Obducat (OBDU) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 was 15.4 MSEK, down from 18.6 MSEK year-over-year; H1 2025 revenue was 22.1 MSEK, down from 28.5 MSEK.

• Operating loss widened to -4.4 MSEK in Q2 and -13.8 MSEK for H1; net loss before tax was -6.9 MSEK in Q2 and -20.3 MSEK for H1.

• Order intake dropped sharply to 2.7 MSEK in Q2 (17.7 MSEK prior year); order backlog at period end was 85.1 MSEK (118.2 MSEK prior year).

• Liquidity remains highly strained due to delayed deliveries, under-subscribed rights issue, and increased capital tied up in operations.

• New CEO and management team appointed in June 2025 to drive strategic transformation and operational efficiency.

Financial highlights

• Gross margin declined to 53% in Q2 2025 from 62% year-over-year; H1 gross margin was 55% (67% prior year).

• Cash flow after investments was -12.3 MSEK in Q2 and -22.5 MSEK for H1, compared to positive flows last year.

• Equity ratio improved to 7% at period end (3% prior year), but absolute equity remains low at 6.6 MSEK.

• R&D expenses (excluding depreciation) were 5.5 MSEK in Q2 and 10.2 MSEK for H1, reflecting continued investment in innovation.

Outlook and guidance

• Management is actively seeking new financing solutions to secure operations for the next 12 months.

• Order backlog of 85.1 MSEK provides a foundation for future revenue, but further delivery delays and liquidity risks remain.

• Strategic focus on nanoimprint lithography (NIL) and expanding foundry services to capture growth in semiconductors, optics, and defense.