Vaxxa (VAXXA) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw a significant increase in handled bankruptcies, from 5 in Q1 2024 to 41, reflecting rapid growth in the insolvency segment and increased market share.

• Total sales in comparable terms reached nearly 20 MSEK, though reported net revenue was 12.2 MSEK due to changes in revenue recognition.

• The company is in an expansion phase, investing in new locations, which has led to higher startup costs but is expected to yield returns soon.

• EBITDA was close to zero despite heavy investments, indicating operational strength during a period of growth.

Financial highlights

• Net revenue for Q1 2025 was 12.2 MSEK, down 8.3 MSEK year-over-year due to revenue recognition changes.

• EBITDA was -67 TSEK, compared to 958 TSEK in Q1 2024.

• Net income after financial items was -682 TSEK, versus 312 TSEK in Q1 2024.

• Cash and cash equivalents at quarter-end were 11.8 MSEK, up from 4.8 MSEK a year earlier.

• Equity stood at 23.7 MSEK as of March 31, 2025.

Outlook and guidance

• The company expects its growth strategy and investments in new cities to deliver returns in the near future.

• High and stable auction volumes and continued customer inflow are expected to strengthen the long-term revenue base.