THE PERIOD 1 OCTOBER - 31 DECEMBER 2025
- Order intake increased with 103.2 percent to 54.1 MSEK (26.6). Adjusted for currency effects between the comparison periods, order intake increased with 116.9 percent.
- Net sales decreased by 18.8 percent to 36.1 MSEK (44.4). Adjusted for currency effects between the comparison periods, net sales decreased by 13.3 percent.
- Operating profit before depreciation (EBITDA) amounted to 0.6 MSEK (0.8) and operating profit before financial items (EBIT) amounted to -2.5 MSEK (-2.3).
- Profit before tax amounted to -2.9 MSEK (-2.6).
- Earning per share amounted to -0.2 SEK (-0.2).
- Cashflow amounted to 23.0 MSEK (1.8), of which -12.2 MSEK (4.6) from operating activities, -10.4 MSEK (-1.3) from investing activities and 45.7 MSEK (-1.5) from financing activities.
- Cash and cash equivalents amounted to 35.5 MSEK (35.5) at the end of the period.
- FlexQube completed a directed share issue of approximately 40 MSEK to secure production capacity and enable delivery of larger volume orders.
- The company received an AMR order from a customer in Michigan, USA, valued at approximately 6 MSEK.
- FlexQube received a pilot order for an AMR system from a leading European retail company.
- During the quarter, the company received several follow-up orders related to the previously announced pilot order from one of the world's largest U.S.-based e-commerce and logistics companies, with a total value of approximately 20 MSEK.
- FlexQube received an order from an existing customer in South Carolina, USA, for multiple tugger train systems with associated carts, valued at approximately 7 MSEK.
THE PERIOD 1 JANUARY - 31 DECEMBER 2025
- Order intake increased by 12.5 percent to 143.4 MSEK (127.5). Adjusted for currency effects between the comparison periods, order intake increased by 19.5 percent.
- Net sales decreased by 19.9 percent to 105.2 MSEK (131.4). Adjusted for currency effects between the comparison periods, net sales decreased by 15.3 percent.
- Operating profit before depreciation (EBITDA) amounted to -20.2 MSEK (-23.9) and operating profit before financial items (EBIT) amounted to -30.0 MSEK (-33.9).
- Profit before tax amounted to -32.0 MSEK (-36.3).
- Earnings per share amounted to -1.9 SEK (-2.7).
- Cash flow amounted to 0.5 MSEK (-14.3). Of which -22.9 MSEK (-11.2) from operating activities, -13.3 MSEK (-4.6) from investing activities, and 36.8 MSEK (1.4) from financing activities.
- Cash and cash equivalents amounted to 35.5 MSEK (35.5) at the end of the period.
- The Board of Directors proposes that no dividend be paid, SEK 0.0 (0.0), in line with the previous year.
EVENTS AFTER THE END OF THE QUARTER
- FlexQube receives additional follow-up orders from the same U.S. customer, one of the world's largest e-commerce and logistics companies based in the United States, with a total value of approximately SEK 7 million.
Link to the report for the fourth quarter 2025: https://flexqubegroup.com/financial-information/
The entire quarterly report is also attached to this press release.
CEO LETTER
Positive EBITDA and More Than Doubled Order Intake
The fourth quarter of 2025 marked an important conclusion to a year that in many ways has been both challenging and developmental for FlexQube. During the year, we increased our order intake sequentially in each quarter, resulting in full-year order intake growth of nearly 20% on a currency-adjusted basis. Following a period of strong focus on advancing our position in robotics, with significant investments in product development as well as several organizational changes, 2025 has created an opportunity for FlexQube to focus on completing the transformation into a full-scale robotics technology company. During the autumn, this work has begun to deliver tangible results.
SALES & RESULTS
In a market characterized by uncertainty, we can conclude that during the fourth quarter we achieved a positive EBITDA of 0.6 MSEK, while order intake amounted to approximately 54 MSEK. This represents an increase of approximately 103% compared to the fourth quarter of 2024, and as much as 117% in local currencies. Net sales amounted to approximately 36 MSEK, representing a decrease of 19% compared to the fourth quarter of 2024. However, this does not reflect the order trend, as a significant portion of the order intake from the second quarter of 2025 includes orders with later delivery dates. This is partly due to the fact that these have involved more complex robot and tugger train systems, and partly because customers have requested delivery to coincide with deliveries from other suppliers for new processes in their factories.
Despite lower sales, the result is in line with the fourth quarter of the previous year, partly driven by a higher share of design and service sales in the fourth quarter of 2025, which in turn is a result of a higher share of robotics sales. The result is also supported by the efficiency measures we have implemented, affecting both gross margin and operating costs. Operating cash flow was negatively impacted during the quarter primarily due to increased trade receivables resulting from a large share of sales late in the quarter, as well as increased inventory levels to support larger deliveries planned for early 2026.
ROBOTICS DEVELOPMENT AND MARKET
We have taken significant and important steps forward in our robotics journey. We have initiated several projects with a world-leading e-commerce company in the United States, which has been a clear focus for many of us in the organization during the second half of 2025. What makes these projects particularly interesting is how we combine our long-standing experience in carts and material handling solutions with our Navigator AMR system. Its modularity and ability to adapt to different customer challenges have proven to be well suited for driving this type of fast-moving, iterative, and demanding project process.
Our team has done an outstanding job under significant time pressure to develop and deliver solutions to the customer, which in turn has led to a number of new project opportunities through our reputation as a professional and reliable partner. The potential is substantial in several of these projects, and the future will determine to what extent we are able to roll out larger volumes after validating the concepts through pilot projects during 2026.
The pilot order that we first communicated on August 1, 2025, for a potentially larger project in the United States is progressing according to plan. As of today's date, we have received a total of approximately SEK 47 million in orders related to various projects with the customer (SEK 20 million in Q3, SEK 20 million in Q4, and approximately SEK 7 million to date in Q1), with the majority scheduled for delivery during the first quarter of 2026. We have received very positive feedback from the customer, and the potential volumes that could become relevant with the customer have increased. At the time of writing, we are working on the final phase of this project.
We have maintained strong project activity in our pipeline throughout 2025. Although decision-making processes have taken somewhat longer than initially anticipated, we are now seeing clear signals during the fourth quarter that several of these projects are moving toward conversion into concrete business. A significant portion of the order intake during the quarter comes from follow-up orders and expansions with existing customers that we have worked closely with during the year, primarily in the United States.
We also took important steps within automation during the quarter. A pilot order for our Navigator AMR system from a leading European retail player broadens our customer base into the retail segment, while an AMR order to a customer in Michigan, USA, demonstrates that interest in our autonomous solutions continues to grow within industrial environments as well. Taken together, this confirms our strategy of combining modular cart solutions with automation through stepwise implementations.
CHALLENGES
The operating environment has become more complex during the year. New global tariffs, combined with longer customs clearance lead times, have placed additional strain on supply chains, affecting FlexQube as well as our customers and suppliers. This has had a short-term impact on the outlook for many of our key customers, particularly within the automotive industry, but also across large parts of the manufacturing sector.
In Mexico, this has had a particularly significant impact, resulting in a sales decline of 65% during 2025. However, the market gradually recovered during the second half of 2025, and with increased stabilization, conversion rates for our projects have also improved. At the beginning of 2026, we are therefore well underway with establishing our own company in Mexico, which will enable us to better utilize local suppliers and sell products directly in the Mexican market. Previously, our customers were required to handle importation and customs clearance themselves. Our confidence in the Mexican market remains strong, which is why we are now making this investment.
A clear indication of our ability to establish new customer relationships, even when other industries are facing significant challenges, is that two of our three largest customers in 2025 were suppliers of cooling systems to data centers. Demand for these companies is largely driven by the ongoing expansion of AI infrastructure.
OUTLOOK
We need to increase our sales volumes by another level to reach sustainable profitability. However, with a stronger order backlog at the end of 2025, we are in a significantly better position than twelve months earlier.
With the support of both existing and new shareholders, we were able to complete a successful share issue during the autumn, providing capital proceeds of 40 MSEK before transaction costs. This has strengthened our ability to capitalize on the momentum we are currently seeing in several customer engagements, where we have a positive outlook on achieving greater commercial success during 2026.
As we enter 2026, we do so with greater clarity regarding where our growth opportunities lie. The United States continues to be our most important market, both in terms of short-term volume and long-term potential, and we are seeing increasing interest in solutions that combine automation, efficiency, and flexibility. At the same time, we continue to work methodically to improve conversion within our AMR pipeline and to support customers throughout the entire automation journey-from pilot projects to full-scale deployment.
As a challenger in global material handling, with a particularly large share of sales in the United States, I believe we have managed the challenges of 2025 well and acted strategically in an increasingly dynamic world. Change, in turn, creates opportunities for improvement, including for our customers, and in the longer term I see significant opportunities arising from the new global environment. With a strong finish to the year, positive EBITDA in the fourth quarter, and a clear increase in order intake entering the new year, I view the outlook ahead with optimism.
About FlexQube
FlexQube is a technology company headquartered in Gothenburg, Sweden with subsidiaries in USA, Mexico, Germany and England. FlexQube offers solutions for cart-based material handling using a patented modular concept. FlexQube develops and designs customized solutions for both robotic and mechanical cart logistics. Through the own developed and unique automation concept FlexQube can offer robust and self-driving robotic carts. FlexQube has more than 1200 customers in 40 countries with primary markets being North America and Europe.
FlexQube's customers can be found within the manufacturing industry, distribution- and warehousing. We represent some of the most successful companies in the world with a significant share being represented on the Fortune 500 list. These companies exist within automotive, electric vehicle manufacturing, online retail, heavy-duty trucks, industrial automation and retail logistics.
For more information, contact:
CEO, Anders Fogelberg
anders.fogelberg@flexqube.com
+46 702 86 06 74
This information is information that FlexQube is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-02-11 08:00 CET.
The share (FLEXQ) is traded on Nasdaq First North. FNCA Sweden AB is the company's Certified Adviser. Read more at www.flexqube.com
