QBNK (QBNK) Q1 2025 earnings summary

Executive summary

• Q1 2025 delivered as planned with new customer acquisitions and expanded relationships with existing clients, supporting a 3% year-over-year increase in subscription revenues and positive net ARR growth of 900 TSEK.

• Strategic review initiated in January 2025, with no significant post-period events.

• Customer portfolio is diversified, with no single client representing more than 10% of total ARR; top 10 customers account for 39% of ARR.

Financial highlights

• Operating revenues for Q1 2025 were 10.6 MSEK, unchanged from Q1 2024.

• Subscription revenues (ARR) at the start of April 2025 were 36.6 MSEK, up from 35.3 MSEK a year earlier.

• EBITDA for Q1 2025 was 0.2 MSEK, down from 0.4 MSEK in Q1 2024.

• EBIT was -0.1 MSEK (3.4% margin), impacted by 0.2 MSEK in strategic review costs; adjusted EBIT was 0.2 MSEK.

• Net result after tax was 0.0 MSEK, compared to 0.3 MSEK in Q1 2024.

• Cash flow from operations was -3.8 MSEK, compared to 12.0 MSEK in Q1 2024.

• Cash and cash equivalents at period end were 17.7 MSEK, down from 20.5 MSEK a year earlier.

Outlook and guidance

• Management maintains a positive outlook, aiming for profitability for the full year 2025, driven by organic, capital-efficient growth and strict cost discipline.

• Focus remains on increasing ARR, maintaining low churn, and strong cash flow discipline.