Safestate Group (STATE) Q1 2025 earnings summary

Executive summary

• Achieved 188% sales growth year-over-year in Q1 2025, driven by the conditional acquisition of Safestate AB and strong B2B and white-label B2C performance.

• Pro forma ARR increased to SEK 44.3 million from SEK 17.5 million in Q1 2024, supporting the SEK 100 million ARR target for 2025.

• Strategic partnerships and new product launches expanded market reach and diversified the cybersecurity product portfolio.

Financial highlights

• Pro forma Q1 2025 sales: KSEK 11,482 (KSEK 3,982 in Q1 2024); reported net sales: KSEK 7,835 (KSEK 3,982).

• Pro forma EBITDA (excluding restructuring): MSEK 4.7, margin 41%; EyeonGroup margin 49%, Safestate 23%.

• Net result: KSEK -1,386 (KSEK -1,737); EPS: SEK -0.05 (SEK -0.06); equity per share: SEK 2.07 (SEK 2.26).

• Cash balance at Q1 end: MSEK 7.1; no invoice financing used.

• Investments in capitalized development: KSEK 2,124 (KSEK 2,912); depreciation: KSEK 3,834 (KSEK 3,827).

Outlook and guidance

• Targeting SEK 100 million ARR by end of 2025, leveraging M&A and expanded product suite.

• Plans to complete 2–4 acquisitions in 2025; continued focus on R&D and product innovation.