Xoma (XOM) Q4 2025 earnings summary

Executive summary

• Achieved significant technical milestones in Q4 2025, including FLOW technology verified to reduce uranium in process water by up to 97% and successful initial results at Björkdalsgruvan.

• Advanced FLOW projects toward pilot and commercialization phases, with a growing pipeline of industrial partnerships and opportunities.

• Strategic decision to develop CLAS technology in a separate structure, aiming for future spin-off and focused FLOW development.

• Strengthened financial position through directed share issues and a fully guaranteed rights issue.

Financial highlights

• Q4 2025 revenues were 0.893 MSEK, up from 0.268 MSEK year-over-year; full-year revenues reached 1.565 MSEK, up from 0.268 MSEK.

• Q4 EBITDA was -3.689 MSEK (vs. -1.400 MSEK YoY); full-year EBITDA was -9.452 MSEK (vs. -3.144 MSEK YoY).

• Q4 EBIT was -3.743 MSEK (vs. -1.430 MSEK YoY); full-year EBIT was -9.600 MSEK (vs. -3.265 MSEK YoY).

• Net result per share for Q4 was -0.04 SEK (vs. -0.15 SEK YoY); full-year was -0.09 SEK (vs. -0.34 SEK YoY).

• Cash and bank at year-end: 13.3 MSEK (vs. 2.0 MSEK YoY); equity: 15.8 MSEK (vs. 3.2 MSEK YoY).

Outlook and guidance

• Entering 2026 with focus on advancing FLOW projects to pilot phase and expanding industrial collaborations.

• No dividend proposed for the year; company asserts going concern principle.