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

• Net sales amounted to SEK 24.6m (30.3) – clear improvement vs. H1-25
• Invoicing of SEK 34.9m bodes well for growth ahead
• FX-adjusted MRR declined slightly Y-Y
• Streamlining initiatives support the ongoing SEK 40m cost-saving program
• Fully guaranteed rights issue to reinforce the balance sheet

Concluding Remarks About the Report

Overall, we view Irisity’s Q3-25 report as a meaningful step in the right direction across several key areas. The reported net sales of SEK 24.6m represent a clear improvement versus H1-25, and with invoicing of SEK 34.9m at the end of the quarter, this reflects solid underlying demand and indicates that the recovery trend is gaining momentum.

On the cost side, the reduced headcount and ongoing streamlining initiatives, such as the consolidation of R&D operations, a leaner go-to-market organization, and a shift away from high-cost one-time projects, are enhancing operational scalability and contributing to a lower customer acquisition cost (CAC). Together, these measures mark tangible progress toward the targeted SEK 40m in annual savings and are gradually aligning OPEX with the current revenue run-rate.

Looking ahead, we anticipate improving momentum, driven by renewed sales growth and continued operational execution, with the efficiency measures gradually materializing in the P&L toward break-even. In our view, the combination of a leaner cost structure, lower CAC, and improving sales activity should foster renewed investor confidence as Irisity advances on the Company’s path towards profitability.

Read Analyst Group’s comment on the report here

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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.