$25m received under Siemens Healthineers agreement
Kromek receives $25m first payment under Siemens Healthineers multi-year agreement and confirms profitability this financial year.
- First payment received $25.0m
- Additional aggregate payments $12.5m (prior payable over next four years)
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Further to the Company's announcement of 30 January 2025, Kromek Group plc (AIM: KMK), a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments, is pleased to announce that it has received the first $25.0m payment under its Enablement Agreement with Siemens Medical Solutions USA, Inc. ("Siemens Healthineers").
This follows Kromek satisfying the first milestone under the Enablement Agreement. As a result, the Group confirms that it will become profitable in the current financial year. The additional aggregate payments of $12.5m, payable over the next four years, provide a robust foundation for delivering significant revenue growth.
Arnab Basu, Chief Executive Officer of Kromek, said: "We are delighted to have received the first payment under our significant multi-year agreement with Siemens Healthineers. These funds will be used to support the delivery of various milestones under the agreement, significantly reduce our debt and strengthen our balance sheet, ultimately enhancing our operational capabilities. It also enables us to become profitable in the current financial year - which is a significant milestone."
Kromek is listed on AIM, a market of the London Stock Exchange, under the trading symbol 'KMK'.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.