Monivent (MONI) Q2 2025 earnings summary

Executive summary

• Transition to a new commercial strategy with global distributors is ongoing, causing temporary sales delays and a short-term capital need.

• Product adaptations and regulatory processes have taken longer than expected, impacting the timing of key product launches.

• Active discussions are underway to strengthen liquidity and secure necessary funding.

Financial highlights

• Net sales for Q2 2025 were 177 KSEK, down from 764 KSEK year-over-year; H1 2025 net sales were 845 KSEK, down from 1,224 KSEK.

• EBIT for Q2 2025 was -2,146 KSEK (improved from -2,907 KSEK); H1 2025 EBIT was -4,319 KSEK (improved from -5,966 KSEK).

• Cash and cash equivalents at period end were 2,422 KSEK, up from 1,874 KSEK year-over-year.

• Equity ratio at period end was 50% (previous year: 52%).

• No dividend was paid.

Outlook and guidance

• Full-year 2025 revenue guidance revised to 1–2 MSEK, down from 4–6 MSEK, due to delayed sales and product launches.

• Revenue expected to increase in coming years, driven by global distributor agreements and US market entry.

• Annual costs (excluding loan amortization and COGS) expected at 10–12 MSEK for the next three years.

• Additional capital injection of approximately 20 MSEK needed to reach cash flow positivity.