Impero (IMPERO) Q2 2025 earnings summary

Executive summary

• Achieved 15% year-over-year ARR growth to DKK 40.7M at H1 2025, with revenue up 21% and EBITDA loss reduced to DKK -4.2M from DKK -5.1M year-over-year.

• Customer base expanded, especially in Germany, UK, and Denmark, with 9 new customers and strong upsell activity among large enterprises.

• Launched new platform features, including Control Testing and a refreshed Administrator Dashboard, enhancing compliance and risk management capabilities.

• Partnerships contributed 33% of new ARR, with increased engagement in Germany and expansion efforts in the UK and Benelux.

Financial highlights

• Revenue for H1 2025 was DKK 20.1M, up from DKK 16.6M in H1 2024; gross profit margin improved to 97%.

• EBITDA loss narrowed to DKK -4.2M from DKK -5.1M year-over-year; EBIT loss improved to DKK -5.9M from DKK -6.5M.

• Cash position at end of H1 2025 was DKK 6.8M; equity reduced to DKK 0.2M due to growth investments.

• Free cash flow for the last 12 months was negative DKK 7.8M, with a cash-to-acquired-ARR ratio of 1.5.

Outlook and guidance

• Maintains full-year 2025 ARR guidance of DKK 43M–46M (11–19% growth) and EBITDA guidance of DKK -6M to -4M.

• Focus remains on cost discipline, product development, and go-to-market investments, aiming for cash flow positivity before end of 2026.

• Outlook assumes stable macroeconomic conditions and continued talent retention.