Athanase Innovation (ATIN) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 2025 were 6.1 MSEK, down from 35.4 MSEK in Q1 2024, entirely from subsidiary Ivisys.

• Value change from securities was 8.2 MSEK (32.0 MSEK in Q1 2024), with 8.8 MSEK from listed and -0.6 MSEK from unlisted holdings.

• Operating result (EBIT) was -9.1 MSEK, compared to 19.8 MSEK in Q1 2024.

• Board is preparing a distribution of Ivisys shares to shareholders, expected to complete by summer 2025.

Financial highlights

• Earnings per share for Q1 2025 was -0.40 SEK, compared to 0.93 SEK in Q1 2024.

• Cash flow for Q1 2025 was -10.5 MSEK (-10.8 MSEK in Q1 2024); cash and cash equivalents at period end were 300.2 MSEK (446.2 MSEK in Q1 2024).

• Equity ratio at period end was 87.1% (88.0% in Q1 2024).

Outlook and guidance

• Ongoing global economic uncertainty and volatility due to new US trade policies and tariffs.

• Some uncertainty for Ivisys sales development in 2025, especially in the US market, but no clear signs of reduced investment appetite among customers.

• Continued cautious optimism for coming quarters based on ongoing customer engagement.