Financial Plan

Rilemo's financial projections cover the period FY2026–FY2030, spanning the company's transition from clinical validation to commercial scale.

Rilemo's go-to-market strategy follows a phased approach. From Q4 2026, Rilemo will begin placing devices at partner research institutions under its research collaboration programme, generating an initial stream of research contributions while building clinical data and stakeholder engagement ahead of commercial launch. Certified medical devices will enter the market from H2 2027, following CE marking under MDR Class IIa, with Q4 2027 representing the first quarter of effective commercial sales. FY2028 is therefore the first full year of commercial execution, supported by a pipeline actively developed since Q4 2026. Full details on the regulatory and commercial timeline are provided in the

Go-to-Market and

Regulatory Pathway.

Certified medical devices are sold at €50k for the hardware (one-time) and €10k per year for software and maintenance, with a 5-year commitment and automatic renewal upon expiry. The pricing reflects Rilemo's positioning as a diagnostic portable neuroimaging device, as detailed in the

Business Model & Pricing section.

Under the research collaboration programme, partner institutions contribute €13k for the hardware and €5k per yearfor software and data access. This contribution is set at near cost-recovery level by design, consistent with the strategic objective of maximising partner engagement and data generation rather than revenue optimisation.

Direct sales will be used for initial commercialisation, progressively complemented by a distributor-based model as volumes scale. The commercial team follows a pod structure as described in the Go-to-Market section. The first sales representative joins in Q4 2026, focused on pipeline development ahead of CE marking. The second sales representative and first product specialist join in Q3 2027, supporting the commercial launch. From Q3 2028, a second sales module and a channel manager dedicated to distributor relationships are activated, driving the step-up in volumes from FY2028 onward. Each sales module is assumed to generate approximately 120 direct device sales per year, based on a target of 40–50 active hospital accounts per representative and a conversion rate consistent with capital equipment sales cycles in medtech. Indirect sales are assumed to contribute an average of 50 device sales per distributor per year, with 2 active distributors in FY28 scaling to 5 by FY30. Both assumptions will be validated through early commercial activity following market entry.

The €522k raised in FY25 comprises the €512k pre-seed SAFE round closed with business angels and the €10k share capital contribution from the founding team. The €3M seed round is expected to close in FY26.

No debt financing, grants, or public funding are included in these projections. While these funding sources may be pursued in the future, they are deliberately excluded from the plan to provide a conservative and realistic view of the company's financial trajectory.

Rilemo’s margin profile remains structurally strong across the projection horizon. From FY2027 to FY2030, hardware is expected to generate a weighted average gross margin of approximately 61%, based on cumulative hardware revenues of €108.3M and hardware COGS of €42.7M. Software and maintenance revenues are assumed to carry negligible direct costs, as cloud infrastructure, support, and update costs are reflected in the fixed cost base, supporting a high software margin contribution as the installed base grows. The blended contribution margin across hardware and software is expected to stabilise at approximately 72% from FY2027 onward.

Rilemo's revenue model is designed to build an increasingly predictable income stream over time. While hardware sales drive initial revenues, each device sold adds a recurring annual software subscription to the installed base, creating a compounding effect that grows independently of new hardware sales. Churn is expected to be structurally negligible given the high switching costs inherent to capital medical equipment, as described in the

Business Model & Pricing section. The software contribution rises from 19% of revenues in FY2027 to 33% in FY2030, with the installed base expected to reach approximately 2,900 active subscriptions by end of FY2030.

Rilemo is expected to reach EBITDA break-even in FY2027 and free cash flow break-even in FY2028, as FCF shifts from negative €681k in FY2027 to positive €7.799M in FY2028. FY2027 EBITDA break-even reflects a partial commercial year. The step-up to positive FCF in FY2028 reflects the first full year of commercial execution. From that point onward, the business is expected to cover both operating and investment needs through internally generated cash, eliminating dependence on external funding.

Even under a downside scenario assuming a six-month delay in CE marking, Rilemo remains on track to reach free cash flow break-even in FY2028. In this scenario, cumulative negative FCF before break-even increases to approximately €2.74M compared to €1.62M in the base case, with year-end cash bottoming at approximately €0.84M in FY2027. The business remains financially sound throughout. Any future capital raise will be pursued from a position of strength to accelerate scaling.

A quarterly cash flow analysis of the early-stage period confirms that cash balances remain positive throughout, even under the delayed market entry scenario and accounting for the timing of receivables collection across periods. This analysis provides additional comfort that the company does not face intra-year liquidity risk on the path to free cash flow break-even.