Interim Report 3 2025
3 november, 08:30
On 28 April, the acquisition of Safestate AB was completed, and the company has been included in the consolidated financial statements as of May 2025. On 17 October, a SPA was entered into regarding the acquisition of a UK-based SaaS company. To provide a comprehensive view of the Group's performance, a pro forma income statement has been prepared for the periods 1 July - 30 September and 1 January - 30 September 2025, with comparison to the corresponding periods for Eye World in the previous year. The items listed under the section "Highlights" are based on the pro forma figures.
Highlights
- Sales amounted to KSEK 14,395 (KSEK 6,079)
- Sales growth reached 137% compared to Q3 2024.
- Positive EBITDA in Q3 excluding restructuring costs, amounting to KSEK 7,012, corresponding to an EBITDA margin of about 49%.
- Cash balance amounted to MSEK 20.1 the 1st of October 2025.
- Annual Recurring Revenue (ARR) amounted to MSEK 68.8 at the end of Q3 2025 (MSEK 23.8).
- Invoiced sales in Q3 amounted to KSEK 19,603, resulting in a Billing EBITDA excluding restructuring costs of KSEK 12,220, corresponding to a Billing EBITDA margin of 62%.
- The Board is considering a transition to IFRS accounting standards. Such a change would provide more flexible conditions for the amortization of goodwill and intangible assets. Under the current framework, the applied amortization principles are the main reason why the Group does not show a profit on the bottom line. The Board's view is that adopting IFRS would provide a more accurate representation of the Group's profitability. Under IFRS, the result for the quarter would have been positive at approximately MSEK 1.9, and the result for the first half of the year would have been positive at approximately MSEK 3.8.
Summary July - September 2025 (compared to the same period the previous year):
- Net sales: KSEK 11,172 (KSEK 6,079)
- EBITDA for the period: KSEK 4,119 (KSEK 563), adjusted for restructuring costs: KSEK 5,217 (KSEK 1,838)
- Result for the period: KSEK -5,301 (KSEK -1,343), with preliminary application of IFRS depreciation, the result for the period would have been positive at approximately MSEK 1.9.
- Sales per share: SEK 0,32 (SEK 0,21)
- Earnings per share: SEK -0,15 (SEK 0,05)
- Equity per share: SEK 4,37 (SEK 2,19)
Summary January - September 2025 (compared to the same period the previous year):
- Net sales: KSEK 29,814 (KSEK 15,583)
- EBITDA for the period: KSEK 10,211 (KSEK 1,301), adjusted for restructuring costs: KSEK 14,054 (KSEK 5,615)
- Result for the period: KSEK -10,745 (KSEK -3,435), in the comparison period, the result included a positive contribution from shares in Group companies of KSEK 6,753. With preliminary application of IFRS depreciation, the result for the period would have been positive at approximately MSEK 3.8.
- Sales per share: SEK 0,84 (SEK 0,55)
- Earnings per share: SEK -0,30 (SEK -0,12)
- Equity per share: SEK 4,44 (SEK 2,15)
On 28 April, the acquisition of Safestate AB was completed, and the company has been included in the consolidated financial statements as of May 2025. On 17 October, a share purchase agreement was entered into regarding the acquisition of a UK-based SaaS company. To provide a comprehensive view of the Group's performance, a pro forma income statement has been prepared for the period 1 January - 30 June 2025, with comparison to the corresponding period for Eye World in the previous year. The statement has been prepared as if both acquisitions had been wholly owned subsidiaries at the beginning of the 2025 financial year. The consolidation is simplified as no full purchase price allocation has been prepared as of 1 January 2025. Comparative periods refer to Eye World's reported figures for the corresponding historical periods.
Pro forma Income Statement | ||||
Pro forma Group | 2025-07-01 | 2024-07-01 | 2025-01-01 | 2024-01-01 |
(KSEK) | 2025-09-30 | 2024-09-30 | 2025-09-30 | 2024-09-30 |
Net Sales | ||||
Net sales | 14 395 | 6 079 | 42 325 | 15 583 |
Total Net Sales | 14 395 | 6 079 | 42 325 | 15 583 |
Other Operating Income | ||||
Capitalized work for own account | - | - | - | 610 |
Other operating income | 41 | 388 | 358 | 1 188 |
Total Other Operating Income | 41 | 388 | 358 | 1 798 |
Total Revenues | 14 436 | 6 467 | 42 683 | 17 381 |
Operating Costs | ||||
Raw materials and supplies | -1 409 | -668 | -5 398 | -1 872 |
Other external costs | -3 546 | -3 149 | -13 987 | -6 926 |
Personnel costs | -2 373 | -811 | -7 548 | -2 835 |
Other operating costs | -96 | - | -146 | -132 |
Restructuring costs | -1 628 | -1 276 | -7 732 | -4 314 |
Total Operating Costs before Depreciation | -9 052 | -5 904 | -34 812 | -16 080 |
Operating Profit before Depreciation (EBITDA) | 5 384 | 563 | 7 871 | 1 301 |
(EBITDA excluding restructuring costs) | 7 012 | 1 838 | 15 603 | 5 615 |
Events During the Period
- Eye World, together with reseller Miss Group, has launched the first White Label B2B portal under the name Miss Group Safe.
- Eye World has entered into a strategic partnership with Point Wild to expand its cybersecurity offering.
- Talkmore, part of Telenor Norway, has launched Eye World's ID protection service under a white label model.
- Eye World has signed a Letter of Intent with a leading international cybersecurity company.
- Eye World has signed a strategic reseller agreement with a global telecom partner for launch on the Polish market.
- The acquisition of Safestate AB was completed on 28 April 2025.
- Miss Group is launching in Norway under its leading brand Domeneshop, in Switzerland under Hoststar, and in Finland under DomainKeskus. Together, Eye World and Miss Group now have operations in Sweden, Norway, Finland, and Switzerland.
- One of the company's strategic resellers in the insurance sector has shown a significant increase in the number of active subscriptions. A total of 105,000 new paying subscriptions were activated through this reseller during the second quarter, all invoiced one year in advance.
- On 30 May 2025, the Annual General Meeting of Eye World AB was held. Mattias Kaneteg was elected new Chairman of the Board, and Johan Kämpe was elected as a Board member. The meeting also resolved to change the company's name to Eye World AB.
- Eye World has signed an expanded strategic agreement with its largest reseller, allowing the reseller full freedom to include Eye's Dark Web Monitoring service across its entire current and future product offering without segmentation limitations.
- The name change to Eye World AB was registered with the Swedish Companies Registration Office (Bolagsverket) on 17 June.
- Safestate has signed an agreement with a leading insurance company. The agreement spans three years and covers 240,000 subscriptions.
- Eye World surpassed 1 million active subscribers, marking a historic milestone that reflects the growing global demand for strong digital privacy and proactive cybersecurity.
- Eye World has signed a Letter of Intent (LOI) with one of Scandinavia's leading telecom operators. The aim is to sign the final agreement by 31 August 2025, with launch planned for the fourth quarter of the same year.
- Eye World AB has renewed its PCI certification for an additional 12 months. This represents an important milestone and a strong quality endorsement of the company's services.
Events After the Period
- Eye World has signed a new partnership agreement with a leading telecom operator in Scandinavia.
- Eye World's subsidiary Safestate has renewed its agreement with Länsförsäkringar, covering the delivery of new services.
- Eye World has signed a Letter of Intent with a Norwegian telecom company.
- Eye World and Miss Group have entered into a new five-year agreement regarding the sale of Miss Group Safe. The estimated contract value amounts to SEK 310 million.
- On 23 September, an Extraordinary General Meeting was held, during which a directed set-off issue of SEK 3.5 million was resolved, as well as an authorisation for the Board of Directors to resolve on new share issues within the limits of the Articles of Association.
- Eye World has signed a Letter of Intent with the intention to acquire a Swedish SaaS company within the cybersecurity sector.
Dear shareholders,
The third quarter and the beginning of autumn 2025 have been a strong and eventful period for Eye World AB (publ). We continue to grow rapidly, deliver according to plan, and are now taking the next step in our journey toward becoming the leading cybersecurity provider in the Nordics and Europe.
Key developments during the quarter
- We have surpassed one million active subscribers, a milestone that demonstrates that our business model is working and that demand for our services continues to increase.
- We have signed a Share Purchase Agreement (SPA) for the acquisition of a UK-based SaaS cybersecurity company. The acquisition strengthens our international presence and broadens our offering to both the corporate and consumer markets.
- We have signed an agreement with a leading Scandinavian telecom operator, with launch planned for early November. This partnership gives us access to a large customer base and represents an important step in our Nordic expansion.
- We have entered into a five-year agreement with Miss Group valued at approximately SEK 310 million, demonstrating the strength of our partner strategy and our ability to build long-term recurring revenues.
- We have also signed a new Letter of Intent (LOI) to acquire a Swedish SaaS cybersecurity company, opening up further growth and product development opportunities in 2026.
- MSP Global 2025 in Barcelona was highly successful. We met several potential new partners and left the event with many qualified leads that we are now actively pursuing. The strong interest in our solutions reinforces our conviction that our strategy and products are well aligned with current market needs.
Focus going forward
Our direction is clear:
- Deliver on the agreements we have signed, including the launch with our new telecom partner in November.
- Finalise the ongoing LOIs and convert them into completed transactions.
- Continue to onboard new partners, both in the Nordics and internationally.
- Work closely with our existing partners to promote more of our products and drive stronger growth together.
- Continue to develop our product portfolio and strengthen our recurring revenue base (ARR).
Conclusion
Q3 demonstrates that Eye World is stronger than ever. We have reached important milestones, strengthened our international position, and built a solid foundation for continued expansion. We are not only a company growing in numbers - we are a company making a real difference for individuals and businesses seeking to protect their digital identity.
I would like to thank our employees for their great commitment, our partners for their close collaboration, and you, our shareholders, for your continued support. We enter the autumn with high momentum, clear goals, and strong confidence in the future.
The journey continues - and it is only becoming more exciting.
Description of the business
Eye World AB (publ) (https://eye.world), founded in 2015, is one of Northern Europe's leading and fastest-growing providers of SaaS solutions in Cyber Security. We are your complete partner and One Stop Shop for digital security, offering a unique AppStore that brings together 11 powerful services under one roof. Our partners can seamlessly select the solutions that fit their business model and easily offer them to their end customers.
Eyeon Group delivers innovative business solutions in IT security, privacy protection, and advanced AI-powered data solutions. Our products are specifically designed for the B2B market, with a focus on demanding industries such as banking and finance, insurance, telecom, and hosting. We help businesses across Europe protect their digital assets and stay ahead of cyber threats-today and in the future.
Eyeon Group in short
Eyeon Group AB (publ) is the parent company of a group with the wholly-owned subsidiaries Safestate AB EyeonID Intressenter AB. Eye Worlds's headquarters, including development, production, and administration, is located in Stockholm and an office in Dubai.
This report covers the entire group's and the parent company's operations during the period from January 1 2025 to September 30 2025.
Financial overview
The following section provides a summary of Eye World's financial information for the period July - September 2025, with a comparison to July - September 2024, as well as for the period January - September 2025, compared with January - September 2024. During this period, Eye World completed the acquisition of Safestate AB on April 28. Safestate has been included in the consolidated financial statements as of May 2025.
Sales and results
July - September
The Group's net revenue for the period amounted to 11,172 TSEK (6,079 TSEK), with a net result of -5,301 TSEK (1,343 TSEK).
Sales were distributed as follows:
B2B: 2,927 TSEK (962 TSEK)
B2C: 0 TSEK (632 TSEK)
B2C White Label: 8,245 TSEK (4,484 TSEK)
January - September
The Group's net revenue for the period amounted to 29,814 TSEK (15,583 TSEK), with a net result of -10,745 TSEK (-3,425 TSEK).
Sales were distributed as follows:
B2B: 8,830 TSEK (1,191 TSEK)
B2C: 0 TSEK (1,255 TSEK)
B2C White Label: 20,984 TSEK (13,137 TSEK)
Liquidity and financing
As of 30 September 2025, Eye World's cash and bank balances amounted to 19,128 TSEK (6,170 TSEK). As of 1 July, cash holdings amounted to 20.1 MSEK. The Group's interest-bearing liabilities as of 30 September 2025 amounted to 6,500 TSEK (2,260 TSEK).
Investments
July - September
Eye Worlds total new investments during the period amounted to 3,208 TSEK (3,147 TSEK) and related to intangible fixed assets of 3,208 TSEK (3,147 TSEK), consisting of capitalised development expenditures. For tangible fixed assets, the amount was 0 TSEK (0 TSEK).
January - September
Eye Worlds total new investments during the period amounted to KSEK 5,291 (KSEK 5,237) and concerned intangible fixed assets amounting to KSEK 5,269 (KSEK 5,229) such as capitalized development costs, and tangible fixed assets amounting to KSEK 22 (KSEK 9).
Depreciation
July - September
The result for the period was charged with depreciation of 9,222 TSEK (3,742 TSEK), of which 57 TSEK (51 TSEK) relates to depreciation of equipment, tools and installations, 3,944 TSEK (3,669 TSEK) relates to amortisation of capitalised development expenditures, and 5,220 TSEK (22 TSEK) relates to amortisation of goodwill.
January - September
The result for the period was charged with depreciation of 20,485 TSEK (11,407 TSEK), of which 164 TSEK (157 TSEK) relates to depreciation of equipment, tools and installations, 11,620 TSEK (11,214 TSEK) relates to amortisation of capitalised development expenditures, and 8,700 TSEK (36 TSEK) relates to amortisation of goodwill.
Equity
As of September 30, 2025, Eye World's equity amounted to KSEK 154,191 (KSEK 62,189).
The share and share-related Instruments
As of September 30, 2025, the share capital of Eye World AB was divided into 35,296,116 shares with a nominal value of SEK 0.2. All shares are of the same series and have the same right to vote and profit in the company. The shares in Eye World have been traded on NGM Nordic SME under the ticker EYEW since September 20, 2016. Since February 7, 2023, the shares in Eyeonid have been traded with ISIN code SE0019763988 after the share consolidation decided at the extraordinary general meeting on January 27, 2023. Eye World does not have a liquidity guarantee agreement.
At the 2023 annual general meeting, it was decided to introduce the Employee Stock Option Program 2023/2026 and the Warrant Program 2023/2026. The programs are aimed at the company's employees and consultants. Each option under the respective program entitles the holder to subscribe for one share. The exercise period runs from September 1, 2026, to September 30, 2026. If all issued options are exercised to subscribe for shares, the number of shares will increase by 1,495,269 shares, corresponding to a dilution of approximately 5 percent of the total number of shares and votes in the company. Due to
known personnel changes, the number of shares will increase by 897,159 shares upon full exercise of issued options, corresponding to a dilution of approximately 3% of the total number of shares and votes in the company.
Employees
As of September 30, 2025, Eye World had approximately 17 staff members, of which 8 (2) were employees and the remainder were consultants.
Accounting principles
The report has been prepared in accordance with the Annual Accounts Act of Sweden and BFNAR 2012:1 Annual Report and Consolidated Financial Statements (K3). Applied principles are consistent with those described in the 2024 annual report.
Upcoming reporting dates
Eye World AB provides regular financial information according to the following schedule:
Februari 16 2026 | Year end report 2025 |
This report has not been subject to review by the company's auditor.
November 3, 2025
Eye World AB (publ)
The Board of Directors
For further information, please contact:
Fredrik Björklund
CEO
+46 70-892 35 92
Carl-Magnus Jönsson
CFO
+46 73-545 53 50
This information is information that Eye World AB (publ) is obliged to disclose under the EU Market Abuse Regulation. The information was provided, through the contact of the above contact person, for publication on November 3, 2025, at 08.30 CET.
Income Statement | |||||
Group | 2025-07-01 | 2024-07-01 | 2025-01-01 | 2024-01-01 | 2024-01-01 |
(KSEK) | 2025-09-30 | 2024-09-30 | 2025-09-30 | 2024-09-30 | 2024-12-31 |
Net Sales | |||||
Net Sales | 11 172 | 6 079 | 29 814 | 15 583 | 25 198 |
Total Net Sales | 11 172 | 6 079 | 29 814 | 15 583 | 25 198 |
Other Operating Income | |||||
Capitalized work for own account | - | - | - | 610 | 612 |
Other operating income | 18 | 388 | 351 | 1 188 | 1 552 |
Total Other Operating Income | 18 | 388 | 351 | 1 798 | 2 164 |
Total Revenues | 11 190 | 6 467 | 30 165 | 17 381 | 27 362 |
Operating Costs | |||||
Raw materials and supplies | -1 409 | -668 | -3 851 | -1 872 | -2 494 |
Other external costs | -2 131 | -3 149 | -6 161 | -6 926 | -10 594 |
Personnel costs | -2 373 | -811 | -5 966 | -2 835 | -3 772 |
Other operating costs | -73 | - | -146 | -132 | -30 |
Restructuring costs | -1 085 | -1 276 | -3 830 | -4 314 | -6 628 |
Total Operating Costs before Depreciation | -7 071 | -5 904 | -19 954 | -16 080 | -23 518 |
Operating Profit before Depreciation (EBITDA) | 4 119 | 563 | 10 211 | 1 301 | 3 844 |
((EBITDA excluding restructuring costs) | 5 204 | 1 838 | 14 041 | 5 615 | 10 472 |
Depreciation and Group Share Results | |||||
Depreciation of tangible and intangible assets | -9 222 | -3 742 | -20 485 | -11 407 | -15 243 |
Result of sold shares in group companies | - | 4 599 | - | 6 753 | 6 089 |
Total Depreciation and Group Share Results | -9 222 | 857 | -20 485 | -4 654 | -9 155 |
Operating Profit (EBIT) | -5 103 | 1 420 | -10 274 | -3 353 | -5 311 |
Results from Financial Items | |||||
Interest income and similar items | 0 | 0 | 1 | 0 | 77 |
Interest expenses and similar items | -198 | -77 | -472 | -79 | -122 |
Total Results from Financial Items | -198 | -77 | -471 | -79 | -44 |
Profit After Financial Items | -5 301 | 1 343 | -10 745 | -3 432 | -5 355 |
Tax on the period's result | - | 0 | - | -3 | -3 |
RESULT FOR THE PERIOD | -5 301 | 1 343 | -10 745 | -3 435 | -5 358 |
Balance Sheet | |||
Group | |||
(KSEK) | 2025-09-30 | 2024-09-30 | 2024-12-31 |
ASSETS | |||
Intangible Fixed Assets | |||
Goodwill | 95 704 | 399 | - |
Capitalized expenditures for development work | 64 285 | 60 837 | 59 623 |
Total Intangible Fixed Assets | 159 990 | 61 236 | 59 623 |
Tangible Fixed Assets | |||
Equipment, tools, and installations | 234 | 380 | 328 |
Total Tangible Fixed Assets | 234 | 380 | 328 |
Financial Fixed Assets | |||
Other long-term receivables | 414 | - | - |
Total Financial Fixed Assets | 414 | 0 | 0 |
Total Fixed Assets | 160 637 | 61 616 | 59 952 |
Current Assets | |||
Short-term Receivables | |||
Accounts receivables | 7 503 | 5 981 | 5 563 |
Other receivables | 2 902 | 22 | 52 |
Prepaid expenses and accrued income | 1 719 | 1 442 | 3 006 |
Total Short-term Receivables | 12 124 | 7 445 | 8 621 |
Cash and Cash Equivalents* | 19 128 | 6 170 | 6 418 |
Total Current Assets | 31 251 | 13 615 | 15 039 |
TOTAL ASSETS | 191 889 | 75 231 | 74 991 |
Balance Sheet | |||
Group | |||
(KSEK) | 2025-09-30 | 2024-09-30 | 2024-12-31 |
Equity and Liabilities | |||
Equity | |||
Equity | 154 191 | 62 189 | 60 266 |
Total Equity | 154 191 | 62 189 | 60 266 |
Long-term Liabilities | |||
Other iabilities | - | - | - |
Total Long-term Liabilities | 0 | 0 | 0 |
Short-term Liabilities | |||
Accounts Payable | 6 253 | 3 393 | 4 174 |
Current Tax Liabilities | 100 | - | - |
Other Liabilities | 9 208 | 3 674 | 2 424 |
Accrued Expenses and Prepaid Income | 22 136 | 5 976 | 8 127 |
Total Short-term Liabilities | 37 698 | 13 042 | 14 726 |
TOTAL EQUITY AND LIABILITIES | 191 889 | 75 231 | 74 991 |
Changes in Equity | |||||
2025-07-01 - 2025-09-30 Group (KSEK) | Share Capital | Reserves | Other Contributed Capital | Retained Earnings incl. periods Result | Total Equity |
Amount at the beginning of the period | 7 031 | - | 369 625 | -220 645 | 156 012 |
Share issue | 28 | 3 472 | 3 500 | ||
Issue costs | -20 | -20 | |||
Period's result | -5 301 | -5 301 | |||
2025-09-30 | 7 059 | 0 | 373 078 | -225 946 | 154 191 |
2024-07-01 - 2024-09-30 Group (KSEK) | Share Capital | Reserves | Other Contributed Capital | Retained Earnings incl. periods Result | Total Equity |
Amount at the beginning of the period | 5 682 | 177 | 269 785 | -214 620 | 61 024 |
Period's currency difference | -177 | -177 | |||
Period's result | 1 343 | 1 343 | |||
2024-09-30 | 5 682 | 0 | 269 785 | -213 277 | 62 190 |
2025-01-01 - 2025-09-30 Group (KSEK) | Share Capital | Reserves | Other Contributed Capital | Retained Earnings incl. periods Result | Total Equity |
Amount at the beginning of the period | 5 682 | - | 269 785 | -215 201 | 60 266 |
Share issue | 1 377 | 103 313 | 104 690 | ||
Issue costs | -20 | -20 | |||
Period's result | -10 745 | -10 745 | |||
2025-09-30 | 7 059 | 0 | 373 078 | -225 946 | 154 191 |
2024-01-01 - 2024-09-30 Group (KSEK) | Share Capital | Reserves | Other Contributed Capital | Retained Earnings incl. periods Result | Total Equity |
Amount at the beginning of the period | 33 524 | 169 | 269 793 | -237 685 | 65 801 |
Decrease in share capital | -27 842 | 27 842 | - | ||
Issue costs | -8 | -8 | |||
Period's currency difference | -169 | -169 | |||
Period's result | -3 435 | -3 435 | |||
2024-09-30 | 5 682 | 0 | 269 785 | -213 278 | 62 189 |
2024-01-01 - 2024-12-31 Group (KSEK) | Share Capital | Reserves | Other Contributed Capital | Retained Earnings incl. periods Result | Total Equity |
Amount at the beginning of the period | 33 524 | 169 | 269 793 | -237 685 | 65 801 |
Decrease in share capital | -27 842 | 27 842 | - | ||
Issue costs | -8 | -8 | |||
Period's currency difference | -169 | -169 | |||
Period's result | -5 358 | -5 358 | |||
2024-12-31 | 5 682 | 0 | 269 785 | -215 201 | 60 266 |
Cash Flow Statement | |||||
Group | 2025-07-01 | 2024-07-01 | 2025-01-01 | 2024-01-01 | 2024-01-01 |
(KSEK) | 2025-09-30 | 2024-09-30 | 2025-09-30 | 2024-09-30 | 2024-12-31 |
Operating Activities | |||||
Operating Profit | -5 103 | 1 420 | -10 274 | -3 353 | -5 311 |
Adjustments for items not included in cash flow: | |||||
Depreciation | 9 222 | 3 742 | 20 485 | 11 407 | 15 243 |
Gains on sale of assets | - | -4 599 | - | -6 753 | -6 089 |
Interest Received | 0 | 0 | 1 | 0 | 77 |
Interest Paid | -3 | -1 | -205 | -3 | -3 |
Cash Flow from Operating Activities | |||||
before Changes in Working Capital | 4 116 | 562 | 10 007 | 1 298 | 3 918 |
Cash Flow from Changes in Working Capital | |||||
Increase (-) / Decrease (+) in Receivables | 5 691 | -2 852 | -3 240 | -2 942 | -4 110 |
Increase (+) / Decrease (-) in Payables | 4 458 | 5 079 | 9 549 | 7 258 | 8 839 |
Cash Flow from Operating Activities | 14 265 | 2 788 | 16 316 | 5 615 | 8 647 |
Investing Activities | |||||
Acquisition of Capitalized Development Costs | -3 208 | -2 180 | -8 477 | -7 408 | -9 965 |
Acquisition of Tangible Fixed Assets | - | - | -22 | -9 | -9 |
Change in Financial Assets | - | - | -137 | - | - |
Acquisition of Subsidiaries | - | - | -1 451 | 551 | 551 |
Disposal/Liquidation of Subsidiaries | - | - | - | 37 | -192 |
Cash Flow from Investing Activities | -3 208 | -2 180 | -10 087 | -6 829 | -9 615 |
Financing Activities | |||||
Issue Costs | -20 | - | -20 | -8 | -8 |
Short-term loans received | - | - | 6 500 | - | - |
Cash Flow from Financing Activities | -20 | 0 | 6 480 | -8 | -8 |
Period's Cash Flow | 11 037 | 609 | 12 710 | -1 222 | -976 |
Cash and Cash Equivalents at the Beginning of the Period | 8 090 | 5 559 | 6 418 | 7 365 | 7 365 |
Currancy Difference in Cash and Cash Equivalents | - | 2 | - | 27 | 29 |
Cash and Cash Equivalents at the End of the Period | 19 128 | 6 170 | 19 128 | 6 170 | 6 418 |
Income Statement | |||||
Parent Company | 2025-07-01 | 2024-07-01 | 2025-01-01 | 2024-01-01 | 2024-01-01 |
(KSEK) | 2025-09-30 | 2024-09-30 | 2025-09-30 | 2024-09-30 | 2024-12-31 |
Operating Revenues | |||||
Net sales | 7 499 | 5 447 | 23 351 | 14 274 | 23 590 |
Other operating income | 40 | 387 | 358 | 1 187 | 1 552 |
Total Operating Revenues | 7 539 | 5 833 | 23 709 | 15 461 | 25 142 |
Operating Costs | |||||
Raw materials and supplies | -906 | -903 | -2 866 | -2 511 | -3 364 |
Other external costs | -1 826 | -3 493 | -7 409 | -7 992 | -13 448 |
Personnel costs | -1 206 | -1 201 | -3 864 | -4 144 | -5 080 |
Other operating costs | -74 | - | -147 | -132 | -30 |
Total Operating Costs before Depreciation | -4 012 | -5 597 | -14 286 | -14 779 | -21 922 |
Operating Profit before Depreciation (EBITDA) | 3 527 | 236 | 9 424 | 682 | 3 220 |
Depreciation | |||||
Depreciation of tangible and intangible assets | -3 841 | -3 720 | -11 515 | -11 368 | -15 189 |
Total Depreciation | -3 841 | -3 720 | -11 515 | -11 368 | -15 189 |
Operating Profit (EBIT) | -314 | -3 485 | -2 092 | -10 685 | -11 969 |
Results from Financial Items | |||||
Result of sold shares in group companies | - | 176 | - | 851 | 851 |
Dividend from shares in group companies | - | - | - | 1 385 | 1 385 |
Interest income and similar items | 0 | 0 | 0 | 0 | 77 |
Interest expenses and similar items | -197 | -77 | -470 | -79 | -122 |
Total Results from Financial Items | -197 | 99 | -470 | 2 158 | 2 192 |
Profit After Financial Items | -510 | -3 385 | -2 562 | -8 527 | -9 777 |
Tax on the period's result | - | - | - | - | - |
RESULT FOR THE PERIOD | -510 | -3 385 | -2 562 | -8 527 | -9 777 |
Balance Sheet | |||
Parent Company | |||
(KSEK) | 2025-09-30 | 2024-09-30 | 2024-12-31 |
ASSETS | |||
Intangible Fixed Assets | |||
Capitalized expenditures for development work | 54 723 | 60 837 | 59 623 |
Total Intangible Fixed Assets | 54 723 | 60 837 | 59 623 |
Tangible Fixed Assets | |||
Equipment, Tools, and Installations | 175 | 380 | 328 |
Total Tangible Fixed Assets | 175 | 380 | 328 |
Financial Fixed Assets | |||
Shares in Group Companies | 105 798 | 199 | 199 |
Other long-term receivables | 137 | - | - |
Total Financial Fixed Assets | 105 934 | 199 | 199 |
Total Fixed Assets | 160 832 | 61 416 | 60 151 |
Current Assets | |||
Kortfristiga fordringar | |||
Accounts Receivable | 7 180 | 5 981 | 5 563 |
Other Receivables | 2 901 | 18 | 52 |
Prepaid Expenses and Accrued Income | 604 | 1 210 | 3 006 |
Total Short-term Receivables | 10 686 | 7 209 | 8 621 |
Cash and Cash Equivalents | 9 974 | 5 695 | 6 371 |
Total Current Assets | 20 659 | 12 904 | 14 992 |
TOTAL ASSETS | 181 491 | 74 320 | 75 143 |
Balance Sheet | |||
Parent Company | |||
(KSEK) | 2025-09-30 | 2024-09-30 | 2024-12-31 |
EQUITY AND LIABILITIES | |||
Equity | |||
Equity | 162 526 | 61 667 | 60 418 |
Total Equity | 162 526 | 61 667 | 60 418 |
Long-term Liabilities | |||
Other Liabilities | - | - | - |
Total Long-term Liabilities | 0 | 0 | 0 |
Short-term Liabilities | |||
Accounts Payable | 3 601 | 3 298 | 4 174 |
Current Tax Liabilities | - | 0 | - |
Liabilities to Group Companies | 2 423 | 500 | - |
Other Liabilities | 6 711 | 2 982 | 2 424 |
Accrued Expenses and Prepaid Income | 6 231 | 5 873 | 8 127 |
Total Short-term Liabilities | 18 965 | 12 653 | 14 726 |
TOTAL EQUITY AND LIABILITIES | 181 491 | 74 320 | 75 143 |
Changes in Equity | ||||||
2025-07-01 - 2025-09-30 Parent Company (KSEK) | Share Capital | Development Expenditure Reserve | Share Premium Reserve | Retained Earnings | Periods Result | Total Equity |
Amount at the beginning of the period | 7 031 | 56 524 | 369 625 | -272 957 | -667 | 159 556 |
Share issue | 28 | 3 472 | 3 500 | |||
Issue costs | -20 | -20 | ||||
Transfer of previous period's result | -667 | 667 | - | |||
Allocation to development expenditure reserve | -1 801 | 1 801 | - | |||
Period's result | -510 | -510 | ||||
2025-09-30 | 7 059 | 54 723 | 373 078 | -271 824 | -510 | 162 526 |
2024-07-01 - 2024-09-30 Parent Company (KSEK) | Share Capital | Development Expenditure Reserve | Share Premium Reserve | Retained Earnings | Periods Result | Total Equity |
Amount at the beginning of the period | 5 682 | 62 393 | 269 785 | -267 666 | -5 142 | 65 052 |
Transfer of previous period's result | -5 142 | 5 142 | - | |||
Allocation to development expenditure reserve | -1 556 | 1 556 | - | |||
Period's result | -3 385 | -3 385 | ||||
2024-09-30 | 5 682 | 60 837 | 269 785 | -271 252 | -3 385 | 61 667 |
2025-01-01 - 2025-09-30 Parent Company (KSEK) | Share Capital | Development Expenditure Reserve | Share Premium Reserve | Retained Earnings | Periods Result | Total Equity |
Amount at the beginning of the period | 5 682 | 59 623 | 269 785 | -264 896 | -9 777 | 60 418 |
Share issue | 1 377 | 103 313 | 104 690 | |||
Issue costs | -20 | -20 | ||||
Transfer of previous period's result | -9 777 | 9 777 | - | |||
Allocation to development expenditure reserve | -4 900 | 4 900 | - | |||
Period's result | -2 562 | -2 562 | ||||
2025-09-30 | 7 059 | 54 723 | 373 078 | -269 772 | -2 562 | 162 526 |
2024-01-01 - 2024-09-30 Parent Company (KSEK) | Share Capital | Development Expenditure Reserve | Share Premium Reserve | Retained Earnings | Periods Result | Total Equity |
Amount at the beginning of the period | 33 524 | 64 642 | 269 793 | -276 163 | -21 594 | 70 202 |
Decrease in share capital | -27 842 | 27 842 | - | |||
Issue costs | -8 | -8 | ||||
Transfer of previous period's result | -21 594 | 21 594 | - | |||
Allocation to development expenditure reserve | -3 805 | 3 805 | - | |||
Period's result | -8 527 | -8 527 | ||||
2024-09-30 | 5 682 | 60 837 | 269 785 | -266 110 | -8 527 | 61 667 |
2024-01-01 - 2024-12-31 Parent Company (KSEK) | Share Capital | Development Expenditure Reserve | Share Premium Reserve | Retained Earnings | Periods Result | Total Equity |
Amount at the beginning of the period | 33 524 | 64 643 | 269 793 | -276 163 | -21 594 | 70 203 |
Decrease in share capital | -27 842 | 27 842 | - | |||
Issue costs | -8 | -8 | ||||
Transfer of previous period's result | -21 594 | 21 594 | - | |||
Allocation to development expenditure reserve | -5 019 | 5 019 | - | |||
Period's result | -9 777 | -9 777 | ||||
2024-12-31 | 5 682 | 59 624 | 269 785 | -264 896 | -9 777 | 60 418 |
Cash Flow Statement | |||||
Parent Company | 2025-07-01 | 2024-07-01 | 2025-01-01 | 2024-01-01 | 2024-01-01 |
(KSEK) | 2025-09-30 | 2024-09-30 | 2025-09-30 | 2024-09-30 | 2024-12-31 |
Operating Activities | |||||
Operating Profit | -314 | -3 485 | -2 092 | -10 685 | -11 969 |
Adjustments for items not included in cash flow: | |||||
Depreciation | 3 841 | 3 720 | 11 515 | 11 368 | 15 189 |
Interest Received | 0 | 0 | 0 | 0 | 77 |
Interest Paid | -2 | -1 | -203 | -3 | -3 |
Cash Flow from Operating Activities | |||||
before Changes in Working Capital | 3 525 | 235 | 9 220 | 680 | 3 295 |
Cash Flow from Changes in Working Capital | |||||
Increase (-) / Decrease (+) in Receivables | 364 | -2 981 | -2 064 | -3 228 | -4 641 |
Increase (+) / Decrease (-) in Payables | 275 | 5 786 | 973 | 9 299 | 11 329 |
Cash Flow from Operating Activities | 4 165 | 3 040 | 8 129 | 6 751 | 9 983 |
Investing Activities | |||||
Acquisition of Capitalized Development Costs | -1 989 | -2 113 | -6 461 | -7 408 | -9 965 |
Acquisition of Tangible Fixed Assets | - | - | - | -9 | -9 |
Change in Financial Assets | - | - | -137 | -25 | -25 |
Acquisition of Subsidiaries | - | - | -4 409 | 0 | 0 |
Disposal/Liquidation of Subsidiaries | - | - | - | - | 0 |
Cash Flow from Investing Activities | -1 989 | -2 113 | -11 007 | -7 442 | -9 998 |
Financing Activities | |||||
Issue Costs | -20 | - | -20 | -8 | -8 |
Short-term loans received | - | - | 6 500 | - | - |
Cash Flow from Financing Activities | -20 | 0 | 6 480 | -8 | -8 |
Period's Cash Flow | 2 157 | 927 | 3 602 | -700 | -23 |
Cash and Cash Equivalents at the Beginning of the Period | 7 817 | 4 768 | 6 371 | 6 395 | 6 395 |
Cash and Cash Equivalents at the End of the Period | 9 974 | 5 695 | 9 974 | 5 695 | 6 371 |
KPI:s | |||||
(SEK) | 2025-07-01 | 2024-07-01 | 2025-01-01 | 2024-01-01 | 2024-01-01 |
2025-09-30 | 2024-09-30 | 2025-09-30 | 2024-09-30 | 2024-12-31 | |
PROFITABILITY AND RETURN | |||||
Revenue Growth (%) | 84% | 59% | 91% | 47% | 73% |
Operating Margin (%) | Neg | 23% | Neg | Neg | Neg |
Profit Margin (%) | Neg | 22% | Neg | Neg | Neg |
Return on Equity (%) | Neg | 2% | Neg | Neg | Neg |
CAPITAL STRUCTURE | |||||
Equity (KSEK) | 154 191 | 62 189 | 154 191 | 62 189 | 60 266 |
Total Assets (KSEK) | 191 889 | 75 231 | 191 889 | 75 231 | 74 991 |
Capital Employed (KSEK) | 160 691 | 64 449 | 160 691 | 64 449 | 61 527 |
Net Interest-bearing Debt (KSEK) | -12 628 | -3 909 | -12 628 | -3 909 | -5 157 |
Capital Turnover Ratio (times) | 0,08 | 0,08 | 0,22 | 0,21 | 0,35 |
Equity Ratio (%) | 80% | 83% | 80% | 83% | 80% |
Debt Ratio (%) | 4% | 4%% | 4% | 4% | 2% |
Interest Coverage Ratio (times) | Neg | 18 | Neg | Neg | Neg |
CASH FLOW AND LIQUIDITY | |||||
Cash Flow before Investments (KSEK) | 14 265 | 2 788 | 16 316 | 5 615 | 8 647 |
Cash Flow after Investments (KSEK) | 11 057 | 609 | 6 229 | -1 214 | -968 |
Cash and Cash Equivalents (KSEK) | 19 128 | 6 170 | 19 128 | 6 170 | 6 418 |
INVESTMENTS | |||||
Acquisition of Tangible Fixed Assets (KSEK) | - | - | 22 | 9 | 9 |
Acquisition of Intangible Fixed Assets (KSEK) | 3 208 | 2 180 | 8 477 | 7 408 | 9 965 |
Acquisition of Subsidiaries (KSEK) | - | - | 105 599 | 0 | - |
EMPLOYEES | |||||
Average Number of Employees | 8 | 2,7 | 5,8 | 2,9 | 3 |
Revenue per Employee (KSEK) | 1 397 | 2 252 | 5 140 | 5 373 | 8 399 |
Number of Employees | 8 | 2 | 8 | 2 | 2 |
DATA PER SHARE | |||||
Number of Shares | 35 296 116 | 28 410 125 | 35 296 116 | 28 410 125 | 28 410 125 |
Sales per Share | 0,32 | 0,21 | 0,84 | 0,55 | 0,89 |
Earnings per Share (SEK) | -0,15 | 0,05 | -0,30 | -0,12 | -0,19 |
Equity per Share (SEK) | 4,37 | 2,19 | 4,37 | 2,19 | 2,12 |
Average Number of Shares during the Period | 35 226 116 | 28 410 125 | 31 853 121 | 28 410 125 | 28 410 125 |
Definition of KPI:s
PROFITABILITY AND RETURN | |
Revenue Growth (%) | The percentage increase in revenue compared to the previous period. |
Operating Margin (%) | Operating profit as a percentage of total revenue, indicating how much of each SEK of revenue is retained as operating profit. |
Profit Margin (%) | Net profit as a percentage of total revenue, showing the percentage of revenue that remains as profit after all expenses. |
Return on Equity (%) | Net profit for the period as a percentage of average equity. |
CAPITAL STRUCTURE | |
Equity (KSEK) | Equity at the end of the period. |
Total Assets (KSEK) | The sum of assets or the sum of liabilities and equity. |
Capital Employed (KSEK) | Total assets minus non-interest-bearing liabilities, including deferred tax. |
Net Interest-bearing Debt (KSEK) | The net of interest-bearing provisions and liabilities minus financial assets, including cash and cash equivalents. |
Capital Turnover Ratio (times) | Annual revenue divided by average total assets. |
Equity Ratio (%) | Equity as a percentage of total assets. |
Debt Ratio (%) | Interest-bearing liabilities divided by equity. |
Interest Coverage Ratio (times) | Earnings before interest and taxes plus financial expenses divided by financial expenses. |
CASH FLOW AND LIQUIDITY | |
Cash Flow before Investments (KSEK) | Profit after financial items plus items not affecting cash flow minus changes in working capital. |
Cash Flow after Investments (KSEK) | Profit after financial items plus items not affecting cash flow minus changes in working capital and investments. |
Cash and Cash Equivalents (KSEK) | Bank balances and cash. |
EMPLOYEES | |
Average Number of Employees | The average number of employees during the period. |
Revenue per Employee (KSEK) | Revenue divided by the average number of employees. |
Number of Employees | The number of employees at the end of the period. |
DATA PER SHARE | |
Number of Shares | The number of outstanding shares at the end of the period. |
Sales per Share | Period's sales divided by the number of shares. |
Earnings per Share (SEK) | Period's net profit divided by the number of shares. |
Equity per Share (SEK) | Equity divided by the number of shares. |
Attached files
Kvartalsrapport-3-2025-EN.pdfÄmnen i artikeln
Interim Report 3 2025
3 november, 08:30
On 28 April, the acquisition of Safestate AB was completed, and the company has been included in the consolidated financial statements as of May 2025. On 17 October, a SPA was entered into regarding the acquisition of a UK-based SaaS company. To provide a comprehensive view of the Group's performance, a pro forma income statement has been prepared for the periods 1 July - 30 September and 1 January - 30 September 2025, with comparison to the corresponding periods for Eye World in the previous year. The items listed under the section "Highlights" are based on the pro forma figures.
Highlights
- Sales amounted to KSEK 14,395 (KSEK 6,079)
- Sales growth reached 137% compared to Q3 2024.
- Positive EBITDA in Q3 excluding restructuring costs, amounting to KSEK 7,012, corresponding to an EBITDA margin of about 49%.
- Cash balance amounted to MSEK 20.1 the 1st of October 2025.
- Annual Recurring Revenue (ARR) amounted to MSEK 68.8 at the end of Q3 2025 (MSEK 23.8).
- Invoiced sales in Q3 amounted to KSEK 19,603, resulting in a Billing EBITDA excluding restructuring costs of KSEK 12,220, corresponding to a Billing EBITDA margin of 62%.
- The Board is considering a transition to IFRS accounting standards. Such a change would provide more flexible conditions for the amortization of goodwill and intangible assets. Under the current framework, the applied amortization principles are the main reason why the Group does not show a profit on the bottom line. The Board's view is that adopting IFRS would provide a more accurate representation of the Group's profitability. Under IFRS, the result for the quarter would have been positive at approximately MSEK 1.9, and the result for the first half of the year would have been positive at approximately MSEK 3.8.
Summary July - September 2025 (compared to the same period the previous year):
- Net sales: KSEK 11,172 (KSEK 6,079)
- EBITDA for the period: KSEK 4,119 (KSEK 563), adjusted for restructuring costs: KSEK 5,217 (KSEK 1,838)
- Result for the period: KSEK -5,301 (KSEK -1,343), with preliminary application of IFRS depreciation, the result for the period would have been positive at approximately MSEK 1.9.
- Sales per share: SEK 0,32 (SEK 0,21)
- Earnings per share: SEK -0,15 (SEK 0,05)
- Equity per share: SEK 4,37 (SEK 2,19)
Summary January - September 2025 (compared to the same period the previous year):
- Net sales: KSEK 29,814 (KSEK 15,583)
- EBITDA for the period: KSEK 10,211 (KSEK 1,301), adjusted for restructuring costs: KSEK 14,054 (KSEK 5,615)
- Result for the period: KSEK -10,745 (KSEK -3,435), in the comparison period, the result included a positive contribution from shares in Group companies of KSEK 6,753. With preliminary application of IFRS depreciation, the result for the period would have been positive at approximately MSEK 3.8.
- Sales per share: SEK 0,84 (SEK 0,55)
- Earnings per share: SEK -0,30 (SEK -0,12)
- Equity per share: SEK 4,44 (SEK 2,15)
On 28 April, the acquisition of Safestate AB was completed, and the company has been included in the consolidated financial statements as of May 2025. On 17 October, a share purchase agreement was entered into regarding the acquisition of a UK-based SaaS company. To provide a comprehensive view of the Group's performance, a pro forma income statement has been prepared for the period 1 January - 30 June 2025, with comparison to the corresponding period for Eye World in the previous year. The statement has been prepared as if both acquisitions had been wholly owned subsidiaries at the beginning of the 2025 financial year. The consolidation is simplified as no full purchase price allocation has been prepared as of 1 January 2025. Comparative periods refer to Eye World's reported figures for the corresponding historical periods.
Pro forma Income Statement | ||||
Pro forma Group | 2025-07-01 | 2024-07-01 | 2025-01-01 | 2024-01-01 |
(KSEK) | 2025-09-30 | 2024-09-30 | 2025-09-30 | 2024-09-30 |
Net Sales | ||||
Net sales | 14 395 | 6 079 | 42 325 | 15 583 |
Total Net Sales | 14 395 | 6 079 | 42 325 | 15 583 |
Other Operating Income | ||||
Capitalized work for own account | - | - | - | 610 |
Other operating income | 41 | 388 | 358 | 1 188 |
Total Other Operating Income | 41 | 388 | 358 | 1 798 |
Total Revenues | 14 436 | 6 467 | 42 683 | 17 381 |
Operating Costs | ||||
Raw materials and supplies | -1 409 | -668 | -5 398 | -1 872 |
Other external costs | -3 546 | -3 149 | -13 987 | -6 926 |
Personnel costs | -2 373 | -811 | -7 548 | -2 835 |
Other operating costs | -96 | - | -146 | -132 |
Restructuring costs | -1 628 | -1 276 | -7 732 | -4 314 |
Total Operating Costs before Depreciation | -9 052 | -5 904 | -34 812 | -16 080 |
Operating Profit before Depreciation (EBITDA) | 5 384 | 563 | 7 871 | 1 301 |
(EBITDA excluding restructuring costs) | 7 012 | 1 838 | 15 603 | 5 615 |
Events During the Period
- Eye World, together with reseller Miss Group, has launched the first White Label B2B portal under the name Miss Group Safe.
- Eye World has entered into a strategic partnership with Point Wild to expand its cybersecurity offering.
- Talkmore, part of Telenor Norway, has launched Eye World's ID protection service under a white label model.
- Eye World has signed a Letter of Intent with a leading international cybersecurity company.
- Eye World has signed a strategic reseller agreement with a global telecom partner for launch on the Polish market.
- The acquisition of Safestate AB was completed on 28 April 2025.
- Miss Group is launching in Norway under its leading brand Domeneshop, in Switzerland under Hoststar, and in Finland under DomainKeskus. Together, Eye World and Miss Group now have operations in Sweden, Norway, Finland, and Switzerland.
- One of the company's strategic resellers in the insurance sector has shown a significant increase in the number of active subscriptions. A total of 105,000 new paying subscriptions were activated through this reseller during the second quarter, all invoiced one year in advance.
- On 30 May 2025, the Annual General Meeting of Eye World AB was held. Mattias Kaneteg was elected new Chairman of the Board, and Johan Kämpe was elected as a Board member. The meeting also resolved to change the company's name to Eye World AB.
- Eye World has signed an expanded strategic agreement with its largest reseller, allowing the reseller full freedom to include Eye's Dark Web Monitoring service across its entire current and future product offering without segmentation limitations.
- The name change to Eye World AB was registered with the Swedish Companies Registration Office (Bolagsverket) on 17 June.
- Safestate has signed an agreement with a leading insurance company. The agreement spans three years and covers 240,000 subscriptions.
- Eye World surpassed 1 million active subscribers, marking a historic milestone that reflects the growing global demand for strong digital privacy and proactive cybersecurity.
- Eye World has signed a Letter of Intent (LOI) with one of Scandinavia's leading telecom operators. The aim is to sign the final agreement by 31 August 2025, with launch planned for the fourth quarter of the same year.
- Eye World AB has renewed its PCI certification for an additional 12 months. This represents an important milestone and a strong quality endorsement of the company's services.
Events After the Period
- Eye World has signed a new partnership agreement with a leading telecom operator in Scandinavia.
- Eye World's subsidiary Safestate has renewed its agreement with Länsförsäkringar, covering the delivery of new services.
- Eye World has signed a Letter of Intent with a Norwegian telecom company.
- Eye World and Miss Group have entered into a new five-year agreement regarding the sale of Miss Group Safe. The estimated contract value amounts to SEK 310 million.
- On 23 September, an Extraordinary General Meeting was held, during which a directed set-off issue of SEK 3.5 million was resolved, as well as an authorisation for the Board of Directors to resolve on new share issues within the limits of the Articles of Association.
- Eye World has signed a Letter of Intent with the intention to acquire a Swedish SaaS company within the cybersecurity sector.
Dear shareholders,
The third quarter and the beginning of autumn 2025 have been a strong and eventful period for Eye World AB (publ). We continue to grow rapidly, deliver according to plan, and are now taking the next step in our journey toward becoming the leading cybersecurity provider in the Nordics and Europe.
Key developments during the quarter
- We have surpassed one million active subscribers, a milestone that demonstrates that our business model is working and that demand for our services continues to increase.
- We have signed a Share Purchase Agreement (SPA) for the acquisition of a UK-based SaaS cybersecurity company. The acquisition strengthens our international presence and broadens our offering to both the corporate and consumer markets.
- We have signed an agreement with a leading Scandinavian telecom operator, with launch planned for early November. This partnership gives us access to a large customer base and represents an important step in our Nordic expansion.
- We have entered into a five-year agreement with Miss Group valued at approximately SEK 310 million, demonstrating the strength of our partner strategy and our ability to build long-term recurring revenues.
- We have also signed a new Letter of Intent (LOI) to acquire a Swedish SaaS cybersecurity company, opening up further growth and product development opportunities in 2026.
- MSP Global 2025 in Barcelona was highly successful. We met several potential new partners and left the event with many qualified leads that we are now actively pursuing. The strong interest in our solutions reinforces our conviction that our strategy and products are well aligned with current market needs.
Focus going forward
Our direction is clear:
- Deliver on the agreements we have signed, including the launch with our new telecom partner in November.
- Finalise the ongoing LOIs and convert them into completed transactions.
- Continue to onboard new partners, both in the Nordics and internationally.
- Work closely with our existing partners to promote more of our products and drive stronger growth together.
- Continue to develop our product portfolio and strengthen our recurring revenue base (ARR).
Conclusion
Q3 demonstrates that Eye World is stronger than ever. We have reached important milestones, strengthened our international position, and built a solid foundation for continued expansion. We are not only a company growing in numbers - we are a company making a real difference for individuals and businesses seeking to protect their digital identity.
I would like to thank our employees for their great commitment, our partners for their close collaboration, and you, our shareholders, for your continued support. We enter the autumn with high momentum, clear goals, and strong confidence in the future.
The journey continues - and it is only becoming more exciting.
Description of the business
Eye World AB (publ) (https://eye.world), founded in 2015, is one of Northern Europe's leading and fastest-growing providers of SaaS solutions in Cyber Security. We are your complete partner and One Stop Shop for digital security, offering a unique AppStore that brings together 11 powerful services under one roof. Our partners can seamlessly select the solutions that fit their business model and easily offer them to their end customers.
Eyeon Group delivers innovative business solutions in IT security, privacy protection, and advanced AI-powered data solutions. Our products are specifically designed for the B2B market, with a focus on demanding industries such as banking and finance, insurance, telecom, and hosting. We help businesses across Europe protect their digital assets and stay ahead of cyber threats-today and in the future.
Eyeon Group in short
Eyeon Group AB (publ) is the parent company of a group with the wholly-owned subsidiaries Safestate AB EyeonID Intressenter AB. Eye Worlds's headquarters, including development, production, and administration, is located in Stockholm and an office in Dubai.
This report covers the entire group's and the parent company's operations during the period from January 1 2025 to September 30 2025.
Financial overview
The following section provides a summary of Eye World's financial information for the period July - September 2025, with a comparison to July - September 2024, as well as for the period January - September 2025, compared with January - September 2024. During this period, Eye World completed the acquisition of Safestate AB on April 28. Safestate has been included in the consolidated financial statements as of May 2025.
Sales and results
July - September
The Group's net revenue for the period amounted to 11,172 TSEK (6,079 TSEK), with a net result of -5,301 TSEK (1,343 TSEK).
Sales were distributed as follows:
B2B: 2,927 TSEK (962 TSEK)
B2C: 0 TSEK (632 TSEK)
B2C White Label: 8,245 TSEK (4,484 TSEK)
January - September
The Group's net revenue for the period amounted to 29,814 TSEK (15,583 TSEK), with a net result of -10,745 TSEK (-3,425 TSEK).
Sales were distributed as follows:
B2B: 8,830 TSEK (1,191 TSEK)
B2C: 0 TSEK (1,255 TSEK)
B2C White Label: 20,984 TSEK (13,137 TSEK)
Liquidity and financing
As of 30 September 2025, Eye World's cash and bank balances amounted to 19,128 TSEK (6,170 TSEK). As of 1 July, cash holdings amounted to 20.1 MSEK. The Group's interest-bearing liabilities as of 30 September 2025 amounted to 6,500 TSEK (2,260 TSEK).
Investments
July - September
Eye Worlds total new investments during the period amounted to 3,208 TSEK (3,147 TSEK) and related to intangible fixed assets of 3,208 TSEK (3,147 TSEK), consisting of capitalised development expenditures. For tangible fixed assets, the amount was 0 TSEK (0 TSEK).
January - September
Eye Worlds total new investments during the period amounted to KSEK 5,291 (KSEK 5,237) and concerned intangible fixed assets amounting to KSEK 5,269 (KSEK 5,229) such as capitalized development costs, and tangible fixed assets amounting to KSEK 22 (KSEK 9).
Depreciation
July - September
The result for the period was charged with depreciation of 9,222 TSEK (3,742 TSEK), of which 57 TSEK (51 TSEK) relates to depreciation of equipment, tools and installations, 3,944 TSEK (3,669 TSEK) relates to amortisation of capitalised development expenditures, and 5,220 TSEK (22 TSEK) relates to amortisation of goodwill.
January - September
The result for the period was charged with depreciation of 20,485 TSEK (11,407 TSEK), of which 164 TSEK (157 TSEK) relates to depreciation of equipment, tools and installations, 11,620 TSEK (11,214 TSEK) relates to amortisation of capitalised development expenditures, and 8,700 TSEK (36 TSEK) relates to amortisation of goodwill.
Equity
As of September 30, 2025, Eye World's equity amounted to KSEK 154,191 (KSEK 62,189).
The share and share-related Instruments
As of September 30, 2025, the share capital of Eye World AB was divided into 35,296,116 shares with a nominal value of SEK 0.2. All shares are of the same series and have the same right to vote and profit in the company. The shares in Eye World have been traded on NGM Nordic SME under the ticker EYEW since September 20, 2016. Since February 7, 2023, the shares in Eyeonid have been traded with ISIN code SE0019763988 after the share consolidation decided at the extraordinary general meeting on January 27, 2023. Eye World does not have a liquidity guarantee agreement.
At the 2023 annual general meeting, it was decided to introduce the Employee Stock Option Program 2023/2026 and the Warrant Program 2023/2026. The programs are aimed at the company's employees and consultants. Each option under the respective program entitles the holder to subscribe for one share. The exercise period runs from September 1, 2026, to September 30, 2026. If all issued options are exercised to subscribe for shares, the number of shares will increase by 1,495,269 shares, corresponding to a dilution of approximately 5 percent of the total number of shares and votes in the company. Due to
known personnel changes, the number of shares will increase by 897,159 shares upon full exercise of issued options, corresponding to a dilution of approximately 3% of the total number of shares and votes in the company.
Employees
As of September 30, 2025, Eye World had approximately 17 staff members, of which 8 (2) were employees and the remainder were consultants.
Accounting principles
The report has been prepared in accordance with the Annual Accounts Act of Sweden and BFNAR 2012:1 Annual Report and Consolidated Financial Statements (K3). Applied principles are consistent with those described in the 2024 annual report.
Upcoming reporting dates
Eye World AB provides regular financial information according to the following schedule:
Februari 16 2026 | Year end report 2025 |
This report has not been subject to review by the company's auditor.
November 3, 2025
Eye World AB (publ)
The Board of Directors
For further information, please contact:
Fredrik Björklund
CEO
+46 70-892 35 92
Carl-Magnus Jönsson
CFO
+46 73-545 53 50
This information is information that Eye World AB (publ) is obliged to disclose under the EU Market Abuse Regulation. The information was provided, through the contact of the above contact person, for publication on November 3, 2025, at 08.30 CET.
Income Statement | |||||
Group | 2025-07-01 | 2024-07-01 | 2025-01-01 | 2024-01-01 | 2024-01-01 |
(KSEK) | 2025-09-30 | 2024-09-30 | 2025-09-30 | 2024-09-30 | 2024-12-31 |
Net Sales | |||||
Net Sales | 11 172 | 6 079 | 29 814 | 15 583 | 25 198 |
Total Net Sales | 11 172 | 6 079 | 29 814 | 15 583 | 25 198 |
Other Operating Income | |||||
Capitalized work for own account | - | - | - | 610 | 612 |
Other operating income | 18 | 388 | 351 | 1 188 | 1 552 |
Total Other Operating Income | 18 | 388 | 351 | 1 798 | 2 164 |
Total Revenues | 11 190 | 6 467 | 30 165 | 17 381 | 27 362 |
Operating Costs | |||||
Raw materials and supplies | -1 409 | -668 | -3 851 | -1 872 | -2 494 |
Other external costs | -2 131 | -3 149 | -6 161 | -6 926 | -10 594 |
Personnel costs | -2 373 | -811 | -5 966 | -2 835 | -3 772 |
Other operating costs | -73 | - | -146 | -132 | -30 |
Restructuring costs | -1 085 | -1 276 | -3 830 | -4 314 | -6 628 |
Total Operating Costs before Depreciation | -7 071 | -5 904 | -19 954 | -16 080 | -23 518 |
Operating Profit before Depreciation (EBITDA) | 4 119 | 563 | 10 211 | 1 301 | 3 844 |
((EBITDA excluding restructuring costs) | 5 204 | 1 838 | 14 041 | 5 615 | 10 472 |
Depreciation and Group Share Results | |||||
Depreciation of tangible and intangible assets | -9 222 | -3 742 | -20 485 | -11 407 | -15 243 |
Result of sold shares in group companies | - | 4 599 | - | 6 753 | 6 089 |
Total Depreciation and Group Share Results | -9 222 | 857 | -20 485 | -4 654 | -9 155 |
Operating Profit (EBIT) | -5 103 | 1 420 | -10 274 | -3 353 | -5 311 |
Results from Financial Items | |||||
Interest income and similar items | 0 | 0 | 1 | 0 | 77 |
Interest expenses and similar items | -198 | -77 | -472 | -79 | -122 |
Total Results from Financial Items | -198 | -77 | -471 | -79 | -44 |
Profit After Financial Items | -5 301 | 1 343 | -10 745 | -3 432 | -5 355 |
Tax on the period's result | - | 0 | - | -3 | -3 |
RESULT FOR THE PERIOD | -5 301 | 1 343 | -10 745 | -3 435 | -5 358 |
Balance Sheet | |||
Group | |||
(KSEK) | 2025-09-30 | 2024-09-30 | 2024-12-31 |
ASSETS | |||
Intangible Fixed Assets | |||
Goodwill | 95 704 | 399 | - |
Capitalized expenditures for development work | 64 285 | 60 837 | 59 623 |
Total Intangible Fixed Assets | 159 990 | 61 236 | 59 623 |
Tangible Fixed Assets | |||
Equipment, tools, and installations | 234 | 380 | 328 |
Total Tangible Fixed Assets | 234 | 380 | 328 |
Financial Fixed Assets | |||
Other long-term receivables | 414 | - | - |
Total Financial Fixed Assets | 414 | 0 | 0 |
Total Fixed Assets | 160 637 | 61 616 | 59 952 |
Current Assets | |||
Short-term Receivables | |||
Accounts receivables | 7 503 | 5 981 | 5 563 |
Other receivables | 2 902 | 22 | 52 |
Prepaid expenses and accrued income | 1 719 | 1 442 | 3 006 |
Total Short-term Receivables | 12 124 | 7 445 | 8 621 |
Cash and Cash Equivalents* | 19 128 | 6 170 | 6 418 |
Total Current Assets | 31 251 | 13 615 | 15 039 |
TOTAL ASSETS | 191 889 | 75 231 | 74 991 |
Balance Sheet | |||
Group | |||
(KSEK) | 2025-09-30 | 2024-09-30 | 2024-12-31 |
Equity and Liabilities | |||
Equity | |||
Equity | 154 191 | 62 189 | 60 266 |
Total Equity | 154 191 | 62 189 | 60 266 |
Long-term Liabilities | |||
Other iabilities | - | - | - |
Total Long-term Liabilities | 0 | 0 | 0 |
Short-term Liabilities | |||
Accounts Payable | 6 253 | 3 393 | 4 174 |
Current Tax Liabilities | 100 | - | - |
Other Liabilities | 9 208 | 3 674 | 2 424 |
Accrued Expenses and Prepaid Income | 22 136 | 5 976 | 8 127 |
Total Short-term Liabilities | 37 698 | 13 042 | 14 726 |
TOTAL EQUITY AND LIABILITIES | 191 889 | 75 231 | 74 991 |
Changes in Equity | |||||
2025-07-01 - 2025-09-30 Group (KSEK) | Share Capital | Reserves | Other Contributed Capital | Retained Earnings incl. periods Result | Total Equity |
Amount at the beginning of the period | 7 031 | - | 369 625 | -220 645 | 156 012 |
Share issue | 28 | 3 472 | 3 500 | ||
Issue costs | -20 | -20 | |||
Period's result | -5 301 | -5 301 | |||
2025-09-30 | 7 059 | 0 | 373 078 | -225 946 | 154 191 |
2024-07-01 - 2024-09-30 Group (KSEK) | Share Capital | Reserves | Other Contributed Capital | Retained Earnings incl. periods Result | Total Equity |
Amount at the beginning of the period | 5 682 | 177 | 269 785 | -214 620 | 61 024 |
Period's currency difference | -177 | -177 | |||
Period's result | 1 343 | 1 343 | |||
2024-09-30 | 5 682 | 0 | 269 785 | -213 277 | 62 190 |
2025-01-01 - 2025-09-30 Group (KSEK) | Share Capital | Reserves | Other Contributed Capital | Retained Earnings incl. periods Result | Total Equity |
Amount at the beginning of the period | 5 682 | - | 269 785 | -215 201 | 60 266 |
Share issue | 1 377 | 103 313 | 104 690 | ||
Issue costs | -20 | -20 | |||
Period's result | -10 745 | -10 745 | |||
2025-09-30 | 7 059 | 0 | 373 078 | -225 946 | 154 191 |
2024-01-01 - 2024-09-30 Group (KSEK) | Share Capital | Reserves | Other Contributed Capital | Retained Earnings incl. periods Result | Total Equity |
Amount at the beginning of the period | 33 524 | 169 | 269 793 | -237 685 | 65 801 |
Decrease in share capital | -27 842 | 27 842 | - | ||
Issue costs | -8 | -8 | |||
Period's currency difference | -169 | -169 | |||
Period's result | -3 435 | -3 435 | |||
2024-09-30 | 5 682 | 0 | 269 785 | -213 278 | 62 189 |
2024-01-01 - 2024-12-31 Group (KSEK) | Share Capital | Reserves | Other Contributed Capital | Retained Earnings incl. periods Result | Total Equity |
Amount at the beginning of the period | 33 524 | 169 | 269 793 | -237 685 | 65 801 |
Decrease in share capital | -27 842 | 27 842 | - | ||
Issue costs | -8 | -8 | |||
Period's currency difference | -169 | -169 | |||
Period's result | -5 358 | -5 358 | |||
2024-12-31 | 5 682 | 0 | 269 785 | -215 201 | 60 266 |
Cash Flow Statement | |||||
Group | 2025-07-01 | 2024-07-01 | 2025-01-01 | 2024-01-01 | 2024-01-01 |
(KSEK) | 2025-09-30 | 2024-09-30 | 2025-09-30 | 2024-09-30 | 2024-12-31 |
Operating Activities | |||||
Operating Profit | -5 103 | 1 420 | -10 274 | -3 353 | -5 311 |
Adjustments for items not included in cash flow: | |||||
Depreciation | 9 222 | 3 742 | 20 485 | 11 407 | 15 243 |
Gains on sale of assets | - | -4 599 | - | -6 753 | -6 089 |
Interest Received | 0 | 0 | 1 | 0 | 77 |
Interest Paid | -3 | -1 | -205 | -3 | -3 |
Cash Flow from Operating Activities | |||||
before Changes in Working Capital | 4 116 | 562 | 10 007 | 1 298 | 3 918 |
Cash Flow from Changes in Working Capital | |||||
Increase (-) / Decrease (+) in Receivables | 5 691 | -2 852 | -3 240 | -2 942 | -4 110 |
Increase (+) / Decrease (-) in Payables | 4 458 | 5 079 | 9 549 | 7 258 | 8 839 |
Cash Flow from Operating Activities | 14 265 | 2 788 | 16 316 | 5 615 | 8 647 |
Investing Activities | |||||
Acquisition of Capitalized Development Costs | -3 208 | -2 180 | -8 477 | -7 408 | -9 965 |
Acquisition of Tangible Fixed Assets | - | - | -22 | -9 | -9 |
Change in Financial Assets | - | - | -137 | - | - |
Acquisition of Subsidiaries | - | - | -1 451 | 551 | 551 |
Disposal/Liquidation of Subsidiaries | - | - | - | 37 | -192 |
Cash Flow from Investing Activities | -3 208 | -2 180 | -10 087 | -6 829 | -9 615 |
Financing Activities | |||||
Issue Costs | -20 | - | -20 | -8 | -8 |
Short-term loans received | - | - | 6 500 | - | - |
Cash Flow from Financing Activities | -20 | 0 | 6 480 | -8 | -8 |
Period's Cash Flow | 11 037 | 609 | 12 710 | -1 222 | -976 |
Cash and Cash Equivalents at the Beginning of the Period | 8 090 | 5 559 | 6 418 | 7 365 | 7 365 |
Currancy Difference in Cash and Cash Equivalents | - | 2 | - | 27 | 29 |
Cash and Cash Equivalents at the End of the Period | 19 128 | 6 170 | 19 128 | 6 170 | 6 418 |
Income Statement | |||||
Parent Company | 2025-07-01 | 2024-07-01 | 2025-01-01 | 2024-01-01 | 2024-01-01 |
(KSEK) | 2025-09-30 | 2024-09-30 | 2025-09-30 | 2024-09-30 | 2024-12-31 |
Operating Revenues | |||||
Net sales | 7 499 | 5 447 | 23 351 | 14 274 | 23 590 |
Other operating income | 40 | 387 | 358 | 1 187 | 1 552 |
Total Operating Revenues | 7 539 | 5 833 | 23 709 | 15 461 | 25 142 |
Operating Costs | |||||
Raw materials and supplies | -906 | -903 | -2 866 | -2 511 | -3 364 |
Other external costs | -1 826 | -3 493 | -7 409 | -7 992 | -13 448 |
Personnel costs | -1 206 | -1 201 | -3 864 | -4 144 | -5 080 |
Other operating costs | -74 | - | -147 | -132 | -30 |
Total Operating Costs before Depreciation | -4 012 | -5 597 | -14 286 | -14 779 | -21 922 |
Operating Profit before Depreciation (EBITDA) | 3 527 | 236 | 9 424 | 682 | 3 220 |
Depreciation | |||||
Depreciation of tangible and intangible assets | -3 841 | -3 720 | -11 515 | -11 368 | -15 189 |
Total Depreciation | -3 841 | -3 720 | -11 515 | -11 368 | -15 189 |
Operating Profit (EBIT) | -314 | -3 485 | -2 092 | -10 685 | -11 969 |
Results from Financial Items | |||||
Result of sold shares in group companies | - | 176 | - | 851 | 851 |
Dividend from shares in group companies | - | - | - | 1 385 | 1 385 |
Interest income and similar items | 0 | 0 | 0 | 0 | 77 |
Interest expenses and similar items | -197 | -77 | -470 | -79 | -122 |
Total Results from Financial Items | -197 | 99 | -470 | 2 158 | 2 192 |
Profit After Financial Items | -510 | -3 385 | -2 562 | -8 527 | -9 777 |
Tax on the period's result | - | - | - | - | - |
RESULT FOR THE PERIOD | -510 | -3 385 | -2 562 | -8 527 | -9 777 |
Balance Sheet | |||
Parent Company | |||
(KSEK) | 2025-09-30 | 2024-09-30 | 2024-12-31 |
ASSETS | |||
Intangible Fixed Assets | |||
Capitalized expenditures for development work | 54 723 | 60 837 | 59 623 |
Total Intangible Fixed Assets | 54 723 | 60 837 | 59 623 |
Tangible Fixed Assets | |||
Equipment, Tools, and Installations | 175 | 380 | 328 |
Total Tangible Fixed Assets | 175 | 380 | 328 |
Financial Fixed Assets | |||
Shares in Group Companies | 105 798 | 199 | 199 |
Other long-term receivables | 137 | - | - |
Total Financial Fixed Assets | 105 934 | 199 | 199 |
Total Fixed Assets | 160 832 | 61 416 | 60 151 |
Current Assets | |||
Kortfristiga fordringar | |||
Accounts Receivable | 7 180 | 5 981 | 5 563 |
Other Receivables | 2 901 | 18 | 52 |
Prepaid Expenses and Accrued Income | 604 | 1 210 | 3 006 |
Total Short-term Receivables | 10 686 | 7 209 | 8 621 |
Cash and Cash Equivalents | 9 974 | 5 695 | 6 371 |
Total Current Assets | 20 659 | 12 904 | 14 992 |
TOTAL ASSETS | 181 491 | 74 320 | 75 143 |
Balance Sheet | |||
Parent Company | |||
(KSEK) | 2025-09-30 | 2024-09-30 | 2024-12-31 |
EQUITY AND LIABILITIES | |||
Equity | |||
Equity | 162 526 | 61 667 | 60 418 |
Total Equity | 162 526 | 61 667 | 60 418 |
Long-term Liabilities | |||
Other Liabilities | - | - | - |
Total Long-term Liabilities | 0 | 0 | 0 |
Short-term Liabilities | |||
Accounts Payable | 3 601 | 3 298 | 4 174 |
Current Tax Liabilities | - | 0 | - |
Liabilities to Group Companies | 2 423 | 500 | - |
Other Liabilities | 6 711 | 2 982 | 2 424 |
Accrued Expenses and Prepaid Income | 6 231 | 5 873 | 8 127 |
Total Short-term Liabilities | 18 965 | 12 653 | 14 726 |
TOTAL EQUITY AND LIABILITIES | 181 491 | 74 320 | 75 143 |
Changes in Equity | ||||||
2025-07-01 - 2025-09-30 Parent Company (KSEK) | Share Capital | Development Expenditure Reserve | Share Premium Reserve | Retained Earnings | Periods Result | Total Equity |
Amount at the beginning of the period | 7 031 | 56 524 | 369 625 | -272 957 | -667 | 159 556 |
Share issue | 28 | 3 472 | 3 500 | |||
Issue costs | -20 | -20 | ||||
Transfer of previous period's result | -667 | 667 | - | |||
Allocation to development expenditure reserve | -1 801 | 1 801 | - | |||
Period's result | -510 | -510 | ||||
2025-09-30 | 7 059 | 54 723 | 373 078 | -271 824 | -510 | 162 526 |
2024-07-01 - 2024-09-30 Parent Company (KSEK) | Share Capital | Development Expenditure Reserve | Share Premium Reserve | Retained Earnings | Periods Result | Total Equity |
Amount at the beginning of the period | 5 682 | 62 393 | 269 785 | -267 666 | -5 142 | 65 052 |
Transfer of previous period's result | -5 142 | 5 142 | - | |||
Allocation to development expenditure reserve | -1 556 | 1 556 | - | |||
Period's result | -3 385 | -3 385 | ||||
2024-09-30 | 5 682 | 60 837 | 269 785 | -271 252 | -3 385 | 61 667 |
2025-01-01 - 2025-09-30 Parent Company (KSEK) | Share Capital | Development Expenditure Reserve | Share Premium Reserve | Retained Earnings | Periods Result | Total Equity |
Amount at the beginning of the period | 5 682 | 59 623 | 269 785 | -264 896 | -9 777 | 60 418 |
Share issue | 1 377 | 103 313 | 104 690 | |||
Issue costs | -20 | -20 | ||||
Transfer of previous period's result | -9 777 | 9 777 | - | |||
Allocation to development expenditure reserve | -4 900 | 4 900 | - | |||
Period's result | -2 562 | -2 562 | ||||
2025-09-30 | 7 059 | 54 723 | 373 078 | -269 772 | -2 562 | 162 526 |
2024-01-01 - 2024-09-30 Parent Company (KSEK) | Share Capital | Development Expenditure Reserve | Share Premium Reserve | Retained Earnings | Periods Result | Total Equity |
Amount at the beginning of the period | 33 524 | 64 642 | 269 793 | -276 163 | -21 594 | 70 202 |
Decrease in share capital | -27 842 | 27 842 | - | |||
Issue costs | -8 | -8 | ||||
Transfer of previous period's result | -21 594 | 21 594 | - | |||
Allocation to development expenditure reserve | -3 805 | 3 805 | - | |||
Period's result | -8 527 | -8 527 | ||||
2024-09-30 | 5 682 | 60 837 | 269 785 | -266 110 | -8 527 | 61 667 |
2024-01-01 - 2024-12-31 Parent Company (KSEK) | Share Capital | Development Expenditure Reserve | Share Premium Reserve | Retained Earnings | Periods Result | Total Equity |
Amount at the beginning of the period | 33 524 | 64 643 | 269 793 | -276 163 | -21 594 | 70 203 |
Decrease in share capital | -27 842 | 27 842 | - | |||
Issue costs | -8 | -8 | ||||
Transfer of previous period's result | -21 594 | 21 594 | - | |||
Allocation to development expenditure reserve | -5 019 | 5 019 | - | |||
Period's result | -9 777 | -9 777 | ||||
2024-12-31 | 5 682 | 59 624 | 269 785 | -264 896 | -9 777 | 60 418 |
Cash Flow Statement | |||||
Parent Company | 2025-07-01 | 2024-07-01 | 2025-01-01 | 2024-01-01 | 2024-01-01 |
(KSEK) | 2025-09-30 | 2024-09-30 | 2025-09-30 | 2024-09-30 | 2024-12-31 |
Operating Activities | |||||
Operating Profit | -314 | -3 485 | -2 092 | -10 685 | -11 969 |
Adjustments for items not included in cash flow: | |||||
Depreciation | 3 841 | 3 720 | 11 515 | 11 368 | 15 189 |
Interest Received | 0 | 0 | 0 | 0 | 77 |
Interest Paid | -2 | -1 | -203 | -3 | -3 |
Cash Flow from Operating Activities | |||||
before Changes in Working Capital | 3 525 | 235 | 9 220 | 680 | 3 295 |
Cash Flow from Changes in Working Capital | |||||
Increase (-) / Decrease (+) in Receivables | 364 | -2 981 | -2 064 | -3 228 | -4 641 |
Increase (+) / Decrease (-) in Payables | 275 | 5 786 | 973 | 9 299 | 11 329 |
Cash Flow from Operating Activities | 4 165 | 3 040 | 8 129 | 6 751 | 9 983 |
Investing Activities | |||||
Acquisition of Capitalized Development Costs | -1 989 | -2 113 | -6 461 | -7 408 | -9 965 |
Acquisition of Tangible Fixed Assets | - | - | - | -9 | -9 |
Change in Financial Assets | - | - | -137 | -25 | -25 |
Acquisition of Subsidiaries | - | - | -4 409 | 0 | 0 |
Disposal/Liquidation of Subsidiaries | - | - | - | - | 0 |
Cash Flow from Investing Activities | -1 989 | -2 113 | -11 007 | -7 442 | -9 998 |
Financing Activities | |||||
Issue Costs | -20 | - | -20 | -8 | -8 |
Short-term loans received | - | - | 6 500 | - | - |
Cash Flow from Financing Activities | -20 | 0 | 6 480 | -8 | -8 |
Period's Cash Flow | 2 157 | 927 | 3 602 | -700 | -23 |
Cash and Cash Equivalents at the Beginning of the Period | 7 817 | 4 768 | 6 371 | 6 395 | 6 395 |
Cash and Cash Equivalents at the End of the Period | 9 974 | 5 695 | 9 974 | 5 695 | 6 371 |
KPI:s | |||||
(SEK) | 2025-07-01 | 2024-07-01 | 2025-01-01 | 2024-01-01 | 2024-01-01 |
2025-09-30 | 2024-09-30 | 2025-09-30 | 2024-09-30 | 2024-12-31 | |
PROFITABILITY AND RETURN | |||||
Revenue Growth (%) | 84% | 59% | 91% | 47% | 73% |
Operating Margin (%) | Neg | 23% | Neg | Neg | Neg |
Profit Margin (%) | Neg | 22% | Neg | Neg | Neg |
Return on Equity (%) | Neg | 2% | Neg | Neg | Neg |
CAPITAL STRUCTURE | |||||
Equity (KSEK) | 154 191 | 62 189 | 154 191 | 62 189 | 60 266 |
Total Assets (KSEK) | 191 889 | 75 231 | 191 889 | 75 231 | 74 991 |
Capital Employed (KSEK) | 160 691 | 64 449 | 160 691 | 64 449 | 61 527 |
Net Interest-bearing Debt (KSEK) | -12 628 | -3 909 | -12 628 | -3 909 | -5 157 |
Capital Turnover Ratio (times) | 0,08 | 0,08 | 0,22 | 0,21 | 0,35 |
Equity Ratio (%) | 80% | 83% | 80% | 83% | 80% |
Debt Ratio (%) | 4% | 4%% | 4% | 4% | 2% |
Interest Coverage Ratio (times) | Neg | 18 | Neg | Neg | Neg |
CASH FLOW AND LIQUIDITY | |||||
Cash Flow before Investments (KSEK) | 14 265 | 2 788 | 16 316 | 5 615 | 8 647 |
Cash Flow after Investments (KSEK) | 11 057 | 609 | 6 229 | -1 214 | -968 |
Cash and Cash Equivalents (KSEK) | 19 128 | 6 170 | 19 128 | 6 170 | 6 418 |
INVESTMENTS | |||||
Acquisition of Tangible Fixed Assets (KSEK) | - | - | 22 | 9 | 9 |
Acquisition of Intangible Fixed Assets (KSEK) | 3 208 | 2 180 | 8 477 | 7 408 | 9 965 |
Acquisition of Subsidiaries (KSEK) | - | - | 105 599 | 0 | - |
EMPLOYEES | |||||
Average Number of Employees | 8 | 2,7 | 5,8 | 2,9 | 3 |
Revenue per Employee (KSEK) | 1 397 | 2 252 | 5 140 | 5 373 | 8 399 |
Number of Employees | 8 | 2 | 8 | 2 | 2 |
DATA PER SHARE | |||||
Number of Shares | 35 296 116 | 28 410 125 | 35 296 116 | 28 410 125 | 28 410 125 |
Sales per Share | 0,32 | 0,21 | 0,84 | 0,55 | 0,89 |
Earnings per Share (SEK) | -0,15 | 0,05 | -0,30 | -0,12 | -0,19 |
Equity per Share (SEK) | 4,37 | 2,19 | 4,37 | 2,19 | 2,12 |
Average Number of Shares during the Period | 35 226 116 | 28 410 125 | 31 853 121 | 28 410 125 | 28 410 125 |
Definition of KPI:s
PROFITABILITY AND RETURN | |
Revenue Growth (%) | The percentage increase in revenue compared to the previous period. |
Operating Margin (%) | Operating profit as a percentage of total revenue, indicating how much of each SEK of revenue is retained as operating profit. |
Profit Margin (%) | Net profit as a percentage of total revenue, showing the percentage of revenue that remains as profit after all expenses. |
Return on Equity (%) | Net profit for the period as a percentage of average equity. |
CAPITAL STRUCTURE | |
Equity (KSEK) | Equity at the end of the period. |
Total Assets (KSEK) | The sum of assets or the sum of liabilities and equity. |
Capital Employed (KSEK) | Total assets minus non-interest-bearing liabilities, including deferred tax. |
Net Interest-bearing Debt (KSEK) | The net of interest-bearing provisions and liabilities minus financial assets, including cash and cash equivalents. |
Capital Turnover Ratio (times) | Annual revenue divided by average total assets. |
Equity Ratio (%) | Equity as a percentage of total assets. |
Debt Ratio (%) | Interest-bearing liabilities divided by equity. |
Interest Coverage Ratio (times) | Earnings before interest and taxes plus financial expenses divided by financial expenses. |
CASH FLOW AND LIQUIDITY | |
Cash Flow before Investments (KSEK) | Profit after financial items plus items not affecting cash flow minus changes in working capital. |
Cash Flow after Investments (KSEK) | Profit after financial items plus items not affecting cash flow minus changes in working capital and investments. |
Cash and Cash Equivalents (KSEK) | Bank balances and cash. |
EMPLOYEES | |
Average Number of Employees | The average number of employees during the period. |
Revenue per Employee (KSEK) | Revenue divided by the average number of employees. |
Number of Employees | The number of employees at the end of the period. |
DATA PER SHARE | |
Number of Shares | The number of outstanding shares at the end of the period. |
Sales per Share | Period's sales divided by the number of shares. |
Earnings per Share (SEK) | Period's net profit divided by the number of shares. |
Equity per Share (SEK) | Equity divided by the number of shares. |
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