Ortivus (ORTI) Q4 2025 earnings summary

Executive summary

• Net sales for Q4 2025 decreased by 12% year-over-year to SEK 18.8 million; full-year net sales declined 9% to SEK 73.4 million.

• Gross margin improved to 41% in Q4 (from 21%) and 40% for the year (from 35%).

• Adjusted EBITDA for Q4 was SEK -1.6 million (down from SEK 2.3 million); full-year adjusted EBITDA was SEK -8.6 million (down from SEK -4.9 million).

• Net loss after tax narrowed to SEK -7.0 million in Q4 (from SEK -9.6 million) and SEK -21.9 million for the year (from SEK -24.9 million).

• No dividend proposed for 2025.

Financial highlights

• Q4 net sales: SEK 18.8 million; full-year: SEK 73.4 million.

• Q4 gross margin: 41%; full-year: 40%.

• Q4 EBITDA: SEK -3.9 million; full-year: SEK -15.9 million.

• Q4 operating margin: -35%; full-year: -27%.

• Cash and cash equivalents at year-end: SEK 8.9 million.

Outlook and guidance

• Entering 2026 with a strengthened balance sheet, improved gross margin, and a more efficient organization.

• Rising number of major tenders in the market; company prepared to meet customer needs with digital solutions.

• No formal forecasts provided.