Freja eID Group (FREJA) Q3 2025 earnings summary

Executive summary

• Strong third quarter with 15% revenue growth year-over-year and continued high demand for the Freja eID platform, which now represents 75% of group revenue for the quarter.

• Strategic agreements signed, including a major public sector contract expected to boost ARR by 4.5 MSEK from January 2026 and a white-label proof-of-concept with Teracom AB.

• User base grew 26% year-over-year to 1,502,000, and ARR for Freja eID increased 51% to 38.9 MSEK.

Financial highlights

• Q3 net revenue: 12.9 MSEK (up 15% YoY); 9M net revenue: 37.6 MSEK (up 19% YoY).

• Adjusted EBITDA Q3: 3.2 MSEK (up 32% YoY); 9M: 7.5 MSEK (up 164% YoY).

• Adjusted EBIT Q3: -0.6 MSEK (improved from -1.3 MSEK YoY); 9M: -4.0 MSEK (improved from -8.6 MSEK YoY).

• Net result Q3: -3.5 MSEK (improved from -4.2 MSEK YoY); 9M: -10.7 MSEK (improved from -19.9 MSEK YoY).

• Cash flow from operations Q3: -2.3 MSEK; 9M: 5.4 MSEK.

• Liquidity at period end: 19.3 MSEK (up from 3.4 MSEK YoY).

Outlook and guidance

• Public sector contract expected to increase ARR by 4.5 MSEK from January 2026.

• White-label platform pilot may unlock new revenue streams and international expansion.

• Fulfilment segment's local footprint to be halved from January 2026, reducing costs.