Clavister (CLAV) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw improved profitability and operating profit, with EBITDA, EBIT, and net profit all showing continuous improvement despite top-line and gross margin challenges and postponed military hardware deliveries.

• Strong underlying demand in both civilian and defense sectors, with significant business events and a strengthened financial position following a major balance sheet revamp and share issue.

• Delivery delays in military hardware shifted SEK 10 million in revenue into 2026, seen as a timing issue, not a business risk.

• Secured major defense contracts, including a SEK 26 million follow-on order from BAE Systems Hägglunds and a post-period SEK 280 million contract with the Norwegian Defence Materiel Agency.

• Strengthened financial position through a SEK 157 million directed share issue and full repayment of EIB loan, transitioning to a SEK 100 million commercial bank loan.

Financial highlights

• Order intake for the full year reached SEK 320 million, the highest ever, resulting in an order book of SEK 378 million at Q4 end, a 23% increase year-over-year.

• Net sales for Q4 2025 were SEK 60.6 million, up 2.7% year-over-year; full-year net sales reached SEK 219.2 million, up 14.4%.

• Defense sector revenue grew by 66% in Q4, with a notable SEK 26 million add-on order for CyberArmour products.

• Adjusted EBITDA for Q4 was SEK 11.1 million (margin 17.5%), and for the year SEK 40.1 million (margin 17.9%).

• Net debt reduced from SEK 152 million to SEK 67 million after a SEK 167 million share issue and SEK 100 million loan facility, eliminating EIB debt and warrants.

• Year-end cash position near SEK 100 million.

• Strong net profit driven by a SEK 30 million deferred tax asset.

Outlook and guidance

• Entering 2026 with a strong order backlog and financial platform, aiming for revenue growth above the cybersecurity market average over the next three years.

• Targeting an average gross margin of 80%, with reinvestment of cash flows to accelerate growth and expand market share, despite quarterly fluctuations due to product mix.

• Positive cash flow and reinvestment in growth anticipated for the first time in years.