Shape Robotics (SHAPE) Q1 2025 earnings summary

Executive summary

• Achieved record last 12 months revenue of DKK 337 million, with Q1 2025 revenue doubling year-over-year to DKK 69.8 million and first positive LTM net result of DKK 2.8 million.

• Growth driven by expansion in Romania (SmartLab project), increased adoption of Techducator services, and new partnerships in Poland, Vietnam, and the Middle East.

• Named among the Top 30 EdTech Companies worldwide, reflecting global recognition.

Financial highlights

• Q1 2025 revenue reached DKK 69.8 million, up 100% year-over-year; contribution margin improved to 34% from 22%.

• Adjusted EBITDA increased 250% year-over-year to DKK 10.4 million, with no non-recurring costs.

• EBIT at DKK 6.2 million (Q1 2024: DKK -12.0 million); net profit DKK 3.1 million (Q1 2024: DKK -14.0 million).

• Cash flow from operating activities increased to DKK 9.8 million; net cash flow was DKK -4.3 million.

• Net working capital at DKK 190 million as of March 2025, up from DKK 89 million last year.

Outlook and guidance

• 2025 revenue guidance set at DKK 360–410 million, representing 20–35% growth; adjusted EBITDA margin expected at a minimum of 10% (DKK 36–41 million); EBITDA margin guided to be at least 8%.

• Romania expected to remain largest market; Poland to become significant revenue contributor.

• Contribution margin expected in 29–33% range; Q1 margin was 15%.

• Non-recurring costs related to Storykids acquisition expected to end after 2025.

• Assumptions include continued cost reductions and maintaining high contribution margins.