Prenetics Global Ltd (PRE)
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A COVID testing lab in Hong Kong turned itself into a consumer health brand in two years, with David Beckham as co-founder. And the growth is genuine: revenue from continuing operations rose from $6.2 million in 2023 to $15.9 million in 2024 and $92.4 million in 2025. The trouble is that the business earns nothing along the way — the operating loss widened to $44.5 million over the same period. The reason the bottom line shows only $40.0 million of net loss is a one-off warrant exchange that added $36.7 million. And the number carrying the whole story, the famous $120 million of ARR, is by the annual report's own footnote the revenue of a single month multiplied by twelve. Not investment advice — just a look at which figure here was actually earned.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Quality & Screener
AI Rating
Uses AIPrenetics verkauft keine KI, sondern setzt sie im eigenen Betrieb ein: Der Jahresbericht 20-F für 2025 beschreibt generative KI als Produktionsmittel für Werbemittel und bezeichnet das Betriebsmodell selbst als KI-getrieben.
View the full file — quotes, sources, reviewed filings
„We are a consumer health company advancing human health and longevity through science-backed products, global brand partnerships, and AI-driven operations."
Wir sind ein Verbrauchergesundheits-Unternehmen, das menschliche Gesundheit und Langlebigkeit durch wissenschaftlich belegte Produkte, globale Markenpartnerschaften und KI-getriebene Abläufe voranbringt.
„We utilize generative AI for advertising production—video, imagery, and copy—at scale, speed, and cost levels that would be impossible with traditional production methods."
Wir nutzen generative KI für die Werbemittel-Produktion — Video, Bild und Text — in einem Umfang, einem Tempo und zu Kosten, die mit herkoemmlichen Produktionsmethoden unmöglich wären.
Filings Reviewed: 20-F 2026-04-30 · 20-F/A 2026-07-02 · 6-K 2026-06-10 · 6-K 2026-07-14
Rated on July 26, 2026 · How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -1.06 | – | 11 | 93.20 | -155.80 | – | – |
| 2025: Q1 | -1.06 | – | 11 | 63.50 | -155.80 | -4 | -4 |
| 2025: Q2 | -0.80 | – | 18 | 197.50 | -70.20 | -5 | -5 |
| 2025: Q3 | -0.48 | – | 24 | 202.80 | -31.40 | – | – |
| 2025: Q4 | -1.82 | – | 37 | 248.60 | -76.90 | -22 | -22 |
| 2026: Q1 | -1.50 | – | 36 | 242.80 | -64.30 | -12 | -12 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
The growth is real and cannot be argued away: revenue from continuing operations rose from $6.2 million in 2023 to $15.9 million in 2024 and $92.4 million in 2025, with another $35.95 million in the first quarter of 2026. The gross margin improved from 19.1 percent in 2023 to 52.8 percent in 2025 and 65 percent in the quarter. IM8 shipped to more than 30 countries in 2025 and to 43 by the end of the first quarter of 2026.
The operations earn nothing. The operating loss grew alongside revenue: $38.4 million in 2023, $36.3 million in 2024 and $44.5 million in 2025, plus $8.9 million in the first quarter of 2026. Cash burn stayed heavy too, at $21.8 million in 2025 and $12.1 million in the first quarter of 2026 alone. In its current shape this company has never delivered a year of operating profit.
The 2025 net loss of $40.0 million only looks better than the operating loss of $44.5 million because a one-off warrant exchange added $36.7 million. The headline metric ARR is, by the annual report's own footnote, one month of revenue multiplied by twelve, and Prenetics states that its metrics have not been independently verified by any third party. Our in-house balance-sheet warning screen, the Beneish M-Score, listed the stock on July 25, 2026.
For a loss-making company the balance sheet is comfortable: $56.0 million of cash and $50.0 million of financial assets as of March 31, 2026, plus $41.3 million from the bitcoin sale, $121.0 million of equity and, by the company's own account, no debt. The General Catalyst facility of up to $1 billion (July 14, 2026) dilutes nobody — but it sits on the balance sheet as a financial liability, and its price lands as interest expense below operating income.
Founder Danny Yeung holds 10.19 percent of the capital and 67.72 percent of the voting power (annual report 20-F for 2025). As a controlled company and foreign private issuer, Prenetics is exempt from quarterly reports (10-Q), current reports (8-K) and several Nasdaq governance requirements; the board has four members, two of them independent. The bitcoin detour between June and December 2025 cost around $13 million and shows how quickly capital changes direction here.
As of July 25, 2026 the market capitalization stood at $330.1 million, or roughly 2.7 times trailing twelve-month revenue of $120.1 million. For a company that has grown revenue fifteenfold in two years that is not excessive — but the price already assumes the company's own guidance holds, namely $210 million to $220 million of IM8 revenue in 2026. A price-to-earnings ratio does not exist for want of earnings.
Prenetics is the rare case where the growth story checks out and caution is still warranted. Revenue genuinely climbed from $6.2 million to $92.4 million in two years and the gross margin reached 65 percent in the first quarter of 2026 — yet the operating loss grew with it, to $44.5 million in 2025, and the friendlier net loss of $40.0 million owes itself to a one-off warrant exchange worth $36.7 million. The metric everyone quotes is an extrapolation: ARR is, by the company's own definition, one month of revenue times twelve, and nobody outside the company has verified those numbers. Add 67.72 percent of the votes in one pair of hands against a 10.19 percent capital stake, a loss-making bitcoin detour and a reporting status without quarterly filings. Anyone buying here gets a real brand with real revenue growth — and at the same time relies on figures the company defines itself. Not investment advice.
- Prenetics reached our research list through the daily Reddit hype scan: 2 mentions at a market capitalization of $330.1 million, as of July 25, 2026. On the same day the stock appeared on nine momentum and growth screens of our in-house stock scanner — and simultaneously on the risk screen named Beneish M-Score, a balance-sheet warning indicator. All of these lists are recalculated daily.
- All annual figures come from the 20-F annual report for 2025 (filed April 30, 2026) and refer to continuing operations; the 2023 and 2024 figures were restated under IFRS 5 after the disposals of ACT Genomics, the European logistics business and the Insighta stake. Quarterly figures as of March 31, 2026 are taken from the 6-K interim disclosure filed June 10, 2026.
- Do not confuse the terms: at Prenetics, ARR is not an audited revenue measure but monthly revenue multiplied by twelve. IM8 generated $60.1 million of revenue in the full year 2025 while the $120 million ARR figure was in circulation. Valuation figures are dated and meant to be evergreen; daily share prices are not a reason to buy.
About the Company
Prenetics Global Limited ist ein Unternehmen für Consumer Health Sciences in den USA und Hongkong. Das Unternehmen konzentriert sich auf die Förderung der menschlichen Gesundheit und Langlebigkeit durch wissenschaftlich fundierte Produkte unter der Marke IM8.
| Employees | 98 |
|---|---|
| Headquarters | Quarry Bay, Hong Kong |
| Website | prenetics.com |
| IPO Date | 18. May 2022 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Sheng Wu Yeung | Co-Founder, Chairperson & CEO | 1979 |
| Samantha Kwok | Chief of Staff & VP of People & Operations | – |
| Senthil Kumar Sundaram M.D. | Chief Clinical Officer | 1974 |
| James DiNicolantonio | Chief Nutrition Officer, Member of Scientific & Medical Advisory Board | – |
| Brian J. Rosin | Chief Financial Officer of U.S. | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 24, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.