Safe at Sea (SAFE) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was 21,553 tkr, nearly unchanged from 2024, with strong export sales and a focus on defense and rescue sectors.

• EBITDA increased to 3,127 tkr from 1,929 tkr year-over-year, and net income rose to 2,414 tkr from 1,644 tkr.

• 36 boat systems sold in 2025, with 91.7% exported; SeaRanger and RescueRunner products saw growing international demand.

• No dividend proposed for 2025; profits to be reinvested for growth, especially in production and marketing.

Financial highlights

• Q4 2025 revenue was 4,778 tkr, down from 9,604 tkr in Q4 2024, reflecting a strong Q3 and project delivery timing.

• Full-year gross margin improved to 50.3% from 48.5% year-over-year.

• Cash flow from operations before working capital changes was 2,713 tkr, but total operating cash flow fell to 738 tkr due to increased inventory.

• Cash and equivalents at year-end were 6,226 tkr, up from 5,488 tkr.

Outlook and guidance

• Continued focus on defense and critical infrastructure sectors, with rapid product adaptation to customer needs.

• Plans to strengthen production, marketing, and sales capacity in 2026 to capture growth opportunities.