STENOCARE (STENO) Q4 2025 earnings summary

Executive summary

• Achieved three consecutive quarters of positive EBITDA in 2025, marking the first sustained profitability since 2019.

• Net sales reached record highs in Q4 2025, with a 36% sequential increase and 107% year-over-year growth.

• Strategic exit from Danish cultivation facility and acquisition of CannGros ApS expanded product portfolio and market share.

Financial highlights

• Q4 2025 net sales: DKK 2.6 million, up from DKK 1.3 million in Q4 2024.

• Full-year 2025 net sales: DKK 7.0 million, up 215% from DKK 2.2 million in 2024; including CannGros, DKK 7.3 million.

• Q4 EBITDA: DKK 12,000, positive for the third consecutive quarter; full-year EBITDA: DKK -1.7 million, including DKK -0.8 million in one-time costs.

• Q4 personnel expenses reduced by 37% year-over-year; other external expenses down 13%.

• Q4 net result: DKK -147,000; full-year net result: DKK -2.4 million, a significant improvement from DKK -34.5 million in 2024.

Outlook and guidance

• CannGros acquisition expected to contribute DKK 4–6 million in net sales in 2026.

• Anticipates continued growth and profitability, leveraging expanded product portfolio and operational synergies.