Firefly (FIRE) Q2 2025 earnings summary

Executive summary

• Order intake reached a record 138.6 MSEK in Q2 2025, up 15% year-over-year, with order backlog also at a record 148.7 MSEK, up 17%.

• Revenue declined 19% to 94.6 MSEK in Q2 2025 due to delayed deliveries, resulting in an operating loss of -1.4 MSEK.

• Product margins remained stable; currency effects had a minor negative impact in Q2 but a larger negative effect of 4.7 MSEK for H1 2025.

• Aftermarket business grew 15% in both Q2 and H1, now representing 32% of total sales.

• Management expects normalization of revenue and profitability in Q3, supported by a strong order book and high quotation activity.

Financial highlights

• Q2 2025 order intake: 138.6 MSEK (up 15%); revenue: 94.6 MSEK (down 19%); operating result: -1.4 MSEK (down 112%).

• H1 2025 order intake: 259.7 MSEK (up 7%); revenue: 217.9 MSEK (down 7%); operating result: 16.8 MSEK (down 42%).

• Q2 EPS: -0.35 SEK (down 122%); H1 EPS: 1.88 SEK (down 50%).

• Cash flow from operations in Q2: 10.5 MSEK (up 484%); H1: 21.5 MSEK (up 95%).

• Cash and equivalents at period end: 54.3 MSEK (up 33% year-over-year).

Outlook and guidance

• Management anticipates a return to normal revenue and profitability levels in Q3, citing a robust order book and strong quotation pipeline.

• Ongoing geopolitical and tariff uncertainties continue to delay customer investment decisions.