Oneflow (ONEF) investor relations material

Executive summary

• ARR reached MSEK 171.2 in Q2 2025, up 19% year-over-year, with net new ARR down 33% due to churn and expansion challenges.

• Net sales for Q2 were MSEK 42 (SEK 41.5), a 28% increase year-over-year, with 41% of sales outside Sweden and customers in 48 countries.

• Gross margin remained high at 93%, supporting scalable growth, and 99% of revenue is recurring.

• Paying customers increased 15% year-over-year to 4,400–4,500, with ARR per FTE up 22% to TSEK 936.

• EBIT and EBITDA losses narrowed year-over-year, with a one-off restructuring cost of MSEK 3.6 impacting results.

Financial highlights

• Net new ARR for H1 was MSEK 12.2, down 45% year-over-year, impacted by MSEK 2.6 in currency headwinds.

• EBITDA for Q2 was MSEK -8.4 (margin -20%), a significant improvement year-over-year; YTD EBITDA was MSEK -17.1, a 40% improvement.

• EBIT for Q2 was MSEK -20.7 (margin -50%), a MSEK 4 improvement; YTD EBIT was MSEK -40.1, a 13% improvement.

• Average customer value (ACV) rose 3% year-over-year to TSEK 39.

• Cash flow from operations improved, with Q2 at MSEK -0.2 and H1 at MSEK -4.3; cash and equivalents stood at MSEK 67.2.

Outlook and guidance

• Focus has shifted from aggressive growth to achieving profitability within current funding, with a long-term ambition to surpass 30% ARR growth.

• Management expects significant EBIT improvement in H2 2025, supported by cost reductions and operational streamlining.

• Product enhancements and organizational changes are expected to improve customer retention and growth rates.

• Expansion into North America via a new reseller entity is expected to drive future growth with minimal financial risk.