Singapore's UltraGreen.ai posts 24% revenue rise in FY2025

UltraGreen.ai, a Singapore-based surgical imaging firm, reported a 24% revenue rise for the finance year 2025 (FY2025) to US$142.4 million, driven by a 13% increase in vial volumes and higher prices, especially in the United States and Europe.

The company’s gross margin stayed at 85%, with operating profit rising to US$84.2 million despite higher expenses from commercial scale-up in Asia, regulatory work, and IPO-related costs.

Underlying net profit after tax before exceptional items rose 14% to US$63.8 million.

The firm ended FY2025 with no debt and a net cash position of US$176.1 million.

The company forecast FY2026 revenue of US$170 million to US$190 million, a 19% to 33% rise, respectively.

The FY2025 results include discontinued operations from the UltraLinq business, sold in August 2025.

🔗 Source: UltraGreen.ai

🧠 Food for thought

Implications, context, and why it matters.

A US$1.3 billion valuation set the stage for public market debut

Financial results relied in part on large capital injections that landed just before the fiscal year closed.
Months ahead of its IPO, UltraGreen signed a US$188 million strategic investment that priced the company at US$1.3 billion 1.
That private price came before a US$400 million IPO on the Singapore Exchange (SGX) Mainboard, with US$237.5 million of cornerstone commitments from 16 global investors 2.
Public demand ran high as the IPO drew 13.6 times subscription, a level that may have benefited from the earlier round backed by 65 Equity Partners, Vitruvian Partners, and August Global Partners 2.

Beyond Indocyanine Green, UltraGreen is building a broader fluorescence-and-data ecosystem

Revenue growth fits into a wider plan to reach more steps in the surgical workflow.
UltraGreen is leaning on its lead in Indocyanine Green-based fluorescence-guided surgery (FGS), where Indocyanine Green is used in more than 90% of FGS procedures globally, to expand into imaging and AI software 1.
The approach moves beyond selling a consumable toward a data and decision-support platform for surgeons through the UltraGreen Data Platform plus PerfusionWorks quantification software 2.
This shift offers a model for specialized medical device companies that want recurring revenue while also building a data-driven business.