Immuron H1 FY2026 Revenue Up 5%, Net Loss Narrows and Cash Rises to AUD 10 Million
Immuron’s H1 FY2026 product revenue rose 5% to AUD 4.18 million with Australia up 13% and U.S. up 17%, gross margin at 63.4% and net loss narrowing to AUD 1.92 million from AUD 2.49 million. The company boosted cash to AUD 10 million by raising AUD 7.3 million and maintained a Buy-Extended rating with a $3.90 12-month price target.
1. Financial Results
Immuron reported global product revenue of AUD 4.18 million for the six months ended December 31, 2025, a 5% increase year-over-year. Australian sales grew 13% while U.S. revenue rose 17%, and Canadian revenue declined due to distributor dynamics. Gross margin expanded to 63.4% and net loss narrowed to AUD 1.92 million from AUD 2.49 million.
2. Capital and Rating
The company raised AUD 7.3 million through its at-the-market facility, increasing its cash balance to approximately AUD 10.0 million as of December 31, 2025, providing operational runway into 2027. The Buy-Extended rating was maintained with a 12-month price target of $3.90, based on an EV/Revenue peer valuation.
3. Commercial and Pipeline Developments
Immuron secured distribution with Jean Coutu in Quebec, targeting improved Canadian performance in H2 FY2026, and launched ProIBS® in Australia in December 2025. In its clinical pipeline, IMM-529 advanced into a randomized Phase 2 trial for recurrent C. difficile infection under FDA authorization and the company seeks partners for both IMM-529 and IMM-124E.