Huddly (HDLY) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue reached NOK 64 million, up 26% year-over-year, with full-year revenue at NOK 211 million, a 42% increase year-over-year.

• Gross margin was 44% in Q4 2025 (47% excluding one-off items), and 46% for the full year.

• Strategic partner revenue reached its highest level since Q1 2023, with new agreements and first shipments to Jabra and Lenovo.

• Operational efficiency improved, with operating expenses reduced and a significant year-over-year reduction in losses.

• Strong presence at ISE in Barcelona, with new product launches and expanded partner collaborations.

Financial highlights

• Q4 2025 revenue: NOK 64.2 million (+26% YoY); full-year 2025: NOK 211.3 million (+42% YoY).

• Gross profit for 2025 was NOK 97 million, a 36% increase year-over-year.

• EBITDA and EBIT improved in Q4 and for the full year, reflecting operational efficiency.

• Cash flow from operations was NOK 4 million in Q4; year-end cash balance was NOK 69 million.

• Net loss before tax: NOK 28.4 million in Q4 2025 (vs. NOK 27.4 million loss in Q4 2024).

Outlook and guidance

• Revenue targets: NOK 450–550 million in 2026, NOK 625–725 million in 2027, NOK 750–850 million in 2028; gross margin target 45–50%.

• Cash flow positive targeted for the second half of 2026.

• Lenovo partnership expected to generate revenue from Q2 2026.

• DRAM price increases expected to pressure gross margin in 2026 and possibly 2027; mitigation strategies in place.

• Continued investments in R&D and onboarding of strategic partners to support growth.