Qualisys (QSYS) Q2 2025 earnings summary

Executive summary

• Net sales grew 6.6% year-over-year in Q2 2025 to SEK 55.7 million; first half net sales up 13% to SEK 114.7 million, with strong APAC demand and stable order intake.

• Operating profit (EBIT) for Q2 was SEK 3.4 million, down from SEK 4.3 million last year; adjusted EBIT margin for the quarter was 6.2%.

• Net profit for Q2 was SEK 2.8 million, with EPS of SEK 0.28; first half net profit was SEK 4.0 million, EPS SEK 0.40.

• Cash flow from operating activities after investments in Q2 was SEK 9.1 million; cash and cash equivalents at period end were SEK 53.3 million.

• Launch of OnTraq, a markerless solution for elite sports, and opening of a new office in Delhi, India, are key strategic initiatives.

Financial highlights

• Q2 net sales: SEK 55.7 million (up 6.6% year-over-year); currency-adjusted increase 13.9%.

• Q2 operating profit (EBIT): SEK 3.4 million (down 20.7% year-over-year); adjusted EBIT SEK 3.4 million.

• Q2 net profit: SEK 2.8 million (down 23.5% year-over-year); EPS SEK 0.28.

• Gross margin in Q2: 65.6% (down from 70.8% last year).

• Cash flow from operating activities in Q2: SEK 12.0 million; net cash flow for the quarter: SEK -22.1 million (after dividend payment).

Outlook and guidance

• Order intake remains stable with scheduled deliveries for 2025 in line with expectations.

• Early signs of delays in customer project decisions due to global uncertainty; currency fluctuations and US tariffs expected to impact business.

• Management anticipates greater clarity in Q3 to guide full-year projections.