Bambuser (BUSER) Q3 2025 earnings summary

Executive summary

• ARR declined 18% year-over-year and 7% quarter-over-quarter at constant exchange rates, reaching SEK 78.1 million.

• Net Sales SaaS fell 24% year-over-year and 5% quarter-over-quarter to SEK 19.4 million.

• The company focused on rebuilding fundamentals, refining customer mix, and integrating its product suite.

• New high-profile customers were added, and platform adoption among global brands increased.

Financial highlights

• Adjusted EBITDA improved 6% year-over-year and 26% quarter-over-quarter to SEK -15.8 million, with a margin of -82%.

• Free cash flow was SEK -24.7 million, a 14% year-over-year and 61% quarter-over-quarter improvement.

• Cash balance at quarter-end was SEK 115.9 million, down 39% year-over-year.

• Gross margin for SaaS was 85%, up 11 percentage points year-over-year.

• Earnings per share improved to SEK -0.10 from SEK -0.11 year-over-year.

Outlook and guidance

• The company expects further OPEX reductions and operational efficiency improvements in Q4 2025.

• Strategic focus is shifting from defensive rebuilding to offensive growth, with increased investment in demand generation and ecosystem expansion.