Spineway (ALSPW) Q4 2025 earnings summary

Executive summary

• Revenue increased by 4% year-over-year to €12.4 million, driven by geographic diversification and new product launches.

• Gross margin improved to 69.6% of revenue, up 0.6 percentage points from the previous year.

• Operating loss remained stable at €2.1 million, reflecting controlled expenses despite ongoing regulatory investments.

• Net loss narrowed by €1.6 million year-over-year to €2.2 million, aided by lower financial expenses and normalized tax credits.

• Cash position at year-end was €3.5 million, with net cash of €2 million after debt.

Financial highlights

• Revenue: €12.4 million in 2025, up from €11.95 million in 2024.

• Gross margin: €8.6 million (69.6% of revenue), up from €8.25 million (69.0%) in 2024.

• Net operating expenses: €10.8 million, up 5% year-over-year (pro forma).

• Operating loss: €2.1 million, nearly unchanged from €2.0 million in 2024 (pro forma).

• Net loss: €2.2 million, improved from €3.9 million in 2024.

Outlook and guidance

• Regulatory expenses are expected to increase further in 2026 due to ongoing approvals and clinical studies.

• Continued investment in R&D, marketing, and regulatory affairs to support growth ambitions.