Carbiotix (CRBX) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 were 10,000 SEK, a sharp decline from 177,350 SEK in Q2 2024; net loss after financial items improved to -3,828,781 SEK from -4,501,373 SEK year-over-year.

• For the first half of 2025, net sales totaled 10,000 SEK versus 777,518 SEK in the prior year; net loss after financial items was -7,755,928 SEK, an improvement from -8,494,006 SEK.

• The company is transitioning from broad customer engagement to focusing on high-potential Joint Development Agreements (JDAs), aiming for at least five new JDAs by year-end.

• 53 active customer projects and 66 sidestreams under evaluation, with intensified JDA negotiations signaling increased customer trust and commercial potential.

Financial highlights

• Q2 2025 net sales: 10,000 SEK (Q2 2024: 177,350 SEK); H1 2025 net sales: 10,000 SEK (H1 2024: 777,518 SEK).

• Q2 2025 net loss after financial items: -3,828,781 SEK (Q2 2024: -4,501,373 SEK); H1 2025 net loss: -7,755,928 SEK (H1 2024: -8,494,006 SEK).

• Q2 2025 EPS: -0.82 SEK (Q2 2024: -0.02 SEK); H1 2025 EPS: -1.67 SEK (H1 2024: -0.05 SEK).

• Cash and cash equivalents as of June 30, 2025: 1,315,322 SEK (June 30, 2024: 2,456,396 SEK).

• Operating cash flow for H1 2025: -7,380,307 SEK (H1 2024: -11,562,070 SEK).

Outlook and guidance

• Focus for H2 2025 is to formalize at least five new JDAs, each representing potential licensing deals and recurring revenue.

• Strategic shift from volume to quality in customer projects, prioritizing scalable and commercially promising partners.