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Appear (APR) investor relations material
Appear Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary25 Nov, 2025
Executive summary
Q3 2025 revenue rose 30% year-over-year to NOK 183.1 million, with year-to-date revenue up 36.1% to NOK 616.3 million, surpassing the full-year 2024 result.
Strong momentum across all regions, driven by Tier 1 sports broadcasters, major sports contracts, and expanding X Platform adoption.
Successfully listed on the Oslo Stock Exchange in November 2025, raising NOK 99.8 million and welcoming over 5,000 new shareholders.
Preparing for the VX product launch in Q4 to bridge broadcast and cloud workflows, with major investments in new product launches and expansion of the VX software platform.
Notable business wins in EMEA, including LaLiga and World Cup-related contracts, and breakthrough Tier 1 wins in North America.
Financial highlights
Q3 2025 revenue reached NOK 183.1 million, up 30% year-over-year; year-to-date revenue at NOK 616.3 million, up 36.1%.
Q3 EBITDAC was NOK 32.6 million (17.8% margin), impacted by IPO costs; underlying EBITDAC margin (excluding IPO costs) was 19.4%.
Free cash flow in Q3 was NOK 110.9 million, up 356.4% year-over-year, with year-to-date free cash flow at NOK 79.3 million, up 20.7%.
Gross margin in Q3 was 73.8%, nearly flat year-over-year; year-to-date gross margin was 72.1%.
Available liquidity at quarter-end was NOK 318.3 million, with no interest-bearing debt and an equity ratio of 60.8%.
Outlook and guidance
2025 revenue guidance is reaffirmed at ~NOK 800 million, with medium- to long-term annual growth targeted at 25%-30%.
Recurring revenue share expected at 15%-25%, gross margin around 70%, and EBITDAC margin in the 17%-20% range.
Q4 revenue expected to be similar to Q3, with Q2 typically the strongest quarter due to sports seasonality.
Margin headwinds from U.S. tariffs expected to be partly offset by product mix, pricing, and recurring revenue.
Confident in near-term execution and long-term growth, focusing on profitable growth, software expansion, and disciplined operations.
Quantify earnings impact from development capitalization
What is the VX Platform launch strategy?
How are US tariffs impacting margins?
Impact of capitalized development on EBITDA
VX platform rollout and commercialization timeline
Asia-Pacific growth drivers and expected impact
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Q4 202512 Feb, 2026
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