Safestate Group (STATE) Q2 2025 earnings summary

Executive summary

• Achieved ARR growth of 179% and sales growth of 104% compared to Q1 2024, driven by the completed acquisition of Safestate AB and strong B2B and B2C white label sales.

• Surpassed 1 million active subscriptions, signed major agreements, and expanded strategic partnerships, supporting rapid growth and market validation.

• Focus remains on delivering signed agreements, finalizing outstanding LOIs, and expanding with new and existing partners in the Nordics and internationally.

Financial highlights

• Q2 2025 net sales: KSEK 10,807 (up from KSEK 5,522 year-over-year); H1 2025 net sales: KSEK 18,642 (up from KSEK 9,504 year-over-year).

• Q2 2025 EBITDA: KSEK 3,604 (KSEK 802), adjusted for restructuring costs: KSEK 5,001 (KSEK 2,222).

• Q2 2025 result: KSEK -4,058 (KSEK -3,041); H1 2025 result: KSEK -5,444 (KSEK -4,778).

• Cash balance as of July 1, 2025: MSEK 12.8; equity as of June 30, 2025: KSEK 156,012 (KSEK 61,023 year-over-year).

• Annual Recurring Revenue (ARR) at end of Q2 2025: MSEK 50.7 (MSEK 18.2 year-over-year).

Outlook and guidance

• Board is considering a transition to IFRS accounting standards, which would result in positive reported profits due to more flexible amortization of goodwill and intangibles.

• Under IFRS, Q2 2025 result would have been positive at approximately MSEK 1.4; H1 2025 at approximately MSEK 1.9.

• Continued focus on executing existing agreements, finalizing LOIs, and expanding product offerings with partners.