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Original-Research: Aiforia Technologies Oyj - from NuWays AG

12.12.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to Aiforia Technologies Oyj

Company Name: Aiforia Technologies Oyj

ISIN: FI4000507934

Reason for the research: Update

Recommendation: BUY

Target price: EUR 3.8

Target price on sight of: 12 month

Last rating change:

Analyst: Julius Neittamo

Cap hike to ease short-term liquidity constraints; BUY

Aiforia Technologies announced that it had successfully carried out a

directed share issuance, whereby it raises some EUR 4.2m in gross proceeds,

issuing a total of 2m new shares. This coupled with reduced operating

expenses should put the company notably closer to sustainable cash

generation.

In detail, Aiforia issued 6.3% new shares at a 10% discount to previou

day's close price of EUR 2.34. The directed share issuance alleviate

short-term liquidity concerns. In fact, current cash on hand should be

sufficient to finance operations throughout FY2026, in our view.

Mind you, in November, the company concluded change negotiations, which,

according to management, will lead to annual cost savings of EUR 2.5m starting

from 2026. As a result, the number of employees is reduced by 8. The change

negotiations were justified by the company's management as a strategic

pivot, whereby the company shifts focus from product development to product

commercialisation.

In our initiation report from October 2025, we had estimated the cash burn,

until Aiforia reaches positive FCF, to be EUR 27.8m. Following the change

negotiations and the capital increase, we project the additional cash

requirements to be in the tune of EUR 19.1m. Prior to our estimate changes, we

viewed positive FCF as feasible by 2030e. however, this has now changed to

2029e. The cash burn for 2026e is projected to be EUR 9.3m.

As mentioned above, the directed share issuance alleviates short-term

liquidity concerns, while the share price has been under pressure since the

start of the year (-33% ytd.) Given the company's cash burn rate, which i

largely being spend on sales, the company is expected to deliver strong

growth figures in H2 2025, demonstrating that the commercialisation and

scale period of the business is clearly underway.

In that respect we view the results of H2 2025 as a pivot point. In H1 2025,

the company grew a timid 2% yoy, which in our view has largely contributed

to the recent share price weakness. In must be highlighted however, that

this performance was largely due to the weak performance of the Research

segment. During the same time, Clinical, which is the scalable part of the

business, grew by 60%. For FY25e, we model 66% growth in the Clinical

segment compared to a 16% sales decline of the Research segment, which would

translate to an aggregate yearly growth of 25%, eNuW.

Management clearly views the years 2026-28e as hyperscale years for Aiforia,

translating into a CAGR of 65.4% for 2026-28e.

In sum, we view the present issuance as positive, easing Aiforia'

short-term liquidity concerns. Going forward, all eyes will be on Aiforia'

H2 2025 results, where strong growth is expected. We update our model only

to reflect the cost savings from the change negotiations, which causes our

PT to increase from EUR 3.50 to EUR 3.80 while we reiterate our BUY rating.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=350a636788041258f13c0227a481a55c

For additional information visit our website:

https://www.nuways-ag.com/research-feed

Contact for questions:

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: research@nuways-ag.com

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschlu

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befinden sich in der vollständigen Analyse.

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2244544 12.12.2025 CET/CEST

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