Odinwell (ODIN) Q4 2025 earnings summary

Executive summary

• Achieved significant technical, research, and commercial progress in 2025, with a stronger platform and clearer market path than ever before.

• Transitioned from prototype to two demo products: a wearable wound monitor and a handheld scanner, plus a mobile app.

• Clinical data confirms technology works in relevant environments; sensor detects bacteria at levels far below infection thresholds.

• Increased market visibility through international conferences and strengthened industry contacts.

• Focus for 2026 is on validating and preparing the handheld scanner for veterinary medicine market introduction, aiming for faster commercialization.

Financial highlights

• Q4 2025 revenue was 1,082 KSEK, down from 1,130 KSEK in Q4 2024; full-year 2025 revenue was 4,161 KSEK, down from 4,768 KSEK in 2024.

• Q4 2025 operating loss was -1,177 KSEK (vs. -1,353 KSEK in Q4 2024); full-year operating loss was -6,148 KSEK (vs. -6,474 KSEK in 2024).

• Q4 2025 net loss was -1,055 KSEK (vs. -1,094 KSEK in Q4 2024); full-year net loss was -5,862 KSEK (vs. -5,245 KSEK in 2024).

• Cash and cash equivalents at year-end were 2,643 KSEK, with an additional 2,000 KSEK in short-term investments.

• Equity ratio at year-end was 96%.

Outlook and guidance

• 2026 will focus on commercializing the handheld scanner in veterinary medicine, providing a faster route to sales and early product feedback.

• Human medical segment remains the primary long-term goal, with ongoing partnership and market development.