CodeLab Capital (CODE) Q4 2025 earnings summary

Executive summary

• Transitioned from restructuring to growth in 2025, with new management, strategy, and acquisitions of Kuba and Cloudya, now consolidated subsidiaries.

• Focused on creating shareholder value through opportunistic M&A, infrastructure capital deployment, and scalable growth across service, SaaS, and reseller segments.

• Over 2,000 customers served, NOK 34 million in ARR by year-end 2025, and ~48% employee ownership.

• Achieved all-time high sales in Kuba in September and strong ARR visibility for 2026.

• Active pipeline of potential acquisitions and investments, with ongoing advanced discussions.

Financial highlights

• Q4 2025 revenue reached NOK 9 million, a 217% year-over-year increase, with consolidated H2 2025 revenue at NOK 12.4 million.

• Cash EBITDA for Q4 was NOK 2.3 million, with NOK 1 million in one-off M&A costs and NOK 1.3 million invested in sales and marketing.

• Gross profit for H2 2025 was NOK 7.3 million, with a gross margin of 59%.

• Year-end total assets stood at NOK 57.6 million, including NOK 14 million in cash and NOK 28.2 million in equity.

• Pro forma ARR visibility exceeds NOK 50 million, with signed but not delivered contracts providing further upside.

Outlook and guidance

• Entering 2026 with NOK 54–55 million in ARR visibility and contracted revenue not yet invoiced.

• Targeting double-digit recurring revenue growth, positive operational cash flow, and 2–5 M&A deals per year, mainly add-ons.

• Projected to surpass NOK 100 million in annual revenue within a year, with most revenue recurring and improved margins.

• Focus on cost optimization, scalability, and potential capital market initiatives to fund future acquisitions.

• Plans to increase investor relations efforts and move to quarterly presentations.