Checkin.com (CHECK) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue was SEK 18.1 million, down 11% year-over-year and 4% sequentially, but up 6% year-over-year when adjusted for the loss of RingCentral as a customer.

• EBITDA margin reached 17% for the quarter as cost-saving measures began to show results.

• The company is streamlining operations and focusing on long-term growth, with further impact from cost-saving initiatives expected in H2 2025.

• Strong initial performance in the Brazilian iGaming market, with volumes stabilizing at a lower level in Q2.

• Successful omnichannel launch with Solaire Resorts and traction for new Face Check-in module, especially in travel and aviation.

Financial highlights

• Q2 2025 net revenue: SEK 18.1 million (KSEK 18,103), down 11% year-over-year and 4% from Q1 2025.

• Gross margin was 70% for Q2 and H1 2025.

• EBITDA for Q2: SEK 3.1 million (KSEK 3,113), margin 17%.

• Cash and cash equivalents at quarter-end: SEK 20 million (KSEK 19,998); net cash after loans: SEK 14 million (KSEK 13,976).

• Equity ratio stood at 87% at quarter-end.

Outlook and guidance

• Full impact of cost-saving measures expected by Q4 2025, with further improvement in EBITDA margin anticipated.

• Revenue is expected to stabilize as the impact of the RingCentral contract loss phases out; growth initiatives ongoing in travel and other sectors.

• The 80% target for combined revenue growth per share and EBITDA margin will not be met in 2025, but remains a long-term goal.