Divio Technologies (DIVIO) Q3 2025 earnings summary

Executive summary

• Net sales grew 52% year-over-year in Q3 2025, reaching KSEK 8,336, with positive EBITDA for both the quarter and year-to-date, reflecting successful sales efforts and a shift to an agency-focused strategy.

• The company closed a SEK 9.6m equity and convertible debt financing and announced a strategic partnership with Zühlke, as well as an expanded collaboration with a Swiss healthcare client post-quarter.

• The agency strategy rollout increased the number of active agencies from 12 to 44, with early signs of agencies upgrading to higher-value enterprise models.

Financial highlights

• Q3 2025 net sales: KSEK 8,336 (up 52% year-over-year); subscription revenue: KSEK 6,382 (up 22%); professional services revenue: KSEK 1,954 (up 630%).

• Year-to-date net sales: KSEK 25,019 (up 60%); EBITDA: KSEK 240 (improved from -8,804); EBIT: KSEK -4,351 (improved from -13,520).

• Cash position at period end: KSEK 8,298 (up from 1,201 year-over-year).

• MRR at end of Q3: KUSD 213 (up 2% year-over-year, flat sequentially).

Outlook and guidance

• Management expects more normalized cash flow as customer prepayment periods end in December, with continued focus on achieving cash flow neutrality.

• The agency strategy is expected to drive gradual and stable MRR growth, with Switzerland as the initial focus and plans to expand into the DACH and Scandinavian regions.