STENOCARE (STENO) Q3 2025 earnings summary

Executive summary

• Achieved best quarter since 2019, with sales up 75% year-over-year and 11% sequentially from Q2 2025.

• Positive EBITDA for the second consecutive quarter, reflecting cost discipline and the impact of the STENOCARE 3.0 strategy.

• Exited cultivation activities in January 2025, focusing on sales and distribution of medical cannabis oil products.

Financial highlights

• Q3 2025 net sales reached DKK 1,915k, up from DKK -925k in Q3 2024; 9-month net sales rose 39% year-over-year to DKK 4,524k.

• EBITDA for Q3 2025 was DKK 59k, compared to DKK -3,931k in Q3 2024.

• Cash flow from operations was positive at DKK 57k for Q3 2025.

• Personnel expenses reduced by 53% year-over-year to DKK 717k; other external expenses down 24% to DKK 1,139k.

• Net result for Q3 2025 was a loss of DKK 103k, a significant improvement from a loss of DKK 4,950k in Q3 2024.

Outlook and guidance

• Preparing for the transition to permanent legalisation of medical cannabis in Denmark from January 2026.

• Strategic investments and product launches, such as Astrum 10-10, are expected to drive future sales growth.