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Sleep Cycle (SLEEP) investor relations material
Sleep Cycle Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 net sales declined 2.9% year-over-year to SEK 63.6 million, with paying subscribers down 2.2% to 878,000, mainly due to softer market conditions and lower new customer intake.
Partnership revenue surged over 68% year-over-year, now representing more than 9% of total net sales.
EBIT/operating margin for Q2 was 28.4%, remaining above 25% for six consecutive quarters.
Strategic focus includes expanding high-margin partnership revenue and advancing sleep apnea screening, with clinical studies underway.
Investments continue in new health features and medical certification, including AI-based sleep apnea screening.
Financial highlights
Q2 net sales: SEK 63.6 million (down 2.9% year-over-year; 0.6% FX adjusted).
Q2 EBIT/operating profit: SEK 18 million, margin 28.4%; H1 EBIT: SEK 35.1 million, margin 27.3%.
ARPU for Q2: SEK 271, down 3.9% year-over-year.
Dividend of SEK 60.8 million paid in Q2; cash position at period end: SEK 112.4 million.
Cash flow from operations for Q2: SEK 19.9 million; H1: SEK 36.6 million.
Outlook and guidance
Partnership revenue is expected to continue growing quarter over quarter.
Price increases implemented in August are anticipated to lift underlying ARPU.
Sleep apnea screening product targeted for launch in H2 next year, pending clinical study and regulatory approval.
Focus on expanding partnerships, clinical validation, and new product features to drive long-term growth.
Target annual EBIT margin remains at 25% or more.
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