Checkin.com (CHECK) Q3 2025 earnings summary

Executive summary

• Q3 2025 net revenue was SEK 17.4 million, down 4% sequentially and 6% year-over-year, mainly due to lower volumes in travel and iGaming segments.

• EBITDA margin improved to 35%, the second highest in company history, driven by cost-saving measures and ongoing cost optimization.

• Gross margin remained stable at 73% in Q3 2025; nine-month gross margin was 71%, down from 75% in 2024.

• Net result for Q3 2025 was a loss of SEK -1.67 million, an improvement from SEK -3.85 million in Q3 2024.

• Cost discipline and efficiency measures led to reduced personnel and marketing expenses, supporting improved profitability.

Financial highlights

• Net revenue for Q3 2025 was SEK 17.4 million, a 6% decline year-over-year and 4% sequentially; adjusted for FX, the decline was 3% year-over-year.

• Cash and cash equivalents at period end were SEK 14.3 million, down from SEK 30.2 million in 2024.

• Cash flow from operations was SEK 286,000 in Q3 2025; nine-month operating cash flow was SEK 6 million.

• Equity ratio at quarter-end was 92%, up from 88% at year-end 2024.

• Net revenue retention LTM increased to 90% from 58% a year earlier.

Outlook and guidance

• Majority of cost savings expected to be fully realized in Q4 2025, with further profitability gains anticipated.

• Revenue from new Visma partnership expected to begin in Q4, with significant scaling potential in 2026.

• Planned launches in Q4 2025, including French Casino Barrière, are anticipated to strengthen market position and profitability.

• Board has suspended the Rule of 40 financial target and discontinued external communication of financial targets as of November 5, 2025.