FlexQube (FLEXQ) Q1 2025 earnings summary

Executive summary

• Net sales fell 20.1% year-over-year to 29.4 MSEK, with order intake down 29.6% to 21.5 MSEK, reflecting a weaker start but some improvement late in the quarter.

• Despite lower sales, gross profit increased by 1.3 MSEK and gross margin improved by 17 percentage points, driven by operational efficiency and lower assembly costs.

• EBITDA improved to -4.1 MSEK from -9.1 MSEK year-over-year, and EBIT improved to -6.2 MSEK from -11.4 MSEK, despite higher marketing expenses.

• Cash flow from operating activities improved to -3.3 MSEK from -13.5 MSEK, but total cash flow for the period was -13.9 MSEK due to reduced credit facility.

• The company is intensifying marketing, participating in major trade shows, and expanding its project pipeline, especially in North America and the UK.

Financial highlights

• Net sales: 29.4 MSEK (down 20.1% year-over-year).

• Order intake: 21.5 MSEK (down 29.6% year-over-year).

• EBITDA: -4.1 MSEK (improved from -9.1 MSEK year-over-year).

• EBIT: -6.2 MSEK (improved from -11.4 MSEK year-over-year).

• Net loss: -6.8 MSEK (improved from -12.4 MSEK year-over-year).

• Earnings per share: -0.5 SEK (vs. -0.9 SEK year-over-year).

• Cash and cash equivalents: 19.4 MSEK (down from 45.4 MSEK year-over-year).

Outlook and guidance

• Project pipeline is growing, with expectations for improved order intake in coming quarters as more projects convert.

• Management anticipates gradual recovery in the automotive sector and continued stable demand in energy and HVAC segments.

• Ongoing focus on operational efficiency, inventory reduction, and improved payment terms to support cash flow.