Modulight (MODU) Q3 2025 earnings summary

Executive summary

• Revenue grew 176% year-over-year in Q3 and over 100% for the first nine months, with four consecutive quarters of growth and improved profitability driven by a diversified customer base and product mix.

• EBITDA losses narrowed significantly, with Q3 at -€184k versus -€1,278k last year, reflecting operational efficiency and reduced one-time costs.

• Free cash flow from operations improved but remained negative at -€1,076k in Q3 and -€3,942k for the nine months.

• The transition to the pay-per-treatment (PPT) business model is progressing, with increasing adoption and positive customer feedback.

• Customer base continues to diversify, with 60% listed companies and 35% having over €1bn in revenue.

Financial highlights

• Q3 2025 revenue was €1,765k, up 176% year-over-year; 1-9/2025 revenue was €5,333k, up 100%.

• Q3 EBITDA was -€184k (improved from -€1,278k); 1-9/2025 EBITDA was -€810k (improved from -€3,813k).

• Q3 EBIT was -€1,220k (improved from -€2,108k); 1-9/2025 EBIT was -€3,861k (improved from -€6,134k).

• Q3 EPS was -€0.03; 1-9/2025 EPS was -€0.09.

• Cash and cash equivalents at period end: €10,550k; net debt: -€7,309k; gearing ratio: -16.1%; equity ratio: 89.7%.

Outlook and guidance

• Most projects are in early development, focused on commercializing proprietary products and transitioning to a treatment-session-based payment model.

• Macroeconomic and geopolitical uncertainties make revenue forecasting difficult; no formal guidance provided for 2025.