QleanAir (QAIR) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was SEK 116 million, down 2.5% year-over-year, with stable gross margin and sequential improvement driven by APAC and Americas, while EMEA, especially Germany, remained challenging.

• Recurring revenues were SEK 70–71 million, with a rolling 12-month total of SEK 294 million, impacted by German school contract cancellations.

• EBIT was SEK 8.4 million (margin 7.2%), down from SEK 11.6 million (9.7%) last year, mainly due to lower revenue and higher legal costs.

• Cash flow from operations improved to SEK 2.3 million, with cash at period end of SEK 36.3 million.

• No dividend proposed for 2024 due to market uncertainty.

Financial highlights

• Net sales were SEK 116 million, down from SEK 119 million year-over-year; recurring revenue decreased due to German school contract withdrawals.

• Gross margin was 68.5% (68.9% last year), with gross profit stable at SEK 68–79.6 million.

• Adjusted EBIT margin was 7.2%–8.4% (11.6% last year); EPS was SEK 0.18 (0.53 last year).

• Net debt/equity ratio was 0.9; equity ratio 33%–33.8%.

• Asset-light model: SEK 45 million in book value generates SEK 300 million in annual revenue.

Outlook and guidance

• Financial targets: 10% organic growth and 15–20% EBIT margin medium to long term.

• Focus remains on cost control, sales efficiency, customer focus, and investment in digital marketing and product innovation.

• Board proposes no dividend for 2024 amid economic uncertainty.