Inhalation Sciences (ISAB) Q4 2025 earnings summary

Executive summary

• Order intake in Q4 2025 reached 5.4 MSEK, significantly higher than the previous year, with most orders to be delivered in 2026.

• The company engaged PharmaVentures to explore potential acquisition opportunities.

• Several new contracts were signed with international clients, including major pharmaceutical companies and research institutions.

• The company continues to focus on commercializing its core technology and expanding its service portfolio.

Financial highlights

• Net sales for Q4 2025 were 1,296 tkr, down from 1,492 tkr in Q4 2024; full-year net sales were 3,041 tkr, down from 11,047 tkr.

• Operating loss for Q4 2025 was -2,651 tkr (Q4 2024: -2,406 tkr); full-year operating loss was -10,155 tkr (2024: -5,076 tkr).

• Cash flow from operations for the year was -11,228 tkr (2024: -3,380 tkr); cash and cash equivalents at year-end were 2,831 tkr.

• Equity at year-end was 7,261 tkr, with an equity ratio of 76.2%.

• Earnings per share for the year were -0,35 SEK (2024: -0,34 SEK).

Outlook and guidance

• The company expects a strong start to 2026 due to a large order backlog.

• Ongoing strategic review may result in a sale or partnership within 9-12 months.

• No dividend is proposed for 2025.