PolarCool (POLAR) Q3 2025 earnings summary

Executive summary

• Achieved significant regulatory progress in North America, nearing PolarCapⓇ launch in Canada and USA, with final MDSAP approval expected early 2026.

• Signed and extended multiple key agreements with top clubs in rugby, football, ice hockey, and handball, expanding presence in Europe and entering new markets like Slovakia.

• Initiated the global COOLHEAD clinical study in partnership with major rugby organizations, reinforcing product credibility.

Financial highlights

• Net sales for Q3 2025 were 429 TSEK, down 24% year-over-year due to lower than expected sales in July and August.

• Operating result for Q3 was -4,144 TSEK, impacted by regulatory approval costs and increased sales organization expenses.

• Cash and cash equivalents at period end were 1,615 TSEK, compared to 9,979 TSEK a year earlier.

• Equity at period end was 7,041 TSEK, with an equity ratio of 65%.

• Earnings per share for Q3 were -0.74 SEK.

Outlook and guidance

• Focus remains on achieving profitability in Europe by scaling sales and strengthening cash flow.

• With new financing, plans to intensify efforts for North American launch, targeting readiness in early 2026.

• Expects North America to contribute significantly to sales from 2026.

• Ongoing efforts to establish PolarCapⓇ in Australia and South Africa.