Year-End Report January - December 2025

"Growing AllKey momentum and improved earnings and cash flow mark an important step as we focus the company on scalable, profitable growth."

Adam Philpott, CEO


Highlights

  • For full-year 2025, revenue increased by 30 percent (40 percent in constant currency), while revenue in Q4 2025 decreased by 4 percent compared to Q4 2024 due to currency effects (up 9 percent in constant currency).
  • EBITDA in the fourth quarter of 2025 improved to a positive SEK 0.4 M, compared to a negative SEK 27.6 M in the corresponding period last year.
  • Launched FPC AllKey Ultra, expanding the AllKey lineup with a Secure Element variant.

Fourth quarter of 2025

  • Revenues amounted to SEK 23.8 M (24.6)
  • The gross margin was 65.8 percent (65.5)
  • EBITDA amounted to a positive SEK 0.4 M (neg: 27.6)
  • The operating result was negative SEK 9.6 M (neg: 38.0)
  • Earnings per share before and after dilution amounted to negative SEK 2.03 (neg: 18.40) **
  • Cash flow from operating activities was positive SEK 0.9 M* (neg: 45.6), including a negative SEK 2.3 M attributable to discontinued operations

January - December 2025

  • Revenues amounted to SEK 78.2 M (60.2)
  • The gross margin was 60.7 percent (60.9)
  • EBITDA amounted to negative SEK 19.1 M (neg: 181.8)
  • The operating result was negative SEK 59.2 M (neg: 421.1)
  • Earnings per share before and after dilution amounted to negative SEK 8.31 (neg: 278,18) **
  • Cash flow from operating activities was negative SEK 55.9 M* (neg: 207.6), including a negative SEK 17.5 M attributable to discontinued operations
  • The Board proposes to the Annual General Meeting that no dividend be paid for the 2025 financial year
SEK M Okt-dec 2025 Oct-Dec 2024 Change, % Jan-dec 2025 Jan-dec 2024 Change, %
Revenue 23.8 24.6 -4 78.2 60.2 30
Gross profit 15.6 16.1 -3 47.5 36.6 30
Gross margin, % 65.8 65.5 0 60.7 60.9 0
Operating profit/loss -9.6 -38.0   -59.2 -421.1  
Operating margin, % -40.3 -154.4   -75.7 -699.7  
EBITDA 0.4 -27.6   -19.1 -181.8  
Adjusted EBITDA 0.4 -27.6   -19.1 -181.8  
Profit/loss remaining operations -13.2 -40.5   -66.4 -465.9  
Profit/loss for discontinued operations -2.3 -26.4   7.8 -222.4  
Earnings per share before and after dilution, SEK * ** -2.03 -18.40   -8.31 -278.18  
Cash and cash equivalents* 27.1 12.1 124 27.1 12.1 124
Cash flow from operating activities* 0.9 -45.6   -55.9 -207.6  
Equity/assets ratio, %* 90.6 65.1   90.6 65.1  
Average number of employees* 37 69 -47 38 107 -64

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

 

Latest updated: 2/9/2026 4:13:16 PM by Stefan Pettersson
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