Zaplox (ZAPLOX) Q4 2025 earnings summary

Executive summary

• Achieved first-ever positive EBITDA in Q4 2025, marking a strong end to the year despite negative currency effects.

• Significant cost reductions and organizational changes led to improved profitability and cash flow.

• Underlying business performance stronger than reported figures due to currency headwinds.

Financial highlights

• Q4 2025 net revenue: 4,218 TSEK (down from 4,694 TSEK YoY); full-year 2025: 19,215 TSEK (up from 18,816 TSEK YoY).

• Q4 EBITDA: 390 TSEK (vs. -3,284 TSEK YoY); full-year EBITDA: -8,629 TSEK (vs. -15,161 TSEK YoY).

• Q4 net result: -89 TSEK (vs. -3,916 TSEK YoY); full-year net result: -10,545 TSEK (vs. -17,255 TSEK YoY).

• Q4 cash flow from operations: -729 TSEK (vs. -4,051 TSEK YoY); full-year: -9,478 TSEK (vs. -17,246 TSEK YoY).

• Cash at year-end: 884 TSEK (vs. 10,719 TSEK YoY); equity: -474 TSEK (vs. 10,428 TSEK YoY).

Outlook and guidance

• Cost structure and stable subscription base expected to support ongoing cash flow without new capital, assuming business develops as planned.

• Focus for 2026: further cost efficiency, strengthening partner sales, and organic growth.

• Positive outlook for liquidity improvement in 2026.