Checkin.com (CHECK) Q2 2025 earnings summary

Executive summary

• Net revenue for Q2 2025 was SEK 18.1m, down 11% year-over-year, mainly due to the loss of a major customer, RingCentral, and softer performance in iGaming and travel segments.

• EBITDA margin improved to 17% in Q2 2025 from 13% last year, driven by cost reductions, especially in personnel.

• The company continues to focus on cost control and sustainable revenue growth, with new product launches and customer wins in biometrics and omnichannel solutions.

Financial highlights

• Q2 2025 net revenue: SEK 18.1m (down 11% YoY); H1 2025: SEK 36.9m (down 11% YoY).

• Gross margin for Q2 2025: 70% (down from 75% YoY); H1 2025: 70% (down from 76% YoY).

• Q2 2025 EBITDA: SEK 3.1m (margin 17%); H1 2025 EBITDA: SEK 5.4m (margin 15%).

• Net revenue retention LTM: 82% (down from 103% YoY).

• Cash flow from operations H1 2025: SEK 5.7m (down from SEK 6.6m YoY); cash position at period end: SEK 20.0m.

Outlook and guidance

• Management does not expect to reach the long-term target of 80% combined revenue growth per share and EBITDA margin for 2025.

• Cost-saving measures are expected to have greater impact in Q3 and full effect in Q4 2025.

• Continued focus on expanding new revenue streams, especially in biometrics and omnichannel offerings.