Athanase Innovation (ATIN) Q4 2025 earnings summary

Executive summary

• Revenue for Q4 2025 was 16.8 MSEK, down from 29.4 MSEK in Q4 2024; full-year revenue was 36.9 MSEK, down from 115.3 MSEK in 2024, mainly due to fewer completed Ivisys projects.

• Operating result (EBIT) for Q4 2025 was -9.4 MSEK (Q4 2024: -0.01 MSEK); full-year EBIT was -64.1 MSEK (2024: -23.7 MSEK), impacted by increased legal costs at Ivisys and reduced costs at the parent company after ending the fund initiative.

• Value change from securities was 7.9 MSEK in Q4 2025 (Q4 2024: 21.0 MSEK); full-year value change was 9.5 MSEK (2024: 53.5 MSEK), with Zalaris contributing the most.

• The company is preparing to spin off its wholly owned subsidiary holding Ivisys, expected to start in Q1 2026.

Financial highlights

• Q4 2025 net sales: 16.8 MSEK (Q4 2024: 29.4 MSEK); full-year 2025: 36.9 MSEK (2024: 115.3 MSEK).

• Q4 2025 value change from securities: 7.9 MSEK (Q4 2024: 21.0 MSEK); full-year: 9.5 MSEK (2024: 53.5 MSEK).

• Q4 2025 EBIT: -9.4 MSEK (Q4 2024: -0.01 MSEK); full-year: -64.1 MSEK (2024: -23.7 MSEK).

• Cash flow for Q4 2025: -10.2 MSEK (Q4 2024: -115.4 MSEK); full-year: -65.2 MSEK (2024: -146.1 MSEK).

• Cash and equivalents at year-end: 245.4 MSEK (2024: 310.6 MSEK).

Outlook and guidance

• The investment environment remains cautious due to high interest rates and geopolitical tensions, leading to longer decision cycles and fewer investment projects.

• The company expects continued relevance in technology-driven sectors like automation and digitalization, but emphasizes selective investment and capital allocation.