XMReality (XMR) Q2 2025 earnings summary

Executive summary

• Achieved the target of generating positive cash flow on a rolling 12-month basis in June 2025, with monthly recurring revenue exceeding costs for the first time.

• Completed major cost-reduction initiatives, aligning cost levels with ARR and enabling a shift in focus toward growth and product development.

• Continued strong growth in new customers and service usage, with a near doubling of self-service customer acquisitions year-over-year.

Financial highlights

• ARR at quarter-end was 14,933 TSEK, down from 15,251 TSEK in the previous quarter, mainly due to currency effects and contract changes.

• Net sales for Q2 2025 were 3,900 TSEK (4,086 TSEK Q2 2024); for H1 2025, 7,882 TSEK (8,796 TSEK H1 2024).

• EBITDA for Q2 2025 was -154 TSEK (-6,669 TSEK Q2 2024); for H1 2025, 297 TSEK (-9,221 TSEK H1 2024).

• Cash flow for Q2 2025 was 1,838 TSEK (3,210 TSEK Q2 2024); for H1 2025, 2,600 TSEK (2,320 TSEK H1 2024).

• Gross margin remained high at 97% for the quarter.

• Period result for Q2 2025 was -1,778 TSEK (-8,106 TSEK Q2 2024); for H1 2025, -2,947 TSEK (-12,384 TSEK H1 2024).

Outlook and guidance

• With cost reductions completed and positive cash flow achieved, focus shifts to growth, customer acquisition, and product innovation.

• Plans to further develop go-to-market strategies and introduce new sales tools and marketing channels in the fall.