Insplorion (INSP) Q4 2025 earnings summary

Executive summary

• Q4 2025 was impacted by an extra write-down of intangible assets due to the planned sale of the hydrogen business.

• Net sales for Q4 2025 were 297 KSEK, up from 264 KSEK in Q4 2024; full-year net sales reached 1,877 KSEK, nearly flat year-over-year.

• Profit after financial items for 2025 was -28,807 KSEK, compared to -19,665 KSEK in 2024.

• Strategic review led to an agreement to sell the hydrogen sensor business to MannTek for 5.5 MSEK.

• Management changes and a focus on securing long-term financial stability were initiated.

Financial highlights

• Net revenue for Q4 2025 was 297 KSEK, up from 264 KSEK in Q4 2024; full-year net revenue was 1,877 KSEK, compared to 1,865 KSEK in 2024.

• Result after financial items for 2025 was -28,807 KSEK, compared to -19,665 KSEK in 2024.

• Earnings per share for 2025 was -0.67 SEK, compared to -0.44 SEK in 2024.

• Cash and cash equivalents at year-end 2025 were 2,596 KSEK, down from 12,753 KSEK a year earlier.

• No interest-bearing liabilities at year-end, compared to 269 KSEK in the prior year.

Outlook and guidance

• Liquidity is expected to be sufficient until the end of Q1 2026, with a focus on closing the MannTek deal.

• The long-term potential remains, but the hydrogen applications market is developing slower than expected, with many delayed or halted projects.

• Stable long-term conditions are necessary to realize the value of the hydrogen business.

• Continued development of research instruments and exploration of strategic partnerships or M&A opportunities.

• ATEX certification for the hydrogen detector is progressing, with final product test report expected in March or April 2026.