Athanase Innovation (ATIN) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 reached SEK 5.4m, up from SEK 0.8m in Q2 2024, entirely from subsidiary Ivisys.

• Value change from securities was SEK -10.7m, down from SEK 16.8m in Q2 2024.

• Operating result (EBIT) for Q2 2025 was SEK -27.2m, compared to SEK -15.4m in Q2 2024.

• For H1 2025, net sales were SEK 11.5m (SEK 36.2m in H1 2024), and operating result was SEK -36.4m (SEK 4.4m in H1 2024).

• Ongoing plan to distribute Ivisys via Lex Asea remains on track.

Financial highlights

• Q2 2025 net sales: SEK 5.4m (Q2 2024: SEK 0.8m); H1 2025: SEK 11.5m (H1 2024: SEK 36.2m).

• Value change from securities Q2 2025: SEK -10.7m (Q2 2024: SEK 16.8m); H1 2025: SEK -2.6m (H1 2024: SEK 48.7m).

• Q2 2025 operating result: SEK -27.2m (Q2 2024: SEK -15.4m); H1 2025: SEK -36.4m (H1 2024: SEK 4.4m).

• Q2 2025 cash flow: SEK -28.4m (Q2 2024: SEK -18.2m); cash at period end: SEK 271.9m (Q2 2024: SEK 428.1m).

• Earnings per share Q2 2025: SEK -1.35 (Q2 2024: SEK -0.71); H1 2025: SEK -1.75 (H1 2024: SEK 0.25).

Outlook and guidance

• Geopolitical tensions and high interest rates continue to impact markets and risk appetite.

• Underlying demand for industrial automation and technology investments remains positive for Ivisys.

• Flyttsmart expects over 60% growth in H1 2025, following 50% growth in 2024, despite a flat housing market.

• Lifesum, after acquiring Lykon, grew nearly 24% in Q1 2025; core business up 12%.