AcuCort (ACUC) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 was 517 tkr, down from 675 tkr in Q3 2024; net loss after tax widened to -5,340 tkr from -2,484 tkr year-over-year.

• For the nine months ending September 2025, revenue was 679 tkr (675 tkr in 2024), with a net loss after tax of -19,433 tkr compared to -9,900 tkr year-over-year.

• ZeqmelitⓇ sales began in Denmark; SME status extended by EMA; new Business Development Director recruited.

• Strategic focus on international expansion, with ongoing negotiations for distribution in the Middle East, Gulf States, and several European countries.

• U.S. market entry progressing, with FDA discussions ongoing and trademark registration completed.

Financial highlights

• Q3 2025 revenue: 517 tkr (Q3 2024: 675 tkr); nine-month revenue: 679 tkr (2024: 675 tkr).

• Q3 2025 net loss after tax: -5,340 tkr (Q3 2024: -2,484 tkr); nine-month net loss: -19,433 tkr (2024: -9,900 tkr).

• Cash position at period end: 34,076 tkr.

• Operating expenses increased due to commercialization and regulatory activities.

• 1,852 tkr in development costs capitalized in Q3, mainly for regulatory and production work.

Outlook and guidance

• Anticipates further regulatory approvals outside the Nordics, with sales expected to rise as ZeqmelitⓇ becomes more established.

• Expansion planned into additional European countries and the U.S., expected to generate new revenue streams.

• Available liquidity, recent capital raise, and sales are expected to cover working capital needs for the next 12 months.