Photocat (PCAT) H2 2025 earnings summary

Executive summary

• Revenue in Q4 2025 was DKK 4.5 million, up from DKK 3.7 million in Q4 2024; full-year revenue reached DKK 13.7 million, up from DKK 12.1 million year-over-year.

• EBITDA for Q4 2025 was DKK 2.0 million, more than double the DKK 0.96 million in Q4 2024; full-year EBITDA was DKK 3.0 million, up from DKK 0.85 million.

• Net profit for Q4 2025 was DKK 1.5 million, reversing a DKK 0.7 million loss in Q4 2024; full-year net profit was DKK 0.86 million, compared to a DKK 2.5 million loss in 2024.

• Secured first customers for InnoLig™ dust suppressant in Denmark and Poland; finalized dual de-icing product line for 2026.

• Strategic licensing of photocatalytic water-cleaning technology contributed significantly to revenue.

Financial highlights

• Gross profit in Q4 2025 was DKK 3.4 million, up from DKK 2.4 million in Q4 2024; full-year gross profit was DKK 8.3 million, up from DKK 6.3 million.

• Assets at year-end were DKK 24.9 million, up from DKK 19.6 million; equity increased to DKK 11.4 million from DKK 10.6 million.

• Cash at hand at year-end was DKK 443,000, up from DKK 306,000.

• Operating cash flow for 2025 was DKK 5.7 million, up from DKK 1.3 million in 2024.

Outlook and guidance

• 2026 guidance projects revenue of DKK 13–15 million and EBITDA of DKK 0.5–1.5 million.