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Sleep Cycle
Sleep Cycle (SLEEP) investor relations material
Sleep Cycle Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Strategic transformation underway, shifting from an app-centric model to a diversified platform with B2B technology licensing and MedTech opportunities, prioritizing long-term growth over short-term optimization.
Maintained strong profitability and EBIT margins despite a 13% Q4 and 5% full-year net sales decline in a challenging consumer market.
Partnership revenue grew 46% in Q4 and 59% for the year, now representing over 12% of total net revenue.
Launched Luma, an AI-based sleep coach, and advanced sleep apnea screening solution.
Deliberate choice to prioritize investments in platform, partnerships, and MedTech for future growth.
Financial highlights
Q4 net sales: SEK 57.9m, down 13.3% year-over-year; full-year net sales: SEK 247.9m, down 5.2%.
Q4 EBIT: SEK 14.1m (margin 24.3%); full-year EBIT: SEK 66.0m (margin 26.6%).
Number of paying subscribers at year-end: 768,000, down from 918,000; ARPU Q4: SEK 269 (FX adjusted SEK 279); full-year ARPU: SEK 277 (FX adjusted SEK 282).
Cash and cash equivalents at year-end: SEK 120.8m; positive operating cash flow.
Board proposed a dividend of SEK 0.53 per share, totaling SEK 10.7m.
Outlook and guidance
2026 will be investment-intensive, with revenue expected slightly below 2025 due to delayed ramp-up in new business areas.
EBIT margin guided to compress to around 5% in 2026, returning to approximately 25% in 2027 as new revenue streams scale.
Long-term targets unchanged; growth in net sales anticipated to accelerate from 2027 onward, driven by MedTech and B2B licensing.
Justify 2026 EBIT margin drop and 2027 recovery
Timeline for sleep apnea regulatory submissions
Strategy for declining core app downloads
Sleep apnea product sales strategy post-validation?
Key SDK partner milestones for 2026 revenue ramp?
How do 2026 investments drive 2027 growth?
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Latest events from Sleep Cycle
- Q2 net revenue up 12.9%, EBIT margin at 32%, and subscribers reached 898,000.SLEEP
Q2 20242 Feb 2026 - Q3 2024 delivered strong revenue, margin, and subscriber growth, with a raised margin outlook.SLEEPQ3 202418 Jan 2026
- Revenue and margin growth, 918,000 subscribers, and SEK 3.00 dividend highlight 2024.SLEEPQ4 20249 Jan 2026
- Revenue and market share grew with a 26.3% EBIT margin despite industry challenges.SLEEPQ1 202523 Dec 2025
- Partnership revenue grew 68%+, offsetting subscriber decline and supporting strong margins.SLEEPQ2 202523 Nov 2025
- Partnership revenue rose 55% YoY, offsetting subscriber and sales declines in Q3 2025.SLEEPQ3 202524 Oct 2025
Next Sleep Cycle earnings date
Q1 202629 Apr, 2026
Sleep Cycle
Next Sleep Cycle earnings date
Q1 202629 Apr, 2026
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@theshortbearx.com
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