SOZAP (SOZAP) Q2 2025 earnings summary

Executive summary

• Net revenue for Q2 2025 was MSEK 3.2, down 32% year-over-year; H1 2025 revenue was MSEK 6.9, down 26% year-over-year.

• EBITDA improved to MSEK 0.3 in Q2 and MSEK 1.0 for H1 2025; EBIT remained negative at MSEK -2.8 for Q2 and MSEK -5.1 for H1.

• Cost-saving measures implemented in 2024 led to reduced operating expenses and a lower cost base.

• The company is preparing to launch Fishing Tour in Q3 2025, marking a strategic shift to live operations and a subscription-based model.

• Board has proposed delisting from Nasdaq First North Growth Market, with EGM scheduled for August 19, 2025.

Financial highlights

• Q2 net revenue: MSEK 3.2 (down 32% year-over-year); H1 net revenue: MSEK 6.9 (down 26%).

• Q2 EBITDA: MSEK 0.3 (up from 0.2); H1 EBITDA: MSEK 1.0 (up from -1.0).

• Q2 EBIT: MSEK -2.8; H1 EBIT: MSEK -5.1.

• Cash and cash equivalents at June 30: MSEK 3.2 (down from 8.8 year-over-year).

• Earnings per share for H1: SEK -0.23 (improved from -0.54 year-over-year).

Outlook and guidance

• Armed Heist and Questopia continue to generate positive gaming contributions.

• Fishing Tour's soft launch metrics indicate strong potential; full launch expected in Q3 2025.

• Cost base expected to decrease further if delisting is approved, supporting the goal of cash flow neutrality before marketing investments.

• Board assesses sufficient financing for the next four quarters.