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Cherry (C3RY) investor relations material

Cherry Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary5 Mar, 2026

Executive summary

  • 2025 was marked by structural refocusing, operational cleanup, and stabilization, with a strengthened leadership team including a new interim CEO, CFO, and divisional heads.

  • Sale of Active Key hygiene business for €10.3 million, generating a €5.7 million book gain and supporting liquidity.

  • Major management changes and expansion of the management board to drive turnaround and transformation.

  • Inventory reduced by €29.5 million year-over-year, with SKUs cut by over 40% and focus on operational efficiency.

  • Cost discipline and restructuring, including at the Auerbach site, led to a €10 million reduction in operating expenses year-over-year.

Financial highlights

  • Full year 2025 revenue was €94.3 million, down 15% year-over-year, mainly due to weaker Component segment and Active Key sale.

  • Adjusted EBITDA for 2025 was €-9.8 million, a 40% decline year-over-year; Q4 adjusted EBITDA at €-4.9 million, down 22% year-over-year.

  • Q4 2025 revenue was €23.7 million, down 10% year-over-year.

  • Inventory reduced sharply to €28.8 million from €53.7 million, improving the cash conversion cycle from 178 to 116 days.

  • Cost base reduced by €60 million since 2023, with another €10 million targeted for 2026.

Outlook and guidance

  • Focus on transparency, operational discipline, and sustainable profitability, with guidance for 2026 to be provided in Q2.

  • Digital Health business transitioning to a platform model with recurring SaaS revenues projected to surpass terminal revenues by 2029; up to 200,000 additional unit deliveries expected through 2028.

  • Peripherals segment stabilization ongoing, with improvements in margin and operational discipline.

  • Strategic review and M&A process for potential divestment of either Peripherals or Digital Health & Solutions, aiming to conclude in H1 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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