CodeMill (CDMIL) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 was 17,244 KSEK, down 31% year-over-year, mainly due to a discontinued consulting contract and a weaker USD.

• EBIT for Q2 was -1,639 KSEK, compared to 2,712 KSEK last year; EBITDA was 2,214 KSEK with a 13% margin.

• Recurring revenue annual run rate grew 2% year-over-year to 42,719 KSEK.

• Strategic shift from consulting to product focus continues, with recurring product revenues increasing.

Financial highlights

• H1 2025 revenue was 36,316 KSEK, a 24% decrease year-over-year; excluding the lost consulting contract, the decrease was 5%.

• EBIT for H1 2025 was -228 KSEK, down from 6,466 KSEK last year.

• EBITDA for H1 2025 was 7,352 KSEK (20% margin), down from 14,087 KSEK (29% margin) last year.

• Cash flow from operations in H1 was 7,518 KSEK, down from 18,692 KSEK.

• Cash and cash equivalents at period end were 27,234 KSEK.

Outlook and guidance

• Focus on accelerating business and sales after a challenging quarter.

• No further major costs expected from the Ateliere transaction.

• Previous financial targets are now obsolete; new internal goals are being pursued.