Clavister (CLAV) Q4 2024 earnings summary

Executive summary

• Net sales increased 23% year-over-year in Q4 2024 to SEK 59 million, with ARR up 14.4% to SEK 137.6 million and strong order intake of SEK 134 million across all business areas.

• Order book at year-end reached SEK 300 million, mainly from defense and telecom sectors.

• Significant defense order of SEK 53 million for CyberArmour to CV90 and SEK 8 million contract for marine applications.

• Adjusted EBITDA margin improved to 17.3% in Q4 (from 14% last year); adjusted EBIT at -0.7 MSEK (from -6.8 MSEK).

• No material events occurred after the reporting period.

Financial highlights

• Q4 net sales: SEK 59.0 million (up 22.7% year-over-year); full year: SEK 191.7 million (up 19.4%).

• Q4 adjusted EBITDA: SEK 10.6 million (up from SEK 6.8 million); full year: SEK 36.0 million (up from SEK 20.9 million).

• Q4 adjusted EBIT: SEK -0.7 million (improved from SEK -6.8 million); full year: SEK -8.3 million (from -27.4 million).

• Q4 net result after tax: SEK -17.4 million; full year: SEK -56.0 million.

• Cash and cash equivalents at year-end: SEK 83.2 million.

Outlook and guidance

• Targeting at least 20% CAGR in net sales for 2025–2027, with EBIT positive for full year 2025 and net profitability in 2026.

• 2025 ambition: EBITDA margin of at least 20%, positive EBIT, and positive operational cash flow despite increased sales and marketing investments.

• Expecting continued ARR and net sales growth, with investments in sales and marketing to drive profitable growth.

• Long-term goal to achieve industry-leading profitability and free cash flow.

• Order intake momentum and recurring revenue model seen as sustainable for future quarters.