Shape Robotics (SHAPE) Q2 2025 earnings summary

Executive summary

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

• Q2 2025 revenue decreased 16% year-over-year to DKK 60 million, but H1 2025 revenue increased 22% to DKK 129.7 million.

• Positioned as a leading global EdTech provider, now serving over 2,000 schools and selling more than 25,000 Fable Robots.

• Expanded product portfolio and market reach through new partnerships in Asia and the Middle East.

Financial highlights

• Q2 2025 EBITDA was DKK 13.7 million (Q2 2024: DKK -2.2 million); EBIT reached DKK 10.5 million (Q2 2024: DKK -6.5 million).

• H1 2025 revenue reached DKK 129.7 million, up 22% year-over-year.

• Contribution margin in Q2 2025 rose to DKK 31 million, up 76% year-on-year, with a margin ratio of 52%.

• Adjusted EBITDA for H1 2025 was DKK 14 million, up 849% year-on-year, with non-recurring costs recognized.

• Net profit for Q2 2025 was DKK 2.4 million, compared to a loss of DKK 8.3 million in Q2 2024.

Outlook and guidance

• 2025 guidance maintained: revenue growth of 20%-35% (DKK 360-410 million), adjusted EBITDA margin of at least 10% (DKK 36-41 million), and EBITDA margin of at least 8% (DKK 29-33 million).

• H1 2025 delivered 19% adjusted EBITDA margin (DKK 24.1 million).

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

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

• On track to exceed annual target of DKK 12-15 million at current activity levels.