Obducat (OBDU) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was 11.0 MSEK, a sharp decline from 34.0 MSEK in Q3 2024, mainly due to delayed deliveries caused by insufficient working capital.

• Operating result for Q3 2025 was -12.8 MSEK, compared to 6.4 MSEK in Q3 2024; net result before tax was -13.9 MSEK versus 3.9 MSEK last year.

• For the nine months ended September 2025, revenue was 33.1 MSEK (62.4 MSEK in 2024), with an operating loss of -26.7 MSEK and net loss before tax of -34.2 MSEK.

• The company faced acute liquidity issues, leading to a focus on restoring delivery capacity and securing operational financing.

• A rights issue of 49.5 MSEK (75% underwritten) and options for an additional 27.9 MSEK in 2026 were initiated to strengthen the balance sheet.

Financial highlights

• Q3 2025 gross margin was 53% (57% in Q3 2024); for Jan–Sep 2025, gross margin was 54% (61%).

• Earnings per share for Q3 2025 was -0.07 SEK (0.02 SEK in Q3 2024); for Jan–Sep 2025, -0.18 SEK (-0.02 SEK in 2024).

• Cash flow after investments in Q3 2025 was 1.5 MSEK (-1.4 MSEK in Q3 2024); for Jan–Sep 2025, -22.8 MSEK (4.4 MSEK in 2024).

• Order intake in Q3 2025 was 5.8 MSEK (2.3 MSEK in Q3 2024); order backlog at period end was 71.1 MSEK (85.9 MSEK in 2024).

• Equity at period end was 4.8 MSEK, down from 5.9 MSEK a year earlier; equity ratio was -5% (6% in 2024).

Outlook and guidance

• Management expects market conditions to improve in 2026, with customer indications of resuming paused investment plans.

• The goal for 2026 is to achieve positive operating cash flow and annual revenue/order intake above 100 MSEK on a rolling 12-month basis.

• Strategic focus is on growth, aiming for at least 15% CAGR in net sales from 2026–2028.

• Sustainable profitability is targeted from 2026, supported by operational improvements and capital injections.