Adverty (ADVT) Q4 2025 earnings summary

Executive summary

• Achieved strong Q4 with 45% revenue growth year-over-year, improved margins, and positive EBITDA for the quarter.

• Full-year revenue grew 2% to SEK 34.5m despite a challenging market, with significant operational improvements and cost reductions.

• Over 90% of revenue is in USD; SEK figures understate actual growth due to currency effects.

• Organization restructured for efficiency, reducing personnel costs by 20% and server costs as a share of revenue.

Financial highlights

• Q4 revenue: SEK 12.8m (up 45% YoY); full-year revenue: SEK 34.5m (up 2% YoY).

• Q4 gross margin: 41% (up from 34% YoY); full-year gross margin: 34% (up from 30%).

• Q4 EBITDA: SEK 1.5m (from -1.6m YoY); full-year EBITDA: -4.7m (improved from -8.8m).

• Q4 EBIT: -0.7m (from -3.6m YoY); full-year EBIT: -13.3m (from -16.4m).

• Q4 net result: -1.4m (from -4.4m YoY); full-year net result: -16.3m (from -20.0m).

Outlook and guidance

• Entering 2026 with a focused team and scalable organization, aiming for profitability in 2026.

• Early 2026 shows continued strong growth, with daily earnings in USD exceeding Q4’s 50% YoY growth rate.