Braincool (BRAIN) Q1 2025 earnings summary

Executive summary

• Net sales reached SEK 10.6 million in Q1 2025, up 24% year-over-year, driven by BrainCool™/IQool™ System sales and consumables, with 20 systems delivered in the quarter.

• Collaboration with ZOLL® continues to expand, including new sizeable orders and entry into additional Asian markets pending regulatory approval.

• Operational changes and inventory build-up temporarily reduced cash position, but a SEK 20 million credit facility was secured for liquidity support.

• Clinical studies PRINCESS 2 and COTTIS 2 are progressing, with 70 and 42 patients enrolled, respectively, supporting future product adoption.

Financial highlights

• Net sales increased 24% to SEK 10.6 million compared to Q1 2024; total revenue was SEK 11.5 million.

• Gross margin improved to 28.9% from 23.5% in Q4 2024, reflecting cost reduction and automation in production.

• EBITDA loss narrowed to SEK -7.0 million from SEK -10.9 million year-over-year; EBIT was SEK -7.9 million.

• Result after tax was SEK -8.4 million, an improvement from SEK -11.4 million in Q1 2024.

• Cash at period end was SEK 8.3 million, with cash flow from operating activities at SEK -19.2 million.

Outlook and guidance

• Ongoing cost efficiency and production optimization expected to further improve gross margin as inventory is converted.

• Expansion into new Asian markets and continued collaboration with ZOLL® anticipated to drive future sales growth.

• Clinical trial progress in PRINCESS 2 and COTTIS 2 may support broader adoption and market access.