INVISIO (IVSO) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was SEK 426.9 million, with order intake up 64% to SEK 401.3 million and a major SEK 145 million order from a new European customer for the X7 headset.

• High market activity continued, driven by strong European and NATO defense investment trends and robust demand for new products.

• Investments in product development and organizational growth supported new launches and the integration of UltraLYNX technology.

• Product portfolio now consists almost exclusively of newly developed products, with significant upselling potential.

Financial highlights

• Q2 2025 revenue was SEK 426.9 million; excluding third-party radio sales, core revenue was SEK 399.4 million.

• Gross margin in Q2 was 56.7% (up from 46.6%); excluding radio sales, margin was 59.8% (down from 63.2%).

• Operating margin was 14.1% in Q2, with rolling 12-month margin at 19.9%.

• Net profit for Q2 was SEK 31.4 million, with EPS at SEK 0.68.

• Cash flow from operating activities in Q2 was SEK -1.6 million, improved from SEK -35.3 million last year.

Outlook and guidance

• Updated long-term target: average annual operating margin of at least 20%.

• Strong order pipeline and high activity levels expected to continue, with growth driven by European and NATO defense spending and new product launches.

• Major impacts from increased defense spending expected from late 2025 onward.