Mantex (Mantex) Q4 2025 earnings summary

Executive summary

• Revenue for Q4 2025 was 228 tkr, down from 430 tkr in Q4 2024; full-year revenue reached 2,762 tkr, slightly up from 2,663 tkr in 2024.

• EBIT improved to -3,316 tkr in Q4 2025 from -6,501 tkr in Q4 2024; full-year EBIT was -15,787 tkr, an improvement from -25,293 tkr in 2024.

• Cash flow from operations turned positive in Q4 2025 at 441 tkr, compared to -8,092 tkr in Q4 2024; full-year operating cash flow was -10,816 tkr, better than -25,353 tkr in 2024.

• A new generation Biomass Analyzer was delivered to Arctic Paper and entered commercial operation.

• Loans totaling 4.6 MSEK were raised from major shareholders, board members, and employees to strengthen working capital.

Financial highlights

• Q4 2025 revenue: 228 tkr (Q4 2024: 430 tkr); full-year 2025: 2,762 tkr (2024: 2,663 tkr).

• Q4 2025 EBIT: -3,316 tkr (Q4 2024: -6,501 tkr); full-year 2025 EBIT: -15,787 tkr (2024: -25,293 tkr).

• Q4 2025 operating cash flow: 441 tkr (Q4 2024: -8,092 tkr); full-year: -10,816 tkr (2024: -25,353 tkr).

• Q4 2025 EPS: -1.55 kr (Q4 2024: -0.01 kr); full-year 2025 EPS: -13.13 kr (2024: -0.08 kr).

• Equity at year-end: 5,841 tkr (2024: 25,114 tkr).

Outlook and guidance

• Focus remains on cost reduction and expanding revenue streams, including new applications for x-ray technology in biomass and energy sectors.

• New generation Biomass Analyzer to be tested by potential customers in Q1 2026, targeting broader customer base.

• Additional revenue expected from research collaborations and development projects.