Braincool (BRAIN) Q3 2025 earnings summary

Executive summary

• Achieved record sales in Q3 2025, with strong demand for single-use products and a 59% year-over-year increase in net revenue to 14.3 MSEK.

• Cost optimization measures, including a one-third reduction in workforce, are expected to save 4.2 MSEK annually from January 2026.

• Positive clinical and regulatory milestones, including resumed patient recruitment in the COTTIS 2 stroke study and market approval application for IQool™ in Japan.

• Initiated search for a new CEO with a commercial focus to accelerate market presence and communication.

Financial highlights

• Net revenue for Q3 2025 was 14,343 KSEK, up 59% from 8,881 KSEK in Q3 2024.

• EBITDA for Q3 2025 was -7,666 KSEK, an improvement from -9,617 KSEK in Q3 2024.

• EBIT for Q3 2025 was -8,851 KSEK, negatively impacted by 3.3 MSEK in one-time effects (currency, margin, restructuring). Adjusted EBIT was -5,500 KSEK, the best since 2017.

• Cash flow from operations improved to -2,487 KSEK in Q3 2025 from -16,493 KSEK in Q3 2024.

• Cash at period end was 6,860 KSEK, down from 41,274 KSEK a year earlier.

Outlook and guidance

• Full effect of cost reductions expected by January 2026, supporting the path to company-wide cash flow positivity.

• Continued focus on accelerating sales, improving gross margin, and preparing for commercialization of RhinoChill®.

• Proposed rights issue to finance growth and strategic initiatives.