XMReality (XMR) Q4 2025 earnings summary

Executive summary

• Achieved record-high EBITDA for both the quarter and full year, with the highest service usage since inception.

• Positive cash flow generated in each of the last seven months of the year, confirming sustainable profitability.

• Service usage increased 42% year-over-year, with a 26% rise compared to the same quarter last year and 16% sequentially.

• Focus for 2026 is on acquiring new customers and increasing usage among existing clients.

Financial highlights

• Full-year net revenue was 15,392 TSEK, down from 17,025 TSEK the previous year.

• EBITDA for the year reached 3,476 TSEK, a significant improvement from -13,881 TSEK year-over-year.

• Q4 EBITDA was 2,041 TSEK, up from -2,674 TSEK in Q4 last year.

• Annual Recurring Revenue (ARR) at year-end was 13,413 TSEK, down from 14,624 TSEK in the previous quarter, mainly due to a terminated major license agreement.

• Cash flow for the year was -253 TSEK, improved from -1,343 TSEK year-over-year.

Outlook and guidance

• Entering 2026 with a stable financial base and focus on reversing the downward trend in ARR.

• Short-term priorities include closing ongoing deals and expanding within current customer segments, especially in cooling and heating technology.

• Long-term initiatives target reducing churn and contract reductions.