Vaxxa (VAXXA) Q3 2025 earnings summary

Executive summary

• Achieved a 14% year-over-year increase in Q3 2025 revenue to 24.6 MSEK, driven by a completed digital platform and scalable business model.

• Transitioned to revenue recognition at payment, enhancing transparency and cash flow alignment.

• Digital platform and app are fully operational, ending the heavy investment phase and normalizing costs.

• Focus shifts to accelerating growth, strengthening market position, and achieving sustainable value creation.

Financial highlights

• Q3 2025 net revenue was 21.1 MSEK, nearly flat compared to 21.3 MSEK in Q3 2024.

• EBITDA for Q3 2025 was 12 TSEK, down from 595 TSEK in Q3 2024.

• Operating result (EBIT) for Q3 2025 was -489 TSEK, compared to 7 TSEK in Q3 2024.

• Cash and cash equivalents at quarter-end were 8.8 MSEK.

• Equity at quarter-end stood at 21.6 MSEK.

Outlook and guidance

• Expectation of positive cash flow from Q4 2025 due to normalized cost structure and completed platform.

• Launch of a targeted marketing campaign for the self-service segment in Q4, aiming for accelerated growth and improved profitability.