Opsy (OPSYH ) Q2 2025 earnings summary

Executive summary

• Net revenue for Q2 2025 increased by 455% year-over-year to 1,528 KSEK, with a 50% sequential growth from the previous quarter.

• Number of cases handled rose by 26% sequentially, reaching 894.

• Gross margin improved significantly to 81% from 14% year-over-year, highlighting scalability.

• The quarter included 0.8 MSEK in one-time costs related to a reverse acquisition and relisting process.

• Existing customer contracts, if fully developed, are valued at approximately 50 MSEK annually, with a guaranteed base volume of about 12 MSEK.

Financial highlights

• EBITA improved to -2,669 KSEK from -3,361 KSEK year-over-year; EBIT was -3,774 KSEK.

• Net loss for the period was -3,794 KSEK, compared to -3,407 KSEK in Q2 2024.

• Cash flow from operations was -3,096 KSEK, with total cash flow at -3,533 KSEK; cash at period end was 1,872 KSEK.

• Equity ratio strengthened to 48% from 18% year-over-year.

Outlook and guidance

• The company is approaching positive cash flow, supported by recurring license revenues and transaction-based income.

• Ongoing dialogues with potential new customers represent an additional 60 MSEK in annual revenue potential.

• Market demand for standardized, data-driven insurance medical assessments is expected to accelerate in coming years.