Risk Intelligence (RISK) Q4 2025 earnings summary

Executive summary

• Achieved positive EBITDA in all quarters and for the full year 2025, reflecting improved operational leverage and cost control.

• Revenue growth of 5% in Q4 and 8% for the full year, with costs decreasing by 15% in Q4 and 6% for the year compared to 2024.

• Churn increased to 8.6% in 2025 due to a terminated US government license, but is expected to normalize in 2026.

• End-of-year revenue and ARR were below forecast due to client budget delays and postponed deals, prompting a more conservative 2026 outlook.

• Restructured balance sheet with roll-over and extension of long-term loans into 2027-2028.

Financial highlights

• Recognised net sales grew 5% in Q4 2025 to DKK 7,238k and 8% for the year to DKK 27,372k.

• Gross profit (reporting) increased 32% in Q4 to DKK 4,675k and 27% for the year to DKK 18,564k.

• EBITDA improved by 109% in Q4 to DKK 129k and by 116% for the year to DKK 517k.

• Net loss for 2025 was DKK -5,872k, an improvement from DKK -8,553k in 2024.

• Cash flow from operating activities was DKK -5,652k for 2025, down from DKK -3,832k in 2024.

Outlook and guidance

• 2026 System ARR expected between DKK 30.3M and 34.4M, representing 10-25% growth.

• Positive EBITDA targeted for 2026, with a more conservative forecast due to 2025 year-end shortfalls.