To confirm this: we are now aiming for a comprehensive report update this spring 
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The revenue development was a clear disappointment, even though sales have come in steadily throughout the year.
In the interview, Jukka mentioned that some customers have not yet acquired any scanners at all, or only have a few in use. He also said that the Castilla y León deal made on 23.7. has not been recognized as revenue at all yet. Could this be why these deals haven’t yet turned into revenue?
How much ramp-up is still ongoing with older customers?
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Does Aiforia’s order book cover the entire lifecycle of the agreed contracts? Haven’t several of those signed contracts been multi-year ones? Viewed this way, that order book isn’t exactly mind-blowing.
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I wish the CEOs of these Finnish medical growth companies would be more subdued in their speeches. Even for Aiforia, the growth projections in euros probably need to be multiplied by 0.2 to get closer to the truth. I still hope they aren’t overtaken by faster growth from competitors, relying on the assumed superiority of their applications.
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CEO made a purchase: Volume: 8,578 Average price: 3.56019 EUR 
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Antti and Frans have prepared a company report on Aiforia. 
Aiforia has continued to build its impressive market position in clinical pathology image recognition. In addition to several customer wins, the regulatory bottleneck that had been hindering the expansion of the company’s product portfolio has now opened up, enabling current customer expansions and larger deal sizes in future tenders. Although we lowered our forecasts due to slower-than-expected ramp-ups of current customer accounts, we estimate that the company is now moving into a phase of accelerating revenue growth, and the stock’s return/risk ratio is attractive with this support. We lower our target price to 4.4 euros (previously 4.6 €/share) and reiterate our add recommendation.
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Apparently, the fruits are ripening, because the CEO made small additional purchases:
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All the best to the owners. The earnings potential is certainly high, but remember the risks too 
It’s interesting that in the risk matrix, Aiforia is in the middle of valuation risk. I would have guessed it was an extremely risky investment.
2025 earnings are significantly in the red, 2026 earnings are significantly in the red, 2027 earnings are in the red, 2028 earnings are not even close to zero yet…
In the scenario analysis, the negative scenario is strong growth and clearly better profitability than the average listed company 
Share issues provide cash to cover losses. The system works quite well if the market value is right and investors are eager to put more money into the company. In my opinion, a good question to consider is, what if there aren’t eager funders to buy just a 10% slice of the company for 15 million euros, etc…
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A weak short-term cash flow profile and an otherwise early stage of business development increase business risk, which you somehow left out of that screenshot (?). It is intentionally right next to that valuation risk; the intention is that these metrics together provide a comprehensive picture of the company’s risks.
This image thus tries to communicate that Aiforia’s business risks are high, while valuation risks are a notch more moderate than business risks but by no means low. Valuation risks are increased by the imprecise determination of the company’s fair value (here, our risk parameter is at its maximum) and, on the other hand, lowered by the generally reasonable valuations on our stock exchange and the stock’s pricing in the lower half of the fair value range.
Valuation risk naturally also considers the need for financing, but as mentioned in the report, I don’t see this as a particular concern given Aiforia’s track record so far – the company is currently quite sovereignly taking over the clinical pathology market in Europe (the US market is not progressing much in the big picture).
The negative scenario is roughly achievable without winning new customers, though it requires retaining existing customers and their expansion. I wouldn’t seek a comparison for the profitability of a nearly pure-margin (70-90%) software business from the averages of an industry-heavy stock exchange.
We certainly agree on this! If one looks at the fair value range (1.1-8.0 e/share), it is clear that the range of outcomes is still wide.
Compared to early-stage companies, Aiforia already has more concrete business: ~10-15 significant clinical segment customers have been won in a sector where deals and suppliers change slowly. This means that commercialization risks have already been significantly reduced compared to a situation where there would only be technology and an attempt to find a path to commercial agreements.
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Redeye is hosting AI-themed investment presentations all day today.
https://www.redeye.se/events/1068007/artificial-intelligence-ai-event-2025
11.15 Aiforia Technologies – Kaisa Helminen, COO
11.15 Swedish time is 12.15 Finnish time. A panel discussion follows.
Recordings of these are usually available immediately or later for viewing, but you can watch live.
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And the same in Finnish:
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Analyst’s comments on the morning release.
Summary - good news, and these are needed and expected to continue coming because it’s a growth company
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This sparked some more thoughts about the development of the industry’s value chain and its effects on Aiforia - here’s a comment 
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More collaborations for Aiforia:
Aiforia Technologies, a pioneer in AI-assisted pathology diagnostics, has initiated a collaboration with PathPresenter. The partnership aims to expand the availability of Aiforia’s AI-assisted image analysis solutions by leveraging PathPresenter’s comprehensive pathology workflow system. By combining their digital pathology expertise, the companies seek to provide pathologists with more efficient solutions for diagnostics and smoother systems for workflow management.
“The partnership with PathPresenter is a significant step in expanding the availability of Aiforia’s AI solutions in the United States. PathPresenter’s widely used platform connects pathologists globally, offering them a way to share their expertise and access the best tools in the industry. By integrating our technologies, we enable pathologists seamless access to Aiforia’s AI-assisted image analysis solutions. Our goal is to improve the speed and accuracy of the pathology diagnostic workflow,” says Aiforia CEO Jukka Tapaninen.
“PathPresenter is committed to providing the pathology field with the most comprehensive and advanced tools for collaboration and diagnostics. By integrating Aiforia’s cutting-edge AI-assisted image analysis solutions, such as AI models for breast, lung, and prostate cancers, into our service, we enhance users’ ability to connect with colleagues and utilize AI models in their current workflow. Our goal is to thus support pathologists in their work and improve patient care,” says Patrick Myles, CEO of PathPresenter.
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Well, now these have started pouring in and there are several channels. There should be significant benefit to sales, and what does Antti_Luiro say?
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Here’s the comment! The logic of the partnership looks quite similar to the morning news, so not much new came out in the comment.
In principle, it should help, but there’s still a way to go from the announced partnership to incoming sales. We’ll see if news about won customers follows later
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Extension of the cooperation agreement with USCAP (United States and Canadian Academy of Pathology).
Aiforia and USCAP continue collaboration to support pathologists’ online learning
"Aiforia, a leading provider of AI-assisted image analysis solutions in pathology, and USCAP (United States and Canadian Academy of Pathology), North America’s largest professional organization for pathologists, have announced the continuation of their successful collaboration with a new multi-year agreement.
The partnership, which has garnered excellent results and outstanding feedback from the global pathology community, will continue to incorporate Aiforia’s platform into USCAP’s online courses. The goal of this integration is to support pathologists’ continuous learning and promote the adoption of best practices in pathology, thereby improving patient care and outcomes worldwide. The collaboration embodies both Aiforia’s and USCAP’s commitment to advancing pathology education and strengthening excellence in the field globally.
“We are delighted to continue our collaboration with USCAP. By integrating our advanced platform into USCAP’s educational programs, we aim to enhance the learning experience for pathologists and contribute to pathology education worldwide. We expect the partnership to foster innovation and raise the standards of pathology practices,” says Aiforia CEO Jukka Tapaninen.
“The Aiforia partnership allows USCAP to provide better educational content to our course participants and online material users globally. The space designed for sharing digital slides supports USCAP’s mission to provide first-class medical education,” says USCAP CEO Patrick Flaherty."
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Jukka seems to have reposted this. In the US, they are a bit behind due to heavy regulation. This would mean that LDTs, or lab developed tests, no longer face FDA regulation, as before. Is that how Aiforia has operated in the US until now? At least it comes to mind for the pathology association. What significance does @Antti_Luiro see for Aiforia?
A District Court is the lowest federal court level, and would the FDA be willing to challenge the decision in an appeals court or ultimately the Supreme Court? Then this would take time. Potential relaxations naturally also apply to competitors, but Aiforia has been in a good position.
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