Qualisys (QSYS) Q4 2025 earnings summary

Executive summary

• Q4 2025 net sales rose 11.6% year-over-year to SEK 100.0 million, with currency-adjusted growth of 22.2%.

• Full-year 2025 net sales increased 5.9% to SEK 269.0 million, with currency-adjusted growth of 11.4%.

• Operating profit (EBIT) for Q4 was SEK 33.3 million (up 16.7% year-over-year); full-year EBIT was SEK 50.3 million, nearly flat year-over-year.

• Net profit for Q4 reached SEK 26.5 million (up 18.9% year-over-year); full-year net profit was SEK 36.6 million, down 8.1%.

• The customer base expanded by 30% in 2025, with over 700 customers and a more diversified revenue mix.

Financial highlights

• Q4 gross margin was 67.1% (vs. 69.0% prior year); full-year gross margin was 68.0% (vs. 69.2%).

• Q4 EBIT margin was 33.3% (vs. 31.8%); full-year EBIT margin was 18.7% (vs. 19.8%).

• Adjusted EBIT for the year was SEK 51.7 million (down 4.6% year-over-year), reflecting SEK 1.4 million in IPO-related one-time expenses.

• Cash flow from operating activities after investments was SEK 14.9 million in Q4 (vs. -1.8 million prior year) and SEK 19.6 million for the year (vs. 56.6 million prior year).

• Cash and cash equivalents at year-end were SEK 62.4 million (vs. 5.0 million prior year).

Outlook and guidance

• Activity levels and sales pipeline remain strong across all markets, with evolving customer needs creating new opportunities, especially in Life Sciences and Engineering.

• No impact expected on midterm goals despite a slower start to 2026.

• Board proposes a dividend of SEK 3.00 per share for 2025, unchanged from prior year.