Athanase Innovation (ATIN) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 were 8.6 MSEK, down from 49.7 MSEK in Q3 2024; for Jan–Sep 2025, net sales were 20.0 MSEK, down from 85.9 MSEK year-over-year.

• Value change from securities was 4.2 MSEK in Q3 2025 (vs. -16.3 MSEK in Q3 2024); for Jan–Sep, 1.6 MSEK (vs. 32.4 MSEK in 2024).

• Operating result for Q3 2025 was -18.3 MSEK (vs. -28.1 MSEK); for Jan–Sep, -54.7 MSEK (vs. -23.7 MSEK).

• Market volatility decreased in Q3, creating a more stable investment climate for technology and innovation-focused investments.

Financial highlights

• Q3 net sales: 8.6 MSEK (Q3 2024: 49.7 MSEK); Jan–Sep: 20.0 MSEK (2024: 85.9 MSEK).

• Value change from securities in Q3: 4.2 MSEK (2024: -16.3 MSEK); Jan–Sep: 1.6 MSEK (2024: 32.4 MSEK).

• Q3 operating result: -18.3 MSEK (2024: -28.1 MSEK); Jan–Sep: -54.7 MSEK (2024: -23.7 MSEK).

• Cash flow for Q3: -16.2 MSEK (2024: -1.6 MSEK); cash at period end: 255.5 MSEK (2024: 426.2 MSEK).

• Earnings per share Q3: -0.82 SEK (2024: -1.07 SEK); Jan–Sep: -2.55 SEK (2024: -0.79 SEK).

Outlook and guidance

• Market stabilization and lower volatility are expected to support value creation and growth in portfolio companies.

• RaceID is forecasted to reach profitability around the turn of 2025/2026, driven by strong growth and cost control.