Cyviz (CYVIZ) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw a strong rebound in order intake, reaching NOK 243 million, up 26% year-over-year, marking the highest quarterly intake since going public.

• Annual recurring revenue (ARR) grew 38% year-to-date to NOK 67.5 million, driven by multi-year support agreements and SaaS traction.

• Revenue for Q3 was NOK 95 million, down 41% year-over-year, impacted by project slippages and lower order intake earlier in the year.

• EBITDA remained positive at NOK 2.3 million but declined 74% year-over-year due to delayed project deliveries.

• Order backlog reached NOK 428 million, the second highest in company history, providing strong revenue visibility.

Financial highlights

• Q3 revenue: NOK 95 million (-41% YoY); rolling 12-month revenue: NOK 550 million (-4% YoY); YTD revenue: NOK 360 million (-11% YoY).

• Q3 gross profit: NOK 69 million (-10% YoY); gross margin: 73% (up from 48% last year).

• Q3 EBITDA: NOK 2.3 million (-74% YoY); rolling 12-month EBITDA: NOK 21 million (-43% YoY); YTD EBITDA: NOK 0.9 million.

• Q3 order intake: NOK 243 million (+26% YoY); rolling 12-month order intake: NOK 659 million (-15% YoY); YTD order intake: NOK 478 million (+9% YoY).

• Operating cash flow was NOK 45 million for the quarter and NOK 31.1 million year-to-date, supported by improved collections.

Outlook and guidance

• Order intake momentum from Q3 is expected to continue into Q4, with normalization in geopolitical conditions and a recovering U.S. market.

• Strategic focus remains on profitable growth, cost optimization, scaling through partners, and expanding in the defense sector, especially in Europe and NATO countries.

• Targeting NOK 250 million in both EBITDA and ARR before 2030.

• Long-term growth strategy centers on scaling through partners and SaaS platform expansion.