Infracommerce CXaaS (IFCM3) Q4 2025 earnings summary

Executive summary

• FY25 adjusted cash-flow proxy after capex, receivables-advance expense and rent was an outflow of BRL 2.3m, versus BRL 208.2m in 2024; adjusted EBITDA excluding impairment was BRL 35.8m and operating cash flow BRL 29.9m.

• Positive net worth of BRL 195.1m and net working capital of BRL 229.9m at year-end reversed negative positions in 2024.

• Revenue declined amid strategic-client losses and exits from onerous contracts, while FY25 net loss narrowed to BRL 341.9m from BRL 1,751.0m.

Financial highlights

• FY25 net revenue was BRL 710.0m, down 30.9% YoY; gross profit was BRL 166.0m, down 45.3%, and gross margin was 23.4% versus 29.5%.

• 4Q25 revenue was BRL 196.1m, down 33.1% YoY; excluding anticipation revenue, it declined 26.7%.

• FY25 costs and expenses excluding impairment were BRL 749.6m, down 39.3% YoY; impairment-inclusive costs were BRL 821.1m.

• FY25 reported EBITDA was negative BRL 31.3m; net loss was BRL 341.9m, including BRL 187.1m of convertible-instrument interest and BRL 71.5m of impairment.

Outlook and guidance

• Priorities include attracting new clients, profitable growth, productivity, automation and AI, and generating cash from a leaner, scalable operating base.

• Operating plans include distribution-center optimization, contract renegotiations, process improvements and customer-profitability gains; no numeric forward guidance was stated.