Senzime (SEZI) Q4 2025 earnings summary

Executive summary

• Achieved over 90% revenue growth in constant currencies for 2025, surpassing SEK 100 million in sales, with strong Q4 momentum driven by key hospital wins and new product launches.

• Major strategic wins and expanded contracts in the US, Europe, and Asia, including NHS UK, US Department of Defense, and the largest TetraGraph order in Europe.

• Delivered 2,139 TetraGraph systems and sold over 440,000 single-use sensors in 2025, with utilization up 87%.

• Launched next-generation TetraGraph system and EMGINE Sirius software, driving higher customer adoption and workflow improvements.

• Underlying gross margin improved due to lower production costs and favorable product mix, despite negative impacts from US tariffs, currency effects, and a one-time inventory write-off.

Financial highlights

• Full-year reported revenues grew to SEK 104,022k, with currency-adjusted revenues at SEK 111,240k, up 90% year-over-year; Q4 revenues up 125% in constant currencies to SEK 31.2 MSEK.

• Q4 underlying gross margin reached 69.3%, and full-year margin was 66.7%; gross margin before depreciation: 52.6% for the year, impacted by SEK 10.7m inventory write-down.

• Adjusted EBITDA for 2025 improved to SEK -88,374k from SEK -105,507k in 2024, a 16% improvement.

• Cash and cash equivalents at year-end: SEK 73,975k.

• Earnings per share: SEK -0.93 for the year.

Outlook and guidance

• Targeting continued strong sales growth and positive cash flow by Q4 2026, with profitability by end of 2026.

• Expecting further gross margin improvements through price increases and new business models.

• Long-term ambition to exceed SEK 1 billion in revenues by 2030.