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Appear (APR) investor relations material
Appear Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary25 Nov, 2025
Executive summary
Q3 2025 revenue rose 30% year-over-year to NOK 183.1 million, with year-to-date revenue up 36.1% to NOK 616.3 million, surpassing the previous full year.
Strong momentum across all regions, driven by Tier 1 customer wins, major sports contracts, and expanding partnerships with broadcasters and content owners.
Successfully listed on the Oslo Stock Exchange in November 2025, raising NOK 99.8 million and welcoming over 5,000 new shareholders.
Preparing for the VX product launch in Q4 to bridge broadcast and cloud workflows, with new product launches and regional Centers of Excellence supporting growth.
Financial highlights
Q3 EBITDAC was NOK 32.6 million (17.8% margin), impacted by IPO costs; YTD EBITDAC was NOK 122.4 million (19.9% margin), with underlying margin at 21.0%.
Q3 operating profit was NOK 45.2 million (24.7% margin); net profit NOK 28.9 million; EPS NOK 0.78.
Free cash flow in Q3 was NOK 110.9 million, with year-to-date free cash flow at NOK 79.3 million, up 20.7% year-over-year.
Gross margin in Q3 was 73.8%, with year-to-date gross margin at 72.1%.
Available liquidity at quarter-end was NOK 318.3 million, with no interest-bearing debt and an equity ratio of 60.8%.
Outlook and guidance
2025 revenue guidance is reaffirmed at ~NOK 800 million, with Q4 expected to be similar to Q3.
Medium to long-term targets: 25%-30% annual revenue growth, recurring revenue share of 15%-25%, gross margin around 70%, and EBITDAC margin of 17%-20%.
Margin headwinds from U.S. tariffs expected to be partly offset by product mix, pricing, and recurring revenue.
Confident in near-term execution and long-term growth, focusing on profitable growth, software expansion, and disciplined operations.
Americas expected to remain the main growth engine, with EMEA and Asia-Pacific also contributing significant growth.
Quantify earnings impact from development capitalization
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