Vaxxa (VAXXA) Q4 2025 earnings summary

Executive summary

• 2025 was a strategic investment year with significant one-off costs to prepare the platform for scalable growth.

• Q4 results were weaker than previous forecasts due to write-downs, inventory adjustments, and accrual corrections, mainly of a non-recurring nature.

• The company is positioned for growth in 2026, focusing on scalable self-service business models and selective acquisitions.

Financial highlights

• Net revenue for Q4 2025 was 22.8 MSEK, up from 16.8 MSEK in Q4 2024; full-year revenue was 75.2 MSEK, down from 77.0 MSEK year-over-year.

• EBITDA for Q4 was -0.8 MSEK (vs. -0.4 MSEK prior year); full-year EBITDA was -1.8 MSEK (vs. -2.4 MSEK prior year).

• Net result after financial items for Q4 was -1.4 MSEK (vs. -0.6 MSEK prior year); full-year net result was -4.1 MSEK (vs. 0.4 MSEK prior year).

• Cash and cash equivalents at year-end were 7.6 MSEK, down from 10.2 MSEK at the end of 2024.

Outlook and guidance

• Growth is prioritized for 2026, with a focus on scalable self-service platforms and potential selective acquisitions.

• The company expects increased demand for secure, robust self-service solutions due to heightened market awareness of fraud and identification risks.