantly to overall revenue momentum in both research and applied commercial markets.

Revenue in the Research market rose approximately 22% year-on-year, while the Applied segment which includes BioPharma, Clinical, and Industrial customers expanded by roughly 33%. This growth reflects an expanding footprint in non-academic use cases, which continue to develop as a longer-term focus for the Group. From a geographic standpoint, the EMEAI (Europe, Middle East, Africa, and India) and APAC (Asia-Pacific) regions delivered over 30% year-on-year revenue growth on a constant currency basis. The Americas posted a more moderate 17% increase, affected by an uncertain funding environment for academic research, but partly offset by rising demand in applied commercial sectors.

In terms of profitability, the Group reported improvements in gross profit, supported by a shift in customer purchasing behaviour toward capital expenditure (capex) models. These capex purchases have had a favourable impact on working capital and gross margin mix. However, the company also reported that gross margin for H1FY25 will be slightly below the prior-year level of 58.8%, primarily due to a non-cash one-off inventory-related charge and adverse currency movements. The company continues to implement cost management measures, resulting in a reduced adjusted EBITDA loss both year-on-year and on a sequential basis. The trend aligns with management’s stated ambition of moving toward sustainable profitability.

As of 30 June 2025, Oxford Nanopore held approximately GBP 337 million in cash, cash equivalents, and liquid investments, down from GBP 403.8 million at the end of FY24. The reduction reflects normal operational outflows, but the company noted that cash flow conversion has improved during the half year. This improvement is attributed to its revised pricing strategy and a greater proportion of capex transactions by customers, which contribute positively to working capital efficiency. Oxford Nanopore confirmed that full-year 2025 guidance remains unchanged, citing satisfactory performance in the first half and continued traction across both product categories and geographies. Interim results are expected to be reported in due course.

ONT shares were trading 18.69% higher at GBX 174.00 per share as on 21 July 2025.