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Cyviz (CYVIZ) investor relations material
Cyviz Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q4 revenue reached NOK 204 million, up 8% year-over-year, with strong execution in North America and stable performance in Europe, but full-year results missed expectations due to the deferral of two large Middle East deals worth NOK 140 million in order value and NOK 100 million in revenue, now expected in 2026–2027.
Annual Recurring Revenue (ARR) grew 35% year-over-year to NOK 65.8 million, reflecting a strategic shift toward software, platform, and services, supported by service-level agreements and software subscriptions.
Q4 EBITDA was NOK 21.1 million, up 6% year-over-year; full-year EBITDA was NOK 22.1 million, down 39% due to project delays in the Middle East.
U.S. operations outperformed expectations, Europe met targets, while Middle East and APAC underperformed due to deal delays.
Q4 order intake was NOK 152 million, down 16% year-over-year, but full-year order intake rose 2% to NOK 631 million.
Financial highlights
Q4 gross profit was NOK 91 million (44% margin), down 5% year-over-year; full-year gross profit was NOK 302 million (54% margin).
Full-year revenue was NOK 564 million, down 5% year-over-year.
Q4 net profit was NOK 13.1 million; full-year net loss was NOK -16.7 million.
Operating cash flow for the year was NOK 25.2 million; Q4 operating cash flow was -NOK 6 million due to timing of receivables.
Q4 order backlog ended at NOK 376 million, consistent with the previous year.
Outlook and guidance
Entering 2026 with a solid order backlog of NOK 376 million and a larger, firmer pipeline than prior years.
The two postponed Middle East deals are not in the backlog but are expected to be delivered in 2026–2027, supporting a positive outlook.
Focus remains on expanding the partner ecosystem, recurring revenue, and standardized offerings, with a target of NOK 250 million ARR.
Defense sector pipeline is significantly improved for 2026, leveraging increased European defense spending and established partnerships.
Continued disciplined cost management and capital allocation, with ongoing investments in product development and operational scalability.
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