Maven Wireless Sweden (MAVEN) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw a significant decline in revenue and profitability, with net sales down 35% year-over-year to SEK 29.8M and negative EBITDA and EBIT margins, though gross margin improved to 45% due to a favorable product mix.

• Order intake and orderbook both decreased sharply, attributed to extended decision-making processes among major customers, with Q4 order intake at SEK 33.6M and year-end order book at SEK 70.7M.

• A major €4.8M order was received from ÖBB in Austria for tunnel wireless coverage, supporting the company's position in critical infrastructure.

• Data centers identified as a new growth vertical, with initial commercial validation and expectations for significant expansion by 2030.

• CEO transition occurred at year-end, with Anders Olin taking over and investing SEK 5M in a SEK 10M directed share issue.

Financial highlights

• Q4 2025 net sales: SEK 29.8M (down from SEK 45.9M in Q4 2024); full-year 2025 net sales: SEK 183.0M (down from SEK 188.8M in 2024).

• Q4 EBITDA: SEK -4.9M (Q4 2024: SEK 1.3M); full-year EBITDA: SEK 0.8M (2024: SEK 11.7M).

• Q4 EBIT: SEK -8.0M (Q4 2024: SEK -0.7M); full-year EBIT: SEK -8.4M (2024: SEK 3.9M).

• Q4 EPS: SEK -0.17 (Q4 2024: SEK -0.02); full-year EPS: SEK -0.27 (2024: SEK 0.00).

• Cash flow from operating activities in Q4: SEK -4.7M; full-year: SEK 4.5M.

Outlook and guidance

• Cost-saving program launched in 1H 2026 targeting 10–15% reduction in opex, with full effect expected in late Q2 and aimed at improving profitability.

• Focus on growing with existing and new customers, launching Nimbus, and strengthening go-to-market strategies.

• North America business plan under review after missing 2025 targets; optimism remains for future market potential.

• Nimbus product launch delayed but field trials planned for Q2 2026 and commercial rollout to follow.

• No dividend proposed for 2025.