C-RAD (CRAD) Q2 2025 earnings summary

Executive summary

• Order intake increased 11% in constant currencies, led by strong performance in EMEA and Americas, despite a weaker topline due to a strong comparison period with significant China deliveries last year.

• Order backlog remains robust at around SEK 735 million, supporting future revenue visibility.

• Revenue declined 19% year-over-year to SEK 105.2 million, mainly due to a tough comparison with last year's large China deliveries; adjusted for these, revenue increased 3% at constant currencies.

• Operational efficiency improved, with a 10% reduction in OpEx year-on-year and a shift from consultants to in-house staff.

• Service order intake surged 86% in constant currencies, now representing 31% of total order intake.

Financial highlights

• Q2 order intake: SEK 134.8 million (+6% year-over-year, +11% at constant currencies).

• Q2 revenue: SEK 105.2 million (-19% year-over-year, -13% at constant currencies).

• Gross profit for Q2 was SEK 70.2 million, with a gross margin of 67%, slightly down from 68% last year.

• EBIT for the quarter was SEK 8.4 million (margin 8%), down from SEK 18.2 million (margin 14%) last year.

• Cash balance at quarter-end was SEK 158 million, with no long-term debt.

Outlook and guidance

• Focus on achieving medium-term financial targets: organic growth above 10%, EBIT margin to reach 25%, and at least 30% of net profit to be returned to shareholders.

• Order intake is a leading indicator for future revenue, with a typical six to eight month lag from order to delivery.

• Continued product innovation, including the launch of a new integrated gating solution.

• No major near-term impact from tariffs is expected, as costs can be passed to customers.

• Management remains confident in market opportunities and aims to capitalize on efficiency improvements in cancer treatment.