Arctic Bioscience (ABS) Q4 2025 TU earnings summary

Executive summary

• 2025 sales revenue was NOK 39.8 million, a decrease from 2024 due to a significant product recall at the end of 2024, but Q4 2025 saw a strong recovery with NOK 13.9 million in sales and robust order intake for 2026.

• B2B segment remained dominant, accounting for nearly 90% of sales, with the US market showing over 140% year-over-year growth and the Americas achieving the highest revenue share at 33%.

• Operational cost reductions of NOK 13.6 million improved EBITDA, with adjusted EBITDA for 2025 at NOK -28.3 million, up from NOK -36.8 million in 2024.

• Pharma pipeline advanced with positive results in psoriasis and glaucoma studies, and the HeROPA trial demonstrated significant reduction in systemic inflammation, attracting international attention and partnership discussions.

• ROMEGA® products expanded into Singapore and Asia, and Arctic Algae project received NOK 2.5 million in funding for oral fish vaccines.

Financial highlights

• 2025 sales revenue was NOK 39.8 million, down NOK 3.7 million from 2024, with Q4 sales at NOK 13.9 million.

• Gross margin for 2025 was 27.1%, stable compared to 2024.

• Adjusted EBITDA for 2025 was NOK -28.3 million, an improvement from NOK -36.8 million in 2024.

• Available liquidity at year-end was NOK 5.2 million, down from NOK 7 million at the end of 2024.

• Operational costs reduced by NOK 13.6 million year-over-year.

Outlook and guidance

• Strong order outlook for 2026, with expected growth in nutraceuticals and new product launches in B2B and B2C segments across Europe and Asia.

• Continued focus on expanding B2C distribution in Europe and growing presence in Asia, including new markets like India, Japan, and Singapore.

• Pharma development to proceed with partners and soft funding, not through direct capital raises.

• Data from HeROPA trial to be published and presented in 2026, increasing visibility.

• Liquidity situation is closely monitored, with ongoing dialogue with the bank and board oversight.