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InCoax Networks (INCOAX) investor relations material
InCoax Networks Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
2025 concluded with results below expectations and continued negative cash flow as the company transitioned from a development phase to commercial execution, finalizing integration with Nokia's Gigabit Connect platform.
A new management structure and cost reductions were implemented, with a focus on sales and cash flow to achieve positive cash flow within the next year.
The first product integrated with Nokia will launch in Q1 2026, providing access to Nokia's global operator market.
Financial highlights
Net sales for Q4 2025 were 9,027 KSEK, up 22% year-over-year; full-year net sales were 48,055 KSEK, down from 74,498 KSEK.
Gross margin for Q4 was 50% (down from 70%); full-year gross margin was 62% (down from 57%).
Operating profit (EBITA) for Q4 was -10,512 KSEK; full-year EBITA was -32,009 KSEK.
Profit after tax for Q4 was -10,882 KSEK; full-year profit after tax was -32,560 KSEK.
Cash flow for Q4 was -5,764 KSEK; full-year cash flow including financing was 6,516 KSEK.
Outlook and guidance
The company aims to reach positive cash flow within the next year through strict capital discipline, cost reductions, and increased sales.
Ongoing cost reductions are expected to lower ongoing costs by 40% and save close to SEK 25 million in 2026.
New product launches and expanded commercial partnerships, especially with Nokia, are expected to drive growth.
- Q3 2025 sales fell sharply, but margin gains and new launches support a positive long-term outlook.INCOAX
Q3 202531 Oct 2025 - Sales declined sharply, but margin and strategic positioning improved for future growth.INCOAX
Q2 202515 Aug 2025 - Q3 2024 net sales rose 15% year-over-year, with strong progress in US and Nokia partnerships.INCOAX
Q3 202413 Jun 2025 - Net sales more than doubled year-over-year, with Nokia partnership driving future growth.INCOAX
Q2 202413 Jun 2025 - Lower sales offset by higher margins and new orders; growth outlook remains strong.INCOAX
Q1 20256 Jun 2025 - 25% sales growth and strategic partnerships set the stage for long-term expansion.INCOAX
Q4 20245 Jun 2025
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