Cyviz (CYVIZ) Q1 2025 earnings summary

Executive summary

• Revenue grew 27% year-over-year to NOK 136 million in Q1 2025, with strong order intake and notable wins in defense and technology sectors despite industry turbulence from tariffs, oil prices, and political instability.

• EBITDA remained positive at NOK 1.2 million, though down from NOK 3.9 million or NOK 5.2 million last year as gross margins normalized from previous highs.

• Order intake increased 23% to NOK 112.4 million, reflecting continued demand despite market uncertainties.

• Significant new contracts secured in Europe, Middle East, and Asia Pacific, including key defense and technology clients.

• Strategic transformation advanced with new business areas and first software platform contract, aiming to drive recurring revenue and profitability.

Financial highlights

• Revenue increased by NOK 29 million year-over-year, reaching NOK 136 million; rolling 12-month revenue at NOK 624 million, up 12%.

• Gross profit rose to NOK 74 million, with a 54.1% margin, down from 67.2% last year.

• EBITDA for Q1 was NOK 1.2 million, compared to NOK 3.9 million or NOK 5.2 million last year; rolling 12-month EBITDA at NOK 32.2 million (+6%).

• Net loss for the quarter was NOK -10.8 million, impacted by a NOK 6.3 million FX loss.

• Operating cash flow was negative NOK 17.6 million, due to pre-tax loss, FX loss, and working capital build-up.

Outlook and guidance

• Positive trends expected to continue into Q2, with anticipated revenue and delivery increases, especially in Europe and NATO defense.

• Focus on profitable growth through cost optimization, new services, and improved cash collection processes.

• SaaS-based business model and partner ecosystem expected to drive future ARR and margin growth.

• Long-term strategy targets 25% ARR and 25% EBITDA, focusing on core technology and software platform expansion via partners.

• Confident in meeting internal growth targets for 2025 despite market unpredictability.