Checkin.com (CHECK) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was SEK 15.5 million (KSEK 15,506), 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.

• Positive cash flow after R&D investments was achieved in Q4 for the first time in two years.

• Full goodwill write-down of SEK 116 million (KSEK 115,750) related to GetID and Datacorp acquisitions, resulting in a significant negative net result.

• Strategic focus shifting toward iGaming and fintech, with reduced emphasis on large global enterprises.

Financial highlights

• Net revenue for Q4 2025: SEK 15.5 million (KSEK 15,506), down 10% year-over-year and 11% sequentially.

• Gross margin at 72% for Q4 2025, stable over the past year but lower than 2023 levels (>80%).

• EBITDA of SEK 3.5 million (KSEK 3,459) in Q4 (22% margin), doubling from the prior year.

• Cash and cash equivalents at year-end: SEK 13.7 million (KSEK 13,675); net cash position: SEK 9.8 million after loans.

• Equity ratio at 83%, impacted by the goodwill write-down.

Outlook and guidance

• Cost structure now allows for rapid margin improvement with even modest revenue growth.

• New CEO, Arif Rehman, joining by May 2026, expected to bring fresh perspectives and commercial expertise.

• Focused commercial strategy on iGaming and fintech, leveraging regulatory trends and product strengths.

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

• Several signed customers and pipeline opportunities could drive growth if fully realized.