Freemelt (FREEM) Q4 2025 earnings summary

Executive summary

• Achieved record net sales of SEK 54.5 million in 2025, up 172% year-over-year, with Q4 revenue of SEK 15.6 million, a 91% increase from last year.

• Installed machine base increased by 40% to 40 units, with significant expansion in medtech, energy, and defense sectors; started 12 new paid customer projects and ended the year with nine active projects.

• Outsourced production to Scanfil as of October 2025, enabling scalable supply chain and reduced capital needs.

• Entered strategic partnerships in China (Jiuli), Korea, and Nordic fusion (Novatron), strengthening market position in high-growth sectors.

• Order intake for 2025 reached SEK 60.1 million, with 12 machine and 12 project orders.

Financial highlights

• Q4 order book at SEK 11.5 million, down 7% year-over-year; order intake in Q4 was less than SEK 1 million, following strong Q2 and Q3.

• Full-year net sales reached an all-time high of SEK 54.5 million, up from SEK 37 million in 2022; Q4 net sales of SEK 15.6 million, with 82% from machine sales, 10% aftermarket, and 8% projects.

• Operating result for 2025 was SEK -91.98 million; Q4 operating result was SEK -26.01 million.

• Operating cash flow for Q4 was SEK -6.9 million, a 23% improvement year-over-year; cash at bank at year-end was SEK 32.1 million.

• Inventory sold to Scanfil for SEK 4.6 million, booked under other income and expenses without margin.

Outlook and guidance

• Entering 2026 with a mature pipeline, strong industrial relationships, and a supply chain ready for serial production.

• Market for metal additive manufacturing (AM) expected to grow over 18% annually, reaching EUR 15 billion by 2032.

• Focus remains on transitioning from academic to industrial applications, targeting serial production in medtech, energy, and defense.