Irisity (IRIS) Q4 2025 earnings summary

Executive summary

• Completed a major transformation, focusing on a leaner, more sustainable organization with a partner-first strategy and recurring revenue model.

• Streamlined product portfolio, consolidated R&D, and improved operational efficiency, aiming for cash flow neutrality in 2026.

• Secured new contracts in public safety and critical infrastructure across multiple regions, including the US, Sweden, Hungary, and Colombia.

• Successfully completed a rights issue, raising approximately MSEK 26 to strengthen the financial position.

Financial highlights

• Q4 net sales: MSEK 18.6 (up from 4.7 YoY, but prior year impacted by revenue recognition changes); full year net sales: MSEK 79.3 (down from 88.4 YoY).

• Q4 EBITDA: MSEK -9.1 (improved from -63.6 YoY); full year EBITDA: MSEK -47.4 (improved from -92.5 YoY).

• Q4 result after tax: MSEK -62.6 (improved from -125.8 YoY); full year result after tax: MSEK -185.3 (improved from -243.1 YoY).

• Gross margin Q4: 80.2% (up from -30.3% YoY); full year: 77.2% (up from 75.4%).

• Cash and available credit lines at year-end: MSEK 12.4 (up from 7.6 YoY).

• Q4 invoicing: MSEK 28.4 (down 27% YoY); collections: MSEK 33.0 (up 40% YoY).

Outlook and guidance

• Targeting cash flow neutrality in 2026, with further cost reductions expected to be realized in H1 2026.

• Continued focus on recurring revenue growth and operational efficiency.

• Positioned for accelerated revenue growth and improved profitability as cost reductions and partner strategies take full effect.