Serstech (SERT) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 dropped sharply to KSEK 4,563 from KSEK 21,369 year-over-year, reflecting sector-wide slowdowns and delayed procurement, especially in the US.

• Strategic investments included doubling the sales team, centralizing R&D in Lund, and transitioning to in-house production to improve cost efficiency and resilience.

• The Romanian office was closed, consolidating operations in Sweden to reduce costs and enhance collaboration.

• Despite lower sales, the opportunity pipeline for H2 2025 is strong, with expectations for accelerated growth as new sales capacity comes online.

Financial highlights

• Q2 2025 EBITDA was KSEK -8,875, down from KSEK 5,595 in Q2 2024; EBIT was KSEK -10,992 versus KSEK 3,715.

• Net result for Q2 2025 was KSEK -11,086, with EPS at SEK -0.04 compared to SEK 0.02 year-over-year.

• H1 2025 net sales were KSEK 24,455, down from KSEK 35,543 in H1 2024; gross margin for H1 2025 remained strong at 73%.

• Cash flow from operating activities in Q2 2025 was KSEK -11,631, compared to KSEK -1,112 in Q2 2024.

• As of June 30, 2025, cash and bank balances stood at KSEK 27,962, up from KSEK 12,476 a year earlier.

Outlook and guidance

• Management expects a strong second half of 2025, citing a robust opportunity pipeline and increased sales capacity.

• In-house production is set to begin volume output in Q4 2025, expected to significantly reduce COGS and improve competitiveness.