Brilliant Future (BRILL) Q2 2025 earnings summary

Executive summary

• ARR grew by 4% and net sales by 1.7% in Q2 2025, driven by higher subscription revenues despite a cautious investment climate.

• Cost discipline and resource allocation led to improved operating results and controlled cash flow.

• The company is focused on organic growth, product development, and process refinement to enable scalable future expansion.

Financial highlights

• Q2 2025 net sales: 21,144 TSEK (up 1.7% YoY); total revenue: 24,385 TSEK (up 1.1% YoY).

• Q2 EBITDA: -315 TSEK (improved from -1,720 TSEK); adjusted EBITDA: 1,083 TSEK.

• Q2 EBIT: -3,291 TSEK (improved from -4,363 TSEK); adjusted EBIT: -1,893 TSEK.

• H1 2025 net sales: 42,189 TSEK (down 0.9% YoY); total revenue: 49,001 TSEK (down 1.0% YoY).

• H1 EBITDA: 9 TSEK (improved from -733 TSEK); adjusted EBITDA: 1,407 TSEK.

• H1 EBIT: -5,922 TSEK (down from -5,818 TSEK); adjusted EBIT: -4,524 TSEK.

• Q2 EPS: -0.23 SEK (improved from -0.32 SEK); H1 EPS: -0.42 SEK (improved from -0.46 SEK).

• Q2 operating cash flow: -980 TSEK; H1: 10,039 TSEK.

• Cash at period end: 20,784 TSEK (down from 25,090 TSEK YoY).

Outlook and guidance

• Financial targets for 2026: ARR above 90 MSEK, net sales above 95 MSEK, and positive EBIT margin, assuming organic growth and stable headcount.

• No dividend planned until profitability is stable and sustainable.