Fluicell (FLUI) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 increased 138% year-over-year to 1,232 KSEK, driven by sales to The Francis Crick Institute and Ambusol, and higher consumables sales.

• EBITDA for Q3 was -2,743 KSEK, and operating result was -2,832 KSEK, both lower than last year due to changes in revenue structure and accounting principles.

• For the first nine months, revenue rose 61% to 2,166 KSEK, with total income up 69% to 9,441 KSEK, reflecting intensified development work and new accounting for R&D.

• Strategic partnerships and project financing, notably with Breakthrough T1D and Ambusol, have strengthened the business outlook.

Financial highlights

• Q3 2025 net sales: 1,232 KSEK (up from 517 KSEK); total income: 2,321 KSEK (down from 4,132 KSEK due to prior year one-off tax effect).

• Q3 EBITDA: -2,743 KSEK; operating result: -2,832 KSEK; net result: -2,871 KSEK; EPS: -2.09 SEK.

• Nine-month EBITDA: -8,017 KSEK; operating result: -8,300 KSEK; net result: -8,433 KSEK; EPS: -6.14 SEK.

• Cash flow from operations improved to -1,230 KSEK in Q3 (from -4,111 KSEK); nine-month operating cash flow: -7,903 KSEK (from -17,359 KSEK).

• Cash at period end: 990 KSEK (down from 17,575 KSEK year prior).

Outlook and guidance

• 2026 forecasted result and cash flow in the range of -1 MSEK to 1 MSEK, indicating potential for positive cash flow.

• Improved financial position and cost structure support growth and business development, with focus on diabetes and cancer programs.

• Management sees strong opportunities in new product initiatives and expects to strengthen market presence.