Lightning Group (LIGR) Q4 2025 earnings summary

Executive summary

• Revenue grew 27.2% year-over-year to 63.5 MSEK for 2025, with Q4 revenue up 35.6% compared to Q4 2024.

• EBITDA improved to -692 KSEK from -3,723 KSEK year-over-year, with margin rising to -1.1% from -7.5%.

• Net result for the year was -5,270 KSEK, an improvement from -6,032 KSEK in 2024.

• Strategic focus on margin improvement, process efficiency, and organizational integration led to a more scalable structure.

• Acquisition of MaSeTek and key management hires strengthened the group’s market position and operational capacity.

Financial highlights

• Q4 EBITDA was -539 KSEK, up from -782 KSEK in Q4 2024; Q4 EBITDA margin improved to -2.8% from -5.5%.

• Cash flow for the year was 4,898 KSEK, up from 2,348 KSEK in 2024.

• Solid equity ratio at 46% at year-end.

• Cash and credit facilities totaled 11.4 MSEK at year-end; interest-bearing debt was 18.8 MSEK.

Outlook and guidance

• No formal forecast provided; focus remains on organic growth and profitability.

• Group targets 25–35% annual growth over the next three years, prioritizing profitability over growth.