Modulight (MODU) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue growth of 73% year-over-year, reaching EUR 7,069 thousand in 2025, with five consecutive quarters of improved sales and EBITDA performance.

• EBITDA margin reached 37% in Q4, reflecting a 163% increase compared to the same quarter last year, and full-year EBITDA improved significantly though remained slightly negative.

• Diversified customer base and product mix, with increased activity in high-value applications, PPT sites, and global markets, especially semiconductors.

• Strategic focus on scaling Pay-Per-Treatment (PPT) business, mass production ramp-up, and platform productization, with accelerated transition to the PPT model.

• Cost savings and productivity gains contributed to improved financial results and positive cash flow trends.

Financial highlights

• Q4 2025 revenue was EUR 1,736 thousand, up 21% year-over-year; full-year revenue reached EUR 7,069 thousand (+73% YoY).

• Q4 EBITDA was EUR 641 thousand (37% margin); full-year EBITDA was EUR -168 thousand (-2.4% margin), both showing significant improvement.

• EBIT remained negative at EUR -787 thousand for Q4 and EUR -4,648 thousand for the year, but losses narrowed significantly.

• Free cash flow from operations improved to EUR -538 thousand in Q4 and EUR -4,479 thousand for the year, compared to prior year.

• Cash and cash equivalents at year-end were EUR 9,653 thousand; net debt was EUR -6,862 thousand; equity ratio at 90.9%.

Outlook and guidance

• No formal outlook or guidance issued for 2026 due to macroeconomic and geopolitical uncertainties; focus remains on commercializing proprietary products and scaling PPT.

• Efficiency improvements and cost savings measures will continue, with a goal of achieving cash flow positivity during the 2026–2027 strategy period.

• Most customer projects are in early development stages, with a transition to a treatment-session-based payment model underway.