Serstech (SERT) Q3 2025 earnings summary

Executive summary

• Net sales in Q3 2025 rose to KSEK 7,765, a 129% increase year-over-year, reflecting improved customer activity and market normalization after tariff-related uncertainty earlier in the year.

• The company completed the closure of its Romanian subsidiary, centralized R&D in Lund, and expanded its sales organization, doubling its size to eight people.

• In-house production began in Lund, with the first five instruments manufactured, enhancing flexibility, quality, and cost efficiency.

Financial highlights

• Q3 2025 net sales: KSEK 7,765 (Q3 2024: KSEK 3,392); nine-month net sales: KSEK 32,220 (2024: KSEK 38,935).

• Q3 2025 EBITDA: KSEK -4,283 (Q3 2024: KSEK -6,657); nine-month EBITDA: KSEK -12,652 (2024: KSEK 344).

• Q3 2025 EBIT: KSEK -6,387 (Q3 2024: KSEK -8,518); nine-month EBIT: KSEK -18,882 (2024: KSEK -5,287).

• Q3 2025 net result: KSEK -6,410 (Q3 2024: KSEK -8,523); nine-month net result: KSEK -18,780 (2024: KSEK -5,434).

• Earnings per share Q3: SEK -0.03 (Q3 2024: SEK -0.04); nine months: SEK -0.07 (2024: SEK -0.03).

Outlook and guidance

• Order intake and tender activity increased since August, with expectations for a significantly stronger second half of 2025.

• Full effect of sales team expansion and in-house production expected to be visible in 2026.