Q-linea (QLINEA) Q2 2025 earnings summary

Executive summary

• Q2 2025 saw five new ASTar instrument placements, meeting targets and expanding the installed base, with a strong commercial pipeline and growing customer engagement, especially in Italy and the US.

• Year-over-year financial improvement driven by robust cost-saving measures, a completed SEK 250 million capital raise, and a solid outlook for revenue growth in the second half of the year.

• Customer feedback and clinical evidence reinforce the value proposition of ASTar, with real-world use matching expectations and driving adoption.

• The company is progressing toward its 2025 ambition, with first walk-in customers, direct evaluations, and reduced sales cycle times.

• Strong commercial momentum in the US and Italy, with significant clinical validation and new partnerships.

Financial highlights

• Net sales for H1 2025 reached SEK 4.8 million, representing approximately 200% growth over H1 2024 and surpassing FY 2024.

• Q2 2025 revenues were SEK 1.1 million, with recurring revenues expected from Q3 as more systems move into routine use.

• Operating expenses (OpEx) maintained at SEK 13.9–15 million per month, reflecting effective cost control and a reduced employee count.

• SEK 250 million raised in May 2025, with SEK 150 million net liquidity after loan repayments.

• Cash at hand at the end of Q2 2025 was SEK 82.7 million.

Outlook and guidance

• Strong commercial outlook for H2 2025, with increased visibility on contract cycle times and a robust pipeline of evaluations and tenders.

• On track to achieve 30–40 ASTar placements by end of 2025, with a pipeline for 60–90 more in 2026.

• Recurring consumables revenue is expected to become more predictable as more systems move into routine use.

• Board confident in ability to finance operations until break-even, with ongoing work on additional financing alternatives.

• Italy is expected to continue its upward adoption curve through 2026–2027, with other markets following a similar trajectory.