Photocat (PCAT) H1 2025 earnings summary

Executive summary

• Achieved positive EBITDA in H1 2025 despite a 7.3% year-over-year revenue decline, attributed to delayed partner implementations rather than demand erosion.

• Maintained 2025 guidance: turnover of 11–13m DKK and positive EBITDA of 0–1.5m DKK.

• Listed shares on the Spotlight trading platform as of August 5, 2025, enhancing investor engagement.

• Continued expansion in Ice & Dust Away customer base, even with a warmer winter season.

• Environmental impact increased, with NOx removal equivalent to emissions from over 515,000 cars.

Financial highlights

• H1 2025 revenue: 6.33m DKK, down from 6.83m DKK in H1 2024.

• Gross profit for H1 2025: 3.15m DKK, compared to 3.44m DKK in H1 2024.

• EBITDA for H1 2025: 0.53m DKK, down from 0.69m DKK in H1 2024.

• Net loss for H1 2025: -0.60m DKK, compared to -0.39m DKK in H1 2024.

• Cash at hand at period end: 0.31m DKK.

Outlook and guidance

• 2025 turnover expected between 11–13m DKK, with positive EBITDA of 0–1.5m DKK.

• Strategic focus on building a stronger customer and partner pipeline across all segments.