Bioretec (BRETEC) Q2 2025 earnings summary

Executive summary

• Net sales for January–June 2025 were EUR 2,074 thousand, nearly flat year-over-year, with strong demand in China and Asia offsetting declines in Europe and the U.S.

• The period saw a significant net loss of EUR -5,628 thousand, impacted by increased operating expenses, R&D investment, and one-off costs related to a rights issue and leadership transition.

• A successful EUR 9 million funding round was completed, supporting commercialization and R&D initiatives.

• The company shifted its U.S. distribution strategy from stocking to direct distribution, aiming for improved long-term margins.

Financial highlights

• Net sales for Q2 2025 dropped 50.9% year-over-year to EUR 678 thousand due to a high initial delivery in the prior year.

• Sales margin (excl. other income) for H1 2025 was EUR 1,308 thousand (63.1% of net sales), down from 70.4% in H1 2024.

• EBITDA for H1 2025 was EUR -4,557 thousand, and EBIT was EUR -4,660 thousand.

• Cash and cash equivalents at period end were EUR 11,467 thousand, up 190.5% year-over-year.

• Equity ratio improved to 79.6% from 77.9% a year earlier.

Outlook and guidance

• The company expects sales margin to improve as direct distribution channels are established and sales volumes increase.

• Continued investment in R&D and commercialization is planned, supported by the recent funding round.