Fluicell (FLUI) Q2 2025 earnings summary

Executive summary

• Total revenues for Q2 2025 increased 270% year-over-year to 3,541 KSEK, mainly due to a change in accounting for R&D costs and higher sales of consumables.

• EBITDA for Q2 improved to -2,733 KSEK from -5,016 KSEK year-over-year, reflecting cost savings and accounting changes.

• Project financing was secured from Breakthrough T1D for cell-based diabetes therapy, strengthening the company's position in regenerative medicine.

Financial highlights

• Net sales for Q2 2025 rose 39% year-over-year to 704 KSEK, driven by consumables sales.

• Operating result (EBIT) for Q2 was -2,824 KSEK, a significant improvement from -5,136 KSEK year-over-year.

• Cash flow from operations for Q2 improved to -2,878 KSEK from -4,764 KSEK year-over-year.

• Cash and cash equivalents at June 30, 2025, were 4,495 KSEK, down from 21,686 KSEK a year earlier.

• For H1 2025, total revenues increased 393% year-over-year to 7,120 KSEK, with net sales up 13% to 934 KSEK.

Outlook and guidance

• The company is focused on long-term growth and value creation, leveraging project financing and a diversified patent portfolio.

• Management sees significant opportunities in new product development and expects continued positive impact from cost-saving measures.

• Current liquidity is projected to be insufficient in Q4 2025; management is actively seeking additional financing.