Senzime (SEZI) Q1 2025 earnings summary

Executive summary

• Net sales grew 94% year-over-year to SEK 23.5 million in Q1 2025, driven by the launch of the next-generation TetraGraph system and strong sensor sales growth, especially in the U.S. and Europe.

• Over 440 TetraGraph systems delivered in Q1, nearly half the total delivered in all of 2024.

• Gross margin before depreciation improved to 65.9% from 64.3% in Q1 2024, due to better pricing and reduced manufacturing costs.

• Operating expenses remained stable despite commercial expansion and increased production capacity.

• EBITDA loss narrowed to SEK -20.8 million from SEK -28.5 million year-over-year, showing significant improvement toward profitability.

Financial highlights

• Net sales: SEK 23,499 thousand (Q1 2024: SEK 12,120 thousand), up 94%, with sensor unit deliveries up over 100%.

• Gross profit excl. amortization: SEK 15,485 thousand (Q1 2024: SEK 7,798 thousand); gross margin excl. amortization: 65.9% (Q1 2024: 64.3%).

• EBITDA: SEK -20,839 thousand (Q1 2024: SEK -28,546 thousand).

• Earnings per share: SEK -0.27 (Q1 2024: SEK -0.23).

• Cash and cash equivalents: SEK 62,059 thousand as of March 31, 2025.

Outlook and guidance

• Confident in achieving SEK 115-130 million in revenue for 2025 and SEK 300 million by next year, aiming for SEK 1 billion long-term.

• Guidance for operating expenses remains at low single-digit growth for the year.

• Strong demand pipeline for 2025, with further launches planned in Japan and South Korea.

• U.S. tariffs expected to have limited full-year impact on gross margin, with mitigation strategies in place.

• Positive outlook for European and Asian markets, with new product launches and regulatory approvals expected to drive growth.