Unibap (UNIBAP) Q3 2025 earnings summary

Executive summary

• Q3 net sales were SEK 17.3 million, with 27% year-over-year growth, but revenue was impacted by delayed export licenses, shifting some sales to Q4.

• Major multi-year framework agreements were signed with Loft Orbital (minimum €1.39 million/2.6 MEUR) and Argotec (minimum €2 million, exclusive supplier), and a strategic partnership was initiated with Leonardo S.p.A.

• Strategic collaborations and export licenses position the company for future deliveries and revenue recognition in Q4 and beyond.

• The company remains in an early growth phase, expecting continued volatility in order intake and revenue between quarters.

Financial highlights

• Q3 operating income was -SEK 13 million to -13.1 MSEK, impacted by lower sales and higher costs from US expansion, defense, and R&D investments.

• Cash flow from operations was negative SEK 11.6 million, reflecting two quarters of lower sales.

• Q3 2025 net sales: 17,312 KSEK; Q3 2025 operating result: -13,114 KSEK; Q3 2025 net result: -12,651 KSEK.

• Cash and equivalents at period end: 26,425 KSEK; no interest-bearing debt.

• Large variations in revenues, profit, and cash flow between quarters are expected to continue.

Outlook and guidance

• Full-year 2025 growth is expected to be below the 30% target, but the medium-term ambition of 30-50% annual growth remains.

• Delivery and revenue from a 1.4 MEUR UAE order will be recognized in Q4 following export license approval.

• No plans for new share issues; liquidity is considered sufficient for current plans.

• Anticipates continued volatility in quarterly sales, results, and cash flow.

• Continued focus on expanding U.S. operations and leveraging increased European defense spending.