Press release·08/06/2026 20:46:04

Swoop’s Steady Growth and Technological Advancements

Swoop, a leading provider of portable MRI systems, has continued to make impressive strides in its financial performance and technological capabilities. The company’s innovative Swoop® system, powered by its proprietary Optive AI™ software, has been driving growth and positioning Swoop as a trailblazer in the field of AI-powered portable MRI.

Financial Highlights

Swoop’s financial results for the three and six months ended June 30, 2026, demonstrate the company’s strong momentum. Total revenues for the three-month period were $3.9 million, a 44.8% increase compared to the same period in 2025. For the six-month period, total revenues reached $7.8 million, a 61.5% jump from the prior year. This growth was primarily driven by an increase in Swoop® system unit sales and higher average selling prices.

The company’s cost of sales also increased, but at a lower rate than the revenue growth, leading to an improvement in gross profit. Gross profit for the three-month period was $2.0 million, a 49.1% increase, while for the six-month period, gross profit reached $4.0 million, a 79.1% jump.

Operational Highlights

Swoop’s operational highlights during the reporting period include several key milestones:

1. Technological Advancements: Swoop continues to invest heavily in research and development to enhance the image quality and capabilities of its Swoop® system. The company’s proprietary Optive AI™ software has been a crucial driver of these improvements, with the tenth and eleventh generations of the software receiving FDA clearance during the reporting period. These software updates have led to significant enhancements in image clarity, uniformity, and diagnostic capabilities, particularly for stroke detection.

2. Global Expansion: Swoop has been actively expanding its international presence, with its Swoop® system receiving marketing authorization in several countries, including the European Union, the United Kingdom, Canada, Australia, New Zealand, and India. This global expansion has been supported by the company’s continued regulatory approvals, including the CE Mark and UKCA Mark for the ninth-generation software and the next-generation Swoop® system.

3. Partnerships and Grants: Swoop’s collaboration with the Bill and Melinda Gates Foundation (BMGF) has been instrumental in deploying its Swoop® system in low-to-middle income countries, where access to MRI technology is limited. The company has received multiple grants from the BMGF totaling $12 million to support the deployment of Swoop® systems and the development of AI-based image processing capabilities for neonatal and early childhood imaging.

Factors Affecting Results

Swoop’s financial and operational performance has been influenced by several key factors:

1. Technical Innovation: Swoop’s ongoing investment in research and development has been crucial in driving the continuous improvement of its Swoop® system and Optive AI™ software. The company believes these technical innovations will have a positive impact on its results of operations and profitability in the future.

2. Commercialization Efforts: Swoop has been focused on executing contracts with U.S. hospitals and hospital systems, building a direct sales and field support organization to increase adoption and support successful implementations. The company is also expanding its commercial focus beyond critical care to include hospital emergency departments, hospital-based neurology clinics, and neurology offices outside the hospital.

3. International Expansion: Swoop’s global expansion strategy, supported by regulatory approvals in various countries, has enabled the company to bring its cutting-edge brain imaging technology to new markets, particularly in regions with large populations, low MRI penetration, and significant unmet healthcare needs.

4. Grant Funding: The grants received from the BMGF have been instrumental in supporting Swoop’s deployment of its Swoop® system in low-to-middle income settings and the development of AI-based image processing capabilities for neonatal and early childhood imaging.

Financial Position and Liquidity

As of June 30, 2026, Swoop had cash and cash equivalents of $43.5 million. The company has funded its operations primarily through the issuance of common stock, preferred stock, warrants, and the establishment of a debt facility.

In March 2026, Swoop entered into a $40 million senior secured term loan facility, of which $15 million was drawn at closing. The company also raised additional capital through various equity offerings, including an “at-the-market” equity program and a registered direct offering, as well as an underwritten public offering.

Swoop expects its existing cash and cash equivalents, along with proceeds from product and service sales, to enable it to conduct its planned operations for at least the next 12 months. However, the company may need to raise additional funds in the future to support its continued growth and development efforts.

Outlook and Future Prospects

Swoop’s strong financial and operational performance, coupled with its technological advancements and global expansion, position the company well for continued growth and success. The company’s commitment to innovation, as evidenced by its ongoing investment in research and development, is expected to drive further improvements in image quality and diagnostic capabilities of the Swoop® system.

The company’s global expansion strategy, supported by regulatory approvals in various countries, will enable Swoop to bring its cutting-edge brain imaging technology to new markets, particularly in regions with limited access to MRI technology. The partnership with the BMGF and the associated grant funding will also play a crucial role in Swoop’s efforts to make its portable MRI solutions more accessible in low-to-middle income countries.

As Swoop continues to execute on its strategic priorities, the company is well-positioned to capitalize on the growing demand for affordable and accessible medical imaging solutions, ultimately contributing to improved healthcare outcomes worldwide.