Impero (IMPERO) Q2 2025 earnings summary

Executive summary

• Achieved 15% year-over-year ARR growth to DKK 40.7M in H1 2025, with revenue up 21% and churn below 2%, and EBITDA loss reduced to DKK -4.2M from DKK -5.1M year-over-year.

• Added 9 new customers across Germany, the UK, and Denmark, expanding the customer base and partner ecosystem, with strong upsell activity among large enterprises.

• Launched new platform features, including Control Testing and a refreshed Administrator Dashboard, enhancing compliance and risk management capabilities.

• Partnerships contributed 33% of new ARR, with increased engagement in Germany and expansion efforts in the UK and Benelux.

• Leadership transition with new CFO Kasper Lihn appointed effective October 1, 2025.

Financial highlights

• H1 2025 revenue increased 21% year-over-year to DKK 20.1M, with gross profit of DKK 11.0M and gross profit margin improved to 97%.

• EBITDA for H1 2025 was negative DKK 4.2M, an improvement from negative DKK 5.1M in H1 2024; EBIT loss improved to DKK -5.9M from DKK -6.5M.

• Cash position at end of H1 2025 was DKK 6.8M; equity reduced to DKK 0.2M due to growth investments.

• Free cash flow for the last 12 months was negative DKK 7.8M, with a cash-to-acquired-ARR ratio of 1.5.

Outlook and guidance

• Updated 2025 ARR guidance to DKK 43M–46M (11–19% growth), down from previous DKK 46M–49M; EBITDA guidance improved to DKK -6M to -4M.

• On track to achieve cash flow positivity before end of 2026, with short-term free cash flow fluctuations expected.

• Outlook assumes stable macroeconomic conditions and continued talent retention.