Kromek has crossed from “promising CZT lab story” to profitable, strategically essential independent supplier—now the debate is scale-up execution versus asymmetric upside.
Overview
Kromek is a UK-headquartered advanced materials and radiation detection company that has transitioned from a long R&D-heavy, loss-making phase into commercial profitability, underpinned by proprietary Cadmium Zinc Telluride (CZT) direct-conversion detector technology. CZT is disruptive in medical imaging because it improves resolution and spectral performance by removing the scintillator step, enabling next-generation SPECT and photon-counting CT (PCCT). Kromek monetizes this through a mixed model: high-margin IP licensing/enablement fees, component/module supply to global OEMs, and direct sales of handheld/wearable CBRN products to government/defence customers. FY2025 marked a turning point with first PBT of £3.1m on £26.5m revenue (+37% YoY), catalyzed by a transformational $37.5m Siemens Healthineers agreement that validates Kromek’s technology and de-risked the balance sheet. H1 FY2026 reinforced momentum with revenue of £15.0m vs £3.7m prior year, while underlying Imaging and CBRN growth improved. Strategically, Kromek’s standout positioning is being the only independent CZT supplier at scale, a “neutral” partner for OEMs reluctant to rely on Canon-owned Redlen, creating high switching costs once integrated into regulated scanner platforms.