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Modulight
Modulight (MODU) investor relations material
Modulight Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary20 Feb, 2026
Executive summary
Achieved record annual revenue growth of 73% year-over-year, reaching EUR 7,069 thousand in 2025, with five consecutive quarters of improved sales and EBITDA performance.
EBITDA margin reached 37% in Q4, reflecting a 163% increase compared to the same quarter last year, though full-year EBITDA remained slightly negative.
Diversified customer base and product mix, with strong activity and positive feedback, especially in PPT sites, semiconductors, and new geographies.
Strategic focus on scaling the Pay-Per-Treatment (PPT) model, mass production ramp-up, and platform productization.
Cost savings and productivity gains contributed to improved financial results.
Financial highlights
Q4 2025 revenue: EUR 1,736 thousand (+21% YoY); full-year 2025 revenue: EUR 7,069 thousand (+73% YoY).
Q4 EBITDA: EUR 641 thousand (37% margin); full-year EBITDA: EUR -168 thousand (-2.4% margin).
Q4 EBIT: EUR -787 thousand; full-year EBIT: EUR -4,648 thousand.
Free cash flow from operations improved to EUR -538 thousand in Q4 and EUR -4,479 thousand for the year.
Cash and cash equivalents at year-end: EUR 9,653 thousand; net debt: EUR -6,862 thousand; equity ratio: 90.9%.
Outlook and guidance
Most customer projects remain in early development; revenue forecasting for 2026 is challenging due to macroeconomic and geopolitical uncertainties.
No formal outlook or guidance provided for 2026; focus remains on positive cash flow, sales, and EBITDA improvement.
Strategy centers on commercializing proprietary products, expanding in the U.S., and scaling the PPT model.
Clinical trial income remains a significant revenue component, especially for cancer patients, but future levels are not specified.
Cost efficiency measures and operational improvements will continue.
PPT cost reduction impact on adoption?
Path to full-year positive EBITDA in 2026?
R&D pipeline: criteria for 3 commercial roll-outs?
Scaling PPT revenue per site: key drivers?
Strategy to convert 33 pipeline projects to commercial?
Drivers for sustained high gross margin & low OpEx?
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Next Modulight earnings date
Q1 202624 Apr, 2026
Modulight
Next Modulight earnings date
Q1 202624 Apr, 2026
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Frequently asked questions
Modulight is a Finnish technology company specializing in the design and manufacture of lasers and optical systems for medical, industrial, and research applications. The company offers laser products used in diagnostics, cancer treatments, and surgical procedures, as well as custom solutions for various industries. Modulight is headquartered in Tampere, Finland, and its shares are listed on the Nasdaq First North Growth Market.
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