-- Third Quarter Revenues of $47.0 Million, up 13% Year-over-Year, and
Adjusted EBITDA of $11.7 Million, up 34% Year-Over Year
-- Nine Month Revenue of $135.8 Million, up 11% Year-over-Year; Adjusted
EBITDA of $34.2 Million, up 35% Year-over-Year
-- Positive Outlook for Remainder of 2025 Based on the Company's Diverse
Product Portfolio Supports Full-Year Revenue Guidance of $178
Million-$182 Million and Adjusted EBITDA of $40 Million-$44 Million
-- Generated $17.9 Million of Cash from Operations During First Nine Months
of 2025; as of September 30, 2025, had $72.0 Million of Available Cash
-- Company Continues to Focus on Advancing Business Development
Opportunities to Support Continued Long-Term Annual Double-Digit
Profitable Growth
-- Interim Futility Analysis of the Pivotal Phase 3 InnovAATe Clinical Trial
for the Inhaled AAT Therapy to be Conducted in Current Quarter
-- Conference Call and Live Webcast Today at 8:30am ET
REHOVOT, Israel, and HOBOKEN, N.J., Nov. 10, 2025 (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 nine months ended September 30, 2025.
"Our strong operational and financial momentum continues as we delivered the strongest quarter of the year," said Amir London, Kamada's Chief Executive Officer. "We continue to execute on our strategy and generate significant profitable growth through the diversity of our product portfolio. Total revenues for the first nine months of the year of $135.8 million, representing an 11% year-over-year increase, and adjusted EBITDA of $34.2 million, up 35% year-over-year, representing a 25% margin of revenues. Based on our consistent, strong performance in the first nine months of the year, disciplined management of operational expenses, and positive outlook for the remainder of 2025, we are reiterating our full-year 2025 revenue guidance of between $178 million to $182 million and our annual adjusted EBITDA guidance of $40 million to $44 million."
"We have consistently demonstrated our ability to convert profitability to operational cash flow, as we generated $17.9 million of cash from operating activities during the first nine months of the year, contributing to our strong cash position as of the end of the quarter of $72.0 million. As we advance our business development initiatives, we plan to leverage our financial strength to enrich our portfolio of marketed products and support our continued long-term annual double-digit profitable growth," added Mr. London.
"Earlier this year we announced the launch of a comprehensive post-marketing research program for CYTOGAM$(R)$ with the aim of generating key data in support of the benefits of the product in the management of cytomegalovirus (CMV) in solid organ transplantation. In connection with this program, we announced last week the initiation of the investigator-initiated SHIELD study, which will be conducted by leading experts in CMV and organ transplantation, investigating the benefits of CYTOGAM administered at the conclusion of the anti-viral prophylaxis to reduce the risk of clinically significant late CMV in kidney transplant recipients," continued Mr. London.
"We continue to invest in our plasma collection operations and recently reported the receipt of an FDA approval for our Houston facility. We are ramping up plasma collection at our three operational centers and are in active discussions with potential customers to secure long-term sales agreements for normal source plasma. Lastly, we continue to advance our ongoing pivotal Phase 3 InnovAATe clinical trial for our inhaled Alpha-1 Antitrypsin therapy, with the interim futility analysis to be conducted by the end of this year," concluded Mr. London.
Financial Highlights for the Three Months Ended September 30, 2025
-- Total revenues were $47.0 million in the third quarter of 2025, up 13%
compared to $41.7 million in the third quarter of 2024. Consistent with
previous quarters of the year, the increase in revenues was driven by the
diversity of the Company's portfolio, primarily attributable to increased
sales of GLASSIA(R) in ex-U.S. markets, increased sales in the
Distribution segment, as well as VARIZIG(R) U.S. sales.
-- Gross profit and gross margins were $19.8 million and 42%, respectively,
in the third quarter of 2025, compared to $17.2 million and 41%,
respectively, in the third quarter of 2024. The increase in both metrics
is attributable to the continued improved sales mix and overall increased
commercial scale.
-- Operating expenses, including R&D, S&M, G&A and other expenses, totaled
$11.9 million in the third quarter of 2025, consistent with the level of
these expenses in the third quarter of 2024. The reduction in R&D
expenses during the quarter was mainly related to development projects
timing changes.
-- Net income was $5.3 million, or $0.09 per diluted share, in the third
quarter of 2025, up 37% as compared to $3.9 million, or $0.07 per diluted
share, in the third quarter of 2024.
-- Adjusted EBITDA, as detailed in the tables below, was $11.7 million in
the third quarter of 2025, up 34% over the $8.8 million achieved in the
third quarter of 2024.
-- Cash provided by operating activities was $10.4 million in the third
quarter of 2025, as compared to cash provided by operating activities of
$22.2 million in the third quarter of 2024. The decrease is associated
with the increase in working capital that supports the Company's
continued growth.
Financial Highlights for the Nine Months Ended September 30, 2025
-- Total revenues for the first nine months of 2025 were $135.8 million, an
11% increase from the $121.9 million generated in the first nine months
of 2024. The overall increase in revenues was driven by the diversity of
the Company's portfolio, primarily attributable to increased sales of
GLASSIA(R) in ex U.S. markets, increased sales in the Distribution
segment, as well as VARIZIG(R) U.S. sales.
-- Gross profit and gross margins for the first nine months of 2025 were
$59.4 million and 44%, respectively, compared to $52.9 million and 43%,
respectively, in the first nine months of 2024. The increase in gross
profit is in line with the continued improved sales mix and overall
increased commercial scale.
-- Operating expenses, including R&D, S&M, G&A and other expenses, totaled
$36.8 million in the first nine months of 2025, as compared to $38.0
million in the first nine months of 2024. The reduction in R&D expenses,
year over-year, was mainly related to development projects timing
changes.
-- Net income for the first nine months of 2025 was $16.6 million, or $0.29
per diluted share, a 56% increase as compared to net income of $10.7
million or $0.18 per diluted share, in the first nine months of 2024.
-- Adjusted EBITDA, as detailed in the tables below, was $34.2 million in
the first nine months of 2025, a 35% increase as compared to $25.4
million in the first nine months of 2024.
-- Cash provided by operating activities during the first nine months of
2025 was approximately $17.9 million, as compared to $37.2 million during
the first nine months of 2024. The decrease was associated with the
increase in working capital that supports the Company's continued growth.
Balance Sheet Highlights
As of September 30, 2025, Kamada had cash and cash equivalents of $72.0 million, as compared to $78.4 million as of December 31, 2024. While cash provided by operating activities totaled $17.9 million, net cash used in investment activities of $7.1 million and net cash used in financing activities of $17.2 million, of which $11.5 million was associated with the payment of a special cash dividend, collectively resulted in an overall decrease in cash balance.
Recent Corporate Highlights
-- Announced that the first patient was enrolled into an
investigator-initiated post-marketing clinical trial of CYTOGAM(R)
(CMV-IGIV) to prevent late CMV infection, a common post-transplant
infectious complication that remains an unaddressed medical need despite
recent advances in anti-viral drug therapies. The Strategic Help with
Immunoglobulin to Enhance protection against Late Disease (CMV), or
SHIELD study, is a prospective, randomized, controlled multicenter
investigator-initiated study in CMV high-risk kidney transplant
recipients.
-- Announced that the FDA has approved the supplement to the Company's
existing Biologics License Application (BLA) for Kamada Plasma's
collection center in Houston, TX. The approval was obtained following an
on-site inspection made by the FDA during the second quarter of this
year. The center is now cleared to commence commercial sales of normal
source plasma. The 12,000 square foot Houston facility supports 50 donor
beds, with a planned capacity of approximately 50,000 liters per year and
is anticipated to be one of the largest collection centers for specialty
plasma in the U.S. Kamada intends to seek a subsequent inspection and
approval by the European Medicines Agency $(EMA)$ of this site.
Fiscal 2025 Guidance
Kamada is reiterating its annual financial guidance comprising of 2025 total revenues in the range of $178 million to $182 million and adjusted EBITDA guidance in the range of $40 million to $44 million, representing double digit top- and bottom-line growth year-over-year.
Conference Call Details
Kamada's management will host an investment community conference call on Monday, November 10, 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. 13756537. The call will be webcast live on the internet at: https://viavid.webcasts.com/starthere.jsp?ei=1738840&tp_key=92257bc662.
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 2025 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. The Company's strategy is focused on driving profitable growth through four primary growth pillars: First, organic growth from its commercial activities, including continued investment in the commercialization and life cycle management of its proprietary products, which include six FDA-approved specialty plasma-derived products: KEDRAB(R), CYTOGAM(R), GLASSIA(R), WINRHO SDF(R), VARIZIG(R) and HEPAGAM B(R), as well as KAMRAB(R), KAMRHO $(D)$(R) and two types of equine-based anti-snake venom products, and the products in the distribution segment portfolio, mainly through the launch of several biosimilar products in Israel. Second: the Company aims to secure significant new business development, in-licensing, collaboration and/or merger and acquisition opportunities, which are anticipated to enhance the Company's marketed products portfolio and leverage its financial strength and existing commercial infrastructure to drive long-term growth. Third: the Company is expanding its plasma collection operations to support revenue growth through the sale of normal source plasma to other plasma-derived manufacturers, and to support its increasing demand for hyper-immune plasma. The Company currently owns three operating plasma collection centers in the United States, in Beaumont Texas, Houston Texas, and San Antonio, Texas. Lastly, the Company is leveraging its manufacturing, research and development expertise to advance the development and commercialization of additional product candidates, targeting areas of significant unmet medical need, with the lead product candidate Inhaled AAT, for which the Company is continuing to progress the InnovAATe clinical trial, a randomized, double-blind, placebo-controlled, pivotal Phase 3 trial. FIMI Opportunity Funds, the leading private equity firm in Israel, is the Company's controlling shareholder, beneficially owning approximately 38% of the outstanding ordinary shares.
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: 1) positive outlook for the remainder of 2025, supporting the reiteration of our full-year 2025 revenue guidance of between $178 million to $182 million and our annual adjusted EBITDA guidance of $40 million to $44 million; 2) leveraging the Company's financial strength to enrich our portfolio of marketed products and support our continued long-term annual double-digit profitable growth; 3) futility analysis of the Pivotal Phase 3 InnovAATe Clinical Trial for the Inhaled AAT Therapy to be conducted by the end of 2025; 4) launching a comprehensive post marketing research program for CYTOGAM(R) with the aim of generating key data in support of the benefits of the product in the management of cytomegalovirus (CMV) in solid organ transplantation; 5) discussions with potential customers to secure long-term sales agreements for normal source plasma; 6) the site in Houston, TX planned capacity of approximately 50,000 liters per year, anticipated to be one of the largest collection centers for specialty plasma in the U.S.; and 7) the intention to seek a subsequent inspection and approval by the European Medicines Agency (EMA) of the Houston site. Forward-looking statements are based on Kamada's current knowledge and its present beliefs and expectations regarding possible future events and are subject to risks, uncertainties and assumptions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors including, but not limited to the evolving nature of the conflicts in the Middle East and the impact of such conflicts in Israel, the Middle East and the rest of the world, the impact of these conflicts on market conditions and the general economic, industry and political conditions in Israel, the U.S. and globally, effect of potential imposed tariff on overall international trade and specifically on Kamada's ability to continue maintaining expected sales and profit levels in light of such potential tariff, the effect on establishment and timing of business initiatives, Kamada's ability to leverage new business opportunities and integrate it with its existing product portfolio, unexpected results of clinical and development programs, regulatory approvals and regulatory delays, and other risks detailed in Kamada's filings with the U.S. Securities and Exchange Commission (the "SEC") including those discussed in its most recent Annual Report on Form 20-F and in any subsequent reports on Form 6-K, each of which is on file or furnished with the SEC and available at the SEC's website at www.sec.gov. The forward-looking statements made herein speak only as of the date of this announcement and Kamada undertakes no obligation to update publicly such forward-looking statements to reflect subsequent events or circumstances, except as otherwise required by law.
CONTACTS:
Chaime Orlev
Chief Financial Officer
IR@kamada.com
Brian Ritchie
LifeSci Advisors, LLC
212-915-2578
britchie@LifeSciAdvisors.com
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of As of
September 30, December 31,
2025 2024 2024
Unaudited
Assets
---------------------
Current Assets
---------------------
Cash and cash
equivalents $ 71,997 $ 72,001 $ 78,435
Trade receivables, net 31,379 16,295 21,547
Other accounts
receivables 3,945 4,555 5,546
Inventories 85,413 71,558 78,819
Total Current Assets 192,734 164,409 184,347
Non-Current Assets
---------------------
Property, plant and
equipment, net 38,100 33,746 36,245
Right-of-use assets 9,189 9,854 9,617
Intangible assets and
other long-term
assets 99,186 104,728 103,226
Goodwill 30,313 30,313 30,313
Contract assets 7,688 8,159 8,019
Deferred taxes - - 488
Total Non-Current
Assets 184,476 186,800 187,908
Total Assets $377,210 $351,209 $ 372,255
Liabilities
---------------------
Current Liabilities
---------------------
Current maturities of
lease liabilities 1,912 1,586 1,631
Current maturities of
other long term
liabilities 10,585 9,480 10,181
Trade payables 24,875 14,786 27,735
Other accounts
payables 9,443 8,104 9,671
Deferred revenues 1,022 41 171
Total Current
Liabilities 47,837 33,997 49,389
Non-Current
Liabilities
---------------------
Lease liabilities 9,558 9,574 9,431
Contingent
consideration 19,730 17,630 20,646
Other long-term
liabilities 32,539 34,121 32,816
Deferred taxes 1,723 - -
Employee benefit
liabilities, net 591 618 509
Total Non-Current
Liabilities 64,141 61,943 63,402
Shareholder's Equity
---------------------
Ordinary shares 15,077 15,024 15,028
Additional paid in
capital net 268,222 266,588 266,933
Capital reserve due to
translation to
presentation
currency (3,490) (3,490) (3,490)
Capital reserve from
hedges 346 16 51
Capital reserve from
share-based payments 5,339 6,394 6,316
Capital reserve from
employee benefits 374 283 364
Accumulated deficit (20,636) (29,546) (25,738)
Total Shareholder's
Equity 265,232 255,269 259,464
Total Liabilities and
Shareholder's Equity $377,210 $351,209 $ 372,255
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
Nine months period Three months Year
ended period ended ended
December
September 30, September 30, 31,
------------------- ----------------- --------
2025 2024 2025 2024 2024
-------- -------- ------- ------- --------
Unaudited Unaudited
------------------- -----------------
Revenues from
proprietary
products $117,976 $110,032 $39,523 $37,128 $141,447
Revenues from
distribution 17,806 11,916 7,487 4,612 19,506
------- ------- ------ ------ -------
Total revenues 135,782 121,948 47,010 41,740 160,953
------- ------- ------ ------ -------
Cost of revenues
from
proprietary
products 61,464 59,207 20,884 20,869 73,708
Cost of revenues
from
distribution 14,878 9,805 6,364 3,637 17,278
------- ------- ------ ------ -------
Total cost of
revenues 76,342 69,012 27,248 24,506 90,986
------- ------- ------ ------ -------
Gross profit 59,440 52,936 19,762 17,234 69,967
------- ------- ------ ------ -------
Research and
development
expenses 10,101 12,512 2,636 3,414 15,185
Selling and
marketing
expenses 13,573 13,862 4,505 4,501 18,428
General and
administrative
expenses 13,084 11,578 4,819 4,014 15,702
Other expenses
(income) - 11 (14) 11 601
------- ------- ------ ------ -------
Operating income 22,682 14,973 7,816 5,294 20,051
Financial income 1,479 1,434 492 646 2,118
Income
(expenses) in
respect of
currency
exchange
differences and
derivatives
instruments,
net (766) 255 (43) (60) (94)
Financial Income
(expense) in
respect of
contingent
consideration
and other long-
term
liabilities. (4,057) (5,316) (1,677) (1,766) (8,081)
Financial
expenses (605) (471) (221) (167) (660)
------- ------- ------ ------ -------
Income (expense)
before tax on
income 18,733 10,875 6,367 3,947 13,334
Taxes on income (2,097) (221) (1,071) (84) 1,128
------- ------- ------ ------ -------
Net income
(loss) $ 16,636 $ 10,654 $ 5,296 $ 3,863 $ 14,462
------- ------- ------ ------ -------
Other
comprehensive
income (loss)
:
Amounts that
will be or that
have been
reclassified to
profit or loss
when specific
conditions are
met:
Gain (loss)
from securities
measured at
fair value
through other
comprehensive
income
Gain (loss) on
cash flow
hedges 770 (63) 207 32 (30)
Net amounts
transferred to
the statement
of profit or
loss for cash
flow hedges (475) (61) (317) (4) (59)
Items that will
not be
reclassified to
profit or loss
in subsequent
periods:
Remeasurement
gain (loss)
from defined
benefit plan 10 8 - - 89
------- ------- ------ ------ -------
Total
comprehensive
income (loss) $ 16,941 $ 10,538 $ 5,186 $ 3,891 $ 14,462
======= ======= ====== ====== =======
Earnings per
share
attributable to
equity holders
of the
Company:
---------------
Basic net
earnings per
share $ 0.29 $ 0.19 $ 0.09 $ 0.07 $ 0.25
======= ======= ====== ====== =======
Diluted net
earnings per
share $ 0.29 $ 0.18 $ 0.09 $ 0.07 $ 0.25
======= ======= ====== ====== =======
CONSOLIDATED STATEMENTS OF CASH FLOWS
-----------------------------------------------------------------------
Nine months period Three months
Ended period Ended Year Ended
December
September, 30 September, 30 31,
------------------- -----------------
2025 2024 2025 2024 2024
-------- -------- ------- ------- ----------
Unaudited
---------------------------------------
U.S Dollars In thousands
----------------------------------------------------
Cash Flows
from
Operating
Activities
-------------
Net income $ 16,636 $ 10,654 $ 5,296 $ 3,863 $ 14,462
Adjustments
to reconcile
net income to
net cash
provided by
(used in)
operating
activities:
Adjustments
to the profit
or loss
items:
Depreciation
and
impairment 11,117 9,708 3,760 3,242 13,808
Financial
expenses,
net 3,949 4,098 1,449 1,347 6,717
Cost of
share-based
payment 387 700 117 224 874
Taxes on
income 2,097 221 1,071 84 (1,128)
Loss (gain)
from sale of
property and
equipment (8) 11 - 12 11
Change in
employee
benefit
liabilities,
net 91 6 17 17 52
------- ------- ------ ------ ------
17,633 14,744 6,414 4,926 20,334
------- ------- ------ ------ ------
Changes in
asset and
liability
items:
Decrease
(increase) in
trade
receivables,
net (9,705) 3,249 (1,035) 10,004 (1,977)
Decrease in
other
accounts
receivables 1,666 1,452 588 510 593
Decrease
(increase) in
inventories (6,593) 16,920 (3,333) 7,155 9,659
Decrease in
deferred
expenses 331 336 119 97 476
Increase
(decrease) in
trade
payables (3,497) (10,747) 634 (5,655) 1,226
Increase
(decrease) in
other
accounts
payables (253) (157) 630 881 1,413
Increase
(decrease) in
deferred
revenues 851 (107) 845 14 23
------- ------- ------ ------ ------
(17,200) 10,946 (1,552) 13,006 11,413
------- ------- ------ ------ ------
Cash received
(paid) during
the period
for:
Interest paid (605) (424) (221) (158) (594)
Interest
received 1,479 1,434 492 646 2,118
Taxes paid (19) (158) (13) (70) (139)
------- ------- ------ ------ ------
855 852 258 418 1,385
------- ------- ------ ------ ------
Net cash
provided by
operating
activities $ 17,924 $ 37,196 $10,416 $22,213 $ 47,594
-------------- ------- ------- ------ ------ ------
CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)
----------------------------------------------------------------------
Nine months period Three months Year
Ended period Ended Ended
December
September, 30 September, 30 31,
------------------- -----------------
2025 2024 2025 2024 2024
-------- -------- ------- ------- --------
Unaudited Audited
--------------------------------------- --------
U.S Dollars In thousands
--------------------------------------------------
Cash Flows
from Investing
Activities
--------------
Purchase of
property and
equipment and
intangible
assets $ (7,071) $ (7,816) $(3,589) $(2,124) $(10,740)
Proceeds from
sale of
property and
equipment 8 1 - - 1
------- ------- ------ ------ -------
Net cash used
in investing
activities (7,063) (7,815) (3,589) (2,124) (10,739)
------- ------- ------ ------ -------
Cash Flows
from Financing
Activities
--------------
Proceeds from
exercise of
share base
payments 49 3 - 1 7
Repayment of
lease
liabilities (833) (890) (415) (319) (1,251)
Repayment of
other
long-term
liabilities (4,848) (12,316) (339) (4,468) (12,667)
Dividends Paid (11,534) - - - -
------- ------- ------ ------ -------
Net cash used
in financing
activities (17,166) (13,203) (754) (4,786) (13,911)
------- ------- ------ ------ -------
Exchange
differences on
balances of
cash and cash
equivalent (133) 182 (61) 151 (150)
------- ------- ------ ------ -------
Increase
(decrease) in
cash and cash
equivalents (6,438) 16,360 6,012 15,454 22,794
Cash and cash
equivalents at
the beginning
of the period 78,435 55,641 65,985 56,547 55,641
--------------- ------- ------- ------ ------ -------
Cash and cash
equivalents at
the end of the
period $ 71,997 $ 72,001 $71,997 $72,001 $ 78,435
--------------- ======= ======= ====== ====== =======
Significant
non-cash
transactions
--------------
Right-of-use
asset
recognized
with
corresponding
lease
liability $ 870 $ 3,163 $ 360 $ 2,642 $ 3,304
======= ======= ====== ====== =======
Purchase of
property and
equipment and
Intangible
assets $ 555 $ 1,040 $ (475) $ 1,040 $ 1,955
======= ======= ====== ====== =======
NON-IFRS MEASURES
-----------------------------------------------------------------
Nine months Three months
period ended period ended Year ended
December
September 30, September 30, 31,
---------------- ----------------
2025 2024 2025 2024 2024
------- ------- ------- ------- ----------
U.S Dollars In thousands
----------------------------------------------
Net income $16,636 $10,654 $ 5,296 $ 3,863 $ 14,462
Taxes on
income 2,097 221 1,071 84 (1,128)
Financial
expense
(income),
net 3,949 4,098 1,449 1,347 6,717
Depreciation
and
amortization
expense 11,122 9,708 3,765 3,242 13,218
Non-cash
share-based
compensation
expenses 387 700 117 224 867
------ ------ ------ ------ ------
Adjusted
EBITDA $34,191 $25,381 $11,698 $ 8,760 $ 34,136
====== ====== ====== ====== ======
(END) Dow Jones Newswires
November 10, 2025 07:00 ET (12:00 GMT)