Inhalation Sciences (ISAB) Q4 2025 earnings summary

Executive summary

• Q4 2025 saw strong order intake, reaching 5.4 MSEK, with most orders carried forward as an order stack into 2026.

• The company is actively pursuing an M&A process with PharmaVentures, aiming to unlock greater market potential, with several interested parties and a goal to finalize within 9-12 months.

• Several new contracts were signed with international clients, including major pharmaceutical companies and research institutions.

• The company continues to focus on commercializing its core technology and expanding its service portfolio.

Financial highlights

• Net sales for Q4 2025 were 1,296 tkr, with full-year net sales at 3,041 tkr, both down from the previous year.

• Operating loss for Q4 2025 was -2,651 tkr; full-year operating loss was -10,155 tkr.

• Cash flow from operations for the year was -11,228 tkr; cash and cash equivalents at year-end were 2,831 tkr.

• Equity at year-end was 7,261 tkr, with an equity ratio of 76.2%.

• Q4 sales exceeded SEK 5 million, with a significant portion as order stack for 2026.

Outlook and guidance

• The company expects a strong start to 2026 due to a large order backlog and plans to continue marketing campaigns and commercial activities, including launching an industry magazine.

• Ongoing strategic review and M&A discussions may result in a sale or partnership within 9-12 months.

• Management believes the worst years are behind and expects an exciting 2026.

• No dividend is proposed for 2025.