Realfiction (REALFI) Q3 2025 earnings summary

Executive summary

• Q3-2025 revenue dropped 94% year-over-year to TSEK 606, mainly due to the absence of DPT project sales and lower legacy display sales.

• Gross profit margin fell to 51.8% from 82.1% in Q3-2024, reflecting the lack of high-margin DPT sales.

• Operating loss deepened to TSEK -6,359 in Q3-2025 from a profit of TSEK 699 in Q3-2024.

• Rights issue in August 2025 raised approximately SEK 30 million, strengthening the capital base.

• Commercial discussions for DPT platform advanced, with new demonstrator showcased to potential partners.

Financial highlights

• Q3-2025 revenue: TSEK 606 (Q3-2024: TSEK 9,835); Q1-Q3 2025 revenue: TSEK 2,612 (Q1-Q3 2024: TSEK 14,046).

• Q3-2025 gross profit: TSEK 314 (Q3-2024: TSEK 8,074); gross margin: 51.8% (Q3-2024: 82.1%).

• Q3-2025 result after financial items: TSEK -7,445 (Q3-2024: TSEK -340); Q1-Q3 2025: TSEK -23,516 (Q1-Q3 2024: TSEK -16,971).

• Q3-2025 EPS: SEK -0.35 (Q3-2024: SEK -0.02); Q1-Q3 2025 EPS: SEK -1.15 (Q1-Q3 2024: SEK -0.86).

• Cash flow from operating activities Q3-2025: TSEK -7,900 (Q3-2024: TSEK -4,082).

Outlook and guidance

• Focus remains on commercializing DPT technology, with expectations to secure agreements in 2025 and 2026.

• Revenue from legacy displays expected to continue declining as focus shifts to DPT.

• Q4-2025 has started with improved revenue, tracking above Q3 and highest since Q4-2024.

• Funding from rights issue and TO2 warrants expected to support commercialization efforts.