Xoma (XOM) Q2 2025 earnings summary

Executive summary

• Strategic focus shifted to FLOW, a biological water purification technology using microalgae, with other projects paused or ended to concentrate resources and maximize value creation.

• FLOW targets industrial clients facing stricter environmental regulations, offering a scalable, sustainable, and cost-effective alternative to traditional methods.

• Recent management change with Mourad Lahdo appointed as CEO in June 2025.

Financial highlights

• Q2 2025 operating income was 0.204 MSEK, up from 0 MSEK in Q2 2024, reflecting capitalized development work.

• EBITDA for Q2 2025 was -2.263 MSEK (Q2 2024: -0.351 MSEK); EBIT was -2.293 MSEK (Q2 2024: -0.381 MSEK).

• Net result after financial items for Q2 2025 was -2.294 MSEK (Q2 2024: -0.382 MSEK); EPS improved to -0.04 SEK from -0.06 SEK.

• For H1 2025, operating income was 0.347 MSEK (H1 2024: 0 MSEK); EBITDA -3.468 MSEK (H1 2024: -0.497 MSEK); EBIT -3.529 MSEK (H1 2024: -0.557 MSEK); EPS -0.05 SEK (H1 2024: -0.09 SEK).

• Q2 results included one-time costs: 0.73 MSEK for the rights issue and 0.138 MSEK for previous CEO compensation.

Outlook and guidance

• Strategic focus on FLOW as the main business area, with all other guidance and targets withdrawn.

• Emphasis on building early-stage project volume and strengthening industrial partnerships.