Svenska Aerogel (AERO) Q4 2025 earnings summary

Executive summary

• Net sales for 2025 increased 82% year-over-year to 4.7 MSEK, driven by higher customer activity and more projects reaching commercial phase.

• Net burn rate improved by 6 MSEK due to cost reductions and increased sales.

• Number of commercial-phase customers rose by 50% to 15 by year-end.

• Advanced segment led order value, with significant repeat orders from Outlast® Technologies and a North American insulation customer.

Financial highlights

• Full-year net sales: 4.7 MSEK (2.6 MSEK in 2024); Q4 net sales: 1.2 MSEK (1.0 MSEK in Q4 2024).

• EBITDA for 2025: -24.0 MSEK (-25.8 MSEK in 2024); EBIT: -31.5 MSEK (-33.5 MSEK in 2024).

• Net result for 2025: -31.9 MSEK (-34.2 MSEK in 2024); Q4 net result: -7.7 MSEK (-7.8 MSEK in Q4 2024).

• Cash and cash equivalents at year-end: 8.3 MSEK (1.5 MSEK in 2024).

• Equity at year-end: 37.8 MSEK (33.8 MSEK in 2024); equity ratio: 83% (75%).

Outlook and guidance

• Continued growth expected in Advanced segment, with key customers projected to contribute significantly in 2026.

• Matrix Brands preparing product launch for mid-2026, expected to drive further sales.

• No dividend proposed for 2025.