Checkin.com (CHECK) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was SEK 15.5 million, down 11% sequentially and 10% year-over-year, mainly due to reduced usage by a major aviation customer.

• EBITDA margin improved to 22% in Q4 and 21% for the year, reflecting strong cost control despite revenue headwinds.

• A SEK 116 million goodwill write-down related to GetID and Datacorp acquisitions resulted in a significant negative net result, but did not impact cash flow.

• Positive cash flow after R&D investments was achieved in Q4 for the first time in two years; cash position at quarter-end was nearly SEK 40 million.

• Strategic focus is shifting toward iGaming and fintech, where product-market fit and win rates are strongest.

Financial highlights

• Net revenue for Q4 2025: SEK 15.5 million, down 10% year-over-year and 11% sequentially; full-year 2025: SEK 69.9 million, down 10% year-over-year.

• Gross margin for Q4 was 72%, stable over the past year but lower than 2023 levels.

• EBITDA for Q4: SEK 3.5 million (22% margin); full-year: SEK 14.9 million (21% margin).

• Operating profit (EBIT) for 2025: SEK -131.6 million; Q4: SEK -118.7 million, both impacted by goodwill writedown.

• Cash and cash equivalents at year-end: SEK 13.7 million; net cash after loans: SEK 9.8 million.

Outlook and guidance

• Management expects that even a small number of new or expanded customer contracts could quickly return the company to growth and improved margins due to the lean cost structure.

• 2026 is anticipated to be stronger, driven by a focused commercial strategy, cost savings, and a new CEO with relevant experience.

• Board ceased external communication of financial targets as of November 2025.