SENS-AI
CCC Results Bearish

CILO CYBIN HOLDINGS LIMITED - Audited Annual Consolidated Financial Statements for the Financial year ended 31 March 2026, Distribution of Integrated Annual Report and Notice of Annual General Meeting, and Availability of B-BBEE Annual Compliance Report

Full analysis

What this filing means

Cilo Cybin swung from a R20.05 million profit to a R239.73 million loss, with HEPS collapsing 1,111% to a 95.90 cent loss per share. The loss landed inside the guided range and R217.48 million of it is a once-off, non-cash IFRS 2 listing expense — but even stripping that charge, the group moved from profit to loss. The more troubling signal is that revenue fell 18.65% to R28.8 million, meaning the underlying operating business contracted year-on-year.

Cilo Cybin lost a lot of money this year, but most of that loss was a one-time accounting charge from the way it acquired its pharmaceutical business — not cash leaving the bank. The real concern is that its actual sales shrank by nearly a fifth, to just R28.8 million. That is a very small revenue base for a company that paid R845 million in shares for its operating platform.

Bull case

  • HEPS loss of 95.90 cents per share landed inside the 95.88-96.05 cent loss range the issuer guided 26 days earlier, removing earnings uncertainty.
  • The R217.48 million IFRS 2 listing expense is explicitly characterised as once-off, so the headline loss is inflated by a non-recurring, non-cash charge.
  • Auditor Nexia SAB&T issued an unmodified opinion on the 2026 annual financial statements, with no qualifications raised.
  • The September 2025 reverse acquisition brought in an operating pharmaceutical platform, expanding the Group's strategic footprint.

Bear case

  • Group revenue fell 18.65% to R28.8M, signalling that the core operating business contracted year-on-year rather than growing into the acquisition.
  • Even stripping out the R217.48M once-off IFRS 2 charge, the group moved from a R20M prior-year profit to an underlying loss — core operations deteriorated.
  • The September 2025 acquisition was share-settled and no post-acquisition revenue growth is disclosed, leaving the revenue base materially smaller than the platform the group now operates.
View original SENS announcement

AI-generated summary by SENS-AI, based on the original JSE SENS filing.

SENS-AI conclusion

The loss was guided and met, confirming the headline figure — but the revenue decline and the absence of any cash flow or balance sheet data keep this firmly bearish. The R217.48 million IFRS 2 charge is non-cash and once-off, yet even excluding it the group moved from profit to underlying loss. The R845 million acquisition price against R28.8 million of revenue is a valuation disconnect the filing does not explain. So what: the market still needs the full AFS to show whether the operating platform generates cash, and whether the group has the liquidity to fund its strategy.

The full AFS is where the market will test whether operating cash flow supports the pharmaceutical platform and whether liquidity is adequate.

Evidence from the filing

  • Group revenue fell 18.65% to R28.8M, signalling that the core operating business contracted year-on-year rather than growing into the acquisition.

    “Group total revenue decreased by 18,65% to R28,814,412 (2025: R35,420,493)”

  • Even stripping out the R217.48M once-off IFRS 2 charge, the group moved from a R20M prior-year profit to an underlying loss — core operations deteriorated.

    “Group profit for the year decreased from a profit of R20,052,871 in 2025 to a loss of R239,732,145”

  • The September 2025 acquisition was share-settled and no post-acquisition revenue growth is disclosed, leaving the revenue base materially smaller than the platform the group now operates.

    “In September 2025, Cilo Cybin concluded the acquisition of 100% of Cilo Cybin Pharmaceutical Proprietary Limited ("CCP") for an aggregate purchase consideration of R845 million, settled through the issue of Cilo Cybin shares”

  • HEPS loss of 95.90 cents per share landed inside the 95.88-96.05 cent loss range the issuer guided 26 days earlier, removing earnings uncertainty.

    “Headline earnings and earnings per share decreased by 1111% to a loss per share of 95.90 cents (2025: 9.49 cents profit)”

  • The R217.48 million IFRS 2 listing expense is explicitly characterised as once-off, so the headline loss is inflated by a non-recurring, non-cash charge.

    “This resulted in the group having to recognise a once off IFRS 2 share-based payment/ listing expense in the Statement of Profit and Loss of R217 480 665”

  • Auditor Nexia SAB&T issued an unmodified opinion on the 2026 annual financial statements, with no qualifications raised.

    “The 2026 AFS have been audited by the Company's auditors, Nexia SAB&T, who expressed an unmodified audit opinion thereon”

  • The September 2025 reverse acquisition brought in an operating pharmaceutical platform, expanding the Group's strategic footprint.

    “The transaction resulted in CCP becoming a wholly owned subsidiary and provided Cilo Cybin with an operating pharmaceutical platform aligned with its strategy of expanding its presence in the medicinal cannabis and pharmaceutical sectors”
Category
Results
Event posture
Bearish Continuation
Published
Sep 7, 2026

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