CodeMill (CDMIL) Q3 2025 earnings summary

Executive summary

• Recurring revenue grew strongly, up 20% year-over-year and 11% sequentially, despite a weak USD impacting total revenue negatively.

• Strategic focus on core scalable product business led to fewer consulting assignments and reduced use of subcontractors.

• Positive EBIT and EBITDA in Q3, with strengthened cash flow and robust financial position; no long-term loans remain.

Financial highlights

• Q3 net sales: 15,185 KSEK (down 28% year-over-year); excluding a discontinued consulting contract, the decrease was 9%.

• Q3 EBIT: 513 KSEK (2,062 KSEK last year); Q3 EBITDA: 4,462 KSEK (6,004 KSEK last year), margin 29%.

• 9M net sales: 51,501 KSEK (down 25% year-over-year); EBIT: 285 KSEK (8,528 KSEK last year); EBITDA: 11,815 KSEK (20,090 KSEK last year), margin 23%.

• Earnings per share: 0.04 SEK in Q3 (0.16 SEK last year); 0.02 SEK for 9M (0.62 SEK last year).

• Cash flow from operations: 2,633 KSEK in Q3 (776 KSEK last year); 10,151 KSEK for 9M (19,468 KSEK last year).

• Cash and cash equivalents: 27,399 KSEK at period end (26,939 KSEK last year).

Outlook and guidance

• AI integrations are accelerating in the Media & Entertainment segment, with new tools moving from demo to real customer value.

• Significant opportunities seen in developing Intelligent QC and AI agent-based solutions to further increase customer efficiency.