Phase Holographic (PHI) Q2 2025 earnings summary

Executive summary

• Net sales in Q2 increased to 2,977 KSEK from 1,225 KSEK year-over-year, with moderate YTD growth to 4,315 KSEK from 3,951 KSEK.

• Gross margin declined to 55% in Q2 (from 71%) due to discounting on demo kits for new distributors.

• Net result improved to -3,669 KSEK in Q2 from -5,375 KSEK year-over-year; YTD net result was -9,598 KSEK versus -9,675 KSEK.

• CEO transition occurred in November 2024, with a focus on commercializing QPI technology and leveraging new distribution agreements.

• Fully secured rights issue announced in November 2024 to strengthen equity and support transformation.

Financial highlights

• Q2 EBITDA was -2,790 KSEK, improving from -4,037 KSEK year-over-year; YTD EBITDA was -7,522 KSEK versus -6,389 KSEK.

• Earnings per share improved to -0.14 SEK in Q2 (from -0.23 SEK); YTD EPS was -0.37 SEK versus -0.47 SEK.

• Cash, cash equivalents, and unutilized credits totaled 9,924 KSEK at period end.

• Equity ratio dropped to 1% from 17% year-over-year.

• Investments in product, patent, and application development reached 2,335 KSEK in Q2.

Outlook and guidance

• Significant sales increase is critical for transformation, with the Altium agreement expected to drive growth.

• Strategic focus on expanding into clinical research and regenerative medicine markets.

• Collaboration with Wake Forest Institute for Regenerative Medicine aims to enhance leadership in the field.