Obducat (OBDU) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 was 6.7 MSEK, down from 9.9 MSEK year-over-year, in line with internal expectations due to planned deliveries later in the year.

• Order intake increased to 12.1 MSEK (7.4 MSEK), with a closing order backlog of 97.5 MSEK expected to be delivered during 2025.

• Operating result was -9.4 MSEK (-5.5 MSEK), and result before tax was -13.4 MSEK (-5.0 MSEK).

• Cash flow after investments was -0.2 MSEK (0.1 MSEK), with liquidity strained due to capital tied in undelivered products and bank guarantees.

• A rights issue completed in April 2025 raised 35 MSEK, improving financial stability and enabling increased inventory and shorter delivery times.

Financial highlights

• Revenue for Q1 2025: 6.7 MSEK (9.9 MSEK year-over-year).

• Gross margin: 60% (76% year-over-year).

• Operating result: -9.4 MSEK (-5.5 MSEK year-over-year).

• Result before tax: -13.4 MSEK (-5.0 MSEK year-over-year).

• EPS: -0.08 SEK (-0.03 SEK year-over-year).

• Cash flow from operations: -9.2 MSEK (5.3 MSEK year-over-year).

• Cash and cash equivalents at period end: 1.6 MSEK (1.4 MSEK year-over-year).

Outlook and guidance

• Full-year 2025 revenue expected to reach approximately 104 MSEK if the current order backlog is fully delivered, excluding new sales.

• Management remains confident in long-term growth, driven by structural trends in AI, defense, and electrification.