Bambuser (BUSER) Q4 2025 earnings summary

Executive summary

• ARR stabilized at SEK 77.7m, down 12% year-over-year but flat sequentially at constant exchange rates, reflecting improved retention and customer quality.

• Net Sales SaaS declined 15% year-over-year to SEK 20.4m but grew 5% sequentially; 96% of SaaS sales are recurring revenue.

• Adjusted EBITDA improved 28% year-over-year to SEK -19.3m, reflecting cost discipline and operational efficiency.

• Free cash flow for Q4 was SEK -19.4m, with a year-end cash balance of SEK 103.1m.

• The company is transitioning to a commerce intelligence platform, leveraging AI and video to enhance product discovery and merchant competitiveness.

Financial highlights

• ARR at SEK 77.7m, down 12% year-over-year and flat sequentially at CER.

• Net Sales SaaS at SEK 20.4m, down 15% year-over-year, up 5% sequentially.

• Gross margin for SaaS improved to 85%, up 9 percentage points year-over-year.

• Adjusted EBITDA at SEK -19.3m, a 28% year-over-year improvement.

• Free cash flow for Q4 at SEK -19.4m; cash and equivalents at SEK 103.1m, down 44% year-over-year.

Outlook and guidance

• Focus on deploying the commerce intelligence layer across merchant operations to drive adoption and integration.

• No material increase in operating or capital expenditures planned; resources will be reallocated to strategic initiatives.

• Transitioning from quarterly to semi-annual reporting to support long-term execution.

• Board proposes no dividend for 2025.