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Edge6 Feb 2026
SharkNinja: Viral by Design
How SharkNinja built a repeatable growth engine, turning overlooked appliance categories into global brands through consumer insight and iteration.
Appear
Appear (APR) investor relations material
Appear Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Full-year 2025 revenue reached NOK 800.9 million, up 32.3% year-over-year, with Q4 revenue at NOK 184.6 million, driven by EMEA and APAC growth and sports rights renewals.
Underlying EBITDAC for 2025 was NOK 142.2 million (17.8% margin), and Q4 underlying EBITDAC was NOK 12.6 million (6.8% margin), both excluding IPO-related costs.
Gross margin held steady at 72.3% for the year and 73% for Q4, with product mix offsetting U.S. tariff impacts.
Free cash flow for 2025 was NOK 64.2 million, up 8% year-over-year, though Q4 saw a NOK 14.4 million outflow due to IPO costs and capital investments.
Successful IPO in Q4 2025 raised NOK 190.9 million in net proceeds, strengthening liquidity.
Financial highlights
Q4 gross profit was NOK 135 million (73% margin); Q4 EBIT was NOK 13.8 million; Q4 net profit was NOK 15.7 million, up 50.9% YoY.
Full-year EBIT was NOK 171 million (21.3% margin); net profit for the year was NOK 129 million, up from NOK 70 million.
Total operating expenses (including capitalized development) were NOK 455 million, up nearly 30% YoY, reflecting growth investments and IPO-related one-offs.
Available liquidity at year-end was NOK 499.1 million, including cash and money market funds.
EPS for 2025 was NOK 3.40, up from NOK 1.86.
Outlook and guidance
2026 revenue guidance is NOK 1 billion, a 25% increase, with medium- to long-term growth targets of 25%-30%.
Recurring revenue share targeted at 15%-25%, expected to grow with more software-based solutions.
Gross margin guidance is around 70%; EBITDAC margin expected between 17%-20%.
Continued investment in product development and organizational capacity is planned.
Quantify R&D capitalization's impact on EBITDAC
Progress on recurring revenue model transition
Mitigation for high-rated component supply risk
New products' impact on revenue recognition?
How are gross margins protected from FX/supply?
What are key growth drivers beyond Tier 1 expansion?
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Next Appear earnings date
Q1 202629 Apr, 2026
Appear
Next Appear earnings date
Q1 202629 Apr, 2026
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