Induct (INDCT) Q2 2025 earnings summary

Executive summary

• EBITDA for Q2 2025 was NOK 3.35 million, down 10% year-over-year but up 10.6% sequentially from Q1 2025.

• Platform revenue decreased 4.8% year-over-year to NOK 4.0 million, while consulting revenue increased by NOK 0.05 million.

• Operating costs rose 3.5% year-over-year to NOK 1.2 million.

• Net loss before tax was NOK -0.97 million, compared to NOK -0.71 million in Q2 2024.

• Significant capital raised through private placements and repair offerings, totaling NOK 15.7 million in Q2 and NOK 6.04 million in early July.

Financial highlights

• Gross margin for platform remained high at 96.6% in Q2 2025.

• Total revenues for Q2 2025 were NOK 4.18 million, down from NOK 4.89 million in Q2 2024.

• EBITDA for Q2 2025 was NOK 3.35 million, compared to NOK 3.73 million in Q2 2024.

• Booked equity at end of Q2 2025 was NOK 41.1 million, up from NOK 37.5 million in Q2 2024.

• Interest-bearing debt at end of Q2 2025 was NOK 8.9 million, expected to decrease in Q3.

Outlook and guidance

• Full effects of capital increases and cost control measures expected to be reflected in Q3 and Q4 2025.

• Ongoing shift from ad-based to subscription-based revenue model for the Severe Asthma module.

• Focus on expanding digital clinical pathways to other diseases with significant revenue potential.

• Management remains confident in delivering sustainable value and profitability.