Physitrack (PTRK) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered strong profitability and cash flow, with free cash flow at €0.4 million, marking a 200% year-on-year improvement and the fourth consecutive quarter of positive cash generation.

• Pro forma revenue grew 6% year-over-year to €3.5 million, with constant-currency growth at 9%, driven by SaaS momentum and disciplined execution.

• Subscription (SaaS) revenue reached a record 88% of total, providing stability and predictability.

• Lifecare division drove group performance, accounting for 80% of revenue, while Wellness was streamlined for focus and profitability.

• Strategic restructuring and operational optimization, including AI tool adoption, enabled innovation and efficiency without increasing team size.

Financial highlights

• Group revenue for Q3 was €3.5 million, up 6% year-over-year (9% constant currency), with annualized revenue at €14.2 million.

• Adjusted EBITDA margin reached 33%, with adjusted EBITDA at €1.2 million, up 25% year-over-year.

• Adjusted EBITDA less CapEx was €0.4 million (11% margin), up 297% year-over-year.

• Four consecutive quarters of positive free cash flow, with €1.8 million generated year-to-date.

• Free cash flow for Q3 2025 was €0.4 million, compared to -€0.4 million in Q3 2024.

Outlook and guidance

• Medium-term target is to double revenue, with group EBITDA margins aimed at 40-45%, in line with Lifecare.

• ARR expected to stabilize in Q4 and return to growth in 2026 as new business sales ramp up.

• Focus remains on scalable, high-quality growth, especially in North America and through large enterprise deals.

• Continued investment in AI integration and automation to sustain innovation and margin improvement.

• Capital discipline to ensure operating cash generation exceeds CapEx, with no planned CAPEX step-up in 2026.