Photocat (PCAT) Q3 2025 earnings summary

Executive summary

• Transitioned listing from Nasdaq First North to Spotlight Stock Market in Q3 2025, marking the first reporting period on the new exchange.

• Achieved higher revenue and improved EBITDA in Q3 2025 compared to Q3 2024, despite seasonal softness in Nordic and Southern European markets.

• Launched first demonstration projects for InnoLig dust suppressant, with positive field results supporting broader market launch.

• Continued commercial reference projects in Spain and developed new environmental solutions for airports.

Financial highlights

• Q3 2025 revenue: DKK 2.9 million, up from DKK 1.6 million in Q3 2024 (year-over-year growth).

• Gross profit for Q3 2025: DKK 1.8 million, up from DKK 0.5 million in Q3 2024.

• EBITDA for Q3 2025: DKK 465 thousand, a significant improvement from DKK -804 thousand in Q3 2024.

• Net loss for Q3 2025: DKK -78 thousand, compared to DKK -1.35 million in Q3 2024.

• Cash at hand at end of Q3 2025: DKK 346 thousand.

Outlook and guidance

• Targeting full commercial readiness for InnoLig dust suppressant and road maintenance contractors ahead of the 2026 season.

• Ongoing validation testing for airport environmental solutions, with results expected in Q4 2025.

• Committed to sustainable growth and long-term shareholder value through innovation and disciplined execution.