Greenmerc (GMERC) Q4 2025 earnings summary

Executive summary

• Net revenue for Q4 2025 was 4.54 MSEK, down 39% year-over-year; full-year net revenue rose 39% to 25.7 MSEK compared to 2024.

• Q4 EBITDA was -0.75 MSEK (7.42 MSEK prior year); full-year adjusted EBITDA was 7.79 MSEK (14.05 MSEK prior year).

• Q4 net result after tax was -3.54 MSEK (7.19 MSEK prior year); full-year adjusted net result after tax was -0.12 MSEK (11.94 MSEK prior year).

• 1,476 new customers added in Q4, total customers at 75,702.

• Major one-time costs in 2025 related to regulatory compliance, IT incident, and product development, totaling about 11 MSEK.

Financial highlights

• Q4 trading volume was 136 MSEK (380 MSEK prior year).

• Q4 gross profit was 5.98 MSEK, down 50% year-over-year.

• Q4 operating result was -3.39 MSEK (6.45 MSEK prior year).

• Q4 cash flow from operations was -0.88 MSEK (4.53 MSEK prior year); full-year adjusted operating cash flow was 7.18 MSEK (13.54 MSEK prior year).

• Q4 EPS was -0.17 SEK (0.47 SEK prior year); full-year adjusted EPS was -0.01 SEK (0.78 SEK prior year).

Outlook and guidance

• Investments in compliance, security, and product development are expected to enable scalable, profitable growth from 2026.

• Most major one-time regulatory and IT costs are now absorbed, with improved income opportunities anticipated ahead.