Nosa Plugs (NOSA) Q4 2025 earnings summary

Executive summary

• Achieved 133% net sales growth in Q4 2025, reaching 11,150 TSEK, and 49% growth for the full year to 23,907 TSEK year-over-year.

• EBITDA turned positive in Q4 at 748 TSEK, marking a key strategic milestone.

• Integration of Pharmacure acquisition and successful launches of Nozoil in new markets contributed to growth.

• Significant procurement wins for Odor control in Norway and France, and positive clinical results for Smell training.

Financial highlights

• Q4 operating profit improved to -956 TSEK from -2,338 TSEK year-over-year; full-year operating profit at -8,309 TSEK vs. -10,320 TSEK.

• Gross margin for Q4 was 58% (down from 73%); full-year gross margin at 66% (down from 70%).

• Earnings per share for Q4 at 0.00 SEK (up from -0.01); full-year at -0.03 SEK (up from -0.05).

• Cash and cash equivalents at year-end were 17,298 TSEK, up from 4,314 TSEK.

• Cash flow from operating activities improved to -1,778 TSEK in Q4 and -6,395 TSEK for the year.

Outlook and guidance

• Targeting 2026 revenue of 50 MSEK while maintaining profitability.

• Expecting gross margin improvement in 2026 as inventory from the Pharmacure acquisition is sold and supplier costs are reduced.

• Continued expansion of Nozoil into additional markets and further product launches planned.