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, though full-year EBITDA remained slightly negative.

• Diversified customer base and product mix, with strong activity and positive feedback, especially in PPT sites, semiconductors, and new geographies.

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

• Cost savings and productivity gains contributed to improved financial results.

Financial highlights

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

• Q4 EBITDA: EUR 641 thousand (37% margin); full-year EBITDA: EUR -168 thousand (-2.4% margin).

• Q4 EBIT: EUR -787 thousand; full-year EBIT: EUR -4,648 thousand.

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

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

Outlook and guidance

• Most customer projects remain in early development; revenue forecasting for 2026 is challenging due to macroeconomic and geopolitical uncertainties.

• No formal outlook or guidance provided for 2026; focus remains on positive cash flow, sales, and EBITDA improvement.

• Strategy centers on commercializing proprietary products, expanding in the U.S., and scaling the PPT model.

• Clinical trial income remains a significant revenue component, especially for cancer patients, but future levels are not specified.

• Cost efficiency measures and operational improvements will continue.