Interim Report January - September 2025

"Strong revenue growth, record gross margin and continued progress toward cash-flow positive operations."

Adam Philpott, CEO


Highlights

  • Revenue increased by 47 percent in constant currency terms compared to Q3 2024.
  • Gross margin reached 68.6 percent in Q3 2025, supported by a favorable mix.
  • On October 3, FPC announced its third IP monetization and licensing transaction in 11 months - a new PixArt Imaging Inc. deal worth SEK 19 million upfront, plus royalty potential, with payment due in Q4 2025.

Third quarter of 2025

  • Revenues amounted to SEK 20.4 M (15.2)
  • The gross margin was 68.6 percent (56.3)
  • EBITDA amounted to negative SEK 9.8 M (neg: 40.8)
  • Adjusted EBITDA amounted to negative SEK 9.8 M (neg: 40.8)
  • The operating result was negative SEK 18.8 M (neg: 246.6)
  • Earnings per share before and after dilution amounted to negative SEK 0.42 (neg: 192.15) **
  • Cash flow from operating activities was negative SEK 2.0 M* (neg: 25.2), including a positive SEK 6.6 M attributable to discontinued operations

January - September 2025

  • Revenues amounted to SEK 54.4 M (35.6)
  • The gross margin was 58.7 percent (57.4)
  • EBITDA amounted to negative SEK 19.5 M (neg: 154.2)
  • Adjusted EBITDA amounted to negative SEK 19.5 M (neg: 154.2)
  • The operating result was negative SEK 49.6 M (neg: 383.1)
  • Earnings per share before and after dilution amounted to negative SEK 5.04 (neg: 339.27) **
  • Cash flow from operating activities was negative SEK 56.7 M* (neg: 162.0), including a negative SEK 15.2 M attributable to discontinued operations
SEK M Jul-sep 2025 Jul-sep 2024 Change, % Jan-sep 2025 Jan-sep 2024 Change, % Jan-dec 2024
Revenue 20.4 15.2 35 54.4 35.6 53 60.2
Gross profit 14.0 8.5 65 31.9 20.5 56 36.6
Gross margin, % 68.6 56.3 +13 pp 58.7 57.4 +1 pp 60.9
Operating profit/loss -18.8 -246.6   -49.6 -383.1   -421.1
Operating margin, % -92.0 -1,625.1   -91.1 -1,075.0   -699.6
EBITDA -9.8 -40.8   -19.5 -154.2   -181.6
Adjusted EBITDA -9.8 -40.8   -19.5 -154.2   -181.6
Profit/loss remaining operations -16.8 -271.1   -53.2 -425.4   -465.9
Profit/loss for discontinued operations 13.1 -80.9   10.1 -196.2   -222.4
Profit/loss per share before and after dilution, SEK* -0.42 -192.15   -5.04 -339.27   -375.66
Cash and cash equivalents* 28.3 48.8 -42 28.3 48.8 -42 12.1
Cash flow from operating activities* -2.0 -25.2   -56.7 -162.0   -207.6
Equity/assets ratio, %* 89.9 66.0   89.9 66.0   65.1
Average number of employees* 37 83 -56 39 119 -67 107
               
               

* Including discontinued operations.
** Adjusted to reflect the reverse share split completed in September 2025.   

 

Latest updated: 10/27/2025 11:20:29 AM by Stefan Pettersson
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