Tempest Security (TSEC) Q3 2025 earnings summary

Executive summary

• Revenue grew by 29.9% year-over-year in Q3 2025 to 146.3 MSEK, with EBITDA improving to 5.0 MSEK from -4.0 MSEK and net income reaching 1.9 MSEK from -7.1 MSEK.

• Strategic cost control and efficiency measures contributed to improved profitability, with a focus on core operations and local market presence.

• Leadership changes included the return of Andrew Spry as CEO and a proposed board expansion following a conditional acquisition of 11% of shares by new major shareholders.

Financial highlights

• Q3 2025 revenue: 146.3 MSEK (+29.9% YoY); 9M 2025 revenue: 422.9 MSEK (+16.4% YoY).

• Q3 2025 EBITDA: 5.0 MSEK (margin 3.4%); adjusted EBITDA: 5.0 MSEK (margin 3.4%).

• Q3 2025 operating income: 1.9 MSEK; net income: 1.9 MSEK.

• 9M 2025 EBITDA: 1.1 MSEK (margin 0.3%); adjusted EBITDA: 10.6 MSEK (margin 2.5%).

• 9M 2025 operating income: -7.9 MSEK; net income: -9.8 MSEK.

• Cash flow from operations before working capital changes: 6.8 MSEK in Q3, 1.5 MSEK in 9M.

Outlook and guidance

• Continued focus on cost control and efficiency, with further improvements in overtime management and staffing planned.

• Ongoing strategic review of Special Services segment expected to conclude by end of 2025.

• Market demand for security services in Sweden remains strong and stable.