Irisity AB (”Irisity” or ”the Company”) published its Q4 report for 2025 on March 19th, 2026.

The following are key events that we have chosen to highlight in the report:

• Net Sales of SEK 18.6m (4.7) – Below our Estimate of SEK 23.0m (-19%)
• Invoicing of SEK 28.4m (38.7), -27% Y-Y – Tough Comparable from Large Q4-24 Projects
• Collections of SEK 33.0m (23.5), +40% Y-Y – Strong Q3-25 Invoicing Converting to Cash
• MRR of SEK 4.4m (4.3) vs. SEK 4.0m in Q3-25 – Continued Sequential Growth from New Customers
• OPEX Declined 34% Y-Y in Q4-25 – Simplification Programme Yielding Results
• EBITDA of SEK -13.3m vs. Estimate of SEK -8.4m, Miss Driven by Revenue; OPEX in Line
• Cash Balance of SEK 3.0m and Available Credit Lines at SEK 9.4m

In summary, Analyst Group views Q4-25 as a quarter that marks the completion of a significant transformation, with Irisity entering 2026 as a leaner and more focused organization. With adj. OPEX down 34% Y-Y in Q4-25 and continued sequential MRR growth to SEK 4.4m, the strategic repositioning is yielding tangible results. The revenue outcome of SEK 18.6m fell short of Analyst Group’s estimate of SEK 23.0m, though the miss is best understood as a consequence of the deliberate shift away from larger one-off projects toward subscription-based recurring revenue, a transition that compresses near-term recognized revenue while building a more durable long-term revenue base. The key variables going forward are whether the remaining cost reductions materialize in the P&L as expected in Q2-26, and whether the commercial momentum across the U.S., Sweden, Colombia, and Hungary translates into accelerating MRR and invoicing in H1-26. With total available liquidity of SEK 12.4m and a cash position of SEK 3.0m, the financial position leaves limited room for execution delays, and liquidity remains a key area to monitor on the path toward cash flow neutrality in 2026.

Read Analyst Group’s comment on the report here

About Analyst Group: One of Sweden's leading equity research boutiques with focus on small and medium-sized listed companies.
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This is a press release from Analyst Group regarding the publication of a comment on Irisity. Readers may assume that Analyst Group has received compensation for making the comment. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.

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