ZetaDisplay (ZETA) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 declined by 3.2% to SEK 156.8 million, mainly due to strong prior-year comparables and currency effects.

• Recurring revenue for Q2 decreased by 3.4% to SEK 63.3 million, representing 40.4% of net sales; license revenues grew, but support and contractual services declined.

• Adjusted EBITDA for Q2 was SEK 20.1 million, down from SEK 26.5 million; H1 adjusted EBITDA improved to SEK 42.1 million from SEK 38.0 million year-over-year.

• Strategic contracts and partnerships were secured, including a major Retail Media rollout with Coop Norway and a new partnership with ENRA Technologies in South Africa.

• CEO transition announced: Anders Olin to step down, Daniel Nergard to assume the role from October 1, 2025.

Financial highlights

• H1 2025 net sales increased by 9.9% to SEK 316.4 million year-over-year.

• H1 recurring revenue rose 2.9% to SEK 128.7 million.

• Q2 gross margin decreased to 54.4% from 56.0% in the prior year.

• Q2 operating loss after restructuring costs was SEK -12.6 million, with a net loss after tax of SEK -42.3 million.

• Cash and cash equivalents at June 30, 2025, were SEK 107.0 million; net debt stood at SEK 428.3 million.

Outlook and guidance

• Full-year growth is expected to remain stable, with positive long-term trends despite Q2 softness.

• Focus remains on innovation, customer value, and operational excellence, with disciplined investment and cost control.

• Expanding international partner network and successful platform migrations position the company for H2 momentum.