Redeye state’s Safello’s Q2 2025 presented top-line headwinds with net sales of SEK130.8m, falling 20% short of Redeye Research Estimates (RRe). Both number of orders and the average transaction size were below RRe by 17% and 4%, respectively. Other income came in at a surpring SEK4.0m. This line item is usually less than SEK1.0m. This resulted in an adj. EBITDA. Adjusted gross margin aligned with expectations. Safello’s liquidity remains robust with SEK18.4m in cash and SEK12.9m in crypto assets. Safello is adding more strings to its bow with a three-pronged strategy including ETP, Atoma Studios and its partnership with Marginalen Bank. These will start to contribute during H2 2025. Redeye anticipates a negative share reaction to the report and to make negative revisions to its estimates.
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