Bittium Corporation
Financial Statement Release
Bittium Corporation's Financial Statement Bulletin January-December 2025
Bittium Corporation stock exchange release on 19 February 2026, at 8.00 am (CET+1)
Year 2025 was a breakthrough year for the internationalization of the Defense business. The order backlog and EBITDA almost doubled.
Unless otherwise mentioned, the figures in brackets refer to the corresponding period in the previous year.
Summary October-December 2025
- Net sales grew 62.5 percent (29.2 percent) from the previous year and were EUR 53.9 million (EUR 33.2 million)
- Product-based net sales were EUR 45.7 million (EUR 22.3 million), representing 84.7 percent (67.2 percent) of total net sales.
- Services-based net sales were EUR 8.3 million (EUR 10.9 million), representing 15.3 percent (32.8 percent) of total net sales.
- EBITDA was EUR 23.0 million (EUR 8.6 million), representing 42.7 percent of net sales (25.9 percent).
- Operating result was EUR 15.4 million (EUR 6.0 million), representing 28.5 percent of net sales (18.0 percent).
- The result for the period was EUR 17.5 million (EUR 5.6 million) and earnings per share were EUR 0.493 (EUR 0.157).
- Cash flow from operating activities was EUR 4.5 million (EUR 13.8 million).
- Net cash flow was EUR 1.6 million (EUR 10.4 million).
- Order intake was EUR 97.9 million (EUR 38.8 million).
- In November, Bittium signed a framework agreement with the Finnish and Swedish Defence Forces.
- In December, Bittium received purchase orders from the Finnish Defence Forces, valued at EUR 15.9 million in total, for Bittium Tough SDR Handheld and Vehicular radios and related accessories, and for further development work for software and related services.
- In December, Bittium's Austrian partner Cancom Austria AG placed an order for tactical communications system's products, life cycle services, and testing systems, valued at EUR 18.5 million in total.
- In December, Bittium signed an agreement with the Spanish Indra Group to license Bittium Tough SDR technology to Indra and received the first order under the agreement, valued at EUR 50 million.
- In December, Bittium raised its financial outlook for 2025 due to orders received in the Defense & Security Business Segment.
Summary January-December 2025
- Net sales grew 40.1 percent (13.2 percent) from the previous year and were EUR 119.3 million (EUR 85.2 million).
- Product-based net sales were EUR 87.4 million (EUR 52.0 million), representing 73.2 percent (61.0 percent) of the total net sales.
- Services-based net sales were EUR 31.9 million (EUR 33.2 million), representing 26.8 percent (39.0 percent) of the total net sales.
- In the second quarter, a total of approximately EUR 0.9 million non-recurring costs, affecting EBITDA, operating result and result for the period, were recorded in the second quarter income statement, resulting from change negotiations held in the Finnish company of the Medical Business Segment and other measures aimed at streamlining operations and processes.
- EBITDA was EUR 32.4 million (EUR 17.3 million), representing 27.2 percent of net sales (20.3 percent).
- Operating result was EUR 19.4 million (EUR 8.6 million), representing 16.3 percent of net sales (10.1 percent).
- The result for the period was EUR 21.3 million (EUR 7.3 million) and earnings per share were EUR 0.601 (EUR 0.205).
- Cash flow from operating activities was EUR 15.3 million (EUR 24.4 million).
- Net cash flow was EUR -0.9 million (EUR 13.4 million).
- Order intake was EUR 153.3 million (EUR 102.3 million).
- Order backlog was EUR 77.9 million (EUR 45.1 million).
- Number of personnel at the end of the period was 528 (511).
- The Board of Directors proposes to the Annual General Meeting to be held on April 22, 2026, that a dividend of EUR 0.15 per share be paid based on the balance sheet to be adopted for the financial year ended December 31, 2025. The Board of Directors furthermore proposes that the Annual General Meeting would authorize the Board of Directors to decide, at its discretion, on the payment of an extraordinary dividend of EUR 0.15 per share, by September 30, 2026.
| GROUP (MEUR) | 10-12/2025 | 10-12/2024 | 1-12/2025 | 1-12/2024 |
| 3 months | 3 months | 12 months | 12 months | |
| Net sales | 53.9 | 33.2 | 119.3 | 85.2 |
| Change of net sales. % | 62.5% | 29.2% | 40.1% | 13.2% |
| EBITDA | 23.0 | 8.6 | 32.4 | 17.3 |
| EBITDA, % of net sales | 42.7% | 25.9% | 27.2% | 20.3% |
| Operating profit / loss | 15.4 | 6.0 | 19.4 | 8.6 |
| Operating profit / loss, % of net sales | 28.5% | 18.0% | 16.3% | 10.1% |
| Result of the period | 17.5 | 5.6 | 21.3 | 7.3 |
| Cash and other liquid assets | 20.9 | 21.8 | 20.9 | 21.8 |
| Equity ratio (%) | 70.5 | 69.9 | 70.5 | 69.9 |
| Earnings per share (EUR) | 0.493 | 0.157 | 0.601 | 0.205 |
Bittium's CEO Petri Toljamo
The year 2025 was a year of international growth for Bittium. The product development investments of the past years and the efforts to accelerate internationalization and commercialization under the new strategy began to materialize in the results. We were able to utilize the opportunities brought by Finnish cutting-edge technology in a way that strengthens our position in domestic and international markets. The deterioration of the global security situation and the increase in tensions between the major global powers have accelerated the European effort to reduce dependence on actors outside Europe. The strategic importance of European technology is also emphasized in the modernization of defense command and control systems, where Bittium has strong expertise and a clear technical competitive advantage. The demand for tactical networks and radios has grown significantly, and with the purchase orders received during the second part of the year, we increased our financial outlook for 2025.
The last quarter of 2025 was exceptionally strong for Bittium. Net sales grew by a record 62.5 percent compared to the previous year, which presented also a very strong growth, and amounted to EUR 53.9 million. The growth resulted particularly from the strong sales growth in the Defense & Security Business Segment. Operating profit for the last quarter grew to EUR 15.4 million, which corresponds to 28.5 percent of net sales.
The net sales of the full-year 2025 increased by 40.1 percent from the previous year and amounted to EUR 119.3 million. The strong growth was driven by the increasing demand in the defense market. Net sales in the Medical and Engineering Services Business Segments remained at the same level as in previous year. Full-year operating profit was EUR 19.4 million, corresponding to 16.3 percent of net sales. The significant growth in operating profit was driven by the growth in international product sales in the Defense & Security business.
In September, we updated our long-term financial growth expectations and specified our strategy to accelerate international growth. The work has started well and with the growth in our international product sales the order book has grown significantly. In line with the strategy, we have strengthened our delivery capacity by expanding our partner network. This maintains the flexibility and speed of our product deliveries, which is clearly one of our competitive advantages. Our delivery capacity still relies heavily on Finnish manufacturing partners, but we keep the possibility of expanding the network to other European countries as well. Scaling production with the help of a reliable partner network keeps the needs of growing our own production capacity moderate. Cash flow in 2025 weakened clearly, mainly due to the seasonal nature of the business and the timing of deliveries.
We strengthened our partnership network. We acquired a 24.9 percent stake in MarshallAI (Kradient Intelligence Oy), an artificial intelligence solutions provider. We have continued to explore inorganic growth opportunities with the aim of strengthening the tactical communications product portfolio with products that expand the use of the tactical network as part of the hybrid network sharing or alternatively open up access to a specific country market.
In the Defense & Security Business Segment, demand for tactical communications products and services has been high this year. The defense forces of several countries are transitioning from purchasing personnel carriers, weapons and ammunition to renewing their command and control systems with modern tactical communications systems. December's order intake broke records as we received two significant orders for tactical backbone and SDR radios for our customers in Finland and Austria. In addition, we signed an agreement to license Tough SDR technology to our Spanish customer and received the first order related to the agreement.
Last year was a strategically significant year for the Medical Business Segment. We decided to focus on the Cardiac and Sleep product families to enable more efficient allocation of resources to support profitable growth. The organizational renewal in the summer strengthened the segment's structure and clarified roles and responsibilities. Strengthening the collaboration with our key customer Boston Scientific through a new agreement was an important demonstration of our technological expertise. The collaboration has provided us with significant support for the development of a new product generation, strengthening the segment's long-term growth potential.
In the Engineering Services Business Segment, we focused on renewing our offering and shifted our sales focus to the high-potential defense market. We started a collaboration with Edge Impulse, part of Qualcomm, and launched a new embedded AI offering. This ensures that our product development service offers our customers smarter, faster and continuously evolving technology utilizing AI.
Last year, we celebrated the company's 40th anniversary together with customers, partners, personnel and owners. Once again, I would like to express my warm thanks to all our stakeholders for their long-term cooperation in achieving common goals, perseverance and strong trust. These have enabled us to develop and grow. I would also like to express my thanks and appreciation to our personnel, who have enabled modern technological innovations driving the international growth. You have done a great job and Bittium is now in an excellent position to continue its growth in line with our strategy well into the future.
Outlook for 2026
Bittium estimates the net sales in 2026 to be EUR 140-155 million (EUR 119.3 million in 2025) and operating profit to be EUR 26-32 million (EUR 19.4 million in 2025). The operating result will be affected by depreciations related to the license income received in 2026.
Net sales and operating profit are expected to be weighted toward the second half of 2026. The timing of net sales and operating profit between quarters may be significantly influenced by individual orders or deliveries.
Additional information on Bittium's market outlook can be found in the sections describing the development of the Business Segments and on the company's website at www.bittium.com.
Invitation to a Press Conference
Bittium will hold a webcast regarding the Financial Statement Bulletin 2025 for media, analysts and institutional investors on Thursday, 19 February 2026, at 9.00 am (CET+1). The webcast will be held in English.
Link to the webcast: https://bittium.events.inderes.com/q4-2025
Recording the webcast and the presentation will be available after the conference on Bittium's website at www.bittium.com/investors.
Oulu, Finland, 19 February 2026
Bittium Corporation
The Board of Directors
Further Information:
Petri Toljamo
CEO
Tel. +358 40 344 2789 (group communications)
Karoliina Malmi
Vice President, Communications & Sustainability
Tel. +358 40 344 2789
Distribution
NASDAQ Helsinki
Main media
Bittium
Bittium specializes in the development of reliable, secure communications and connectivity solutions leveraging its 40-year legacy of expertise in advanced radio communication technologies. Bittium provides innovative products and services, customized solutions based on its product platforms and R&D services. Complementing its communications and connectivity solutions, Bittium offers proven information security solutions for mobile devices and portable computers. Bittium also provides healthcare technology products and services for biosignal measuring in the areas of cardiology and neurophysiology. Net sales in 2025 were EUR 119.3 million and operating profit EUR 19.4 million. Bittium is listed on Nasdaq Helsinki. www.bittium.com
