Braincool (BRAIN) Q2 2025 earnings summary

Executive summary

• Operational streamlining and cost reduction initiatives advanced, including US office closure and expanded subcontractor collaboration, targeting annual net savings of SEK 4.2 million.

• Net sales for Q2 2025 were SEK 6.6 million, down 37% year-over-year, mainly due to currency effects and a one-off high-margin order in Q1.

• Clinical studies for RhinoChill® System (COTTIS 2 and PRINCESS 2) are progressing, with resumed patient enrollment and growing international participation.

• A SEK 20 million credit facility was secured to enhance liquidity, with SEK 10 million drawn in Q2.

Financial highlights

• Q2 2025 net sales: SEK 6.6 million (Q2 2024: SEK 10.5 million); total revenue: SEK 7.4 million (Q2 2024: SEK 11.7 million).

• Gross profit for Q2: SEK 1.9 million (Q2 2024: SEK 3.4 million); gross margin declined due to currency and product mix.

• EBITDA for Q2: SEK -9.9 million; EBIT: SEK -10.9 million; net loss after tax: SEK -10.8 million.

• Cash at period end: SEK 9.5 million (Q2 2024: SEK 58.6 million); operating cash flow improved to SEK -7.3 million from SEK -24.2 million sequentially.

• Earnings per share for Q2: SEK -0.04 (Q2 2024: SEK -0.07).

Outlook and guidance

• Cost reduction measures, including workforce reduction and tech transfer, expected to yield SEK 4.2 million in annual savings by January 2026.

• Positive trend in consumables sales and order book for pads into Q3 2025.

• Commercial launch preparations for RhinoChill® System ongoing, with multiple strategic options under evaluation.