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Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Asetek
Asetek (ASTK) investor relations material
Asetek Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Year-to-date revenue was $30.9 million, down from $37.1 million last year, mainly due to fewer liquid cooling shipments and lower SimSports sales impacted by U.S. tariffs.
Adjusted EBITDA was negative $0.7 million, compared to negative $0.3 million in the prior year.
Signed a major agreement with a global customer for high-end liquid cooling, with a minimum $35 million commitment over two years and deliveries starting in 2026.
SimSports revenue was $1.3 million in Q3, stable sequentially but down year-over-year due to U.S. tariffs.
Launched the Initium mass-market SimSports product line at Gamescom, with strong initial demand and positive reception.
Financial highlights
Q3 revenue was $9.8 million, down from $12.2 million year-over-year.
Gross margin improved to 42% in Q3 (up from 36% last year), and year-to-date gross margin was 44% (up from 42%).
Operating loss for Q3 was negative $2 million, a significant improvement from negative $15.6 million last year.
Cash and cash equivalents at period end were $2.8 million, reflecting increased working capital for holiday sales.
Working capital increased to $8.7 million from $4.4 million at year-end 2024.
Outlook and guidance
Full-year 2025 revenue guidance revised to around $41 million (previously $45–$53 million), with adjusted EBITDA margin at negative 3–5%.
Medium-term Liquid Cooling segment revenue ambition raised to above $65 million, targeting adjusted EBITDA margin above 25%.
SimSports segment revenue for 2025 expected between $5–$10 million, with gross margin of 25–33%.
Growth expected to resume in 2026, supported by new and returning customers and expanded product offerings.
New LC contract's margin impact on 2026?
SimSports tariff impact: mitigation plans?
2026 working capital financing without new capital?
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Next Asetek earnings date
Q4 202516 Mar, 2026
Asetek
Next Asetek earnings date
Q4 202516 Mar, 2026
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Frequently asked questions
Asetek provides cooling solutions for a range of products in desktop PCs, data centers, and gaming laptops. It offers liquid cooling for CPUs as replacement for noisy and inefficient air-cooling, or as a performance upgrade; and All-In-One CPU coolers for home and office users that improves their PC performance.
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