Risk Intelligence (RISK) Q2 2025 earnings summary

Executive summary

• Implemented a new commercial strategy focusing on five business segments: commercial maritime, energy, insurance and legal, government and defense, and land-based logistics, which has improved sales pipelines and client engagement.

• Achieved positive EBITDA of DKK 29,000 in Q2 2025, marking the first positive Q2 since IPO and the second consecutive positive quarter.

• Revenue grew 18% in Q2 2025 and 14% in 1H 2025 year-over-year, with costs rising only 1% in Q2 and decreasing 3% in 1H.

• Net result guidance for 2025 revised to a loss of DKK 3.2M–4.2M due to project postponement and market uncertainty.

• Strong pipeline across all five business segments for H2 2025.

Financial highlights

• Q2 2025 recognised revenue: DKK 7,038K (+18% YoY); 1H 2025: DKK 13,625K (+14% YoY).

• Q2 2025 EBITDA: DKK 29K (vs. -942K Q2 2024); 1H 2025 EBITDA: DKK 285K (vs. -1,855K 1H 2024).

• Q2 2025 gross margin (SaaS): 93.1% (down from 97.3% Q2 2024); gross profit (SaaS): DKK 6,555K (+13% YoY).

• Net loss for Q2 2025: DKK -1,578K (improved from -2,108K Q2 2024); 1H 2025: DKK -2,701K (vs. -3,914K 1H 2024).

• Cash flow from operating activities: DKK -3,398K in Q2 2025 (vs. -98K Q2 2024); DKK -5,101K in 1H 2025.

Outlook and guidance

• Outlook revised due to financial market uncertainty, exchange rate volatility, and project postponement.

• System ARR for 2025 expected at DKK 26.9M–30.4M (15–30% growth); ARR growth and positive EBITDA guidance maintained.

• Net result guidance changed from breakeven to a loss between DKK 3.2M and 4.2M, with positive cash flow expected.