INVISIO (IVSO) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and full-year revenues in 2025, with Q4 revenue at SEK 684 million, up 15% year-over-year, despite challenges such as the U.S. government shutdown and currency headwinds.

• Entered 2026 with a robust order book, major new contracts including the US Coast Guard and European defense ministries, and new product launches.

• Transitioned to a systems supplier model, increasing average order size and deepening customer relationships.

• Expanded management team and workforce to support growth and new strategic initiatives.

• Upgraded to Nasdaq Stockholm Large Cap list at year-end.

Financial highlights

• Q4 2025 revenue reached SEK 684.0 million, up 15% quarter-over-quarter; full-year revenue was SEK 1,737.1 million.

• Q4 gross margin was 59.8%; full-year gross margin 58.4% (excluding radio order: 59.1%).

• Q4 operating margin was 32.8%; full-year operating margin 17.8%.

• Cash and cash equivalents at year-end were SEK 400.3 million; equity/assets ratio at 73%.

• Proposed dividend of SEK 3.00 per share, raising payout ratio to 48% over five years.

Outlook and guidance

• Strong order book of SEK 854 million at year-end, with most deliveries expected in H1 2026.

• Updated financial targets: average annual revenue growth of at least 20% and operating margin of at least 20% over time.

• Continued high demand anticipated due to geopolitical uncertainty and increased defense spending, especially in NATO countries.

• Expectation of further growth as new products are launched and as defense investments materialize.