STENOCARE (STENO) Q1 2025 earnings summary

Executive summary

• Transitioned to a trading company model (STENOCARE 3.0), exiting Danish cultivation and focusing on innovative medical cannabis products.

• Launched ASTRUM 10-10 oil in Germany, Norway, and Australia, with reimbursement approval in Germany post-period.

• Rights Issue completed, raising 7.9 mDKK to support the new strategy and strengthen liquidity.

• Danish Parliament passed law to make the medical cannabis program permanent, effective January 2026.

Financial highlights

• Q1 2025 net sales were 782 tDKK, down 32% year-over-year due to a shift in revenue recognition and channel inventory optimization.

• EBITDA improved to -1,832 tDKK from -2,469 tDKK in Q1 2024, reflecting a 25% reduction in operating costs.

• Net result for Q1 2025 was -1,994 tDKK, compared to -3,702 tDKK in Q1 2024.

• Cash position at quarter-end was 5,945 tDKK, up from 2,619 tDKK a year earlier, supported by the share issue.

• Total assets decreased to 9,334 tDKK from 30,745 tDKK, mainly due to the facility exit.

Outlook and guidance

• Cost reductions from the facility exit are expected to save DKK 5–6 million annually.

• Management expects increased sales and reduced costs to bring the company close to break-even by year-end 2025.

• Focus remains on driving sales of ASTRUM 10-10 and leveraging partnerships for growth.