Shape Robotics (SHAPE) Q2 2025 earnings summary

Executive summary

• Achieved record LTM EBITDA of DKK 50.8m and net result of DKK 13.5m, with LTM revenue at DKK 325.5m, driven by high-margin solutions and international expansion.

• Q2 2025 revenue was DKK 60.0m, with a 16% year-over-year decrease, but H1 2025 revenue increased 22% to DKK 129.7m.

• Contribution margin improved to 52% in Q2 2025, reflecting a strategic focus on profitability and high-margin solutions.

• Successful integration of Sanako Oy expanded the EdTech ecosystem and supported international project deliveries.

• New multi-facility financing package from UniCredit approved to support growth.

Financial highlights

• Q2 2025 EBITDA was DKK 13.7m (Q2 2024: DKK -2.2m); EBIT reached DKK 10.5m (Q2 2024: DKK -6.5m); net profit for Q2 2025 was DKK 2.4m.

• Contribution margin rose 76% year-over-year to DKK 31m, with a margin ratio of 52%.

• Net working capital reached DKK 313m as of June 30, 2025, up from DKK 88m a year earlier.

• Cash flow from operating activities was DKK -47.3m in Q2 2025, mainly due to inventory buildup.

• Total assets increased to DKK 686.9m (June 30, 2024: DKK 318.5m), with equity at DKK 222.1m.

Outlook and guidance

• 2025 guidance maintained: revenue growth of 20–35% (DKK 360–410m), adjusted EBITDA margin of at least 10%, and EBITDA margin of at least 8%.

• H1 2025 actual revenue growth was 22%.

• Romania expected to remain the largest market, with Poland becoming increasingly significant.

• Contribution margin expected to remain in the 29–32% range.

• Operational costs as a percentage of revenue expected to decrease compared to 2024.