Qlucore (QCORE) Q1 2025 earnings summary

Executive summary

• Net sales for Q1 2024/25 were SEK 1,675k, down 51% year-over-year due to fewer multi-year license deals compared to the prior year.

• Operating result (EBIT) was SEK -7,620k, and net result was SEK -7,529k, both reflecting increased losses versus Q1 2023/24.

• SEK 11 million received from the EU to support AI-based cancer diagnostics development, significantly improving operating cash flow.

• Cost savings reduced annual costs by SEK 7 million, with Q1 costs SEK 3.6 million lower than last year.

Financial highlights

• Net sales: SEK 1,675k (Q1 2023/24: SEK 3,427k), a 51.1% decrease year-over-year.

• EBIT: SEK -7,620k (Q1 2023/24: SEK -5,413k); EBIT margin: -278.3%.

• EBITDA: SEK -6,470k (Q1 2023/24: SEK -4,423k); EBITDA margin: -236.3%.

• Net result: SEK -7,529k (Q1 2023/24: SEK -5,000k).

• Cash flow from operating activities: SEK 2,480k (Q1 2023/24: SEK -5,870k), mainly due to the EU grant.

• Net cash flow: SEK -209k (Q1 2023/24: SEK -12,370k).

• Cash and cash equivalents at period end: SEK 28,434k (Q1 2023/24: SEK 57,231k).

• Equity ratio: 77.5% (Q1 2023/24: 87.2%).

Segment performance

• Qlucore Omics Explorer Cloud launched in April, with first customer contract signed.

• New AI-based lung cancer classification model for Qlucore Insights to be presented at ESMO in September.

• Ongoing development and regulatory progress for diagnostics in leukemia, bladder cancer, and AML.