Cyviz (CYVIZ) investor relations material

Executive summary

• Q2 2025 revenue declined 7% year-over-year to NOK 129–129.3 million, with gross margin stable at 53–53.2% and EBITDA at NOK -2.6 million, down NOK 4.8 million from last year.

• Order intake in Q2 was NOK 123–123.4 million, down 21%, but post-quarter signings pushed year-to-date order intake and backlog to record highs above NOK 400 million.

• Underlying business remains strong, with major wins in energy and defense, acceptance into NATO supplier frameworks, and an expanding partner ecosystem.

• Strategic focus is on scaling through partner-driven sales, recurring revenue from new software and hardware platforms, and cost optimization.

• H1 2025 revenue increased 8% year-over-year, with gross profit stable and major contracts secured across key sectors.

Financial highlights

• Q2 revenue: NOK 129–129.3 million (-7% YoY); gross margin: 53–53.2%; gross profit: NOK 69 million, stable YoY.

• Q2 EBITDA: NOK -2.6 million, down NOK 4.8 million YoY; net loss: NOK -15.97 million.

• Q2 bookings: NOK 123–123.4 million (-21% YoY); rolling 12-month bookings down 10% to NOK 608–609 million.

• H1 2025 revenue: NOK 265 million (+8% YoY); H1 gross profit: NOK 142 million (+1% YoY); H1 EBITDA: NOK -1.4 million.

• Positive operating cash flow of NOK 3.6 million in Q2, driven by improved collections.

Outlook and guidance

• Confident in meeting full-year targets as large deals signed post-quarter will be recognized in Q3 and Q4, supporting a stronger H2.

• Focus on profitable growth through core business expansion, new products, and cost optimization.

• Scaling via a global partner ecosystem to drive ARR and subscription revenue, targeting 25% ARR and 25% EBITDA over five years.

• No need for additional equity anticipated for Q3 and Q4; covenant waiver received for minor equity covenant breach.

• Plans to capitalize on increased defense budgets in Europe and NATO.