Upsales (UPSALE) Q3 2025 earnings summary

Executive summary

• Transitioned from a traditional CRM provider to an AI-driven revenue platform, leveraging proprietary B2B data and automation to drive customer growth and differentiate in the SaaS market.

• Strong revenue and ARR growth in Q3, with ARR reaching SEK 147.7 million, up 6.8% year-over-year, and net sales for Q3 at SEK 38.2 million.

• Product innovation focused on the launch and adoption of the Upsales agent platform and AI agents, enabling automation across sales, finance, marketing, and customer service.

• Growth strategy centers on expanding within the existing customer base, building out commercial and sales teams, and investing in professional services.

• Strong customer feedback and productivity gains from AI rollout, with accelerating demand from existing customers.

Financial highlights

• Annual recurring revenue (ARR) reached SEK 147.7 million, up 6.8% year-over-year, reversing a previous -2.0% decline.

• Net sales for Q3 were SEK 38.2 million, up from SEK 35.7 million in Q3 2024, with a 7.0% year-over-year increase.

• Recurring subscription revenue accounted for 95.9% of total net sales.

• EBITDA for Q3 was SEK 13.4 million (margin 35.1%), up from SEK 11 million (margin 30.8%) year-over-year.

• EBIT was SEK 10.9 million, net income SEK 8.8 million, and operating cash flow SEK 2.1 million.

• Net cash position at quarter-end was SEK 20.5 million, down from SEK 29.9 million year-over-year.

Outlook and guidance

• Management prioritizes growth over short-term margins, with ongoing investments in product, sales team, and organizational expansion.

• Long-term ambition to surpass SEK 1 billion in revenue within three to five years, driven by AI and go-to-market improvements.

• Accelerate package, bundling AI features, and AI-driven product enhancements are expected to drive future growth as more customers upgrade.

• Growth rate is expected to continue increasing, supported by strong sales momentum and AI feature expansion.