Nosa Plugs (NOSA) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw a 16% year-over-year decline in net sales due to order delays, product phase-out, and cost-saving measures, but management expects to recover in Q4.

• Acquisition of Pharmacure Health Care International AB (Nozoil) completed in September, expected to drive future growth and synergies.

• Proof of concept for the Drug Delivery platform completed with positive results, opening partnership discussions with pharmaceutical companies.

• Launch of Nozoil in Iceland and Norway, expanding presence in the European pharmacy market.

Financial highlights

• Q3 net sales: 3,651 TSEK (down 16% YoY); YTD net sales: 12,757 TSEK (up 13% YoY).

• Q3 operating result: -4,154 TSEK (vs. -2,186 TSEK YoY); YTD operating result: -7,353 TSEK (vs. -7,982 TSEK YoY).

• Q3 EBITDA: -3,211 TSEK; YTD EBITDA: -5,143 TSEK.

• Q3 EPS: -0.02 SEK (vs. -0.01 SEK YoY); YTD EPS: -0.03 SEK (vs. -0.04 SEK YoY).

• Q3 cash flow from operations: -2,261 TSEK; YTD: -4,617 TSEK.

• Cash and cash equivalents at period end: 18,824 TSEK (vs. 10,023 TSEK YoY).

• Gross margin improved to 74% in Q3 (from 68% YoY); YTD gross margin 73%.

Outlook and guidance

• Management expects to recover Q3 sales shortfall in Q4, traditionally the strongest quarter.

• EBITDA profitability targeted from Q4 2025.

• Synergies from Nozoil acquisition anticipated to be fully realized by Q2 2026.