Mantex (Mantex) Q2 2025 earnings summary

Executive summary

• Achieved technical breakthrough in February 2025, enabling measurement of moisture and ash in heterogeneous wood materials; demo machine for Biomass Analyzer 2 completed and pilot customer E.ON engaged.

• Interim CEO Maria Söderström appointed in May following the departure of the previous CEO.

• Focus shifted to bioenergy market, with intensified customer dialogues and manufacturing preparations for Biomass Analyzer 2.

Financial highlights

• Q2 2025 net sales were SEK 241k, down from SEK 433k year-over-year; EBIT improved to SEK -5,045k from SEK -6,822k.

• Cash flow from operations in Q2 was SEK -5,048k, compared to SEK -7,108k in Q2 2024.

• H1 2025 net sales totaled SEK 813k (down from SEK 1,891k); EBIT was SEK -9,665k (improved from SEK -11,140k); cash flow from operations SEK -11,661k (vs. SEK -11,868k).

• Result per share for Q2 was SEK -2.33 (vs. SEK -0.03), impacted by a 400:1 reverse split.

• Equity at end of June 2025 was SEK 26,562k (vs. SEK 16,589k year-over-year).

Outlook and guidance

• Production of the first pre-series Biomass Analyzer 2 to start in August 2025; delivery of Biomass Analyzer 1 to Arctic Paper scheduled for October.

• Market launch in Sweden and the Baltic region planned for Q4 2025, with broader European and global expansion in 2026–2027.

• Ongoing cost savings program expected to yield annual savings of SEK 6 million.