Q4 2025 (vs Q4 2024):

Net revenue decreased to KSEK 15,506 (17,162) which corresponds to a growth of -10 (-37)% compared to the same period 2024. At constant currencies the growth was -5 (-37)%. Compared to the third quarter of 2025 Net revenue growth amounted to -11 (-8)%.

Gross profit for the period amounted to KSEK 11,216 (11,593) with a margin of 72 (68)%.

EBITDA for the period amounted to KSEK 3,459 (1,877) with a margin of 22 (11)%.

Cash flow from operating activities amounted to KSEK 5,763 (5,165).

Net Revenue Retention LTM amounted to 88 (58)%.

Cash and cash equivalents amounted to KSEK 13,675 (28,966).

CEO letter from the Year-end report:

It is with a strong desire for revenge that we leave a weak 2025 behind us. It has been a year with a lot of headwinds. Our revenues fell by 10% during the year and the fourth quarter is our worst quarter revenue-wise since 2022.

The quarter’s revenues were negatively affected by one of our largest customers, a major European airline, sharply reducing its use of our software during the autumn. This caused revenues from the airline, which has been a customer since 2021, to fall by almost 70% compared to the third quarter. There is currently no indication that the rest of the business will be phased out and we have recently added further modules and functionality for this customer, even though the revenues from these new initiatives are small in relation to the loss of revenue.

Given our historical performance not meeting our expectations, combined with a more cautious future outlook, the board has made the strategic decision to write down in its entirety the goodwill and other intangible assets that arose through the acquisitions of GetID and Datacorp. Although this negatively impacts the quarter’s reported results by 116 MSEK, it is important to note that this is a pure accounting one-time item that does not affect our cashflow, while at the same time it means that we now have a balance sheet that better reflects the current conditions of the business.

It is no secret that we have not reached our growth targets. On the other hand, we have been effective in managing the declining revenue through a strong cost focus which has led to the EBITDA margin increasing from 18% during the full year 2024 to 21% during 2025 and if you look at the fourth quarter, the margin more than doubled compared to the same quarter in 2024.

The margin improvements are also visible in the cash position, where, for the first time in two years, we generated a positive cash flow after investments during the quarter. This feels very positive as it gives us breathing room and increased opportunities to turn the negative trend around and find our way back to growth again. Despite lower investments in sales and marketing, we still have many dialogues with both new and existing customers that can drive growth and margin expansion during 2026. Our product is well regarded and we have a close-knit team that is hungry and motivated. All this taken together means that we enter 2026 with new energy and confidence in the future.

At the beginning of the fourth quarter, we had an extraordinary general meeting where a partially new board was elected. The fresh start, or the generational shift if you will, becomes complete later this spring when our new CEO Arif Rehman joins. Arif has over 20 years of experience from leading roles in Nordic tech and SaaS companies, with a focus on product innovation and commercial scalability, and I look forward to working alongside him to take the company to the next level.

In my capacity as interim CEO during the period until Arif joins, I have spent a lot of time ensuring that we first and foremost have the right person in the right position and then that each person does the right things. By that I mean that we must dare to focus and invest more in what works, while we must let go of the initiatives that have not really borne fruit. For example, we are strong in regulated industries, especially iGaming and Fintech, and especially within Europe, while we have not succeeded in breaking through on a broad front within, for example, global airlines or US Enterprises. So the focus right now is to do more of what we do well as the market for our services is still large and growing. Given that we are still a relatively small company with a limited cost base, very little is required for us to show growth again and then the margins and cash flow will also be significantly strengthened.

In summary, 2024 and 2025 have been tough years, both revenue-wise for the company and share price-wise for our investors, but we stand well-equipped for the future, with a fantastic team, strong investors, experienced board, competitive products and satisfied customers and I look forward with confidence to 2026 when I hope and believe that this will also be reflected in revenues and results.

Martin Bäuml, interim CEO and CFO
Stockholm, February 12, 2026

The full Year-end report is now published and available on:
https://group.checkin.com/investors/reports/

Webcast
Investors, analysts and journalists are invited to a webcast 2026-02-12 14:30 CET where the company’s CEO will present the report, followed by a Q&A session. The presentation will be held in Swedish and is available through this link:
https://www.finwire.tv/webcast/checkin-com/bokslutskommunike-2025/

An English version of the webcast will be published on the company’s website later today.