Nosa Plugs (NOSA) Q2 2025 earnings summary

Executive summary

• Achieved record quarterly revenue of 4,873 TSEK, up 17% year-over-year, with organic sales growth of 17% for Q2 and 30% for the first half of 2025.

• Bruttomarginal exceeded 71% for the quarter and 72% year-to-date, reflecting production efficiencies.

• Signed agreement to acquire Pharmacure Healthcare International AB, adding the Nozoil brand to the portfolio and raising 32.4 MSEK net via a directed share issue.

• Positive in vivo study results for the intranasal drug delivery platform, with plasma levels up to 8x higher than therapeutic dose.

• Focused on expanding in key European markets and supporting disaster relief efforts.

Financial highlights

• Q2 net sales: 4,873 TSEK (4,179 TSEK in Q2 2024), up 17% year-over-year.

• H1 net sales: 9,106 TSEK (7,000 TSEK in H1 2024), up 30% year-over-year.

• Q2 operating result: -1,879 TSEK (-2,367 TSEK in Q2 2024); H1 operating result: -3,199 TSEK (-5,796 TSEK in H1 2024).

• Q2 EBITDA: -1,255 TSEK (-1,948 TSEK in Q2 2024); H1 EBITDA: -1,932 TSEK (-4,961 TSEK in H1 2024).

• Q2 EPS: -0.01 SEK (-0.01); H1 EPS: -0.02 SEK (-0.03).

• Cash flow from operations Q2: -3,204 TSEK (-2,744 TSEK); H1: -2,356 TSEK (-5,474 TSEK).

• Cash and cash equivalents at period end: 33,638 TSEK (11,462 TSEK in Q2 2024).

Outlook and guidance

• Confident in achieving communicated financial targets, including profitability from Q4 2025 and at least 50 MSEK in revenue for 2026.

• Anticipates minor price adjustments in the US market in 2026 due to higher tariffs.

• Accelerated rollout of Nozoil planned in key European markets in H2 2025.