Cyviz (CYVIZ) Q2 2025 earnings summary

Executive summary

• Q2 2025 revenue declined 7% year-over-year to NOK 129–129.3 million, with gross margin improving to 53–53.2% due to favorable project mix and lower COGS.

• EBITDA for Q2 was NOK -2.6 million, a NOK 4.8 million decrease year-over-year.

• Q2 order intake was NOK 123–123.4 million, down 21% year-over-year, but post-quarter signings pushed year-to-date order intake to a record high and backlog above NOK 400 million.

• Major wins included contracts with Aker BP, European and US defense organizations, a Saudi government entity, and acceptance into NATO supplier frameworks.

• The business is diversifying across regions and verticals, with significant growth in defense and energy sectors and an expanding partner ecosystem.

Financial highlights

• Q2 revenue: NOK 129–129.3 million (-7% YoY); rolling 12-month revenue up 15% to NOK 614 million.

• Q2 gross profit: NOK 69 million, stable year-over-year; gross margin improved to 53–53.2%.

• Q2 EBITDA: NOK -2.6 million, down NOK 4.8 million YoY; rolling 12-month EBITDA up 32% to NOK 27.5–28 million.

• Positive operating cash flow of NOK 3.6 million in Q2, driven by improved collections.

• Net loss for Q2 2025 was NOK -15.97 million.

Outlook and guidance

• Management expects to recover Q2 softness in H2 2025, supported by record order intake and a strong pipeline.

• Confident in meeting full-year targets, with most large bookings expected to convert to revenue and profitability within 2025.

• Defense and energy sectors are projected as key growth drivers, leveraging NATO framework acceptance and certifications.

• Focus on scaling through partners and recurring software revenue to improve predictability and margins.

• Five-year ambition targets 25% ARR and 25% EBITDA.