Redeye provides an initial take following Senzime’s Q4 2025 report. Sales were in line with our estimate, reflecting a solid performance throughout 2025. Costs came in slightly higher than expected, and COGS included a non-cash inventory write-down, which contributed to some EBIT deviations. Overall, we consider the report decent and note the SEK50m credit facility, which we view as a robust solution to support financing the business toward breakeven. Furthermore, we will publish a research update, in which we do not anticipate making any material changes to our estimates.
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