Vaxxa (VAXXA) Q2 2025 earnings summary

Executive summary

• Achieved 30% growth in the insolvency segment compared to Q1, driven by strategic investments and expansion initiatives.

• Underwent the largest growth initiative in company history, establishing new operational hubs and enhancing self-service platforms.

• Short-term profitability impacted by increased costs for personnel, premises, and technology, but order intake remains strong.

• Launched upgraded self-service solution and mobile application as part of the strategic growth plan.

Financial highlights

• Net revenue for Q2 2025 was 18.8 MSEK, down from 21.9 MSEK in Q2 2024; H1 2025 revenue was 31.1 MSEK versus 42.4 MSEK year-over-year.

• EBITDA for Q2 2025 was -951 KSEK, compared to 1.3 MSEK in Q2 2024; H1 2025 EBITDA was -989 KSEK versus 2.3 MSEK year-over-year.

• Operating income for Q2 2025 was -1.6 MSEK, down from 660 KSEK in Q2 2024; H1 2025 operating income was -2.3 MSEK versus 972 KSEK year-over-year.

• Net income for Q2 2025 was -1.6 MSEK, compared to 671 KSEK in Q2 2024; H1 2025 net income was -2.3 MSEK versus 983 KSEK year-over-year.

• Cash and cash equivalents at June 30, 2025, were 8.2 MSEK.

Outlook and guidance

• Capital costs for expansion expected to peak in the current fiscal year, with margins anticipated to improve as new segments and markets contribute.

• Scalability and improved cash flow projected once new capacity is fully operational.

• No significant events occurred after Q2 2025.