Impero (IMPERO) Q3 2025 earnings summary

Executive summary

• Achieved best Q3 ever for net new ARR, with DKK 2.4M added and total ARR reaching DKK 43.2M, up 17% year-over-year, driven by strong DACH performance and churn below 1%.

• Revenue increased 15% year-over-year in Q3 2025 to DKK 10.5M, with nine-month revenue up 19% year-over-year.

• Positive EBITDA of DKK 1.0M in Q3 2025, reversing a loss in the prior year.

• Six new customers added, strong upsell activity, and first paying customers onboarded for the Control Testing module.

• Solid cash position of DKK 5.3M at quarter-end, with ongoing efforts to strengthen capital.

Financial highlights

• Gross profit margin reached 98% in Q3 2025, up from 96% in Q3 2024; contribution margin improved to 97%.

• Staff costs rose 19% in Q3, with a 28% reduction in other external expenses; for nine months, staff costs increased 8% and other external expenses 7%.

• Free cash flow to net new ARR ratio (12M rolling) was negative at 1.5, with expectations for improvement by year-end.

• Net ARR growth YTD was DKK 4.4M, down from DKK 6.5M in the prior year.

• EBITDA for nine months was DKK -3.2M, improved from DKK -6.7M last year.

Outlook and guidance

• 2025 ARR guidance set at DKK 43M to 46M, aiming for the upper end, with annual ARR growth of 11–19%.

• EBITDA guidance improved to DKK -5M to -3M for 2025.

• Targeting recurring cash flow positivity by end of 2026.

• Guidance assumes stable macroeconomic and geopolitical conditions.

• Continued focus on revenue retention and expansion within the existing customer base.