Optomed - Health technology company

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A quick observation regarding AEYE Health’s recruitment.

The number of open positions has decreased slightly in recent weeks, but even more interesting is the shift in focus of the remaining job openings.

AI product development seems to have slowed down, while the open roles are now focused on Business Development, partnerships, marketing, and customer implementations.

This suggests that the focus is shifting from building the technology to commercialization and scaling deployments.

One shouldn’t draw overly far-reaching conclusions from individual hires, but I think the trend is interesting from Optomed’s perspective as well.

Edit.

Adding to this, inventories: at the end of Q1’26, 2.781 MEUR vs. 1.713 MEUR a year earlier (+62.4% YoY) and 2.382 MEUR at the end of 2025 (i.e., growth also from the previous quarter, approx. +17%). Inventory growth consumed cash flow by -0.4 MEUR, and this, together with a 0.6 MEUR decrease in accounts payable, explains a large part of why operating cash flow fell to -1.4 MEUR (Q1’25: +0.4 MEUR) and the cash balance dropped from 9.9 MEUR to 7.8 MEUR.

Inventory trend over several quarters (inventories, in thousands of euros):

31.12.2024: 1,961 → 31.3.2025 (Q1’25): 1,713 → 30.9.2025 (Q3’25): 2,445 → 31.12.2025 (FY’25): 2,382 → 31.3.2026 (Q1’26): 2,781.

At the same time, Aurora AEYE reported a sales record on the hardware side, and the gross margin of the devices segment improved to 62.7% thanks to the high-margin AI business – but recurring revenue still remained a disappointment.

So, if Optomed is building/delivering Aurora AEYE devices in advance to meet AEYE Health’s growing sales (which the inventory growth and weakened cash flow indicate), but revenue is only recognized via the revenue share model as AEYE Health bills end customers monthly based on usage, a time lag is created: the devices and the capital tied up in them go out first, while the money (and recognized revenue) comes back slowly and with a delay as the installed base grows.

Could there actually be a strong scaling phase underway in the US, even if it isn’t visible in the numbers yet anywhere other than, for example, expenses + AEYE Health’s recruitment?

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This is what the Q1 figures would seem to indicate: goods have been produced in advance for inventory. I don’t believe the factories have been idled due to the slowdown in device sales at the beginning of the year, so goods are entering the inventory, and goods are leaving the inventory.

The thing that interests me the most in the earnings release is the revenue billed based on the passage of time.

Q2/2024 €1.096 M

Q2/2025 €1.462 M

Q2/2026 (?)

By all accounts, growth should continue to be strong.

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It is worth noting for the future that, starting from Q1-Q3 2026, revenue items in the Software segment have been reclassified from services recognized over time to products and services recognized at a point in time.

Services recognized over time were €1,294 thousand in Q4 2025, €1,128 thousand in Q3 2025, and €1,187 thousand in Q2 2025.

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Yup… that’s how it is. There is strong evidence of growth on Optomed’s own balance sheet: the “liabilities related to customer contracts” item (advances received + deferred revenue), which specifically represents subscription/contract commitments that have been billed or paid in advance but not yet recognized as revenue. This is exactly what should be growing if new Aurora AEYE orders are truly being signed at a record pace: €535k (March 31, 2025) → €678k (Dec 31, 2025) → €749k (March 31, 2026). That’s +40% YoY growth and +10.5% from the previous quarter, and the trend is steady at every measurement point—no random fluctuations like in accounts receivable. It’s definitely growing, now let’s just get those all-time Q1 records onto the income statement lines, please :slight_smile:

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By the way, a couple of weeks ago, Optomed was in Georgia to see Georgia Clinic (a primary healthcare provider with 25 locations) integrate Nsight360 and an Optomed camera into their workflow. It shows that the market is opening up, and even though it’s not the AEYE + Optomed combo, the most important thing is that the product is moving and the market is buying.

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Yes, that primary healthcare retinopathy screening is moving forward. It seems to be a Topcon device, but it speaks to the market shifting/changing. Rhode Island Free Clinic gets new retinal imaging screening software

AEYE is making a strong push into that RHTP funding now: Where a patient lives shouldn't dictate whether they receive care. AEYE-DS autonomous AI brings 1-minute diabetic eye screenings to patients wherever they are, closing the gap. And the RHTP grant can… | AEYE Health

And even in South Africa, a distributor is promoting it:

Surely these will start to show up in the income statement soon :slight_smile:

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And AEYE Health is adding more RHTP gas to the fire… there is certainly potential there:

And it seems Ophthalytics is using Lumo + has started tagging Optomedia in their posts:

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It seems AEYE Health is even offering its own “Grant Support Pack” service, complete with live Zoom sessions. They mean business :slight_smile:

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