Subgen AI (MAGNA) Q4 2025 earnings summary

Executive summary

• Achieved 126% CAGR over four years (2021–2025), driven by Serenity Star and strategic RTO, positioning as a leading European enterprise AI company.

• Expanded client base and partnerships, diversified revenue streams, and increased geographic reach post-Nasdaq listing.

• Major transformation in 2025 with a reverse takeover, new capital, and enhanced infrastructure focus.

Financial highlights

• Q4 2025 net sales at constant exchange rates: SEK 66.52M, up 21.3% year-over-year; full-year net sales: SEK 235.2M, up 15.4%.

• Gross margin improved to 78% in Q4 (from 52%) and 82% for the year (from 77%).

• EBITDA for Q4: SEK -60.99M (impacted by SEK 60M RTO costs); adjusted EBITDA: SEK 5.6M.

• Full-year EBITDA: SEK -38.65M; adjusted EBITDA: SEK 37.95M.

• Operating loss for the year: SEK -63.43M; earnings per share: SEK -0.08 (from 0.42 in 2024).

• Cash and cash equivalents at year-end: SEK 18.74M; total available cash including credit facilities: SEK 129.9M.

Outlook and guidance

• Expects return to profitability in 2026 as one-off RTO costs subside and underlying business performance remains strong.

• Well positioned to capture European AI market growth, leveraging strong presence and diversified offerings.