ZetaDisplay (ZETA) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw net sales rise 11.5% year-over-year to SEK 186.8 million, with adjusted EBITDA up to SEK 35.0 million, reflecting improved profitability and operational efficiency.

• Full-year 2025 net sales increased 8.5% to SEK 658.2 million, and adjusted EBITDA reached SEK 102.9 million, driven by strong project activity and disciplined cost control.

• Recurring revenue for Q4 declined 3.0% due to currency effects but grew 1.1% in constant currency; full-year recurring revenue rose 1.0%.

• The company completed a bolt-on acquisition of Ubiq AB, renewed its revolving credit facility, and deepened its partnership with LG Electronics.

Financial highlights

• Q4 adjusted EBITDA margin improved to 18.7% from 13.6% year-over-year.

• Gross margin for Q4 decreased to 53.4% (from 55.8%), mainly due to a higher share of hardware revenue.

• Operating profit after restructuring costs was SEK 4.4 million, up from a loss of SEK -14.1 million in Q4 2024.

• Net loss for Q4 was SEK -8.2 million, an improvement from SEK -22.2 million in Q4 2024.

• Cash flow from operating activities in Q4 was SEK 32.7 million, supported by strong invoicing and inventory reduction.

Outlook and guidance

• Entering 2026 with a strong enterprise pipeline, focus on long-term partnerships, and growing presence in retail media.

• Management expects continued operational excellence and sustainable, profitable growth.