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 operational improvements.

• Serves over 2,000 customers across service, SaaS, and reseller segments, with ~48% employee ownership.

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

• Strengthened management team, initiated regular quarterly investor updates, and insourced accounting.

Financial highlights

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

• Recurring ARR base at year-end 2025 was NOK 34 million; contracted recurring revenue entering 2026 totals NOK 54 million, with pro forma ARR visibility exceeding NOK 50 million.

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

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

• 94% of Q4 revenue was recurring; Kuba grew recurring revenue by 45% year-over-year; Cloudya generated NOK 5 million in recurring revenue in Q4.

Outlook and guidance

• Targeting double-digit recurring revenue growth and positive operational cash flow in all group companies in the short to medium term.

• Expecting to announce 2-5 M&A deals per year, mostly add-ons, with a strong acquisition pipeline.

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

• ARR visibility of NOK 55 million by year-end provides a strong foundation for 2026.

• Sufficient liquidity to execute current business plans for over 12 months, including growth investments.