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Cherry (C3RY) investor relations material
Cherry Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary13 Nov, 2025
Executive summary
Revenue for the first nine months of 2025 was €70.7m, down 16% year-over-year, with Q3 revenue up 9.3% year-over-year to €24.7m, driven by Peripherals growth despite market pressures.
Adjusted EBITDA margin for 9M 2025 was -6.9%, deteriorating from -0.8% in the prior year, while Q3 margin improved to -10.6% from -13.7% in Q3 2024.
Net loss for the first nine months widened to €20.4m from €13.8m in 2024.
Cash burn was drastically reduced, with a year-to-date decrease of €0.3m and cash on hand at €7.5m as of September 30, 2025.
Major milestones include strategic realignment approval, new CFO appointment, and TI-M provider approval for Digital Health.
Financial highlights
9M 2025 revenue declined across all divisions compared to the previous year.
Q3 2025 revenue increased 9% sequentially, driven by Peripherals, while Digital Health & Solutions regained momentum.
Adjusted EBITDA for 9M 2025 was €-4.9m, with margin at -6.9%.
Gross profit II margin for Q3 2025 was 19.4%, down from 34.3% in Q3 2024; nine-month margin fell to 18.8% from 34.1%.
Equity ratio stood at 43.2%, down from 46.1% at year-end 2024.
Outlook and guidance
FY 2025 revenue forecast is €100m to €115m, with adjusted EBITDA margin expected between 0% and 2%, but guidance is at the lower end and margin likely to remain negative in high single digits.
Digital Health & Solutions expected to shift from hardware to recurring software revenue, with SaaS projected to surpass terminal revenues by 2029.
Peripherals business is being reshaped with targeted marketing and talent acquisition; EMEA recovery and APAC performance highlighted.
Major shareholder committed up to €5.7m in new funding; restructuring aims for a more efficient cost structure in 2026.
Material uncertainty remains regarding going concern, but restructuring is showing gradual effectiveness.
Quantify Argand's immediate liquidity contribution
Revised Q4 outlook for Digital Health segment
When do inventory clearing impacts on margins end?
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Q4 202527 Feb, 2026
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Frequently asked questions
Cherry AG, formerly known as Cherry Corporation and stylized as CHERRY, is a German-based company renowned for its production of computer peripheral devices. The company has made significant contributions to the industry with its line of MX and ML key switches, which have become staples in both industrial electronics and consumer PC keyboards since the 1980s. Cherry AG's product portfolio includes keyboards, mice, card readers, and peripherals utilizing MIX Technology. The company's MX switches, developed in the early 1980s, are especially notable for their use in various keyboard designs due to their distinct characteristics, such as the color-coded stem system that indicates different tactile and auditory feedback mechanisms. The company is headquartered in Auerbach in der Oberpfalz, Germany, and its shares are listed on the Berlin Stock Exchange.
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