Done.ai (DONE) Q4 2025 earnings summary

Executive summary

• Achieved SEK 441.3 million in pro forma net sales for 2025, a nearly 14x increase year-over-year, primarily driven by an aggressive acquisition strategy and organic growth.

• Completed 17 acquisitions, integrating 35 legal entities to build a unified, AI-driven business platform for SMEs, spanning CRM, marketing, sales, operations, accounting, and embedded financial services.

• Laid the foundation for a unified platform, with major product launches and integration synergies expected in 2026.

• Directly serves over 15,000 business customers, with access to an additional 30,000 through a fintech distribution agreement.

Financial highlights

• Pro forma net sales for 2025: SEK 441.3 million; adjusted EBITDA: SEK 11.5 million (3% margin), excluding non-recurring ERP divestment costs.

• Q4 2025 pro forma net sales: SEK 103.1 million; EBITDA: SEK -7.8 million, reflecting heavy investment in platform development.

• Reported net sales for 2025: SEK 239.9 million; EBITDA: SEK -46.6 million; operating profit: SEK -120.1 million; profit after tax: SEK -116.6 million.

• Cash and cash equivalents at year-end: SEK 121.4 million; equity/assets ratio: 65%.

• No dividend proposed for 2025 to prioritize growth investments.

Outlook and guidance

• 2026 focus on launching the unified Done Platform, driving cross-sell and upsell across a 45,000-customer network.

• Embedded financial services, including Buy Now, Pay Later and spend management, to be rolled out, generating high-margin recurring revenue.

• AI Lab to accelerate automation and product development, leveraging group-wide data.

• Continued disciplined acquisition strategy to deepen verticals and expand capabilities.