Obducat (OBDU) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was 46.4 MSEK, down from 81.5 MSEK year-over-year, with Q4 revenue at 13.3 MSEK versus 19.0 MSEK in Q4 2024.

• Operating loss for 2025 widened to -39.7 MSEK from -5.4 MSEK, and Q4 operating loss was -13.2 MSEK compared to -5.4 MSEK in Q4 2024.

• Order intake for 2025 was 28.5 MSEK, down from 52.5 MSEK, with year-end order backlog at 64.3 MSEK.

• The company faced liquidity challenges, leading to delayed deliveries and a negative cash flow after investments of -36.1 MSEK for the year.

• A rights issue in January 2026 raised 37.2 MSEK, improving financial stability and supporting future growth.

Financial highlights

• Gross margin for 2025 was 49% (down from 62% in 2024); Q4 gross margin was 35% (down from 64%).

• Result before tax for 2025 was -50.4 MSEK (2024: -9.9 MSEK); Q4 result before tax was -16.4 MSEK (Q4 2024: -6.0 MSEK).

• Earnings per share for 2025 was -0.26 SEK (2024: -0.06 SEK); Q4 EPS was -0.08 SEK (Q4 2024: -0.04 SEK).

• Cash flow from operations for 2025 was -34.8 MSEK (2024: 15.6 MSEK); total cash flow after investments was -36.1 MSEK.

• Equity at year-end was -20.7 MSEK, with a solidity of -27%.

Outlook and guidance

• Focus for 2026 is on industrializing NIL technology and strengthening market presence.

• Targets include exceeding 100 MSEK in rolling 12-month order intake and revenue, and achieving at least 15% annual revenue growth (CAGR) from 2026 to 2028.

• Management expects to achieve positive operating cash flow in 2026.