Fingerprint Cards (FING) Q3 2025 earnings summary

Executive summary

• Achieved 35% year-over-year revenue growth in Q3 and 53% year-to-date, with gross margin rising to 68.6% in Q3, reflecting a shift to higher-value products and strong performance across all revenue streams.

• Monetized assets, including SEK 24m from Egis in Q3 and SEK 19m from PixArt in Q4, providing upfront cash and future royalty streams.

• Operational efficiency improved with a 54% reduction in headcount year-over-year, leveraging AI-driven marketing and automation.

• Launched new products and partnerships, including the AllKey product family, Microsoft Entra integration, and expanded US sales capacity.

• Significant progress toward positive EBITDA and cash flow, supported by cost discipline, operational efficiency, and a capital-light, scalable growth model.

Financial highlights

• Q3 2025 revenue: SEK 20.4M, up 35% year-over-year (47% in constant currency); gross profit increased 65% to SEK 14.0M.

• Gross margin reached 68.6% in Q3 2025, up from 56.3% in Q3 2024; year-to-date gross margin at 58.7%.

• EBITDA improved to SEK -9.8M in Q3 2025 from SEK -40.8M last year; free cash flow at SEK -2.3M for Q3.

• Cash and equivalents at quarter-end were SEK 28.3M, down from SEK 48.8M a year ago.

• Headcount reduced 54% year-over-year to 49, flat sequentially.

Outlook and guidance

• Focus remains on executing the transformation plan and driving toward positive EBITDA and free cash flow through profitable growth and continued asset monetization.

• Expect AllKey and system sales to increase as a share of revenue over the next two to three years.

• New business (identity cloud with Anonybit) expected to contribute recurring SaaS revenue starting in the second half of next year.

• Cash position, bolstered by recent asset sales, secures runway for executing growth initiatives and transformation.

• Strategic plan emphasizes operational discipline, high-margin core products, and expansion into new growth areas.