6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

F O R M  6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE

SECURITIES EXCHANGE ACT OF 1934

For the month of December 2025

TRINITY BIOTECH PLC

(Name of Registrant)

IDA Business Park

Bray, Co. Wicklow

Ireland

 (Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒         Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):                         

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):                       

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

  Yes ☐          No ☒ 

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-                        

This Form 6-K is being incorporated by reference into our Registration Statements on Form S-8 (File Nos. 333-182279,333-195232 and 333-253070).

Trinity Biotech plc

EXPLANATORY NOTE

Filed herewith as Exhibits 99.1 and 99.2 are Registrant’s Condensed Interim Unaudited Consolidated Financial Statements as of June 30, 2025 and for the Six Months Ended June 30, 2025 and June 30, 2024 and Management’s Discussion and Analysis of Results of Operations.

 

EXHIBIT INDEX

Exhibit	Description
99.1	Trinity Biotech plc Condensed Interim Unaudited Consolidated Financial Statements as of June 30, 2025
99.2	Management’s Discussion and Analysis of Results of Operations, Liquidity and Cash Flows

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TRINITY BIOTECH PLC

           (Registrant)

By: /s/ Susan O’Connor

      Susan O’Connor

      Interim Chief Financial Officer

Date: December 23, 2025

EX-99.1

Exhibit 99.1

TRINITY BIOTECH PLC

CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

AS OF JUNE 30, 2025

U.S. DOLLARS IN THOUSANDS

UNAUDITED

INDEX

	Page
Condensed Consolidated Statement of Financial Position	F-2
Condensed Consolidated Statement of Operations	F-3
Condensed Consolidated Statement of Comprehensive Income	F-4
Condensed Consolidated Statement of Changes in Equity	F-5
Condensed Consolidated Statement of Cash Flows	F-6
Notes to the Condensed Consolidated Financial Statements	F-7 to F-21

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT JUNE 30, 2025 AND DECEMBER 31, 2024

	Notes	At June 30 2025 US$‘000			At December 31 2024 US$‘000
		(Unaudited)
ASSETS
Non-current assets
Property, plant and equipment			4,309			4,621
Goodwill and intangible assets	6		55,919			51,343
Financial Assets			2,763			2,455
Deferred tax assets			3,546			3,553
Derivative financial asset	10		67			166
Other assets			28			28
Total non-current assets			66,632			62,166
Current assets
Inventories	8		20,129			19,374
Trade and other receivables			10,893			16,065
Income tax receivable			431			518
Cash and cash equivalents			1,546			5,167
Total current assets			32,999			41,124
TOTAL ASSETS	3		99,631			103,290
EQUITY AND LIABILITIES
Equity attributable to the equity holders of the parent
Share capital			4,337			4,190
Share premium			63,797			63,397
Treasury shares			(24,922	)		(24,922	)
Accumulated deficit			(93,656	)		(79,117	)
Translation reserve			(5,826	)		(5,461	)
Equity component of convertible note			6,709			6,709
Other reserves			23			23
Total deficit			(49,538	)		(35,181	)
Current liabilities
Income tax payable			472			364
Trade and other payables			26,486			26,782
Exchangeable notes and other borrowings	10		210			210
Provisions			2,059			2,454
Lease liabilities			2,296			2,285
Total current liabilities			31,523			32,095
Non-current liabilities
Senior secured term loan	10		83,643			72,391
Convertible loan note	10		15,857			15,401
Derivative financial liabilities	10		1,114			1,658
Lease liabilities			10,554			10,477
Provisions			75			75
Contingent consideration			1,841			1,813
Deferred tax liabilities			4,562			4,561
Total non-current liabilities			117,646			106,376
TOTAL LIABILITIES	3		149,169			138,471
TOTAL EQUITY AND LIABILITIES			99,631			103,290

F - 2

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024

	Notes	Six-month period ended June 30, 2025 Total US$‘000			Six-month period ended June 30, 2024 Total US$‘000
Revenues	3		18,401			30,547
Cost of sales			(11,880	)		(19,291	)
Gross profit			6,521			11,256
Other operating income			-			42
Research and development expenses			(1,754	)		(2,080	)
Selling, general and administrative expenses			(12,499	)		(13,926	)
Selling, general and administrative expenses – restructuring costs			(2,459	)		(1,939	)
Once off items			186			-
Impairment charges	5		(28	)		(446	)
Operating loss			(10,033	)		(7,093	)
Financial income	4		-			55
Financial expenses	4		(4,431	)		(3,100	)
Net financing expense			(4,431	)		(3,045	)
Loss before tax from			(14,464	)		(10,138	)
Total income tax (charge)/credit	3		(300	)		64
Loss for the period	3		(14,764	)		(10,074	)
Loss for the period (all attributable to owners of the parent)	3		(14,764	)		(10,074	)
Basic loss per ADS (US$) – Total operations	7		(0.80	)		(1.10	)
Diluted loss per ADS (US$) – Total operations	7		(0.80	)		(1.10	)
Basic loss per ‘A’ ordinary share (US$) – Total operations	7		(0.04	)		(0.05	)
Diluted loss per ‘A’ ordinary share (US$) – Total operations	7		(0.04	)		(0.05	)

F - 3

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024

	Notes	Six-month period ended June 30, 2025 Total US$‘000			Six-month period ended June 30, 2024 Total US$‘000
Loss for the period			(14,764	)		(10,074	)
Other comprehensive income/(loss):
Items that will be reclassified subsequently to profit or loss
Foreign exchange translation differences			(365	)		5
Other comprehensive income/(loss):			(365	)		5
Total Comprehensive Loss (all attributable to owners of the parent)			(15,129	)		(10,069	)

F - 4

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Share capital ‘A’ ordinary shares US$’000		Share premium US$’000		Treasury Shares US$’000			Translation reserve US$’000			Equity component of convertible note US$’000		Other reserves US$’000		Accumulated surplus US$’000			Total US$’000
Balance at January 1, 2024		1,972		46,619		(24,922	)		(5,706	)		6,709		23		(48,644	)		(23,949	)
Loss for the period		-		-		-			-			-		-		(10,074	)		(10,074	)
Other comprehensive income		-		-		-			5			-		-		-			5
Total comprehensive income/(loss)		-		-		-			5			-		-		(10,074	)		(10,069	)
Shares issued during the period		366		3,325		-			-			-		-		-			3,691
Share-based payments		-		-		-			-			-		-		926			926
Balance at June 30, 2024		2,338		49,944		(24,922	)		(5,701	)		6,709		23		(57,792	)		(29,401	)
Balance at January 1, 2025		4,190		63,397		(24,922	)		(5,461	)		6,709		23		(79,117	)		(35,181	)
Loss for the period		-		-		-			-			-		-		(14,764	)		(14,764	)
Other comprehensive income		-		-		-			(365	)		-		-		-			(365	)
Total comprehensive loss		-		-		-			(365	)		-		-		(14,764	)		(15,129	)
Shares issued during the period		147		400		-			-			-		-		-			547
Share-based payments		-		-		-			-			-		-		225			225
Balance at June 30, 2025		4,337		63,797		(24,922	)		(5,826	)		6,709		23		(93,656	)		(49,538	)

F - 5

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024

	Notes	Six-month period ended June 30, 2025 US$‘000			Six-month period ended June 30, 2024 US$‘000
Cash flows from operating activities
Loss for the period			(14,764	)		(10,074	)
Adjustments to reconcile net profit/(loss) to cash provided by operating activities:
Depreciation			612			99
Amortisation			683			745
Income tax (charge)/credit			300			(64	)
Financial income	4		-			(55	)
Financial expense	4		4,431			3,100
Share-based payments	9		225			926
Foreign exchange gains on operating cash flows			(1,007	)		408
Impairment charges	5		28			446
Once off items			(186	)		-
Other non-cash items			1,009			(208	)
Net movement on working capital			4,111			(469	)
Cash used in operations			(4,558	)		(5,146	)
Income taxes received/(paid)			(34	)		1,227
Net cash used in operating activities			(4,592	)		(3,919	)
Cash flows from investing activities
Payments to acquire intangible assets			(3,855	)		(4,492	)
Payments to acquire trades or businesses			-			(12,500	)
Acquisition of property, plant and equipment			(93	)		(138	)
Net cash used in investing activities			(3,948	)		(17,130	)
Cash flows from financing activities
Issue of ordinary share capital including share premium			547			(270	)
Net proceeds from new senior secured term loan	10		6,000			28,175
Interest paid on senior secured term loan			-			(3,830	)
Interest paid on convertible note			(150	)		(150	)
Interest payment on exchangeable notes			(4	)		(4	)
Payment of lease liabilities			(1,529	)		(1,159	)
Net cash inflow from financing activities			4,864			22,762
Increase/(decrease) in cash and cash equivalents and short-term investments			(3,676	)		1,713
Effects of exchange rate movements on cash held			55			(87	)
Cash and cash equivalents and short-term investments at beginning of period			5,167			3,691
Cash and cash equivalents at end of period			1,546			5,317

F - 6

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2025

1. GENERAL INFORMATION

Trinity Biotech plc (the “Company”) was founded in 1992 and listed on the Nasdaq Stock Market shortly after its formation. The Company is a commercial stage biotechnology company focused on diabetes management solutions and human diagnostics, including wearable biosensors. The Company develops, acquires, manufactures and markets diagnostic systems, including both reagents and instrumentation, for the point-of-care and clinical laboratory segments of the diagnostic market. The products are used to detect infectious diseases and to quantify the level of Haemoglobin A1c and other chemistry parameters in serum, plasma and whole blood and the Company intends to develop a range of biosensor devices and related services, starting with a continuous glucose monitoring product.

References in these Consolidated Condensed Interim Financial Statements to "Trinity Biotech" and the “Group” refer to Trinity Biotech plc and its consolidated subsidiaries.

These Condensed Consolidated Interim Financial Statements were approved for issuance by the Company’s Board of Directors on December 22, 2025.

2. BASIS OF PREPARATION AND ACCOUNTING POLICIES

These Consolidated Condensed Interim Financial Statements have been prepared in accordance with IAS 34, “Interim Financial Reporting” as issued by the International Accounting Standard Board (“IASB”) and as adopted by the European Union (“EU”). The accounting policies used in the preparation of these Consolidated Condensed Interim Financial Statements are consistent with those used in the audited Consolidated Financial Statements for the year ended December 31, 2024. These Consolidated Condensed Interim Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2024, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB and in conformity with IFRS as adopted by the EU.

None of the accounting pronouncements applicable after December 31, 2024 and as of the date of these Consolidated Condensed Interim Financial Statements had a material effect on the Company’s financial condition or the results of its operations.

3. SEGMENT INFORMATION

The Group comprises two main geographical segments (i) the Americas and (ii) Rest of World. The Group’s geographical segments are determined by the location of the Group’s assets and operations. The Group has also presented a geographical analysis of the segmental data for Ireland as is consistent with the information used by the Board of Directors.

The reportable operating segments derive their revenue primarily from one source (i.e. the market for diagnostic tests for a range of diseases and other medical conditions). In determining the nature of its segmentation, the Group has considered the nature of the products, their risks and rewards, the nature of the production base, the customer base and the nature of the regulatory environment. The Group acquires, manufactures and markets a range of diagnostic products. The Group’s products are sold to a similar customer base and the main body whose regulations the Group’s products must comply with is the Food and Drug Administration (“FDA”) in the US.

The following presents revenue and profit information and certain asset and liability information regarding the Group’s geographical segments.

i) The distribution of revenue by major product group was as follows:

	Six-month period ended
Revenue	June 30,2025 US$‘000		June 30,2024 US$‘000
Clinical laboratory goods		14,404		20,397
Clinical laboratory services		1,953		2,582
Point-of-care products		2,044		7,568
		18,401		30,547

F - 7

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2025

3. SEGMENT INFORMATION (CONTINUED)

ii) The distribution of segment results by geographical area was as follows:

				Rest of World
	Americas			Ireland			Other			Total
Six-month period ended June 30, 2025	US$‘000			US$‘000			US$‘000			US$‘000
Result before restructuring costs, impairment and unallocated expenses		(324	)		(6,620	)		(103	)		(7,047	)
Restructuring costs		(421	)		(1,980	)		(58	)		(2,459	)
Once off costs		186			-			-			186
Impairment		(28	)		-			-			(28	)
Result after restructuring costs and impairment		(587	)		(8,600	)		(161	)		(9,348	)
Unallocated expenses *											(685	)
Operating loss											(10,033	)
Net financing expense											(4,431	)
Loss before tax											(14,464	)
Income tax expense											(300	)
Loss for the period on continuing operations											(14,764	)
Profit for the period on discontinued operations											-
Loss for the six-month period											(14,764	)

The distribution of segment results by geographical area was as follows:

				Rest of World
	Americas			Ireland			Other			Total
Six-month period ended June 30, 2024	US$‘000			US$‘000			US$‘000			US$‘000
Result before restructuring costs, impairment and unallocated expenses		(1,050	)		(2,268	)		(26	)		(3,344	)
Restructuring costs		(1,303	)		(636	)		-			(1,939	)
Impairment		(446	)		-			-			(446	)
Result after impairment		(2,799	)		(2,904	)		(26	)		(5,729	)
Unallocated expenses *											(1,364	)
Operating loss											(7,093	)
Net financing expense											(3,045	)
Loss before tax											(10,138	)
Income tax credit											64
Loss for the period on continuing operations											(10,074	)
Profit for the period on discontinued operations											-
Loss for the six-month period											(10,074	)

 * Unallocated expenses represent head office general and administration costs of the Group, which cannot be allocated to the results of any specific geographical area.

F - 8

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2025

3. SEGMENT INFORMATION (CONTINUED)

iii) The distribution of segment assets and liabilities by geographical area was as follows:

			Rest of World
	Americas		Ireland		Other		Total
As at June 30, 2025	US$‘000		US$‘000		US$‘000		US$‘000
Assets and liabilities
Segment assets		34,124		59,968		16		94,108
Unallocated assets:
Income tax assets (current and deferred)								3,977
Cash and cash equivalents and short-term investments								1,546
Total assets as reported in the Statement of Financial Position								99,631
Segment liabilities		94,077		50,016		42		144,135
Unallocated liabilities:
Income tax liabilities (current and deferred)								5,034
Total liabilities as reported in the Statement of Financial Position								149,169

			Rest of World
	Americas		Ireland		Other		Total
As at December 31, 2024	US$‘000		US$‘000		US$‘000		US$‘000
Assets and liabilities
Segment assets		32,798		61,254		-		94,052
Unallocated assets:
Income tax assets (current and deferred)								4,071
Cash and cash equivalents and short-term investments								5,167
Total assets as reported in the Statement of Financial Position								103,290
Segment liabilities		84,863		48,621		62		133,546
Unallocated liabilities:
Income tax liabilities (current and deferred)								4,925
Total liabilities as reported in the Statement of Financial Position								138,471

F - 9

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2025

4. FINANCIAL INCOME AND EXPENSES

	Six month period ended
	June 30, 2025 US$‘000			June 30, 2024 US$‘000
Financial income:
Fair value adjustments of derivative financial instruments (Note 10)		-			55
		-			55
Financial expense:
Interest on leases		(319	)		(297	)
Cash interest on convertible & exchangeable notes		(154	)		(154	)
Cash interest on senior secured term loan (Note 10)		-			(4,545	)
Payment-in-kind interest on senior secured term loan (Note 10)		(5,320	)		-
Accretion interest on convertible & exchangeable notes (Note 10)		(456	)		(422	)
Accretion on senior secured term loan (Note 10)		(1,373	)		(1,068	)
Accretion interest on contingent liability		(29	)		(24	)
Fair value adjustments of derivative financial instruments (Note 10)		445			(980	)
Capitalization of borrowing costs		1,405			824
EIR catch up adjustment		1,142			3,566
Reversal of cash interest payable on PPP loans		228			-
		(4,431	)		(3,100	)
Net Financing Expense		(4,431	)		(3,045	)

5. IMPAIRMENT CHARGES

 

Impairment charges

In accordance with IAS 36, Impairment of Assets, the Group carried out an impairment review of the asset valuations as at June 30, 2025. The impact of the impairments on the statement of operations for the six-month period ended June 30, 2025 was as follows:

	Six month period ended
	June 30,2025 US$’000		June 30,2024 US$’000
Impairment of PP&E		28		446
Impairment of goodwill and other intangible assets		-		-
Impairment of financial assets		-		-
Total impairment loss		28		446

The Group recognized an impairment loss of US$28,000 in the six-month period ended June 30, 2025 (six months ended June 30, 2024: US$446,000). In accordance with IAS 36, Impairment of Assets, the Group carries out periodic impairment reviews of its asset carrying values. There are a number of factors taken into account in calculating the impairment, including the Company’s period-end share price, calculation of the cost of capital, and future projected cash flows for individual cash-generating units in the business.  In addition, the Group examines individual development project assets for indicators of impairment.

The impairment test performed as at June 30, 2025 identified that the value in use of some of our cash generating units was below the value of the carrying amount of their assets, other than inventories, accounts receivable, cash and cash equivalents and deferred tax assets. The Company therefore recorded an impairment charge in relation to the asset additions that had been recorded during 2025 in these cash generating units.

F - 10

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2025

6. GOODWILL AND INTANGIBLE ASSETS

	June 30, 2025 US$000			December 31, 2024 US$000
Cost
Goodwill		80,484			80,484
Development costs		141,040			135,999
Patents and licenses		8,715			8,695
Technology based intangibles		13,105			13,105
Other		21,679			21,482
Total cost		265,024			259,765
Less accumulated amortization and impairment		(209,105	)		(208,422	)
Carrying amount		55,919			51,343

The increase in gross intangible assets during the six-month period ended June 30, 2025 of US$5,259 is primarily attributable to the development of the CGM and biosensor technologies.

7. LOSS PER SHARE

Basic loss per ordinary share

Basic loss per ordinary share for the Group is computed by dividing the loss after taxation of US$14,764,000 (2024: loss of US$10,074,000) for the six-month period ended June 30, 2025 by the weighted average number of ‘A’ Ordinary shares in issue, net of any Treasury Shares, during the year. As at June 30, 2025 the number of ‘A’ Ordinary shares for the purpose of the calculation of basic (loss)/earnings per share are 369,329,458 shares (2024: 183,376,218 shares).

	June 30, 2025			June 30, 2024
‘A’ ordinary shares		369,329,458			183,376,218
Basic (loss)/earnings per share denominator		369,329,458			183,376,218
Reconciliation to weighted average (loss)/earnings per share denominator:
Number of ‘A’ Ordinary shares at January 1		371,749,084			165,865,884
Weighted average number of ‘A’ Ordinary shares issued during the year		10,135,974			30,065,934
Weighted average number of treasury shares		(12,555,600	)		(12,555,600	)
Basic (loss)/earnings per share denominator		369,329,458			183,376,218

F - 11

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2025

7. LOSS PER SHARE (CONTINUED)

Diluted loss per ordinary share

Diluted loss per share is computed by dividing the adjusted profit or loss attributable to owners of the parent, by the weighted average number of ‘A ‘Ordinary shares in issue, net of any Treasury Shares, during the year, plus the weighted average number of ‘A’ Ordinary shares that would be issued on the conversion of all the dilutive potential ‘A’ Ordinary shares into ‘A’ Ordinary shares. As the potentially dilutive instruments were anti-dilutive in all periods presented, basic (loss)/earnings per ‘A’ Ordinary share and diluted (loss)/earnings per ‘A’ Ordinary share are equivalent.

	June 30, 2025		June 30, 2024
Potentially Dilutive Instruments:
Basic loss per share denominator		369,329,458		183,376,218
Issuable on conversion of Exchangeable notes		38,391		38,391
Issuable on conversion of Convertible note		24,691,358		24,691,358
Issuable on exercise of options		-		-
Issuable on exercise of warrants		-		-
Diluted loss per share denominator		394,059,207		208,105,967

8. INVENTORIES

	June 30, 2025 US$‘000		December 31, 2024 US$‘000
Raw materials and consumables		11,295		10,032
Work-in-progress		5,980		4,989
Finished goods		2,854		4,353
		20,129		19,374

All inventories are stated at the lower of cost or net realisable value. The replacement cost of inventories does not differ from cost. Total inventories for the Group are shown net of provisions of US$7,094,000 (December 31, 2024: US$7,648,000).

F - 12

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2025

9. SHARE OPTIONS

In February 2024, the Company changed the ratio of the ADSs representing its ‘A’ Ordinary shares from one (1) ADS representing four (4) ‘A’ Ordinary shares to one (1) ADS representing twenty (20) ‘A’ ordinary shares.

Under the terms of the Company’s Employee Share Option Plans, options to purchase 40,476,672 ‘A’ Ordinary Shares (2,023,834 ADSs) were outstanding at June 30, 2025. Under these Plans, options are granted to officers, employees and consultants of the Group at the discretion of the Compensation Committee (designated by the Board of Directors), under the terms outlined below. The number and weighted average exercise price of share options and warrants per ordinary share is as follows (as required by IFRS 2, this information relates to all grants of share options and warrants by the Group):

	Options and			Weighted- average exercise price US$		Exercise  price range US$
	warrants ‘A’ Ordinary Shares			Per ‘A’ Ordinary Share		Per ‘A’ Ordinary Share
Outstanding January 1, 2024		46,914,672			0.39		0.12 –1.34
Granted		12,100,000			0.14		0.14 –0.14
Exercised		-			-		-
Expired / Forfeited		-			-		-
Outstanding at June 30, 2024		59,014,672			0.35		0.12 –1.34
Exercisable at June 30, 2024		24,029,255			0.58		0.12 –1.34
Outstanding January 1, 2025		40,506,672			0.26		0.12 –1.29
Granted		-			-		-
Exercised		-			-		-
Expired / Forfeited		(30,000	)		1.29		1.29 –1.29
Outstanding at June 30, 2025		40,476,672			0.26		0.12 –1.10
Exercisable at June 30, 2025		21,074,589			0.36		0.12 –1.10

The total share-based payments charge for the six months ended June 30, 2025 was US$225,000 (six months ended June 30, 2024: US$926,000).

There were no ‘A’ ordinary share options granted during the period.

F - 13

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2025

10. BORROWINGS

(i) Senior secured term loan

The movement in the senior secured term loan in the six months ended June 30, 2025 was as follows:

	Six-month period ended June 30, 2024 US$000			Year ended December 31, 2024 US$000
Balance at start of period		(72,391	)		(40,109	)
Cash drawdown		(6,000	)		(30,500	)
Loan origination costs		299			325
Derivative financial asset at date of issue		-			(28	)
Accretion interest		(1,373	)		(2,355	)
Payment-in-kind (PIK) Interest		(5,320	)		(3,291	)
EIR Catch up adjustment		1,142			3,567
Balance at end of period		(83,643	)		(72,391	)

The Company has entered into further amendments to its senior secured term loan credit agreement with its principal lender, Perceptive Advisors (“Perceptive”), to access additional funding and enhance its financial position.

On February 27, 2025, the Company entered into a fourth amendment to the credit agreement, pursuant to which Perceptive provided an additional US$4.0 million in term loan funding. This funding will be used for general corporate purposes, including the further development of our CGM offering.

On May 14, 2025, the Company entered into a fifth amendment to the credit agreement, which provided for a further US$2.0 million in term loan funding, extended the maturity date of the Term Loan from January 2026 to July 27, 2026, and confirmed that interest payments for the months of April, May, and June 2025 would be paid-in-kind. This funding is also intended to support general corporate purposes and continued investment in the Company’s CGM and biosensor development programs.

There are two other balances related to the term loan which are: a) a derivative financial asset and b) a derivative financial liability. The movement in the derivative financial asset in the six months ended June 30, 2025 was as follows:

	US$000
Balance at January 1, 2025		166
Event driven movement in derivative financial asset		-
Fair value adjustments in the period		(99	)
Non-current asset at June 30, 2025		67

F - 14

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2025

10. BORROWINGS (CONTINUED)

(i) Senior secured term loan (continued)

The movement in the derivative financial liability in the six months ended June 30, 2025 was as follows:

	US$000
Balance at January 1, 2025		(1,658	)
Event driven movement in derivative financial liability		-
Fair value adjustments in the period		544
Non-current liability at June 30, 2025		(1,114	)

The fair value of the derivative financial asset is estimated at US$67,000 at June 30, 2025 and represents the value to the Company of being able to repay the term loan early and potentially refinance at a lower interest rate. The fair value of the derivative financial liability is estimated at US$1,114,000 at June 30, 2025 and represents the fair value of the warrants issued to Perceptive.

The fair value remeasurement for these two derivative financial balances resulted in net financial income of US$445,000 million being recognized in the Income Statement in the six-month period ended June 30, 2025.

(ii) 7-year convertible note

The movement in the 7-year convertible note in the six months ended June 30, 2025 was as follows:

	Six-month period ended June 30, 2025 US$000			Year ended December 31, 2024 US$000
Balance at start of period		(15,401	)		(14,542	)
Accretion interest		(456	)		(859	)
Balance at end of period		(15,857	)		(15,401	)

In May 2022, the Company announced a US$45.2 million investment from MiCo IVD Holdings, LLC. The investment consisted of an equity investment of US$25.2 million and a seven-year, unsecured junior convertible note of US$20.0 million. The convertible note has an interest rate of 1.5%. The convertible note mandatorily converts into ADSs if the volume weighted average price of the Company’s ADSs is at or above US$16.20 for any five consecutive Nasdaq trading days. For further details on the convertible note, refer to the Company’s Form 6-K filings with the SEC on April 11, 2022.

The convertible note is accounted for as a compound financial instrument containing both an equity and liability element. The debt component is accounted for at amortized cost in accordance with IFRS 9. At June 30, 2025, the carrying value of the convertible note’s debt component was US$15. million and accretion interest of US$0.5 million has been recognized as a financial expense in the six-months ended June 30, 2025. The equity component of the convertible note is US$6.7 million and has been recorded in the equity section of the statement of financial position as equity. There is no remeasurement of the equity element following initial recognition.

F - 15

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2025

10. BORROWINGS (CONTINUED)

(iii) Exchangeable Notes

The balances of the exchangeable notes in the six months ended June 30, 2024 were as follows:

	Six-month period ended June 30, 2025 US$000			Year ended December 31, 2024 US$000
Balance at start of period		(210	)		(210	)
Balance at end of period		(210	)		(210	)

In 2022, the Company retired approximately 99.7% of the exchangeable notes as part of a debt re-financing. The carrying value of the exchangeable notes at June 30, 2025 is US$210,000 (which is the same as the nominal value) and this is shown within Current Liabilities as it is management’s intention to repay the remaining notes within the next twelve months.

F - 16

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2025

11. SHARE CAPITAL

	Six-months ended June 30, 2025		Year ended December 31, 2024
	Class ‘A’ Ordinary shares		Class ‘A’ Ordinary shares
In thousands of shares
In issue at January 1		371,749		165,866
Issued for cash		13,447		81,628
Issued for non-cash consideration		-		124,255
At period end		385,196		371,749

	Six-months ended June 30, 2025		Year ended December 31, 2024
	ADS		ADS
In thousands of ADSs
Balance at January 1		18,587		8,293
Issued for cash		673		4,081
Issued for non-cash consideration		-		6213
At period end		19,260		18,587

The amounts in the tables above are inclusive of Treasury Shares. The number of Treasury Shares is as follows:

	Six-months ended June 30, 2025		Year ended December 31, 2024
	Class ‘A’ Treasury shares		Class ‘A’ Treasury shares
In thousands of shares
Balance at January 1		12,556		12,556
Purchased during period		-		-
At period end		12,556		12,556

	Six-months ended June 30, 2025		Year ended December 31, 2024
	ADS Treasury shares		ADS Treasury shares
In thousands of ADSs
Balance at January 1		628		628
Purchased during period		-		-
At period end		628		628

(a) During the six-months ended June 30, 2025, the Company issued 13,447,000 ‘A’ Ordinary shares (672,000 ADSs) for the consideration of US$0.55 million settled in cash. The Company incurred expenses of US$0.02 million in connection with the issuances. No employee share options were exercised during the year.

F - 17

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2025

12. CAPITAL MANAGEMENT

Fair Values

For financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2: valuation techniques for which the lowest level of inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly

Level 3: valuation techniques for which the lowest level of inputs that have a significant effect on the recorded fair value are not based on observable market data.

The table below sets out the Group’s classification of each class of financial assets/liabilities, their fair values and under which valuation method they are valued:

	Level 1			Level 2			Level 3		Total carrying amount			Fair Value
	US$’000			US$’000			US$’000		US$’000			US$’000
June 30, 2025
Loans and receivables at amortised cost
Trade receivables		7,946			-			-		7,946			7,946
Cash and cash equivalents		1,546			-			-		1,546			1,546
		9,492			-			-		9,492			9,492
Liabilities at amortised cost
Senior secured term loan		-			(83,643	)		-		(83,643	)		(83,643	)
Convertible loan note		-			(15,857	)		-		(15,857	)		(15,857	)
Exchangeable note		-			(210	)		-		(210	)		(210	)
Lease liabilities		(12,850	)		-			-		(12,850	)		(12,850	)
Trade and other payables (excluding deferred income)		(26,379	)		-			-		(26,379	)		(26,379	)
Provisions		(2,134	)		-			-		(2,134	)		(2,134	)
		(41,363	)		(99,710	)		-		(141,073	)		(141,073	)
Fair value through profit and loss (FVPL)
Derivative liability – warrants		-			(1,114	)		-		(1,114	)		(1,114	)
Derivative asset – prepayment option		-			67			-		67			67
Equity investments in Novus		-			-			2,763		2,763			2,763
		-			(1,047	)		2,763		1,716			1,716
		(31,871	)		(100,757	)		2,763		(129,865	)		(129,865	)

F - 18

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2025

12. CAPITAL MANAGEMENT (CONTINUED)

	Level 1			Level 2			Level 3		Total carrying amount			Fair Value
	US$’000			US$’000			US$’000		US$’000			US$’000
December 31, 2024
Loans and receivables at amortised cost
Trade receivables		13,416			-			-		13,416			13,416
Cash and cash equivalents		5,167			-			-		5,167			5,167
		18,583			-			-		18,583			18,583
Liabilities at amortised cost
Senior secured term loan		-			(72,391	)		-		(72,391	)		(72,391	)
Convertible note		-			(15,401	)		-		(15,401	)		(15,401	)
Exchangeable note		-			(210	)		-		(210	)		(210	)
Lease liabilities		(12,762	)		-			-		(12,762	)		(12,762	)
Trade and other payables (excluding deferred income)		(26,585	)		-			-		(26,585	)		(26,585	)
Provisions		(2,529	)		-			-		(2,529	)		(2,529	)
		(41,876	)		(88,002	)		-		(129,878	)		(129,878	)
Fair value through profit and loss (FVTPL)
Derivative liability – warrants		-			(1,658	)		-		(1,658	)		(1,658	)
Derivative asset – prepayment option		-			166			-		166			166
Equity investments in Novus		-			-			2,455		2,455			2,455
		-			(1,492	)		2,455		963			963
		(23,293	)		(89,494	)		2,455		(110,332	)		(110,332	)

13. CONTINGENCIES

(a) Government Grant Contingencies

The Group has received training and employment grant income from Irish development agencies. Subject to existence of certain conditions specified in the grant agreements, this income may become repayable. No such conditions existed as at June 30, 2025. However, if the income were to become repayable, the maximum amounts repayable as at June 30, 2025 would amount to US$3,313,000 (June 30, 2024 US$3,291,000).

(b) Other Contingencies

The Group has other contingencies primarily relating to claims and legal proceedings, onerous contracts, product warranties and employee-related provisions. The status of each significant claim and legal proceeding in which the Group is involved is reviewed by management on a periodic basis and the Group’s potential financial exposure is assessed.

If the potential loss from any claim or legal proceeding is considered probable, and the amount can be reliably estimated, liability is recognized for the estimated loss. Because of the uncertainties inherent in such matters, the related provisions are based on the best information available at the time; the issues taken into account by management and factored into the assessment of legal contingencies include, as applicable, the status of settlement negotiations, interpretations of contractual obligations, prior experience with similar contingencies/claims, and advice obtained from legal counsel and other third parties.

F - 19

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2025

13. CONTINGENCIES (Continued)

The Group expects the majority of these provisions will be utilized within one to three years of the balance sheet date; however due to the nature of the legal provisions there is a level of uncertainty in the timing of settlement as the Group generally cannot determine the extent and duration of the legal process. From time to time, we are subject to reviews, examinations, and audits by tax authorities in the jurisdictions in which we operate. We believe our tax estimates are reasonable and take the appropriate external tax advice where required.

14. RELATED PARTY TRANSACTIONS

The Group has entered into various lease arrangements with JRJ Investments (“JRJ”), a partnership owned by Mr Ronan O’Caoimh and Dr Jim Walsh, directors of Trinity Biotech, and directly with Mr O’Caoimh, for premises located at IDA Business Park, Bray, County Wicklow, Ireland.

A 25-year lease agreement was entered into with JRJ in December 2003 for office space adjacent to the Group’s then premises, with an annual rent of €381,000 (US$421,000). Upward-only rent reviews are conducted every five years, with no increases arising to date.

In 2007, the Group entered into a 25-year lease with JRJ for a 43,860 square foot manufacturing facility in Bray, with an annual rent of €787,000 (US$834,000). Ownership of this facility subsequently transferred solely to Mr O’Caoimh. Following a rent review effective 1 July 2022, the annual rent increased to €1,050,000.

In 2016, the Group entered into a 10-year lease with Mr O’Caoimh for a 16,000 square foot warehouse adjacent to the manufacturing facility, with an annual rent of €144,000 (US$159,000). A rent review effective 1 July 2021 increased the annual rent to €170,560.

15. POST BALANCE SHEET EVENTS

Compliance with Nasdaq Listing Requirements

As previously reported, on March 14, 2025, the Company received a written notice from The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that, for the last 30 consecutive business days, the bid price for the Company’s American Depositary Shares had closed below the $1.00 per share minimum bid price requirement for continued inclusion on The Nasdaq Global Select Market pursuant to Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Requirement”). On August 26, 2025, the Company received a letter from Nasdaq notifying the Company that for ten consecutive business days, from August 12, 2025, to August 25, 2025, the closing bid price of the Company’s American Depositary Shares was $1.00 per share or greater, and accordingly, the Company has regained compliance with the Minimum Bid Price Requirement and the matter is now closed. There can be no assurance, however, that the Company will be able to maintain compliance with the Minimum Bid Price Requirement in the future.

Additionally, as previously reported, on March 14, 2025, the Company also received notice from Nasdaq that the Company no longer met the requirement in Nasdaq Listing Rule 5450(b)(2)(C) that listed securities maintain a minimum market value of publicly held shares (“MVPHS”) of US $15,000,000, based on Nasdaq’s review of the Company’s MVPHS for the last 30 consecutive business days. On August 29, 2025, the Company received a letter from Nasdaq notifying the Company that for more than 10 consecutive business days, the Company had maintained a MVPHS of $15 million or greater, and accordingly, the Company has regained compliance with the MVPHS Requirement and the matter is now closed.

Amendment and Restatement of Term Loan

Since the balance sheet date, the Company entered into further amendments to its senior secured term loan credit agreement with its principal lender, Perceptive, to access additional funding and enhance its financial position.

On August 7, 2025, the Company entered into a sixth amendment to the credit agreement, which provided for a further US$2.0 million in funding, extended the maturity date of the Term Loan by a further three months to October 1, 2026, and confirmed that interest payments for the months of July and August 2025 would be paid-in-kind. This funding is also intended to support general corporate purposes and continued investment in the Company’s CGM and biosensor development programs.

On October 16, 2025, the Company entered into an amendment to the sixth amendment to the credit agreement, which provided for a further US$2.0 million in funding, and confirmed that interest payments for the months of September and October 2025 would be paid-in-kind. This funding is also intended to support general corporate purposes and continued investment in the Company’s CGM and biosensor development programs.

F - 20

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

SIX-MONTH PERIOD ENDED JUNE 30, 2025

15. POST BALANCE SHEET EVENTS (Continued)

Financing activities and Capital structure

Since the balance sheet date, the Company has continued to be actively evaluating a number of potential financing initiatives to optimize its capital structure as its business evolves. In this regard, the Company typically continually engages with a range of investment banks and financial advisors to assess available options and determine the most appropriate course of action. At the Annual General Meeting on September 30, 2025, shareholders approved an increase in the Company’s authorised share capital, which provides additional flexibility to support these financing activities. There can be no assurance, however, that any such financing activities will be successfully completed or on terms favorable to the Company.

Business Optimization and Headcount Strategy

The Company secured regulatory approval to initiate offshore and outsourced manufacturing of its flagship WHO-prequalified TrinScreen™ HIV rapid test. This transition from legacy in-house operations to a scalable outsourced model is expected to expand gross margins and reduce fixed costs. Manufacturing under this new model commenced in September 2025, marking a critical milestone in the Company’s transformation strategy. In addition, the Company has obtained WHO approval for the offshore and outsourced upstream manufacturing activities of its UniGold™ HIV test, aimed at further advancing operational efficiency initiatives.

The Company continues to implement business optimization measures aimed at improving operational efficiency and aligning resources with strategic priorities, including reviewing its headcount and location strategies to ensure an effective organizational structure that supports long-term growth objectives.

Growth and Development Initiatives

The Company announced significant progress in its product development pipeline. This included the unveiling of CGM+, an AI-native platform designed to integrate continuous glucose monitoring technology with advanced biosensor capabilities, targeting the rapidly expanding AI wearables market estimated at approximately US$260 billion. The Company also reported breakthrough clinical trial results for its redesigned CGM sensor, validating enhanced accuracy and reliability.

In addition, the Company received regulatory approval to commence a PreClara™ preeclampsia testing programme. These developments represent a major milestone in broadening the Company’s women’s health portfolio and improving maternal health outcomes through early detection and intervention.

Board of directors changes

Following the end of the reporting period, the Company announced changes to its Board of Directors. In August 2025, Paul Tivnan was appointed as a Non-Executive Director. Mr Tivnan brings extensive experience in finance and capital markets and currently serves as Chief Financial Officer of Deriva Energy LLC. This change reflects the Company’s continued focus on strengthening governance and aligning board composition with its strategic objectives.

Jim Walsh retired by rotation from the Company’s board of directors at the Annual General Meeting on September 30, 2025 in accordance with the Company’s constitution. Mr Walsh will continue to support the Company’s management team as a Scientific Advisor.

Tom Lindsay retired by rotation from the Company’s board of directors at the Annual General Meeting on September 30, 2025 in accordance with the Company’s constitution. Mr Lindsay will continue to support the Company’s management team as a consultant regarding the Company’s HIV test kits execution strategy globally.

16. AUTHORISATION FOR ISSUE

These Group consolidated condensed interim financial statements were authorised for issue by the Board of Directors on December 22, 2025.

F - 21

EX-99.2

Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS, LIQUIDITY AND CASH FLOWS

The following discussion and results of operations for the six months ended June 30, 2025 and June 30, 2024 should be read together with our condensed interim consolidated financial statements and related notes included analysis of our financial condition as of June 30, 2025 and elsewhere in this filing and our audited consolidated financial statements included in our Annual Report on Form 20-F for the year ended December 31, 2024 filed with the U.S. Securities and Exchange Commission ("SEC") on May 16, 2025 (the “2024 Form 20-F”). The following discussion contains forward-looking statements that reflect our current plans, estimates and beliefs and involve risks and uncertainties. Our actual results may differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include those discussed below and elsewhere in this filing and in our Annual Report on Form 20-F and other filings with the U.S. Securities and Exchange Commission.

Interim Results of Operations

Six months ended June 30, 2025 compared to six months ended June 30, 2024

The first half of 2025 represented a significant transition period for our company as we implemented several key operational changes under our comprehensive transformation plan. These initiatives included the consolidation and offshoring of manufacturing and the restructuring of corporate services, resulting in a leaner, more agile, and scalable operating foundation to support profitable growth.

 While these measures were essential for long-term profitability and growth, they temporarily impacted reported revenue generation during the period. However, many of these initiatives have now been completed, leading to the resumption of revenue generation on a more efficient and scalable operating base in the second half of the year and positioning our company for future success.

Additionally, during the six months ended June 30, 2025 we were affected by considerable uncertainty regarding demand for our rapid HIV testing point-of-care products. This stemmed from the U.S. President’s Executive Order on Reevaluating and Realigning United States Foreign Aid, issued in January 2025, which instituted a pause, subject to certain exemptions, on all new funding obligations and sub-obligations for foreign assistance programs pending a 90-day review. As the U.S. Government funds certain HIV testing programs that utilize our rapid HIV tests, this order affected both the timing and volume of product sales. In response, we reduced output to mitigate the risk of obsolete inventory and excess working capital, resulting in a decline in point-of-care product revenues. Although this development significantly disrupted demand patterns for our rapid HIV tests in certain key markets during the first half of 2025, the second half of the year saw a return to normalized demand levels, with renewed support for HIV care from the U.S. Government.

Total revenues for H1 2025 were US$18.4 million, which compares to US$30.5 million in H1 2024, a decrease of US$12.4 million (39.8%), which is broken down as follows:

	2025 H1		2024 H1		Increase/ (Decrease)
	US$'000		US$'000		%
Clinical Laboratory Goods		14,404		20,397		(29.4	)%
Clinical Laboratory Services		1,953		2,582		(24.3	)%
Point-of-care Products		2,044		7,568		(73.0	)%
Total		18,401		30,547		(39.8	)%

Clinical Laboratory Goods

Clinical laboratory product revenues fell from US$20.4 million in H1 2024 to US$14.4 million in H1 2025, a 29.4% decrease, mainly due to deferred manufacturing during the transition of certain production processes for our haemoglobin products out of our Kansas City facility. Backorders were significantly reduced by late Q2 as haemoglobin sales increased, and by the end of Q2, our production had returned to normalized levels under a new operating model. Strong haemoglobin sales continued into Q3. We are now well positioned to capitalise on a more efficient, higher-capacity manufacturing base for future growth, especially in the diabetes care HbA1c testing sector. With rising global diabetes prevalence, we plan to invest in working capital to expand our haemoglobin laboratory systems business, particularly HbA1c systems.

In parallel, we have introduced a new high-capacity HbA1c column system in the U.S. and select international markets. This enhanced system is engineered to improve testing throughput and operational efficiency in HbA1c analysis. Additionally, we have implemented strategic modifications to our instrumentation supply chain, focusing on cost reduction, improved reliability, and lower service expenses; these initiatives are anticipated to strengthen margins and support sustainable long-term growth. As a result, we believe that we are now well positioned to expand our HbA1c business profitably in the years ahead.

Clinical Laboratory Services

Clinical laboratory services revenues decreased from US$2.6 million in H1 2024 to US$2.0 million, a decrease of 24.3%. This was primarily driven by a fall in testing volumes for Sjogren’s syndrome.  As part of our comprehensive transformation plan, we have made changes to the operating structure supporting our Sjogren’s syndrome test, with a view to increasing testing capacity as we believe there is opportunity to grow this business profitably into the future.

Point-of-care Products

Point-of-care product revenues decreased from US$7.6 million in H1 2024 to US$2.0 million in H1 2025, a decrease of 73.0%. The main drivers of this reduction were minimised production of our rapid HIV tests due to the aforementioned demand and funding uncertainties associated with the U.S. Executive Order on Reevaluating and Realigning United States Foreign Aid (USAID impact).

We experienced a significant quarter-on-quarter increase in revenue in Q2 2025 as manufacturing under the new offshored model ramped up and normalised demand for rapid HIV tests began to resume. In this regard, we achieved a US$1.5 million increase in Uni-Gold test revenue in Q2 2025 versus Q1 2025, reflecting the successful restoration of production capacity and renewed market demand. We expect that this transition of aspects of our HIV test manufacturing to an outsourced manufacturing model, as part of our comprehensive transformation plan, will have a positive impact on profitability.

We have also seen strong orders in both TrinScreen and Uni-Gold into Q3 and Q4. While there has been significant evidence of renewed market demand, the business continues to experience heightened uncertainty regarding the timing of orders and comparatively longer payment cycles for products as a result in the transitions in the market and funders processes.

We have also continued to make very significant progress to transition certain manufacturing activities to an outsourced and offshore model. We have now received World Health Organization approvals for all stages of both Uni-Gold and TrinScreen production under our new outsourced and offshored model. These developments position the business to benefit from renewed market demand and improved cost efficiencies going forward.  We are now fine-tuning our manufacturing and supply chain processes to accommodate the rise in demand for TrinScreen, as well as proceeding with the final aspects of our Uni-Gold outsourcing programme. Our outsourced manufacturing structure requires certain investments in working capital comparatively earlier than our prior in-house manufacturing.  As such, we expect to continue to invest in working capital to meet any future increases in demand, however we expect this business to be cashflow positive post any ramp-ups.

Gross profit for H1 2025 amounted to US$6.5 million, representing a gross margin of 35%, a reduction from H1 2024 (36.8%). Gross profit reduction was primarily driven by lower sales volumes during the transitional operational change period. Gross margin was slightly down, reflecting reduced manufacturing volumes and suboptimal site utilisation, particularly in Q1 2025, which negatively impacted margin performance. By the end of Q2, as production operations returned to capacity under the new operating model, margin trends began to stabilise. We expect to see increased gross profit and margin performance for the remainder of 2025 and building further in the earlier quarters of 2026 under our more profitable operating model utilising offshore manufacturing and consolidated lower cost manufacturing locations.

2

Research and development (R&D) expenses fell from US$2.1 million in H1 2024 to US$1.9 million in H1 2025. The reduction was primarily driven by lower salary costs of US$0.3 million in H1 2025 versus the comparative period, reflecting the impact of headcount optimisation activities undertaken as part of our transformation plan.

Our innovation agenda continues to be central to our growth ambitions. We continue to invest in the development and commercialisation of our acquired pipeline of new products with a view to driving a step change in our growth and profitability. As such there was continued capitalisation of development expenditure during H1 2025, primarily relating to ongoing work on our continuous glucose monitoring (CGM) programme.

Significant progress was achieved in our CGM programme during the period, leading to a number of key milestones including the unveiling in July 2025 of CGM+, our next-generation CGM designed to combine glucose monitoring with other health metrics (heart activity, temperature, and physical activity) in a single modular device to provide comprehensive, real-time health data for AI analysis. In addition, in August 2025, we announced breakthrough results from a clinical trial carried out in H1 2025 on our redesigned proprietary needle-free glucose sensor, de-risking the commercialization pathway for our next-generation CGM+ biosensor platform.

Selling, general and administrative expenses fell from US$13.9 million in H1 2024 to US$12.5 million in H1 2025. This reduction was achieved through both savings delivered by our comprehensive transformation plan, which included cost optimisation initiatives and the centralization and offshoring of our corporate services, and cost mitigation measures put in place during H1 2025 to mitigate the cost and cashflow impact of the aforementioned disruption to our HIV business.

Restructuring costs for H1 2025 amounted to US$2.4 million, primarily driven by under-absorbed manufacturing costs associated with the transition of manufacturing activities as part of our transformation plan. This compares to US$1.9 million of restructuring costs in H1 2024. As part of implementing our transformation plan, we reduced global headcount, including contractors and agency staff, by approximately 25% from July 2024 to July 2025, reflecting progress in streamlining our operations. We expect further reductions to our global headcount as we continue to drive profitability in a leaner operating model.

An impairment charge of US$28,000 was recorded in H1 2025, compared to an impairment charge of US$446,000 in H1 2024. The impairment test performed as at June 30, 2025 identified that the value in use of some of our cash generating units was below the value of the carrying amount of their assets, other than inventories, accounts receivable, cash and cash equivalents and deferred tax assets as at June 30, 2025. We have therefore recorded an impairment charge in relation to the asset additions that had been recorded during 2025 in these cash generating units.

Operating loss for H1 2025 was US$10.4 million, compared to an operating loss of US$7.1 million in H1 2024. The increase primarily reflects the impact of the transitional period, during which temporary production reductions, driven by operational restructuring and funding uncertainties related to the USAID Executive Order, resulted in lower sales volumes and under-absorbed manufacturing costs combined with continued restructuring expenses associated with our comprehensive transformation plan.

Net financing expenses in H1 2025 were US$4.4 million compared to US$3.0 million in H1 2024, an increase of US$2.5 million. The financial expenses for the current and comparative period are summarized in the table below:

	Six months ended June 30,
	2025 US$000			2024 US$000
Term loan interest		6,693			5,613
Convertible note interest		605			576
Notional interest on lease liabilities for Right-of-use assets		321			297
Fair value movement for derivative balances related to term loan		(544	)		918
Fair value movement on prepayment option		99			62
Accretion interest on deferred contingent consideration		29			24
Capitalization of borrowing costs		(1,405	)		(824	)
Reversal of cash interest payable on PPP loans		(228	)		-
EIR Catch up adjustment		(1,142	)		(3,566	)
Other		3			3
		4,431			3,045

3

The loss before tax from continuing operations for H1 2025 was US$14.5 million in comparison to a loss of US$10.1 million for the equivalent period in 2024.

In H1 2025, there was a total income tax charge of US$0.3 million compared to an income tax credit of US$0.1 million in H1 2024.

The loss after tax for the first half of 2025 was US$14.8 million or a loss per ADS of US$0.80, compared to a loss of US$10.1 million or a loss per ADS of US$1.10 in the same period in 2024.

Adjusted EBITDA for H1 2025 was negative US$6.1 million, compared to negative US$2.9 million in H1 2024. A reconciliation of Adjusted EBITDA is set out in the table below:

	Six months ended June 30,
	2025 US$000			2024 US$000
Loss for the period		(14,764	)		(10,074	)
Income tax expense/(credit)		300			(64	)
Net financing expense		4,431			3,045
Depreciation		612			99
Amortization		683			745
Impairment and once off items		(158	)		446
Share option expense		225			926
Corporate transaction related costs		157			-
Restructuring costs		2,459			1,939
Adjusted EBITDA		(6,055	)		(2,938	)

Liquidity and Capital Resources

Our capital structure is a mixture of debt and equity. In the first half of 2025, we principally financed our operations from internal resources and the Term Loan.

At our Annual General Meeting in September, 2025, shareholders approved the board of directors’ request for a material increase in our authorised share capital. We believe that this increase, alongside the expected improvement in financial performance, provide our company with additional options to optimise our capital structure to support the next phase of our development.

Term Loan with Perceptive

During H1 2025, we further strengthened our financial position through additional amendments to our senior secured term loan credit agreement with our principal lender, Perceptive Advisors (“Perceptive”). On  February 27, 2025, we secured an additional US$4.0 million in term loan funding, followed by a further US$2.0 million on May 14, 2025. The amendment in May 2025 also extended the loan’s maturity date from January 2026 to July 27, 2026 and allowed interest payments for April, May, and June 2025 to be paid-in-kind. These funds are being used for general corporate purposes, including continued investment in the development of the CGM and biosensor programmes. These amendments build on the prior year’s facility, which provided significant liquidity and reduced both the interest rate and early repayment penalties, supporting our transformation and growth initiatives.

In August 2025 and October 2025, we entered into additional amendments to our senior secured term loan credit agreement, which provided for a further US$4.0 million in funding, extended the maturity date of the Term Loan by a further three months to October 1, 2026, and confirmed that interest payments for the months of July, August, September and October 2025 would be paid-in-kind. This funding supported general corporate purposes and continued investment in our CGM and biosensor development programs.

4

Cash and cash equivalents

At June 30, 2025, the cash and cash equivalents balance was US$1.5 million. In the future, the amount of cash generated from operations will depend on a number of factors which include the following:

• Our ability to continue to generate revenue growth from our existing product lines and from new products following the successful completion of our development projects;

• The extent to which capital expenditure is incurred on additional property plant and equipment;

• The level of investment required to undertake both new and existing development projects; and

• Successful working capital management in the context of an expected growing business.

Liquidity

We continue to execute our comprehensive transformation plan which is designed to significantly increase profitability and cash generation from the existing core business activities.  This is a multi-faceted plan which envisages significant operating model changes.  Given the nature of our business, many of these changes are highly complex and, in some cases, require external regulatory clearances.  As such, the exact timing of the execution of these changes and the realization of the expected financial benefits are inherently uncertain and can take longer than expected.  In addition, as mentioned above, while there are significant signs of renewed demand in the HIV test market, international factors impacting that market have in many cases created delays in obtaining orders and receipts.

We are also continuing to invest in innovation to generate a pipeline of high growth potential products and services including our continuous glucose monitoring technology, liquid biopsy prostate cancer test and bioinformatics preeclampsia screening test.  We continue to believe that these pipeline products represent compelling opportunities to drive a step-change in our growth and profitability, and we are committed to moving these projects to commercialization as rapidly as possible. In particular, we believe that our CGM technology can drive a step change in our growth and profits and we have made significant technological advancements in the underlying technology since acquisition, including in 2025. As such, we expect to invest additional capital in this technology through 2026 and 2027.

Given the foregoing, we expect to obtain financing of approximately US$5.0 million between the end of 2025 and the first quarter of 2026 to execute the final stages of our comprehensive transformation plan, invest in working capital for our existing core business, and to fund ongoing investment in our pipeline. We expect to reach Adjusted EBITDA (excludes interest, tax, depreciation, amortization, share-based compensation charges, impairment charges, restructuring costs and non-recurring corporate finance and transaction-related costs) of over approximately US$2.0 million in Q1 2026 with that increasing further to over approximately US$3.0 million in Q2 2026.

Our directors have considered our current financial position and cash flow projections, taking into account all known events and developments. Our directors believe that we will be able to continue our operations for at least the next 12 months from the date of this report and that it is appropriate to continue to prepare our consolidated financial statements on a going concern basis.

Our directors have considered the various financing options expected to be available to our company to assist it in meeting its obligations over the next 12 months, to the extent such obligations cannot be met from cash on hand. These options include the refinancing of our debt or repaying debt with the proceeds from equity offerings, debt offerings and the sale of assets. We continue to actively engage with corporate finance advisors, investment banks and potential investors to assess various options to optimize our capital structure and we expect to continue to do this on an ongoing basis.

As with all such potential transactions, there are risks to successfully implementing such transactions and the directors have considered these risks when considering the financing options and the appropriateness of adopting a going concern basis of accounting.

5

Cash Flows

As at June 30, 2024, our consolidated cash and cash equivalents were US$1.5 million. Our cash and cash equivalents consist primarily of cash in bank accounts and short-term deposits. The following table presents the major components of net cash flows used in and provided by operating, investing and financing activities.

	Six months ended June 30,
	2025 US$‘000			2024 US$‘000
Net cash outflow from operating activities		(4,592	)		(3,919	)
Net cash outflow from investing activities		(3,948	)		(17,130	)
Net cash inflow from financing activities		4,864			22,762
Effects of exchange rate movements on cash held		55			(87	)
Net decrease in cash and cash equivalents and short-term investments		(3,621	)		(1,626	)

Operating Activities

Net cash used in operating activities for the six months ended June 30. 2025 was US$4.6 million, compared to US$3.9 million for the same period in 2024. Cash used in operations marginally improved from US$5.1 million in H1 2024 to US$4.6 million in H1 2025, driven by a favourable net movement in working capital (an inflow of US$4.1 million in H1 2025 versus an outflow of US$0.5 million in H1 2024). This was offset by both a reduction of US$3.9 million in operating cash flows before changes in working capital, and net income taxes received of US$1.1 million (primarily attributable to income tax benefits received in H1 2024 of US$1.2 million) compared to net income taxes paid of $34,000 in H1 2025.

Investing Activities

Net cash outflow from investing activities for the six months ended June 30, 2025 amounted to US$3.6 million (six months ended June 30, 2024:  outflow US$17.1 million) which was principally made up of payments to acquire intangible assets of US$3.5 million (six months ended June 30, 2024: US $4.5 million), which principally related to development expenditure capitalised as part of our on-going CGM product development activities. The decrease in the net cash outflow from investing activities is primarily driven by non-recurring payments in H1 2024 of US$12.5 million to acquire the biosensor and CGM assets of Waveform. We continue to assess our portfolio of business lines as part of our ongoing strategic realignment process and as part of this we continue to examine opportunities for portfolio changes and expects to do so on an ongoing basis.

Financing Activities

Net cash inflows from financing activities for the six months ended June 30, 2025 amounted to US$4.9 million (six months ended June 30, 2024: US$22.8 million). This inflow primarily related to net proceeds from the amended and restated senior secured term loan credit agreement of US$6.0 million and proceeds from the issue of ordinary share capital of US$0.5 million, offset by the repayment of lease liabilities of US$1.5 million.

In the six months ended June 30, 2024, the inflow of US$22.8 million was due to net proceeds from the amended and restated senior secured term loan credit agreement of US$22.8 million, which was used to acquire the Waveform assets and for general corporate purposes including for the further development of the CGM and biosensor technologies. This was offset by interest paid on the secured term loan of US$3.8 million and the repayment of lease liabilities of US$1.2 million.

6

XML

Document and Entity Information	6 Months Ended
	Jun. 30, 2025
Cover [Abstract]
Entity Registrant Name	TRINITY BIOTECH PLC
Entity Central Index Key	0000888721
Document Type	6-K
Document Period End Date	Jun. 30, 2025
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2025
Entity Address, Address Line One	IDA Business Park
Entity Address, City or Town	Bray, Co. Wicklow
Entity Address, Country	IE

XML

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Non-current assets
Property, plant and equipment	$ 4,309	$ 4,621
Goodwill and intangible assets	55,919	51,343
Financial Assets	2,763	2,455
Deferred tax assets	3,546	3,553
Derivative financial asset	67	166
Other assets	28	28
Total non-current assets	66,632	62,166
Current assets
Inventories	20,129	19,374
Trade and other receivables	10,893	16,065
Income tax receivable	431	518
Cash and cash equivalents	1,546	5,167
Total current assets	32,999	41,124
TOTAL ASSETS	99,631	103,290
Equity attributable to the equity holders of the parent
Share capital	4,337	4,190
Share premium	63,797	63,397
Treasury shares	(24,922)	(24,922)
Accumulated deficit	(93,656)	(79,117)
Translation reserve	(5,826)	(5,461)
Equity component of convertible note	6,709	6,709
Other reserves	23	23
Total deficit	(49,538)	(35,181)
Current liabilities
Income tax payable	472	364
Trade and other payables	26,486	26,782
Exchangeable notes and other borrowings	210	210
Provisions	2,059	2,454
Lease liabilities	2,296	2,285
Total current liabilities	31,523	32,095
Non-current liabilities
Senior secured term loan	83,643	72,391
Convertible loan note	15,857	15,401
Derivative financial liabilities	1,114	1,658
Lease liabilities	10,554	10,477
Provisions	75	75
Contingent consideration	1,841	1,813
Deferred tax liabilities	4,562	4,561
Total non-current liabilities	117,646	106,376
TOTAL LIABILITIES	149,169	138,471
TOTAL EQUITY AND LIABILITIES	$ 99,631	$ 103,290

XML

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Disclosure of classes of share capital [line items]
Revenues	$ 18,401	$ 30,547
Cost of sales	(11,880)	(19,291)
Gross profit	6,521	11,256
Other operating income	0	42
Research and development expenses	(1,754)	(2,080)
Selling, general and administrative expenses	(12,499)	(13,926)
Selling, general and administrative expenses – restructuring costs	(2,459)	(1,939)
Once off items	186	0
Impairment charges	(28)	(446)
Operating loss	(10,033)	(7,093)
Financial income	0	55
Financial expenses	(4,431)	(3,100)
Net financing expense	(4,431)	(3,045)
Loss before tax from	(14,464)	(10,138)
Total income tax (charge)/credit	(300)	64
Loss for the period	(14,764)	(10,074)
Loss for the period (all attributable to owners of the parent)	$ (14,764)	$ (10,074)
American depositary share [Member]
Disclosure of classes of share capital [line items]
Basic loss per (US$) – Total operations	$ (0.8)	$ (1.1)
Diluted loss per (US$) – Total operations	$ (0.8)	$ (1.1)
Class A Ordinary shares [Member]
Disclosure of classes of share capital [line items]
Loss for the period (all attributable to owners of the parent)	$ 14,764	$ 10,074
Basic loss per (US$) – Total operations	$ (0.04)	$ (0.05)
Diluted loss per (US$) – Total operations	$ (0.04)	$ (0.05)

XML

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Consolidated Statement Of Comprehensive Income Abstract
Loss for the period	$ (14,764)	$ (10,074)
Items that will be reclassified subsequently to profit or loss
Foreign exchange translation differences	(365)	5
Other comprehensive income/(loss):	(365)	5
Total Comprehensive Loss (all attributable to owners of the parent)	$ (15,129)	$ (10,069)

XML

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Share capital 'A' ordinary shares [Member]	Share premium [Member]	Treasury Shares [Member]	Translation reserve [Member]	Equity component of convertible note [Member]	Other reserves [member]	Accumulated surplus [Member]	Total
Balance at Dec. 31, 2023	$ 1,972	$ 46,619	$ (24,922)	$ (5,706)	$ 6,709	$ 23	$ (48,644)	$ (23,949)
Loss for the period	0	0	0	0	0	0	(10,074)	(10,074)
Other comprehensive income	0	0	0	5	0	0	0	5
Total comprehensive loss	0	0	0	5	0	0	(10,074)	(10,069)
Shares issued during the period	366	3,325	0	0	0	0	0	3,691
Share-based payments	0	0	0	0	0	0	926	926
Balance at Jun. 30, 2024	2,338	49,944	(24,922)	(5,701)	6,709	23	(57,792)	(29,401)
Balance at Dec. 31, 2024	4,190	63,397	(24,922)	(5,461)	6,709	23	(79,117)	(35,181)
Loss for the period	0	0	0	0	0	0	(14,764)	(14,764)
Other comprehensive income	0	0	0	(365)	0	0	0	(365)
Total comprehensive loss	0	0	0	(365)	0	0	(14,764)	(15,129)
Shares issued during the period	147	400	0	0	0	0	0	547
Share-based payments	0	0	0	0	0	0	225	225
Balance at Jun. 30, 2025	$ 4,337	$ 63,797	$ (24,922)	$ (5,826)	$ 6,709	$ 23	$ (93,656)	$ (49,538)

XML

UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities
Loss for the period	$ (14,764)	$ (10,074)
Adjustments to reconcile net profit/(loss) to cash provided by operating activities:
Depreciation	612	99
Amortisation	683	745
Income tax (charge)/credit	300	(64)
Financial income	0	(55)
Financial expense	4,431	3,100
Share-based payments	225	926
Foreign exchange gains on operating cash flows	(1,007)	408
Impairment charges	28	446
Once off items	(186)	0
Other non-cash items	1,009	(208)
Net movement on working capital	4,111	(469)
Cash used in operations	(4,558)	(5,146)
Income taxes received/(paid)	(34)	1,227
Net cash used in operating activities	(4,592)	(3,919)
Cash flows from investing activities
Payments to acquire intangible assets	(3,855)	(4,492)
Payments to acquire trades or businesses	0	(12,500)
Acquisition of property, plant and equipment	(93)	(138)
Net cash used in investing activities	(3,948)	(17,130)
Cash flows from financing activities
Issue of ordinary share capital including share premium	547	(270)
Net proceeds from new senior secured term loan	6,000	28,175
Interest paid on senior secured term loan	0	(3,830)
Interest paid on convertible note	(150)	(150)
Interest payment on exchangeable notes	(4)	(4)
Payment of lease liabilities	(1,529)	(1,159)
Net cash inflow from financing activities	4,864	22,762
Increase/(decrease) in cash and cash equivalents and short-term investments	(3,676)	1,713
Effects of exchange rate movements on cash held	55	(87)
Cash and cash equivalents and short-term investments at beginning of period	5,167	3,691
Cash and cash equivalents at end of period	$ 1,546	$ 5,317

XML

GENERAL INFORMATION

6 Months Ended

Jun. 30, 2025

General Information [Abstract]

GENERAL INFORMATION

1. GENERAL INFORMATION

Trinity Biotech plc (the “Company”) was founded in 1992 and listed on the Nasdaq Stock Market shortly after its formation. The Company is a commercial stage biotechnology company focused on diabetes management solutions and human diagnostics, including wearable biosensors. The Company develops, acquires, manufactures and markets diagnostic systems, including both reagents and instrumentation, for the point-of-care and clinical laboratory segments of the diagnostic market. The products are used to detect infectious diseases and to quantify the level of Haemoglobin A1c and other chemistry parameters in serum, plasma and whole blood and the Company intends to develop a range of biosensor devices and related services, starting with a continuous glucose monitoring product.

References in these Consolidated Condensed Interim Financial Statements to "Trinity Biotech" and the “Group” refer to Trinity Biotech plc and its consolidated subsidiaries.

These Condensed Consolidated Interim Financial Statements were approved for issuance by the Company’s Board of Directors on December 22, 2025.

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BASIS OF PREPARATION AND ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2025

Disclosure Of Basis Of Preparation And Significant Accounting Policies [Abstract]

BASIS OF PREPARATION AND ACCOUNTING POLICIES

2. BASIS OF PREPARATION AND ACCOUNTING POLICIES

These Consolidated Condensed Interim Financial Statements have been prepared in accordance with IAS 34, “Interim Financial Reporting” as issued by the International Accounting Standard Board (“IASB”) and as adopted by the European Union (“EU”). The accounting policies used in the preparation of these Consolidated Condensed Interim Financial Statements are consistent with those used in the audited Consolidated Financial Statements for the year ended December 31, 2024. These Consolidated Condensed Interim Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2024, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB and in conformity with IFRS as adopted by the EU.

None of the accounting pronouncements applicable after December 31, 2024 and as of the date of these Consolidated Condensed Interim Financial Statements had a material effect on the Company’s financial condition or the results of its operations.

XML

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2025

Disclosure of operating segments [abstract]

SEGMENT INFORMATION

3. SEGMENT INFORMATION

The Group comprises two main geographical segments (i) the Americas and (ii) Rest of World. The Group’s geographical segments are determined by the location of the Group’s assets and operations. The Group has also presented a geographical analysis of the segmental data for Ireland as is consistent with the information used by the Board of Directors.

The reportable operating segments derive their revenue primarily from one source (i.e. the market for diagnostic tests for a range of diseases and other medical conditions). In determining the nature of its segmentation, the Group has considered the nature of the products, their risks and rewards, the nature of the production base, the customer base and the nature of the regulatory environment. The Group acquires, manufactures and markets a range of diagnostic products. The Group’s products are sold to a similar customer base and the main body whose regulations the Group’s products must comply with is the Food and Drug Administration (“FDA”) in the US.

The following presents revenue and profit information and certain asset and liability information regarding the Group’s geographical segments.

i) The distribution of revenue by major product group was as follows:

	Six-month period ended
Revenue	June 30,2025 US$‘000		June 30,2024 US$‘000
Clinical laboratory goods		14,404		20,397
Clinical laboratory services		1,953		2,582
Point-of-care products		2,044		7,568
		18,401		30,547

ii) The distribution of segment results by geographical area was as follows:

				Rest of World
	Americas			Ireland			Other			Total
Six-month period ended June 30, 2025	US$‘000			US$‘000			US$‘000			US$‘000
Result before restructuring costs, impairment and unallocated expenses		(324	)		(6,620	)		(103	)		(7,047	)
Restructuring costs		(421	)		(1,980	)		(58	)		(2,459	)
Once off costs		186			-			-			186
Impairment		(28	)		-			-			(28	)
Result after restructuring costs and impairment		(587	)		(8,600	)		(161	)		(9,348	)
Unallocated expenses *											(685	)
Operating loss											(10,033	)
Net financing expense											(4,431	)
Loss before tax											(14,464	)
Income tax expense											(300	)
Loss for the period on continuing operations											(14,764	)
Profit for the period on discontinued operations											-
Loss for the six-month period											(14,764	)

The distribution of segment results by geographical area was as follows:

				Rest of World
	Americas			Ireland			Other			Total
Six-month period ended June 30, 2024	US$‘000			US$‘000			US$‘000			US$‘000
Result before restructuring costs, impairment and unallocated expenses		(1,050	)		(2,268	)		(26	)		(3,344	)
Restructuring costs		(1,303	)		(636	)		-			(1,939	)
Impairment		(446	)		-			-			(446	)
Result after impairment		(2,799	)		(2,904	)		(26	)		(5,729	)
Unallocated expenses *											(1,364	)
Operating loss											(7,093	)
Net financing expense											(3,045	)
Loss before tax											(10,138	)
Income tax credit											64
Loss for the period on continuing operations											(10,074	)
Profit for the period on discontinued operations											-
Loss for the six-month period											(10,074	)

 * Unallocated expenses represent head office general and administration costs of the Group, which cannot be allocated to the results of any specific geographical area.

iii) The distribution of segment assets and liabilities by geographical area was as follows:

			Rest of World
	Americas		Ireland		Other		Total
As at June 30, 2025	US$‘000		US$‘000		US$‘000		US$‘000
Assets and liabilities
Segment assets		34,124		59,968		16		94,108
Unallocated assets:
Income tax assets (current and deferred)								3,977
Cash and cash equivalents and short-term investments								1,546
Total assets as reported in the Statement of Financial Position								99,631
Segment liabilities		94,077		50,016		42		144,135
Unallocated liabilities:
Income tax liabilities (current and deferred)								5,034
Total liabilities as reported in the Statement of Financial Position								149,169

			Rest of World
	Americas		Ireland		Other		Total
As at December 31, 2024	US$‘000		US$‘000		US$‘000		US$‘000
Assets and liabilities
Segment assets		32,798		61,254		-		94,052
Unallocated assets:
Income tax assets (current and deferred)								4,071
Cash and cash equivalents and short-term investments								5,167
Total assets as reported in the Statement of Financial Position								103,290
Segment liabilities		84,863		48,621		62		133,546
Unallocated liabilities:
Income tax liabilities (current and deferred)								4,925
Total liabilities as reported in the Statement of Financial Position								138,471

XML

FINANCIAL INCOME AND EXPENSES

6 Months Ended

Jun. 30, 2025

Disclosure Of Financial Income And Expenses [Abstract]

FINANCIAL INCOME AND EXPENSES

4. FINANCIAL INCOME AND EXPENSES

	Six month period ended
	June 30, 2025 US$‘000			June 30, 2024 US$‘000
Financial income:
Fair value adjustments of derivative financial instruments (Note 10)		-			55
		-			55
Financial expense:
Interest on leases		(319	)		(297	)
Cash interest on convertible & exchangeable notes		(154	)		(154	)
Cash interest on senior secured term loan (Note 10)		-			(4,545	)
Payment-in-kind interest on senior secured term loan (Note 10)		(5,320	)		-
Accretion interest on convertible & exchangeable notes (Note 10)		(456	)		(422	)
Accretion on senior secured term loan (Note 10)		(1,373	)		(1,068	)
Accretion interest on contingent liability		(29	)		(24	)
Fair value adjustments of derivative financial instruments (Note 10)		445			(980	)
Capitalization of borrowing costs		1,405			824
EIR catch up adjustment		1,142			3,566
Reversal of cash interest payable on PPP loans		228			-
		(4,431	)		(3,100	)
Net Financing Expense		(4,431	)		(3,045	)

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IMPAIRMENT CHARGES

6 Months Ended

Jun. 30, 2025

Disclosure Of Impairment Charges And Inventory Provisioning [Abstract]

IMPAIRMENT CHARGES

5. IMPAIRMENT CHARGES

 

Impairment charges

In accordance with IAS 36, Impairment of Assets, the Group carried out an impairment review of the asset valuations as at June 30, 2025. The impact of the impairments on the statement of operations for the six-month period ended June 30, 2025 was as follows:

	Six month period ended
	June 30,2025 US$’000		June 30,2024 US$’000
Impairment of PP&E		28		446
Impairment of goodwill and other intangible assets		-		-
Impairment of financial assets		-		-
Total impairment loss		28		446

The Group recognized an impairment loss of US$28,000 in the six-month period ended June 30, 2025 (six months ended June 30, 2024: US$446,000). In accordance with IAS 36, Impairment of Assets, the Group carries out periodic impairment reviews of its asset carrying values. There are a number of factors taken into account in calculating the impairment, including the Company’s period-end share price, calculation of the cost of capital, and future projected cash flows for individual cash-generating units in the business.  In addition, the Group examines individual development project assets for indicators of impairment.

The impairment test performed as at June 30, 2025 identified that the value in use of some of our cash generating units was below the value of the carrying amount of their assets, other than inventories, accounts receivable, cash and cash equivalents and deferred tax assets. The Company therefore recorded an impairment charge in relation to the asset additions that had been recorded during 2025 in these cash generating units.

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GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2025

Disclosure Of Goodwill And Intangible Assets [Abstract]

GOODWILL AND INTANGIBLE ASSETS

6. GOODWILL AND INTANGIBLE ASSETS

	June 30, 2025 US$000			December 31, 2024 US$000
Cost
Goodwill		80,484			80,484
Development costs		141,040			135,999
Patents and licenses		8,715			8,695
Technology based intangibles		13,105			13,105
Other		21,679			21,482
Total cost		265,024			259,765
Less accumulated amortization and impairment		(209,105	)		(208,422	)
Carrying amount		55,919			51,343

The increase in gross intangible assets during the six-month period ended June 30, 2025 of US$5,259 is primarily attributable to the development of the CGM and biosensor technologies.

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LOSS PER SHARE

6 Months Ended

Jun. 30, 2025

Earnings per share [abstract]

LOSS PER SHARE

7. LOSS PER SHARE

Basic loss per ordinary share

Basic loss per ordinary share for the Group is computed by dividing the loss after taxation of US$14,764,000 (2024: loss of US$10,074,000) for the six-month period ended June 30, 2025 by the weighted average number of ‘A’ Ordinary shares in issue, net of any Treasury Shares, during the year. As at June 30, 2025 the number of ‘A’ Ordinary shares for the purpose of the calculation of basic (loss)/earnings per share are 369,329,458 shares (2024: 183,376,218 shares).

	June 30, 2025			June 30, 2024
‘A’ ordinary shares		369,329,458			183,376,218
Basic (loss)/earnings per share denominator		369,329,458			183,376,218
Reconciliation to weighted average (loss)/earnings per share denominator:
Number of ‘A’ Ordinary shares at January 1		371,749,084			165,865,884
Weighted average number of ‘A’ Ordinary shares issued during the year		10,135,974			30,065,934
Weighted average number of treasury shares		(12,555,600	)		(12,555,600	)
Basic (loss)/earnings per share denominator		369,329,458			183,376,218

Diluted loss per ordinary share

Diluted loss per share is computed by dividing the adjusted profit or loss attributable to owners of the parent, by the weighted average number of ‘A ‘Ordinary shares in issue, net of any Treasury Shares, during the year, plus the weighted average number of ‘A’ Ordinary shares that would be issued on the conversion of all the dilutive potential ‘A’ Ordinary shares into ‘A’ Ordinary shares. As the potentially dilutive instruments were anti-dilutive in all periods presented, basic (loss)/earnings per ‘A’ Ordinary share and diluted (loss)/earnings per ‘A’ Ordinary share are equivalent.

	June 30, 2025		June 30, 2024
Potentially Dilutive Instruments:
Basic loss per share denominator		369,329,458		183,376,218
Issuable on conversion of Exchangeable notes		38,391		38,391
Issuable on conversion of Convertible note		24,691,358		24,691,358
Issuable on exercise of options		-		-
Issuable on exercise of warrants		-		-
Diluted loss per share denominator		394,059,207		208,105,967

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INVENTORIES

6 Months Ended

Jun. 30, 2025

Classes of current inventories [abstract]

INVENTORIES

8. INVENTORIES

	June 30, 2025 US$‘000		December 31, 2024 US$‘000
Raw materials and consumables		11,295		10,032
Work-in-progress		5,980		4,989
Finished goods		2,854		4,353
		20,129		19,374

All inventories are stated at the lower of cost or net realisable value. The replacement cost of inventories does not differ from cost. Total inventories for the Group are shown net of provisions of US$7,094,000 (December 31, 2024: US$7,648,000).

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SHARE OPTIONS

6 Months Ended

Jun. 30, 2025

Disclosure Of Share Options And Share Warrants [Abstract]

SHARE OPTIONS

9. SHARE OPTIONS

In February 2024, the Company changed the ratio of the ADSs representing its ‘A’ Ordinary shares from one (1) ADS representing four (4) ‘A’ Ordinary shares to one (1) ADS representing twenty (20) ‘A’ ordinary shares.

Under the terms of the Company’s Employee Share Option Plans, options to purchase 40,476,672 ‘A’ Ordinary Shares (2,023,834 ADSs) were outstanding at June 30, 2025. Under these Plans, options are granted to officers, employees and consultants of the Group at the discretion of the Compensation Committee (designated by the Board of Directors), under the terms outlined below. The number and weighted average exercise price of share options and warrants per ordinary share is as follows (as required by IFRS 2, this information relates to all grants of share options and warrants by the Group):

	Options and			Weighted- average exercise price US$		Exercise  price range US$
	warrants ‘A’ Ordinary Shares			Per ‘A’ Ordinary Share		Per ‘A’ Ordinary Share
Outstanding January 1, 2024		46,914,672			0.39		0.12 –1.34
Granted		12,100,000			0.14		0.14 –0.14
Exercised		-			-		-
Expired / Forfeited		-			-		-
Outstanding at June 30, 2024		59,014,672			0.35		0.12 –1.34
Exercisable at June 30, 2024		24,029,255			0.58		0.12 –1.34
Outstanding January 1, 2025		40,506,672			0.26		0.12 –1.29
Granted		-			-		-
Exercised		-			-		-
Expired / Forfeited		(30,000	)		1.29		1.29 –1.29
Outstanding at June 30, 2025		40,476,672			0.26		0.12 –1.10
Exercisable at June 30, 2025		21,074,589			0.36		0.12 –1.10

The total share-based payments charge for the six months ended June 30, 2025 was US$225,000 (six months ended June 30, 2024: US$926,000).

There were no ‘A’ ordinary share options granted during the period.

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BORROWINGS

6 Months Ended

Jun. 30, 2025

Borrowings [abstract]

BORROWINGS

10. BORROWINGS

(i) Senior secured term loan

The movement in the senior secured term loan in the six months ended June 30, 2025 was as follows:

	Six-month period ended June 30, 2024 US$000			Year ended December 31, 2024 US$000
Balance at start of period		(72,391	)		(40,109	)
Cash drawdown		(6,000	)		(30,500	)
Loan origination costs		299			325
Derivative financial asset at date of issue		-			(28	)
Accretion interest		(1,373	)		(2,355	)
Payment-in-kind (PIK) Interest		(5,320	)		(3,291	)
EIR Catch up adjustment		1,142			3,567
Balance at end of period		(83,643	)		(72,391	)

The Company has entered into further amendments to its senior secured term loan credit agreement with its principal lender, Perceptive Advisors (“Perceptive”), to access additional funding and enhance its financial position.

On February 27, 2025, the Company entered into a fourth amendment to the credit agreement, pursuant to which Perceptive provided an additional US$4.0 million in term loan funding. This funding will be used for general corporate purposes, including the further development of our CGM offering.

On May 14, 2025, the Company entered into a fifth amendment to the credit agreement, which provided for a further US$2.0 million in term loan funding, extended the maturity date of the Term Loan from January 2026 to July 27, 2026, and confirmed that interest payments for the months of April, May, and June 2025 would be paid-in-kind. This funding is also intended to support general corporate purposes and continued investment in the Company’s CGM and biosensor development programs.

There are two other balances related to the term loan which are: a) a derivative financial asset and b) a derivative financial liability. The movement in the derivative financial asset in the six months ended June 30, 2025 was as follows:

	US$000
Balance at January 1, 2025		166
Event driven movement in derivative financial asset		-
Fair value adjustments in the period		(99	)
Non-current asset at June 30, 2025		67

(i) Senior secured term loan (continued)

The movement in the derivative financial liability in the six months ended June 30, 2025 was as follows:

	US$000
Balance at January 1, 2025		(1,658	)
Event driven movement in derivative financial liability		-
Fair value adjustments in the period		544
Non-current liability at June 30, 2025		(1,114	)

The fair value of the derivative financial asset is estimated at US$67,000 at June 30, 2025 and represents the value to the Company of being able to repay the term loan early and potentially refinance at a lower interest rate. The fair value of the derivative financial liability is estimated at US$1,114,000 at June 30, 2025 and represents the fair value of the warrants issued to Perceptive.

The fair value remeasurement for these two derivative financial balances resulted in net financial income of US$445,000 million being recognized in the Income Statement in the six-month period ended June 30, 2025.

(ii) 7-year convertible note

The movement in the 7-year convertible note in the six months ended June 30, 2025 was as follows:

	Six-month period ended June 30, 2025 US$000			Year ended December 31, 2024 US$000
Balance at start of period		(15,401	)		(14,542	)
Accretion interest		(456	)		(859	)
Balance at end of period		(15,857	)		(15,401	)

In May 2022, the Company announced a US$45.2 million investment from MiCo IVD Holdings, LLC. The investment consisted of an equity investment of US$25.2 million and a seven-year, unsecured junior convertible note of US$20.0 million. The convertible note has an interest rate of 1.5%. The convertible note mandatorily converts into ADSs if the volume weighted average price of the Company’s ADSs is at or above US$16.20 for any five consecutive Nasdaq trading days. For further details on the convertible note, refer to the Company’s Form 6-K filings with the SEC on April 11, 2022.

The convertible note is accounted for as a compound financial instrument containing both an equity and liability element. The debt component is accounted for at amortized cost in accordance with IFRS 9. At June 30, 2025, the carrying value of the convertible note’s debt component was US$15. million and accretion interest of US$0.5 million has been recognized as a financial expense in the six-months ended June 30, 2025. The equity component of the convertible note is US$6.7 million and has been recorded in the equity section of the statement of financial position as equity. There is no remeasurement of the equity element following initial recognition.

(iii) Exchangeable Notes

The balances of the exchangeable notes in the six months ended June 30, 2024 were as follows:

	Six-month period ended June 30, 2025 US$000			Year ended December 31, 2024 US$000
Balance at start of period		(210	)		(210	)
Balance at end of period		(210	)		(210	)

In 2022, the Company retired approximately 99.7% of the exchangeable notes as part of a debt re-financing. The carrying value of the exchangeable notes at June 30, 2025 is US$210,000 (which is the same as the nominal value) and this is shown within Current Liabilities as it is management’s intention to repay the remaining notes within the next twelve months.

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SHARE CAPITAL

6 Months Ended

Jun. 30, 2025

Disclosure of classes of share capital [abstract]

SHARE CAPITAL

11. SHARE CAPITAL

	Six-months ended June 30, 2025		Year ended December 31, 2024
	Class ‘A’ Ordinary shares		Class ‘A’ Ordinary shares
In thousands of shares
In issue at January 1		371,749		165,866
Issued for cash		13,447		81,628
Issued for non-cash consideration		-		124,255
At period end		385,196		371,749

	Six-months ended June 30, 2025		Year ended December 31, 2024
	ADS		ADS
In thousands of ADSs
Balance at January 1		18,587		8,293
Issued for cash		673		4,081
Issued for non-cash consideration		-		6213
At period end		19,260		18,587

The amounts in the tables above are inclusive of Treasury Shares. The number of Treasury Shares is as follows:

	Six-months ended June 30, 2025		Year ended December 31, 2024
	Class ‘A’ Treasury shares		Class ‘A’ Treasury shares
In thousands of shares
Balance at January 1		12,556		12,556
Purchased during period		-		-
At period end		12,556		12,556

	Six-months ended June 30, 2025		Year ended December 31, 2024
	ADS Treasury shares		ADS Treasury shares
In thousands of ADSs
Balance at January 1		628		628
Purchased during period		-		-
At period end		628		628

(a) During the six-months ended June 30, 2025, the Company issued 13,447,000 ‘A’ Ordinary shares (672,000 ADSs) for the consideration of US$0.55 million settled in cash. The Company incurred expenses of US$0.02 million in connection with the issuances. No employee share options were exercised during the year.

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CAPITAL MANAGEMENT

6 Months Ended

Jun. 30, 2025

Disclosure Of Fair Value Measurement [Abstract]

CAPITAL MANAGEMENT

12. CAPITAL MANAGEMENT

Fair Values

For financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on the degree to which inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2: valuation techniques for which the lowest level of inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly

Level 3: valuation techniques for which the lowest level of inputs that have a significant effect on the recorded fair value are not based on observable market data.

The table below sets out the Group’s classification of each class of financial assets/liabilities, their fair values and under which valuation method they are valued:

	Level 1			Level 2			Level 3		Total carrying amount			Fair Value
	US$’000			US$’000			US$’000		US$’000			US$’000
June 30, 2025
Loans and receivables at amortised cost
Trade receivables		7,946			-			-		7,946			7,946
Cash and cash equivalents		1,546			-			-		1,546			1,546
		9,492			-			-		9,492			9,492
Liabilities at amortised cost
Senior secured term loan		-			(83,643	)		-		(83,643	)		(83,643	)
Convertible loan note		-			(15,857	)		-		(15,857	)		(15,857	)
Exchangeable note		-			(210	)		-		(210	)		(210	)
Lease liabilities		(12,850	)		-			-		(12,850	)		(12,850	)
Trade and other payables (excluding deferred income)		(26,379	)		-			-		(26,379	)		(26,379	)
Provisions		(2,134	)		-			-		(2,134	)		(2,134	)
		(41,363	)		(99,710	)		-		(141,073	)		(141,073	)
Fair value through profit and loss (FVPL)
Derivative liability – warrants		-			(1,114	)		-		(1,114	)		(1,114	)
Derivative asset – prepayment option		-			67			-		67			67
Equity investments in Novus		-			-			2,763		2,763			2,763
		-			(1,047	)		2,763		1,716			1,716
		(31,871	)		(100,757	)		2,763		(129,865	)		(129,865	)

	Level 1			Level 2			Level 3		Total carrying amount			Fair Value
	US$’000			US$’000			US$’000		US$’000			US$’000
December 31, 2024
Loans and receivables at amortised cost
Trade receivables		13,416			-			-		13,416			13,416
Cash and cash equivalents		5,167			-			-		5,167			5,167
		18,583			-			-		18,583			18,583
Liabilities at amortised cost
Senior secured term loan		-			(72,391	)		-		(72,391	)		(72,391	)
Convertible note		-			(15,401	)		-		(15,401	)		(15,401	)
Exchangeable note		-			(210	)		-		(210	)		(210	)
Lease liabilities		(12,762	)		-			-		(12,762	)		(12,762	)
Trade and other payables (excluding deferred income)		(26,585	)		-			-		(26,585	)		(26,585	)
Provisions		(2,529	)		-			-		(2,529	)		(2,529	)
		(41,876	)		(88,002	)		-		(129,878	)		(129,878	)
Fair value through profit and loss (FVTPL)
Derivative liability – warrants		-			(1,658	)		-		(1,658	)		(1,658	)
Derivative asset – prepayment option		-			166			-		166			166
Equity investments in Novus		-			-			2,455		2,455			2,455
		-			(1,492	)		2,455		963			963
		(23,293	)		(89,494	)		2,455		(110,332	)		(110,332	)

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CONTINGENCIES

6 Months Ended

Jun. 30, 2025

Disclosure Of Commitments And Contingencies [Abstract]

CONTINGENCIES

13. CONTINGENCIES

(a) Government Grant Contingencies

The Group has received training and employment grant income from Irish development agencies. Subject to existence of certain conditions specified in the grant agreements, this income may become repayable. No such conditions existed as at June 30, 2025. However, if the income were to become repayable, the maximum amounts repayable as at June 30, 2025 would amount to US$3,313,000 (June 30, 2024 US$3,291,000).

(b) Other Contingencies

The Group has other contingencies primarily relating to claims and legal proceedings, onerous contracts, product warranties and employee-related provisions. The status of each significant claim and legal proceeding in which the Group is involved is reviewed by management on a periodic basis and the Group’s potential financial exposure is assessed.

If the potential loss from any claim or legal proceeding is considered probable, and the amount can be reliably estimated, liability is recognized for the estimated loss. Because of the uncertainties inherent in such matters, the related provisions are based on the best information available at the time; the issues taken into account by management and factored into the assessment of legal contingencies include, as applicable, the status of settlement negotiations, interpretations of contractual obligations, prior experience with similar contingencies/claims, and advice obtained from legal counsel and other third parties.

The Group expects the majority of these provisions will be utilized within one to three years of the balance sheet date; however due to the nature of the legal provisions there is a level of uncertainty in the timing of settlement as the Group generally cannot determine the extent and duration of the legal process. From time to time, we are subject to reviews, examinations, and audits by tax authorities in the jurisdictions in which we operate. We believe our tax estimates are reasonable and take the appropriate external tax advice where required.

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RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2025

Disclosure of transactions between related parties [abstract]

RELATED PARTY TRANSACTIONS

14. RELATED PARTY TRANSACTIONS

The Group has entered into various lease arrangements with JRJ Investments (“JRJ”), a partnership owned by Mr Ronan O’Caoimh and Dr Jim Walsh, directors of Trinity Biotech, and directly with Mr O’Caoimh, for premises located at IDA Business Park, Bray, County Wicklow, Ireland.

A 25-year lease agreement was entered into with JRJ in December 2003 for office space adjacent to the Group’s then premises, with an annual rent of €381,000 (US$421,000). Upward-only rent reviews are conducted every five years, with no increases arising to date.

In 2007, the Group entered into a 25-year lease with JRJ for a 43,860 square foot manufacturing facility in Bray, with an annual rent of €787,000 (US$834,000). Ownership of this facility subsequently transferred solely to Mr O’Caoimh. Following a rent review effective 1 July 2022, the annual rent increased to €1,050,000.

In 2016, the Group entered into a 10-year lease with Mr O’Caoimh for a 16,000 square foot warehouse adjacent to the manufacturing facility, with an annual rent of €144,000 (US$159,000). A rent review effective 1 July 2021 increased the annual rent to €170,560.

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POST BALANCE SHEET EVENTS

6 Months Ended

Jun. 30, 2025

Disclosure of non-adjusting events after reporting period [abstract]

POST BALANCE SHEET EVENTS

15. POST BALANCE SHEET EVENTS

Compliance with Nasdaq Listing Requirements

As previously reported, on March 14, 2025, the Company received a written notice from The Nasdaq Stock Market LLC ("Nasdaq"), notifying the Company that, for the last 30 consecutive business days, the bid price for the Company’s American Depositary Shares had closed below the $1.00 per share minimum bid price requirement for continued inclusion on The Nasdaq Global Select Market pursuant to Nasdaq Listing Rule 5450(a)(1) (the “Minimum Bid Price Requirement”). On August 26, 2025, the Company received a letter from Nasdaq notifying the Company that for ten consecutive business days, from August 12, 2025, to August 25, 2025, the closing bid price of the Company’s American Depositary Shares was $1.00 per share or greater, and accordingly, the Company has regained compliance with the Minimum Bid Price Requirement and the matter is now closed. There can be no assurance, however, that the Company will be able to maintain compliance with the Minimum Bid Price Requirement in the future.

Additionally, as previously reported, on March 14, 2025, the Company also received notice from Nasdaq that the Company no longer met the requirement in Nasdaq Listing Rule 5450(b)(2)(C) that listed securities maintain a minimum market value of publicly held shares (“MVPHS”) of US $15,000,000, based on Nasdaq’s review of the Company’s MVPHS for the last 30 consecutive business days. On August 29, 2025, the Company received a letter from Nasdaq notifying the Company that for more than 10 consecutive business days, the Company had maintained a MVPHS of $15 million or greater, and accordingly, the Company has regained compliance with the MVPHS Requirement and the matter is now closed.

Amendment and Restatement of Term Loan

Since the balance sheet date, the Company entered into further amendments to its senior secured term loan credit agreement with its principal lender, Perceptive, to access additional funding and enhance its financial position.

On August 7, 2025, the Company entered into a sixth amendment to the credit agreement, which provided for a further US$2.0 million in funding, extended the maturity date of the Term Loan by a further three months to October 1, 2026, and confirmed that interest payments for the months of July and August 2025 would be paid-in-kind. This funding is also intended to support general corporate purposes and continued investment in the Company’s CGM and biosensor development programs.

On October 16, 2025, the Company entered into an amendment to the sixth amendment to the credit agreement, which provided for a further US$2.0 million in funding, and confirmed that interest payments for the months of September and October 2025 would be paid-in-kind. This funding is also intended to support general corporate purposes and continued investment in the Company’s CGM and biosensor development programs.

Financing activities and Capital structure

Since the balance sheet date, the Company has continued to be actively evaluating a number of potential financing initiatives to optimize its capital structure as its business evolves. In this regard, the Company typically continually engages with a range of investment banks and financial advisors to assess available options and determine the most appropriate course of action. At the Annual General Meeting on September 30, 2025, shareholders approved an increase in the Company’s authorised share capital, which provides additional flexibility to support these financing activities. There can be no assurance, however, that any such financing activities will be successfully completed or on terms favorable to the Company.

Business Optimization and Headcount Strategy

The Company secured regulatory approval to initiate offshore and outsourced manufacturing of its flagship WHO-prequalified TrinScreen™ HIV rapid test. This transition from legacy in-house operations to a scalable outsourced model is expected to expand gross margins and reduce fixed costs. Manufacturing under this new model commenced in September 2025, marking a critical milestone in the Company’s transformation strategy. In addition, the Company has obtained WHO approval for the offshore and outsourced upstream manufacturing activities of its UniGold™ HIV test, aimed at further advancing operational efficiency initiatives.

The Company continues to implement business optimization measures aimed at improving operational efficiency and aligning resources with strategic priorities, including reviewing its headcount and location strategies to ensure an effective organizational structure that supports long-term growth objectives.

Growth and Development Initiatives

The Company announced significant progress in its product development pipeline. This included the unveiling of CGM+, an AI-native platform designed to integrate continuous glucose monitoring technology with advanced biosensor capabilities, targeting the rapidly expanding AI wearables market estimated at approximately US$260 billion. The Company also reported breakthrough clinical trial results for its redesigned CGM sensor, validating enhanced accuracy and reliability.

In addition, the Company received regulatory approval to commence a PreClara™ preeclampsia testing programme. These developments represent a major milestone in broadening the Company’s women’s health portfolio and improving maternal health outcomes through early detection and intervention.

Board of directors changes

Following the end of the reporting period, the Company announced changes to its Board of Directors. In August 2025, Paul Tivnan was appointed as a Non-Executive Director. Mr Tivnan brings extensive experience in finance and capital markets and currently serves as Chief Financial Officer of Deriva Energy LLC. This change reflects the Company’s continued focus on strengthening governance and aligning board composition with its strategic objectives.

Jim Walsh retired by rotation from the Company’s board of directors at the Annual General Meeting on September 30, 2025 in accordance with the Company’s constitution. Mr Walsh will continue to support the Company’s management team as a Scientific Advisor.

Tom Lindsay retired by rotation from the Company’s board of directors at the Annual General Meeting on September 30, 2025 in accordance with the Company’s constitution. Mr Lindsay will continue to support the Company’s management team as a consultant regarding the Company’s HIV test kits execution strategy globally.

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AUTHORISATION FOR ISSUE

6 Months Ended

Jun. 30, 2025

Disclosure Of Authorisation For Issue [Abstract]

AUTHORISATION FOR ISSUE

16. AUTHORISATION FOR ISSUE

These Group consolidated condensed interim financial statements were authorised for issue by the Board of Directors on December 22, 2025.

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BASIS OF PREPARATION AND ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2025

Disclosure Of Basis Of Preparation And Significant Accounting Policies [Abstract]

BASIS OF PREPARATION AND ACCOUNTING POLICIES

2. BASIS OF PREPARATION AND ACCOUNTING POLICIES

These Consolidated Condensed Interim Financial Statements have been prepared in accordance with IAS 34, “Interim Financial Reporting” as issued by the International Accounting Standard Board (“IASB”) and as adopted by the European Union (“EU”). The accounting policies used in the preparation of these Consolidated Condensed Interim Financial Statements are consistent with those used in the audited Consolidated Financial Statements for the year ended December 31, 2024. These Consolidated Condensed Interim Financial Statements should be read in conjunction with the audited Consolidated Financial Statements for the year ended December 31, 2024, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the IASB and in conformity with IFRS as adopted by the EU.

None of the accounting pronouncements applicable after December 31, 2024 and as of the date of these Consolidated Condensed Interim Financial Statements had a material effect on the Company’s financial condition or the results of its operations.

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SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2025

Disclosure of operating segments [abstract]

Schedule of revenue by major product group

	Six-month period ended
Revenue	June 30,2025 US$‘000		June 30,2024 US$‘000
Clinical laboratory goods		14,404		20,397
Clinical laboratory services		1,953		2,582
Point-of-care products		2,044		7,568
		18,401		30,547

Schedule of segment results by geographical area

				Rest of World
	Americas			Ireland			Other			Total
Six-month period ended June 30, 2025	US$‘000			US$‘000			US$‘000			US$‘000
Result before restructuring costs, impairment and unallocated expenses		(324	)		(6,620	)		(103	)		(7,047	)
Restructuring costs		(421	)		(1,980	)		(58	)		(2,459	)
Once off costs		186			-			-			186
Impairment		(28	)		-			-			(28	)
Result after restructuring costs and impairment		(587	)		(8,600	)		(161	)		(9,348	)
Unallocated expenses *											(685	)
Operating loss											(10,033	)
Net financing expense											(4,431	)
Loss before tax											(14,464	)
Income tax expense											(300	)
Loss for the period on continuing operations											(14,764	)
Profit for the period on discontinued operations											-
Loss for the six-month period											(14,764	)

The distribution of segment results by geographical area was as follows:

				Rest of World
	Americas			Ireland			Other			Total
Six-month period ended June 30, 2024	US$‘000			US$‘000			US$‘000			US$‘000
Result before restructuring costs, impairment and unallocated expenses		(1,050	)		(2,268	)		(26	)		(3,344	)
Restructuring costs		(1,303	)		(636	)		-			(1,939	)
Impairment		(446	)		-			-			(446	)
Result after impairment		(2,799	)		(2,904	)		(26	)		(5,729	)
Unallocated expenses *											(1,364	)
Operating loss											(7,093	)
Net financing expense											(3,045	)
Loss before tax											(10,138	)
Income tax credit											64
Loss for the period on continuing operations											(10,074	)
Profit for the period on discontinued operations											-
Loss for the six-month period											(10,074	)

 * Unallocated expenses represent head office general and administration costs of the Group, which cannot be allocated to the results of any specific geographical area.

Schedule of segment assets and segment liabilities by geographical area

			Rest of World
	Americas		Ireland		Other		Total
As at June 30, 2025	US$‘000		US$‘000		US$‘000		US$‘000
Assets and liabilities
Segment assets		34,124		59,968		16		94,108
Unallocated assets:
Income tax assets (current and deferred)								3,977
Cash and cash equivalents and short-term investments								1,546
Total assets as reported in the Statement of Financial Position								99,631
Segment liabilities		94,077		50,016		42		144,135
Unallocated liabilities:
Income tax liabilities (current and deferred)								5,034
Total liabilities as reported in the Statement of Financial Position								149,169

			Rest of World
	Americas		Ireland		Other		Total
As at December 31, 2024	US$‘000		US$‘000		US$‘000		US$‘000
Assets and liabilities
Segment assets		32,798		61,254		-		94,052
Unallocated assets:
Income tax assets (current and deferred)								4,071
Cash and cash equivalents and short-term investments								5,167
Total assets as reported in the Statement of Financial Position								103,290
Segment liabilities		84,863		48,621		62		133,546
Unallocated liabilities:
Income tax liabilities (current and deferred)								4,925
Total liabilities as reported in the Statement of Financial Position								138,471

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FINANCIAL INCOME AND EXPENSES (Tables)

6 Months Ended

Jun. 30, 2025

Disclosure Of Financial Income And Expenses [Abstract]

Schedule of financial income and expenses

	Six month period ended
	June 30, 2025 US$‘000			June 30, 2024 US$‘000
Financial income:
Fair value adjustments of derivative financial instruments (Note 10)		-			55
		-			55
Financial expense:
Interest on leases		(319	)		(297	)
Cash interest on convertible & exchangeable notes		(154	)		(154	)
Cash interest on senior secured term loan (Note 10)		-			(4,545	)
Payment-in-kind interest on senior secured term loan (Note 10)		(5,320	)		-
Accretion interest on convertible & exchangeable notes (Note 10)		(456	)		(422	)
Accretion on senior secured term loan (Note 10)		(1,373	)		(1,068	)
Accretion interest on contingent liability		(29	)		(24	)
Fair value adjustments of derivative financial instruments (Note 10)		445			(980	)
Capitalization of borrowing costs		1,405			824
EIR catch up adjustment		1,142			3,566
Reversal of cash interest payable on PPP loans		228			-
		(4,431	)		(3,100	)
Net Financing Expense		(4,431	)		(3,045	)

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IMPAIRMENT CHARGES (Tables)

6 Months Ended

Jun. 30, 2025

Disclosure Of Impairment Charges And Inventory Provisioning [Abstract]

Schedule of impairment charges and inventory provisioning

	Six month period ended
	June 30,2025 US$’000		June 30,2024 US$’000
Impairment of PP&E		28		446
Impairment of goodwill and other intangible assets		-		-
Impairment of financial assets		-		-
Total impairment loss		28		446

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GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2025

Disclosure Of Goodwill And Intangible Assets [Abstract]

Schedule of goodwill and intangible assets

	June 30, 2025 US$000			December 31, 2024 US$000
Cost
Goodwill		80,484			80,484
Development costs		141,040			135,999
Patents and licenses		8,715			8,695
Technology based intangibles		13,105			13,105
Other		21,679			21,482
Total cost		265,024			259,765
Less accumulated amortization and impairment		(209,105	)		(208,422	)
Carrying amount		55,919			51,343

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LOSS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2025

Disclosure of classes of share capital [line items]

Schedule of basic loss per ordinary share

	June 30, 2025			June 30, 2024
‘A’ ordinary shares		369,329,458			183,376,218
Basic (loss)/earnings per share denominator		369,329,458			183,376,218
Reconciliation to weighted average (loss)/earnings per share denominator:
Number of ‘A’ Ordinary shares at January 1		371,749,084			165,865,884
Weighted average number of ‘A’ Ordinary shares issued during the year		10,135,974			30,065,934
Weighted average number of treasury shares		(12,555,600	)		(12,555,600	)
Basic (loss)/earnings per share denominator		369,329,458			183,376,218

Schedule of diluted loss per ordinary share

	June 30, 2025		June 30, 2024
Potentially Dilutive Instruments:
Basic loss per share denominator		369,329,458		183,376,218
Issuable on conversion of Exchangeable notes		38,391		38,391
Issuable on conversion of Convertible note		24,691,358		24,691,358
Issuable on exercise of options		-		-
Issuable on exercise of warrants		-		-
Diluted loss per share denominator		394,059,207		208,105,967

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INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2025

Classes of current inventories [abstract]

Schedule of inventories

	June 30, 2025 US$‘000		December 31, 2024 US$‘000
Raw materials and consumables		11,295		10,032
Work-in-progress		5,980		4,989
Finished goods		2,854		4,353
		20,129		19,374

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SHARE OPTIONS (Tables)

6 Months Ended

Jun. 30, 2025

Disclosure Of Share Options And Share Warrants [Abstract]

Schedule of grants of share options and warrants

	Options and			Weighted- average exercise price US$		Exercise  price range US$
	warrants ‘A’ Ordinary Shares			Per ‘A’ Ordinary Share		Per ‘A’ Ordinary Share
Outstanding January 1, 2024		46,914,672			0.39		0.12 –1.34
Granted		12,100,000			0.14		0.14 –0.14
Exercised		-			-		-
Expired / Forfeited		-			-		-
Outstanding at June 30, 2024		59,014,672			0.35		0.12 –1.34
Exercisable at June 30, 2024		24,029,255			0.58		0.12 –1.34
Outstanding January 1, 2025		40,506,672			0.26		0.12 –1.29
Granted		-			-		-
Exercised		-			-		-
Expired / Forfeited		(30,000	)		1.29		1.29 –1.29
Outstanding at June 30, 2025		40,476,672			0.26		0.12 –1.10
Exercisable at June 30, 2025		21,074,589			0.36		0.12 –1.10

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BORROWINGS (Tables)

6 Months Ended

Jun. 30, 2025

Disclosure of detailed information about borrowings [line items]

Schedule of movement in debt securities

	Six-month period ended June 30, 2024 US$000			Year ended December 31, 2024 US$000
Balance at start of period		(72,391	)		(40,109	)
Cash drawdown		(6,000	)		(30,500	)
Loan origination costs		299			325
Derivative financial asset at date of issue		-			(28	)
Accretion interest		(1,373	)		(2,355	)
Payment-in-kind (PIK) Interest		(5,320	)		(3,291	)
EIR Catch up adjustment		1,142			3,567
Balance at end of period		(83,643	)		(72,391	)

Schedule of movement in the derivative financial asset

	US$000
Balance at January 1, 2025		166
Event driven movement in derivative financial asset		-
Fair value adjustments in the period		(99	)
Non-current asset at June 30, 2025		67

Senior Secured Term Loan & 7-year Convertible Note [Member]

Disclosure of detailed information about borrowings [line items]

Schedule of movement in the derivative financial asset

	US$000
Balance at January 1, 2025		(1,658	)
Event driven movement in derivative financial liability		-
Fair value adjustments in the period		544
Non-current liability at June 30, 2025		(1,114	)

7-year Convertible Note [Member]

Disclosure of detailed information about borrowings [line items]

Schedule of movement in the derivative financial asset

	Six-month period ended June 30, 2025 US$000			Year ended December 31, 2024 US$000
Balance at start of period		(15,401	)		(14,542	)
Accretion interest		(456	)		(859	)
Balance at end of period		(15,857	)		(15,401	)

Exchangeable Notes [Member]

Disclosure of detailed information about borrowings [line items]

Schedule of movement in the derivative financial liability

	Six-month period ended June 30, 2025 US$000			Year ended December 31, 2024 US$000
Balance at start of period		(210	)		(210	)
Balance at end of period		(210	)		(210	)

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SHARE CAPITAL (Tables)

6 Months Ended

Jun. 30, 2025

Disclosure of classes of share capital [abstract]

Schedule of share capital

	Six-months ended June 30, 2025		Year ended December 31, 2024
	Class ‘A’ Ordinary shares		Class ‘A’ Ordinary shares
In thousands of shares
In issue at January 1		371,749		165,866
Issued for cash		13,447		81,628
Issued for non-cash consideration		-		124,255
At period end		385,196		371,749

	Six-months ended June 30, 2025		Year ended December 31, 2024
	ADS		ADS
In thousands of ADSs
Balance at January 1		18,587		8,293
Issued for cash		673		4,081
Issued for non-cash consideration		-		6213
At period end		19,260		18,587

The amounts in the tables above are inclusive of Treasury Shares. The number of Treasury Shares is as follows:

	Six-months ended June 30, 2025		Year ended December 31, 2024
	Class ‘A’ Treasury shares		Class ‘A’ Treasury shares
In thousands of shares
Balance at January 1		12,556		12,556
Purchased during period		-		-
At period end		12,556		12,556

	Six-months ended June 30, 2025		Year ended December 31, 2024
	ADS Treasury shares		ADS Treasury shares
In thousands of ADSs
Balance at January 1		628		628
Purchased during period		-		-
At period end		628		628

(a) During the six-months ended June 30, 2025, the Company issued 13,447,000 ‘A’ Ordinary shares (672,000 ADSs) for the consideration of US$0.55 million settled in cash. The Company incurred expenses of US$0.02 million in connection with the issuances. No employee share options were exercised during the year.

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CAPITAL MANAGEMENT (Tables)

6 Months Ended

Jun. 30, 2025

Disclosure Of Fair Value Measurement [Abstract]

Schedule of classification of each class of financial assets/liabilities

	Level 1			Level 2			Level 3		Total carrying amount			Fair Value
	US$’000			US$’000			US$’000		US$’000			US$’000
June 30, 2025
Loans and receivables at amortised cost
Trade receivables		7,946			-			-		7,946			7,946
Cash and cash equivalents		1,546			-			-		1,546			1,546
		9,492			-			-		9,492			9,492
Liabilities at amortised cost
Senior secured term loan		-			(83,643	)		-		(83,643	)		(83,643	)
Convertible loan note		-			(15,857	)		-		(15,857	)		(15,857	)
Exchangeable note		-			(210	)		-		(210	)		(210	)
Lease liabilities		(12,850	)		-			-		(12,850	)		(12,850	)
Trade and other payables (excluding deferred income)		(26,379	)		-			-		(26,379	)		(26,379	)
Provisions		(2,134	)		-			-		(2,134	)		(2,134	)
		(41,363	)		(99,710	)		-		(141,073	)		(141,073	)
Fair value through profit and loss (FVPL)
Derivative liability – warrants		-			(1,114	)		-		(1,114	)		(1,114	)
Derivative asset – prepayment option		-			67			-		67			67
Equity investments in Novus		-			-			2,763		2,763			2,763
		-			(1,047	)		2,763		1,716			1,716
		(31,871	)		(100,757	)		2,763		(129,865	)		(129,865	)

	Level 1			Level 2			Level 3		Total carrying amount			Fair Value
	US$’000			US$’000			US$’000		US$’000			US$’000
December 31, 2024
Loans and receivables at amortised cost
Trade receivables		13,416			-			-		13,416			13,416
Cash and cash equivalents		5,167			-			-		5,167			5,167
		18,583			-			-		18,583			18,583
Liabilities at amortised cost
Senior secured term loan		-			(72,391	)		-		(72,391	)		(72,391	)
Convertible note		-			(15,401	)		-		(15,401	)		(15,401	)
Exchangeable note		-			(210	)		-		(210	)		(210	)
Lease liabilities		(12,762	)		-			-		(12,762	)		(12,762	)
Trade and other payables (excluding deferred income)		(26,585	)		-			-		(26,585	)		(26,585	)
Provisions		(2,529	)		-			-		(2,529	)		(2,529	)
		(41,876	)		(88,002	)		-		(129,878	)		(129,878	)
Fair value through profit and loss (FVTPL)
Derivative liability – warrants		-			(1,658	)		-		(1,658	)		(1,658	)
Derivative asset – prepayment option		-			166			-		166			166
Equity investments in Novus		-			-			2,455		2,455			2,455
		-			(1,492	)		2,455		963			963
		(23,293	)		(89,494	)		2,455		(110,332	)		(110,332	)

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SEGMENT INFORMATION (Schedule of Revenue by Major Product Group) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Disclosure of products and services [line items]
Revenue	$ 18,401	$ 30,547
Clinical laboratory goods [Member]
Disclosure of products and services [line items]
Revenue	14,404	20,397
Clinical laboratory services [Member]
Disclosure of products and services [line items]
Revenue	1,953	2,582
Point-of-Care products [Member]
Disclosure of products and services [line items]
Revenue	$ 2,044	$ 7,568

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SEGMENT INFORMATION (Schedule of Segment Results by Geographical Area) (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2025	Jun. 30, 2024
Disclosure of disaggregation of revenue from contracts with customers [line items]
Result before impairment and unallocated expenses		$ (7,047)	$ (3,344)
Restructuring costs		(2,459)	(1,939)
Impairment		(28)	(446)
Once off costs		(186)	0
Result after impairment		(9,348)	(5,729)
Unallocated Expenses	[1]	(685)	(1,364)
Operating loss		(10,033)	(7,093)
Net financing expense		(4,431)	(3,045)
Loss before tax		(14,464)	(10,138)
Income tax credit		300	64
Loss for the period on continuing operations		(14,764)	(10,074)
Profit for the period from discontinued operations		0	0
Loss for the nine-month period		(14,764)	(10,074)
Americas [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Result before impairment and unallocated expenses		(324)	(1,050)
Restructuring costs		(421)	(1,303)
Impairment		(28)	(446)
Once off costs		(186)
Result after impairment		(587)	(2,799)
Ireland [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Result before impairment and unallocated expenses		(6,620)	(2,268)
Restructuring costs		(1,980)	(636)
Impairment		0	0
Once off costs		0
Result after impairment		(8,600)	(2,904)
Other Countries [Member]
Disclosure of disaggregation of revenue from contracts with customers [line items]
Result before impairment and unallocated expenses		(103)	(26)
Restructuring costs		(58)	0
Impairment		0	0
Once off costs		0
Result after impairment		$ (161)	$ (26)

[1] Unallocated expenses represent head office general and administration costs of the Group, which cannot be allocated to the results of any specific geographical area.

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SEGMENT INFORMATION (Schedule of Segment Assets and Segment Liabilities by Geographical Area) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Assets and liabilities
Segment assets	$ 94,108	$ 94,052
Unallocated assets:
Income tax assets (current and deferred)	3,977	4,071
Cash and cash equivalents and short-term investments	1,546	5,167
Total assets as reported in the Statement of Financial Position	99,631	103,290
Segment liabilities	144,135	133,546
Unallocated liabilities:
Income tax liabilities (current and deferred)	5,034	4,925
Total liabilities as reported in the Statement of Financial Position	149,169	138,471
Americas [Member]
Assets and liabilities
Segment assets	34,124	32,798
Unallocated assets:
Segment liabilities	94,077	84,863
Ireland [Member]
Assets and liabilities
Segment assets	59,968	61,254
Unallocated assets:
Segment liabilities	50,016	48,621
Other Countries [Member]
Assets and liabilities
Segment assets	16	0
Unallocated assets:
Segment liabilities	$ 42	$ 62

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FINANCIAL INCOME AND EXPENSES (Schedule of Financial Income (Expenses), Net) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Financing Income Abstract
Non-cash financial income	$ 0	$ 55
Financial income	0	55
Financial expense:
Interest on leases	(319)	(297)
Cash interest on convertible & exchangeable notes	(154)	(154)
Cash interest on senior secured term loan	0	(4,545)
Payment-in-kind interest on senior secured term loan	(5,320)	0
Accretion interest on convertible & exchangeable notes	(456)	(422)
Accretion on senior secured term loan	(1,373)	(1,068)
Accretion interest on contingent liability	(29)	(24)
Fair value adjustments of derivative financial instruments	445	(980)
Capitalization of borrowing costs	1,405	824
EIR catch up adjustment	1,142	3,566
Reversal of cash interest payable on PPP loans	228	0
Financial expense	(4,431)	(3,100)
Net Financing Expense	$ (4,431)	$ (3,045)

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IMPAIRMENT CHARGES (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Disclosure Of Impairment Charges And Inventory Provisioning [Abstract]
Impairment loss	$ 28	$ 446

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IMPAIRMENT CHARGES (Schedule of Statement of Operation) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Selling, General & Administration Expenses Abstract
Impairment of PP&E	$ 28	$ 446
Impairment of goodwill and other intangible assets	0	0
Impairment of financial assets	0	0
Total impairment loss	$ 28	$ 446

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GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details)	6 Months Ended
	Jun. 30, 2025 USD ($)
Disclosure Of Goodwill And Intangible Assets [Abstract]
Decrease in gross intangible assets	$ 5,259

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GOODWILL AND INTANGIBLE ASSETS (Schedule of Goodwill and Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Disclosure of detailed information about intangible assets [line items]
Goodwill and intangible assets	$ 55,919	$ 51,343
Cost [Member]
Disclosure of detailed information about intangible assets [line items]
Goodwill and intangible assets	265,024	259,765
Accumulated amortization and impairment [Member]
Disclosure of detailed information about intangible assets [line items]
Goodwill and intangible assets	(209,105)	(208,422)
Carrying amounts [Member]
Disclosure of detailed information about intangible assets [line items]
Goodwill and intangible assets	55,919	51,343
Goodwill [Member] | Cost [Member]
Disclosure of detailed information about intangible assets [line items]
Goodwill and intangible assets	80,484	80,484
Development cost [Member] | Cost [Member]
Disclosure of detailed information about intangible assets [line items]
Goodwill and intangible assets	141,040	135,999
Patents and licences [Member] | Cost [Member]
Disclosure of detailed information about intangible assets [line items]
Goodwill and intangible assets	8,715	8,695
Technology based intangibles [Member] | Cost [Member]
Disclosure of detailed information about intangible assets [line items]
Goodwill and intangible assets	13,105	13,105
Other [Member] | Cost [Member]
Disclosure of detailed information about intangible assets [line items]
Goodwill and intangible assets	$ 21,679	$ 21,482

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LOSS PER SHARE (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Disclosure of classes of share capital [line items]
Loss for the period (all attributable to owners of the parent)	$ (14,764)	$ (10,074)
Number of ordinary shares used in calculating basic earnings per share	369,329,458	183,376,218
Class A Ordinary shares [Member]
Disclosure of classes of share capital [line items]
Loss for the period (all attributable to owners of the parent)	$ 14,764	$ 10,074
Number of ordinary shares used in calculating basic earnings per share	369,329,458	183,376,218

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LOSS PER SHARE (Schedule of basic loss per ordinary share) (Details) - shares	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Earnings per share [line items]
Basic (loss)/earnings per share denominator	369,329,458	183,376,218
Reconciliation to weighted average (loss)/earnings per share denominator:
Basic (loss)/earnings per share denominator	369,329,458	183,376,218
Class A Ordinary shares [Member]
Earnings per share [line items]
Basic (loss)/earnings per share denominator	369,329,458	183,376,218
Reconciliation to weighted average (loss)/earnings per share denominator:
Number of shares at January 1	371,749,084	165,865,884
Weighted average number of shares issued during the year	10,135,974	30,065,934
Weighted average number of treasury shares	(12,555,600)	(12,555,600)
Basic (loss)/earnings per share denominator	369,329,458	183,376,218

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LOSS PER SHARE (Schedule of Diluted Loss Per Ordinary Share) (Details) - shares	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Weighted average ordinary shares used in calculating basic and diluted earnings per share [abstract]
Basic EPS Denominator	369,329,458	183,376,218
Class A Ordinary shares [Member]
Weighted average ordinary shares used in calculating basic and diluted earnings per share [abstract]
Basic EPS Denominator	369,329,458	183,376,218
Issuable on conversion of Exchangeable notes	38,391	38,391
Issuable on conversion of Convertible notes	24,691,358	24,691,358
Issuable on exercise of options	0	0
Issuable on exercise of warrants	0	0
Basic (loss)/earnings per share denominator	394,059,207	208,105,967

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INVENTORIES (Narrative) (Details) - USD ($)	Jun. 30, 2025	Dec. 31, 2024
Classes of current inventories [abstract]
Inventories net of provisions	$ 7,094,000	$ 7,648,000

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INVENTORIES (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Classes of current inventories [abstract]
Raw materials and consumables	$ 11,295	$ 10,032
Work-in-progress	5,980	4,989
Finished goods	2,854	4,353
Total inventories	$ 20,129	$ 19,374

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SHARE OPTIONS (Narrative) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($) shares	Jun. 30, 2024 USD ($) shares	Dec. 31, 2024 shares	Dec. 31, 2023 shares
Disclosure of classes of share capital [line items]
Share-based payments | $	$ 225	$ 926
Share option [Member]
Disclosure of classes of share capital [line items]
Share-based payments | $	$ 225,000	$ 926,000
Class A Ordinary shares [Member]
Disclosure of classes of share capital [line items]
Number of Options | shares	40,476,672	59,014,672	40,506,672	46,914,672
American depositary share [Member]
Disclosure of classes of share capital [line items]
Number of Options | shares	2,023,834

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SHARE OPTIONS (Schedule of Grants of Share Options and Warrants) (Details) - Class A Ordinary shares [Member]	6 Months Ended
	Jun. 30, 2025 shares $ / shares	Jun. 30, 2024 shares $ / shares
Options And Warrants [Abstract]
Outstanding Beginning Balance | shares	40,506,672	46,914,672
Granted | shares	0	12,100,000
Exercised | shares	0	0
Forfeited | shares	(30,000)	0
Outstanding at end of year | shares	40,476,672	59,014,672
Exercisable at end of year | shares	21,074,589	24,029,255
Weighted Average exercise price
Outstanding Beginning Balance	$ 0.26	$ 0.39
Granted	0	0.14
Exercised	0	0
Forfeited	1.29	0
Outstanding at end of year	0.26	0.35
Exercisable at end of year	0.36	0.58
Bottom of range [member]
Weighted Average exercise price
Outstanding Beginning Balance	0.12	0.12
Granted		0.14
Forfeited	1.29
Outstanding at end of year	0.12	0.12
Exercisable at end of year	0.12	0.12
Top of range [member]
Weighted Average exercise price
Outstanding Beginning Balance	1.29	1.34
Granted		0.14
Forfeited	1.29
Outstanding at end of year	1.1	1.34
Exercisable at end of year	$ 1.1	$ 1.34

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BORROWINGS (Narrative) (Details) - USD ($)	1 Months Ended	6 Months Ended	12 Months Ended
	May 31, 2022	Jun. 30, 2025	Dec. 31, 2024	May 14, 2025	Feb. 27, 2025	Dec. 31, 2023
Disclosure of detailed information about borrowings [line items]
Convertible loan note		$ 15,857,000	$ 15,401,000
Fair value remeasurement for derivative financial balances		445,000
Notional amount				$ 2,000,000	$ 4,000,000
Equity Component Of Convertible Note		6,709,000	6,709,000
IFRS 9 [Member]
Disclosure of detailed information about borrowings [line items]
Accretion interest adjustment		500,000
Borrowings, closing carrying value		15,000,000
Convertible loan note		6,700,000
MiCo Ltd [Member]
Disclosure of detailed information about borrowings [line items]
Notional amount	$ 45,200,000
Equity Component Of Convertible Note	25,200,000
MiCo Ltd [Member] | Unsecured junior convertible note [Member]
Disclosure of detailed information about borrowings [line items]
Principal Amount Loaned	$ 20,000,000
Senior secured term loan [Member] | Non Current Liabilities [Member]
Disclosure of detailed information about borrowings [line items]
Repayment of term loan		(5,320,000)	(3,291,000)
Accretion interest		(1,373,000)	(2,355,000)
Fair value of derivative financial asset		67,000
Fair value of derivative financial liability		1,114,000
Remaining amount of loan		83,643,000	72,391,000			$ 40,109,000
Principal Amount Loaned		6,000,000	30,500,000
Exchangeable Senior Notes [Member]
Disclosure of detailed information about borrowings [line items]
Total exchangeable notes percentage						99.70%
Exchangeable Senior Notes [Member] | Current Liabilities [Member]
Disclosure of detailed information about borrowings [line items]
Remaining amount of loan		$ 210,000	$ 210,000			$ 210,000
Convertible Notes [Member] | MiCo Ltd [Member]
Disclosure of detailed information about borrowings [line items]
Interest rate	1.50%
Convertible notes conversion basis description	The convertible note mandatorily converts into ADSs if the volume weighted average price of the Company’s ADSs is at or above US$16.20 for any five consecutive Nasdaq trading days. For further details on the convertible note, refer to the Company’s Form 6-K filings with the SEC on April 11, 2022.

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BORROWINGS (Schedule of Movement in the Derivative Financial Asset) (Details) - Non Current Assets [Member] - Derivative Financial Asset [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Disclosure of fair value measurement of liabilities [line items]
Balance at beginning of the period	$ 166
Event driven movement in derivative financial asset	0
Fair value adjustments in the period	(99)
Balance at end of the period	$ 67

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BORROWINGS (Schedule of Movement in the Derivative Financial Liability) (Details) - Non-current liability [Member] - Derivative Financial Liability [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Disclosure of fair value measurement of liabilities [line items]
Balance at January 1	$ (1,658)
Event driven movement in derivative financial liability	0
Fair value adjustments in the period	544
Balance at end of the period	$ (1,114)

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BORROWINGS (Schedule of Movement in the Term Loan and the 7-year Convertible Notes) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Disclosure of fair value measurement of liabilities [line items]
Eir Catch Up Adjustment	$ 1,142	$ 3,566
Non-current liability [Member] | Senior secured term loan [Member]
Disclosure of fair value measurement of liabilities [line items]
Balance at January 1	(72,391)	(40,109)	$ (40,109)
Cash drawdown	(6,000)		(30,500)
Loan origination costs	299		325
Derivative financial asset at date of issue	0		(28)
Accretion interest	(1,373)		(2,355)
Cash repayment of principal	(5,320)		(3,291)
Eir Catch Up Adjustment	1,142		3,567
Balance at end of the period	(83,643)		(72,391)
Non-current liability [Member] | 7-year Convertible Note [Member]
Disclosure of fair value measurement of liabilities [line items]
Balance at January 1	(15,401)	$ (14,542)	(14,542)
Accretion interest	(456)		(859)
Balance at end of the period	$ (15,857)		$ (15,401)

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BORROWINGS (Schedule of Movement in the Exchangeable Notes balance) (Details) - Current Liabilities [Member] - Exchangeable Senior Notes [Member] - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Disclosure of fair value measurement of liabilities [line items]
Balance at January 1	$ (210)	$ (210)
Balance at end of the period	$ (210)	$ (210)

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SHARE CAPITAL (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Disclosure of classes of share capital [line items]
Proceeds from issue of ordinary shares	$ 550
Share issue related cost	$ 20
Class A Ordinary shares [Member]
Disclosure of classes of share capital [line items]
Issued for cash	13,447	81,628
Class A Ordinary shares [Member] | Waveform Technologies, Inc. [Member]
Disclosure of classes of share capital [line items]
Issued for cash	13,447,000
ADS Treasury shares [Member] | Waveform Technologies, Inc. [Member]
Disclosure of classes of share capital [line items]
Issued for cash	672,000

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SHARE CAPITAL (Schedule of Share Capital) (Details) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Class A Ordinary shares [Member]
Disclosure of classes of share capital [line items]
In issue at January 1	371,749	165,866
Issued for cash	13,447	81,628
Issued as consideration for Waveform acquisition	0	124,255
In issue at June 30	385,196	371,749
American depositary share [Member]
Disclosure of classes of share capital [line items]
In issue at January 1	18,587	8,293
Issued for cash	673	4,081
Issued as consideration for Waveform acquisition	0	6,213
In issue at June 30	19,260	18,587
Class A Treasury shares [Member]
Disclosure of classes of share capital [line items]
Balance at January 1	12,556	12,556
Purchased during the year	0	0
Balance at Ending	12,556	12,556
ADS Treasury shares [Member]
Disclosure of classes of share capital [line items]
Balance at January 1	628	628
Purchased during the year	0	0
Balance at Ending	628	628

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CAPITAL MANAGEMENT (Schedule of Classification of Each Class of Financial Assets/Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Loans and receivables at amortised cost
Cash and cash equivalents	$ 1,546	$ 5,167
Liabilities at amortised cost
Convertible loan note	15,857	15,401
Exchangeable note	(210)	(210)
Fair value through profit and loss (FVPL)
Derivative asset – prepayment option	67	166
Level 1 [Member]
Loans and receivables at amortised cost
Trade receivables	7,946	13,416
Cash and cash equivalents	1,546	5,167
Loans and receivables at amortised cost	9,492	18,583
Liabilities at amortised cost
Senior secured term loan	0	0
Convertible loan note	0	0
Exchangeable note	0	0
Lease liabilities	(12,850)	(12,762)
Trade and other payables (excluding deferred income)	(26,379)	(26,585)
Provisions	(2,134)	(2,529)
Liabilities at amortised cost	(41,363)	(41,876)
Fair value through profit and loss (FVPL)
Derivative liability – warrants	0	0
Derivative asset – prepayment option	0	0
Equity investments in Novus	0	0
Fair value through profit and loss (FVPL)	0	0
Financial assets/liabilities	(31,871)	(23,293)
Level 2 [Member]
Loans and receivables at amortised cost
Trade receivables	0	0
Cash and cash equivalents	0	0
Loans and receivables at amortised cost	0	0
Liabilities at amortised cost
Senior secured term loan	(83,643)	(72,391)
Convertible loan note	(15,857)	(15,401)
Exchangeable note	(210)	(210)
Lease liabilities	0	0
Trade and other payables (excluding deferred income)	0	0
Provisions	0	0
Liabilities at amortised cost	(99,710)	(88,002)
Fair value through profit and loss (FVPL)
Derivative liability – warrants	(1,114)	(1,658)
Derivative asset – prepayment option	67	166
Equity investments in Novus	0	0
Fair value through profit and loss (FVPL)	(1,047)	(1,492)
Financial assets/liabilities	(100,757)	(89,494)
Level 3 [Member]
Loans and receivables at amortised cost
Trade receivables	0	0
Cash and cash equivalents	0	0
Loans and receivables at amortised cost	0	0
Liabilities at amortised cost
Senior secured term loan	0	0
Convertible loan note	0	0
Exchangeable note	0	0
Lease liabilities	0	0
Trade and other payables (excluding deferred income)	0	0
Provisions	0	0
Liabilities at amortised cost	0	0
Fair value through profit and loss (FVPL)
Derivative liability – warrants	0	0
Derivative asset – prepayment option	0	0
Equity investments in Novus	2,763	2,455
Fair value through profit and loss (FVPL)	2,763	2,455
Financial assets/liabilities	2,763	2,455
Total carrying amount [Member]
Loans and receivables at amortised cost
Trade receivables	7,946	13,416
Cash and cash equivalents	1,546	5,167
Loans and receivables at amortised cost	9,492	18,583
Liabilities at amortised cost
Senior secured term loan	(83,643)	(72,391)
Convertible loan note	(15,857)	(15,401)
Exchangeable note	(210)	(210)
Lease liabilities	(12,850)	(12,762)
Trade and other payables (excluding deferred income)	(26,379)	(26,585)
Provisions	(2,134)	(2,529)
Liabilities at amortised cost	(141,073)	(129,878)
Fair value through profit and loss (FVPL)
Derivative liability – warrants	(1,114)	(1,658)
Derivative asset – prepayment option	67	166
Equity investments in Novus	2,763	2,455
Fair value through profit and loss (FVPL)	1,716	963
Financial assets/liabilities	(129,865)	(110,332)
Fair Value [Member]
Loans and receivables at amortised cost
Trade receivables	7,946	13,416
Cash and cash equivalents	1,546	5,167
Loans and receivables at amortised cost	9,492	18,583
Liabilities at amortised cost
Senior secured term loan	(83,643)	(72,391)
Convertible loan note	(15,857)	(15,401)
Exchangeable note	(210)	(210)
Lease liabilities	(12,850)	(12,762)
Trade and other payables (excluding deferred income)	(26,379)	(26,585)
Provisions	(2,134)	(2,529)
Liabilities at amortised cost	(141,073)	(129,878)
Fair value through profit and loss (FVPL)
Derivative liability – warrants	(1,114)	(1,658)
Derivative asset – prepayment option	67	166
Equity investments in Novus	2,763	2,455
Fair value through profit and loss (FVPL)	1,716	963
Financial assets/liabilities	$ (129,865)	$ (110,332)

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CONTINGENCIES (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Disclosure Of Commitments And Contingencies [Abstract]
Grant contingencies maximum amount payable	$ 3,313,000	$ 3,291,000
Utilisation period for provisions	one to three years

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RELATED PARTY TRANSACTIONS (Narrative) (Details)	1 Months Ended				6 Months Ended
	Dec. 31, 2016 EUR (€) ft²	Dec. 31, 2016 USD ($) ft²	Dec. 31, 2007 EUR (€) ft²	Dec. 31, 2007 USD ($) ft²	Jun. 30, 2025 EUR (€)	Jun. 30, 2025 USD ($)
Mr. O'Caoimh [Member]
Disclosure of transactions between related parties [line items]
Term of lease	10-year	10-year
Annual rent payable	€ 144,000	$ 159,000			€ 170,560
Rate of rent per squre foot	16,000	16,000
JRJ Investments [Member]
Disclosure of transactions between related parties [line items]
Term of lease			25-year	25-year	25-year	25-year
Annual rent payable			€ 787,000	$ 834,000	€ 381,000	$ 421,000
Rate of rent per squre foot			43,860	43,860

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POST BALANCE SHEET EVENTS (Narrative) (Details) - USD ($)			1 Months Ended		6 Months Ended
	Aug. 07, 2025	Mar. 14, 2025	Oct. 16, 2025	Aug. 29, 2025	Jun. 30, 2025	May 14, 2025	Feb. 27, 2025
Disclosure of non-adjusting events after reporting period [line items]
Minimum value requirement to maintain market value of publicly held shares		$ 15,000,000
Deficiency continuation for period of market value of publicly held shares		30 consecutive business days		10 consecutive business days
Value maintained to market value of publicly held shares				$ 15,000,000
Face amount of loan						$ 2,000,000	$ 4,000,000
Expenses for growth and development initiatives					$ 260,000,000,000
American Depositary Shares [Member]
Disclosure of non-adjusting events after reporting period [line items]
Deficiency continuation for below of bid price		30 consecutive business days
Minimum bid price		$ 1
Minimum bid price increased		$ 1
Regained compliance with minimum bid price requirement		ten consecutive business days
Events after reporting period [Member] | Sixth amendment to credit agreement [Member]
Disclosure of non-adjusting events after reporting period [line items]
Face amount of loan	$ 2,000,000		$ 2,000,000
Loan maturity	three months to October 1, 2026
Loan, interest rate basis	interest payments for the months of July and August 2025 would be paid-in-kind		interest payments for the months of September and October 2025 would be paid-in-kind