Anoto Group (ANOT) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 were 4 MSEK, down 29% year-over-year; H1 2025 net sales were 10 MSEK, down 44% year-over-year.

• Gross margin improved to 53% in Q2 (from 38%) and 63% for H1 (from 58%).

• Operating loss widened to -21 MSEK in Q2 (from -16 MSEK) and -34 MSEK for H1 (from -30 MSEK).

• Result per share improved to -0.02 SEK in Q2 (from -0.04 SEK); unchanged at -0.04 SEK for H1.

• New product line "inq" launched with positive initial feedback; retail deliveries began in July.

Financial highlights

• Q2 net sales: 4 MSEK (6 MSEK Q2 2024); H1 net sales: 10 MSEK (19 MSEK H1 2024).

• Q2 gross margin: 53% (38% Q2 2024); H1 gross margin: 63% (58% H1 2024).

• Q2 operating result: -21 MSEK (-16 MSEK Q2 2024); H1: -34 MSEK (-30 MSEK H1 2024).

• Q2 EBITDA: -20 MSEK (-14 MSEK Q2 2024); H1: -32 MSEK (-27 MSEK H1 2024).

• Q2 net result: -19 MSEK (-17 MSEK Q2 2024); H1: -56 MSEK (-18 MSEK H1 2024).

• Cash flow for Q2: -2 MSEK (8 MSEK Q2 2024); H1: -3 MSEK (6 MSEK H1 2024).

• Cash at period end: 0.3 MSEK (8.3 MSEK Q2 2024).

Outlook and guidance

• Focus on ramping up sales of the new inq product line and expanding product ecosystem.

• Further product launches and color variants planned for H2 2025.

• Ongoing investments in product innovation, software, and customer experience.