Amnode (AMNO) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 was 12.6 MSEK, down 44% year-over-year, with EBITDA at -3.5 MSEK compared to 0.8 MSEK last year.

• H1 2025 revenue totaled 26.3 MSEK, a 40% decrease year-over-year, and EBITDA was -4.8 MSEK versus 2.1 MSEK.

• Net loss after tax for Q2 was -4.7 MSEK, and for H1 -7.2 MSEK; EPS for H1 was -2.13 SEK.

• Significant cost reductions and operational adjustments were implemented, including staff reductions and equipment investments.

• A rights issue was completed, resulting in a new majority shareholder and mandatory bid obligation.

Financial highlights

• Q2 2025 EBITDA margin was -27.8% versus 3.7% last year; operating margin was -32.9% versus 0.6%.

• H1 2025 operating margin was -22.9% compared to 2.0% year-over-year.

• Cash flow from operations for H1 was -1.7 MSEK, down from 1.5 MSEK last year.

• Net debt increased to 16.5 MSEK from 12.6 MSEK at year-end 2024.

• Equity ratio at June 30, 2025, was 13%, down from 37% a year earlier.

Outlook and guidance

• Management expects cost and productivity improvements from recent staff reductions and equipment upgrades.

• Market conditions remain challenging, but new customer inquiries and operational improvements provide cautious optimism for H2.