Omda (OMDA) Q1 2025 earnings summary

Executive summary

• Achieved record Q1 2025 revenue of NOK 121 million, up 15% year-over-year, with 12% recurring revenue growth and less than 2% churn, driven by organic growth and two acquisitions (Dermicus AB and Aweria).

• Transitioned to a fully decentralized business model, enhancing agility, scalability, and operational improvements.

• Marked 20 years in operation, reinforcing market leadership in the Nordics.

• All business areas performed well, with key numbers in line with guidance and no single area dominating performance.

Financial highlights

• Q1 recurring revenue reached NOK 93 million (77% of total), with ARR of NOK 373 million, and total revenue of NOK 121.4 million.

• EBITDA margin rose to 22% in Q1 2025, up from 14% in Q1 2024, with CapEx-adjusted EBITDA at 24%.

• CapEx for the quarter was NOK 9.8–10.4 million (8% of revenue), primarily invested in proprietary software.

• Net working capital improved to -23% of sales, supporting strong cash management.

• Net profit was NOK 7.8 million, compared to a net loss of NOK 13.2 million in Q1 2024.

Outlook and guidance

• Maintains 2025 organic revenue guidance of NOK 460–485 million, with 2026 guidance at NOK 500–525 million (organic, no new acquisitions).

• EBITDA margin guidance for 2025 is 23–27%, targeting 30% by 2026, with further margin expansion expected in H2 2025.

• Organic growth target remains 5–10% annually, with 25–30% additional growth via M&A.