Checkin.com (CHECK) Q4 2025 earnings summary

Executive summary

• Net revenue for 2025 declined by 10% year-over-year to 69,871 KSEK, with Q4 revenue at its lowest since 2022 due to a major customer reducing usage by 70% sequentially.

• Despite revenue decline, EBITDA margin improved to 21% for the year (from 18% in 2024), and Q4 EBITDA margin more than doubled year-over-year.

• A full impairment of goodwill and other intangibles from GetID and Datacorp acquisitions resulted in a one-time charge of 116 MSEK, driving a net loss of -129,686 KSEK for the year.

• Cost reductions in sales, marketing, and personnel helped offset revenue losses, with positive cash flow after investments in Q4 for the first time in two years.

Financial highlights

• Net revenue: 69,871 KSEK for 2025 (down 10% year-over-year); Q4 revenue: 15,506 KSEK (down 10% year-over-year, down 11% sequentially).

• Gross profit: 49,764 KSEK (margin 71%) for 2025; Q4 gross margin 72%.

• EBITDA: 14,932 KSEK (margin 21%) for 2025; Q4 EBITDA: 3,459 KSEK (margin 22%).

• Net loss: -129,686 KSEK for 2025, mainly due to impairment charges.

• Operating cash flow: 11,762 KSEK for 2025; Q4 operating cash flow: 5,763 KSEK.

• Cash and cash equivalents at year-end: 13,675 KSEK.

Outlook and guidance

• Management expects growth and margin expansion in 2026, focusing on regulated sectors (iGaming, Fintech) and core European markets.

• New CEO Arif Rehman to join by May 2026, bringing experience in tech and SaaS.

• No new external financial targets will be communicated going forward.