Modulight Corporation | Company Release | February 20, 2026 at 11:00:00 EET
This release is a summary of Modulight's financial statements bulletin 2025. The whole report is attached to this stock exchange release as a pdf file, and is also available on the Modulight website at https://modulight.com/reports-presentations/.
The figures in brackets refer to the corresponding period of the previous year. This financial statement bulletin is unaudited.
Hghlights in October-December 2025
- Projects in the product development pipeline progressed - PPT in use in 80 hospitals and patient recruitment for clinical trials has progressed slightly faster than expected
- Free cash flow from operations was EUR -538 (-2,513) thousand
- Revenue was EUR 1,736 (1,431) thousand
- EBITDA was EUR 641 (-1,023) thousand
- EBITDA margin was 37.0 (-71.5) % of revenue
- Operating profit (EBIT) was EUR -787 (-2,204) thousand
- EBIT margin was -45.4 (-154.0) % of revenue
- Earnings per share (EPS) were EUR -0.02 (-0.02)
Highlights in 2025
- The total number of R&D projects at the end of the year was 33 (30)
- Revenue was EUR 7,069 (4,095) thousand
- EBITDA was EUR -168 (-4,836) thousand
- EBITDA margin was -2.4 (-118.1) % of revenue
- Operating profit (EBIT) was EUR -4,648 (-8,337) thousand
- EBIT margin was -65.8 (-203.6) % of revenue
- Earnings per share (EPS) were EUR -0.11 (-0.15) thousand
- Board of Directors proposes no dividend to be distributed for the 2025 financial year
Key figures
| Group EUR 1,000 unless otherwise noted | 10-12/2025 | 10-12/2024 | 7-12/2025 | 7-12/2024 | 1-12/2025 | 1-12/20241) |
| Revenue | 1,736 | 1,431 | 3,500 | 2,071 | 7,069 | 4,095 |
| EBITDA | 641 | -1,023 | 457 | -2,301 | -168 | -4,836 |
| EBITDA-% | 37.0% | -71.5% | 13.1% | -111.1% | -2.4% | -118.1% |
| Operating result (EBIT) | -787 | -2,204 | -2,008 | -4,312 | -4,648 | -8,337 |
| Operating result (EBIT) -% | -45.4% | -154.0% | -57.4% | -208.2% | -65.8% | -203.6% |
| Earnings for the period | -651 | -659 | -1,879 | -2,627 | -4,604 | -6,447 |
| Earnings per share (EPS, EUR) | -0.02 | -0.02 | -0.04 | -0.06 | -0.11 | -0.15 |
| Acquisition of fixed and intangible assets | -1,179 | -1,490 | -2,071 | -2,362 | -4,311 | -4,900 |
| Free cash flow from operating activities | -538 | -2,513 | -1,614 | -4,663 | -4,479 | -9,736 |
| Cash and cash equivalents2) | 9,653 | 17,407 | 9,653 | 17,407 | 9,653 | 17,407 |
| Net debt2) | -6,862 | -12,864 | -6,862 | -12,864 | -6,862 | -12,864 |
| Gearing ratio2) | -15.3% | -26.1% | -15.3% | -26.1% | -15.3% | -26.1% |
| Equity ratio2) | 90.9% | 87.5% | 90.9% | 87.5% | 90.9% | 87.5% |
| Headcount (FTE)2) | 63 | 66 | 63 | 66 | 63 | 66 |
1) Audited
2) Figure refers to the end of the review period
Outlook for 2026
Most of Modulight's customer projects are various types in the early stages of development. These projects are focused on commercializing Modulight's own products. In line with its strategy, Modulight is also transitioning from device delivery-based payments to a new treatment session-based payment model (PPT business model). The progress of individual projects is difficult to predict, and macroeconomic and geopolitical uncertainty continues to impact market development. As a result, forecasting revenue is challenging, and Modulight does not provide guidance on revenue or profitability for the year 2026.
Seppo Orsila, CEO
Revenue and profitability continued to improve in line with our strategy. The acceleration in customer activity that began in the summer continued through the turn of the year, and our traditionally important marketing events in January were exceptionally successful. Cancer and eye treatments are progressing well, and additional opportunities for our products have been identified in other high value-added applications. Some of our customers have moved into small-scale production, and the "ramp-up" is progressing, albeit slowly. EBITDA developed in the right direction during the year, reaching 37 % in the fourth quarter. We consider the development of EBITDA to be good, although the level is not yet satisfactory.
Revenue in the fourth quarter was EUR 1.7 million, representing an increase of 21 % compared to the corresponding period in 2024. Full-year revenue grew by 73 % compared to the previous year. This development was supported by the diversification of the customer portfolio as well as the progress and increased number of projects. I am pleased that our business has now grown for five consecutive quarters. At the same time, we achieved the highest percentage annual growth in our history and significantly improved our profitability.
In the current global situation, our own production facility is an increasingly important competitive advantage. This is reflected in a positive momentum both in discussions with pharmaceutical companies and in negotiations with customer accounts for other high value-added applications. Our technology and unique manufacturing capabilities located in Europe have clearly gained our customers' trust in their development choices for future products. Most of our projects are such that the customer, in practice, makes a long-term commitment to us as their sole technology partner. The United States remains the company's primary focus, and our operations are developing strongly there. We have continued to develop local manufacturing. We see opportunities particularly in flow cytometry, microscopy, semiconductor industry, quantum technology, and the defense industry. In all these sectors, we have globally significant companies as customers.
Our EBITDA rose to 37 % during the quarter and improved by 163 %, amounting to EUR 0.6 (-1.0) million. Correspondingly, the operating profit improved by 64 %, standing at EUR -0.8 (-2.2) million. Looking at both the figures for this quarter and the full year, it can be observed that revenue growth has bolstered the result. We have analysed the profitability of our more mature products and noted that the gross margin is developing in the right direction. On one hand, this is an indication of the effectiveness of our investments, and on the other hand, it reinforces our view on the scalability of the business. Profitability has also been significantly improved by increased synergy between different customer accounts and products, as the same platforms are used across more customer cases, making the required configuration more streamlined and less intensive.
During Q3, we noted that the PPT business now generates more from certain products than the old business model would yield even if we resold the entire installed base every year. The positive development continued in Q4, and as a result, our PPT revenue achieved strong triple-digit annual growth compared to 2024. In absolute terms, our PPT revenue exceeded one million euros in 2025. This is a new milestone in the development of our new business model, although still a small figure in absolute terms. However, more significant than the numbers in the PPT area are the signals of several customers' willingness to transition to our technology, the scaling plans of existing customers, and the development of clinical trials, which in some cases has been faster than expected compared to a year ago.
The goal of our projects is the commercialization of our own products. Our R&D pipeline grew to 33 projects. The amount of positive customer feedback has continued to grow, and we have also gained new business opportunities through customer referrals. There are now 80 hospitals in the PPT business, and we are approaching the milestone of 1,000 treated ophthalmic patients this year.
The objective of our strategy period 2023-2025 was a return to strong and profitable growth. The record revenue growth of 73 % in 2025 can be considered a success, but in terms of profitability, we are not yet at the target level, even though we have progressed in the right direction. We believe our growth strategy is on the right track, but we still need a little more time. We have streamlined our operations and paid special attention to the sufficiency of our cash resources.
Our goal is to continue the positive development in 2026. The company has earlier today published its updated strategy and financial targets.
Board of Directors' proposal on the use of distributable funds
The distributable equity of the Group's parent company, Modulight Corporation, on December 31, 2025, was EUR 33,091 (38,945) thousand. The company's Board of Directors proposes to the Annual General Meeting that no dividend be paid for the financial year 2025.
Financial reporting in 2026
In 2026, Modulight will publish its financial reports as follows:
- Q1 2026 Interim Report (January-March 2026): April 24, 2026
- H1 2026 Half-Year Report (January-June 2026): August 21, 2026
- Q3 2026 Interim Report (January-September 2026): October 23, 2026
Webcast
Modulight's CEO Seppo Orsila will present the result and the updated strategy in an English-language webcast, which will be held on February 20, 2026, at 12:00 p.m. EET. The registration and access to the webcast are available through the following link: https://modulight.zoom.us/webinar/register/WN_sieeVYahT7CaTM4S-Crtlg
Questions can be submitted in writing through the webcast portal. CFO Anca Guina will also be present to answer questions. Presentation materials will be available before the start of the event on the company's website at https://modulight.com/reports-presentations/.
For further information, please contact:
CEO Seppo Orsila, m. +358 40 830 4671
IR Ulla Haapanen, m. +358 40 830 4676
Email: ir@modulight.com
Certified adviser: Sisu Partners Oy, m. +358 40 555 4727
modulight.com
@modulight
Modulight in brief
Modulight Corporation is a life science company that designs and manufactures laser devices for the treatment of cancer and eye diseases. The company also manufactures products for other high value-add applications including flow cytometry, microscopy, semiconductor, quantum technologies, and defense. The company's products include medical devices, subsystems, software, cloud services, and specialized semiconductors. Modulight's products are used worldwide by many Fortune 500 companies, pharmaceutical companies, and well-known cancer centers and universities. Modulight was founded in 2000 and is headquartered in Tampere, Finland.
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