Risk Intelligence (RISK) Q3 2025 earnings summary

Executive summary

• Q3 2025 delivered positive EBITDA of DKK 758K, marking the third consecutive profitable quarter, with YTD EBITDA at DKK 1,042K, driven by 9% revenue growth and 3% cost reduction year-over-year.

• Signed new clients in commercial maritime, energy, government defense, and land risk segments, with significant upsell to existing clients during renewals.

• Terminated a major U.S. government client license agreement, impacting revenue, ARR, and churn.

• Launched a partnership with NAVTOR, integrating Risk Intelligence into NavStation and launching a new product layer, expanding market reach.

• Initiated development of a new commercial strategy to be launched in 2026.

Financial highlights

• Recognized revenue in Q3 2025 increased by 9% to DKK 7,165K; YTD revenue up 12% to DKK 20,790K.

• Gross profit (SaaS) rose 11% to DKK 6,682K in Q3 2025, with gross margin improving to 93.3%.

• EBITDA for Q3 2025 was DKK 758K; YTD EBITDA reached DKK 1,042K, nearly DKK 3M higher than 2024.

• Net loss for Q3 2025 was DKK -939K, an improvement from DKK -1,336K in Q3 2024.

• Total costs decreased by 2% in Q3 and 3% YTD.

Outlook and guidance

• 2025 guidance remains unchanged: System ARR expected at DKK 26.9M–30.4M (15–30% growth), positive EBITDA, and net result between DKK -3.2M and -4.2M.

• ARR growth expected from new deals, upsell during Q4 renewals, partner sales, and known price increases in 2026.

• Net cash flow is projected to be positive for the year.

• No change in timing of profitability communicated; positive cash flow from operations before financial costs in Q3.