Oneflow (ONEF) Q3 2025 earnings summary

Executive summary

• Achieved positive EBITDA of SEK 7.1 million (16% margin) in Q3 2025, a turnaround from negative EBITDA in previous periods.

• ARR reached SEK 179.7 million at quarter-end, up 19% year-over-year, with ARR per FTE up 37%.

• Net sales increased 21% year-over-year to SEK 43.3 million in Q3, with 41% of sales outside Sweden and customers in 45 countries.

• Focus remains on profitability, with cost base stabilization, efficiency improvements, and organizational restructuring reducing headcount to 144.

• Expansion into North America initiated via a new entity, with a 20% stake and exclusive regional rights.

Financial highlights

• Net new ARR was SEK 8.5 million in Q3, up 19% year-over-year and 30% sequentially.

• Gross margin remained strong at 93% in Q3 2025, though a slight decrease is expected due to increased partner commissions.

• Q3 EBIT improved to SEK -5.1 million (margin -12%), and YTD EBIT improved 27% to SEK -45.2 million.

• EBITDA margin turned positive at 16% in Q3, compared to -17% a year ago.

• 98% of revenue is recurring software, with 2% from professional services.

Outlook and guidance

• Immediate priority is to achieve EBIT positivity before refocusing on accelerated growth.

• Long-term goal remains ARR growth above 30% and achieving profitability with current funding, though 30% ARR growth will not be met in the short term.

• Expansion in North America is expected to drive future growth, with first deals already closed.