QBNK (QBNK) Q3 2025 earnings summary

Executive summary

• Achieved profitability for the full year, with EBIT of 1.3 MSEK for Jan–Sep 2025, up from -0.8 MSEK year-over-year, and EBIT of 1.8 MSEK for Q3 2025, up from 0.3 MSEK year-over-year.

• Annual recurring revenue (ARR) at the start of October 2025 was 36.4 MSEK, a slight decrease from 37.6 MSEK at the start of the quarter.

• Strategic review initiated in January; CEO transition announced, with Jacob Philipson appointed interim CEO from October 18, 2025.

Financial highlights

• Operating income for Jan–Sep 2025: 31.4 MSEK, up 4% year-over-year; Q3 2025: 10.2 MSEK, up 5% year-over-year.

• EBITDA for Jan–Sep 2025: 1.6 MSEK (vs. -0.6 MSEK prior year); Q3 2025: 1.8 MSEK (vs. 0.4 MSEK prior year).

• EBIT for Jan–Sep 2025: 1.3 MSEK (4.2% margin); Q3 2025: 1.8 MSEK (17.7% margin).

• Net income for Jan–Sep 2025: 1.1 MSEK (vs. -0.5 MSEK prior year); Q3 2025: 1.4 MSEK (vs. 0.3 MSEK prior year).

• Cash flow from operations for Jan–Sep 2025: -7.9 MSEK (vs. 6.7 MSEK prior year); Q3 2025: -4.2 MSEK (vs. -0.9 MSEK prior year).

• No investments in fixed assets during the period.

Outlook and guidance

• On track to deliver a positive operating result for full-year 2025.

• ARR expected to grow in coming quarters despite a short-term decline due to customer churn and seasonality.