Phase Holographic (PHI) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 increased to 6,481 KSEK from 4,873 KSEK year-over-year, with YTD sales at 10,796 KSEK versus 8,824 KSEK.

• Gross margin remained strong at 76% for Q3 and 71% YTD, both above prior year levels.

• Net result improved to -2,681 KSEK in Q3 from -5,152 KSEK year-over-year; YTD net result was -12,280 KSEK compared to -14,826 KSEK.

• Sales growth outpaced the previous full year, driven by a robust pipeline and strategic partnerships.

• CEO emphasized execution, leveraging technical expertise and partnerships to accelerate market reach, especially in regenerative medicine.

Financial highlights

• EBITDA for Q3 was -987 KSEK, a significant improvement from -3,179 KSEK year-over-year.

• Administrative costs increased due to capital raise activities, while R&D expenses decreased.

• Cash and equivalents plus unutilized credits totaled 26,567 KSEK at period end, up from 684 KSEK.

• Equity ratio rose to 85% from 30% year-over-year, reflecting strengthened balance sheet.

• Earnings per share improved to -0.08 SEK in Q3 from -0.21 SEK year-over-year; YTD EPS was -0.34 SEK versus -0.58 SEK.

Outlook and guidance

• Management expects continued sales growth, supported by a strong sales pipeline and expanded distributor network.

• Strategic focus on execution and scaling innovations to market, particularly in regenerative medicine.

• Partnerships with Altium and Wake Forest Institute for Regenerative Medicine are expected to drive further market penetration.