UltraGreen.ai (SGX: ULG / UGS) just released its 1H2026 results, and it is a genuinely strong set.

Revenue rose 24% year on year to US$87.2 million. Underlying net profit jumped 45% to US$39.4 million. Here is what is behind the numbers, and what I am watching heading into the second half.

Revenue came in at US$87.2 million, up from US$70.1 million in 1H2025. Gross profit rose 27% to US$75.5 million, and gross margin improved to 87%, from 85% a year ago.

NPAT before exceptional items rose 45% to US$39.4 million, giving a NPAT margin of about 45%. EBITDA was up 41% to US$52.1 million, and basic EPS rose 53% to 3.56 US cents.

The growth came from continued global adoption of Indocyanine Green, or ICG, in fluorescence-guided surgeries.

Sales volumes rose 11% to about 589,511 vials. US volumes were up 4% to 377,616 vials, EMEA volumes rose 24% to 196,165 vials, and APAC volumes grew 45% to 15,730 vials, though off a smaller base.

Higher average selling prices in the US, from pricing actions taken last year, also helped.

ICG is UltraGreen's flagship product. It is sold as IC-GREEN in the US and as Verdye outside North America, and it is the most widely used fluorescence imaging agent globally.

Cash and short-term liquid investments rose to US$197.6 million, up from US$176.1 million at the end of 2025. The group has no borrowings, excluding lease liabilities, so it has real flexibility.

The Board declared a dividend of US$0.01 per share for 1H2026, and the company bought back about one million shares under its buyback mandate.

Management said it plans to keep returning value through semi-annual dividends and buybacks, subject to performance and capital needs.

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CEO Ravinder Sajwan said the company enters the second half with strong momentum, and remains confident of delivering double-digit growth in both revenue and underlying net profit for FY2026.

Full-year revenue guidance is US$175 million to US$185 million, with 2H2026 revenue expected to be higher than 1H2026. Growth plans include expanding into new markets, broadening into wound care procedures, and progressing its quantification software toward regulatory approval.

One thing worth flagging: adjusted EBITDA margin actually slipped to 60%, from 65% a year ago, even as EBITDA and NPAT both grew strongly. Worth watching whether that margin trend continues as the company expands into new markets and procedures.

UltraGreen also discontinued its UltraLinQ segment, which contributed US$3.4 million of revenue in 1H2025 versus nothing this half. On a continuing-operations basis, growth is even stronger (revenue up 31%, NPAT up 57%), so it is worth being clear on what is being compared before getting too excited about the headline numbers.

This is a strong half. Revenue and profit both grew at a healthy clip, margins improved, and the balance sheet is in good shape with no debt and a growing cash pile.

Management's guidance for the second half sounds confident, and the capital return story of dividends plus buybacks is a nice bonus for shareholders.