Realfiction Holding AB ("Realfiction" or the "Company") announces that the Year-End Report for 1 January - 31 December 2025 is now available. The full report is attached as a separate document and can also be downloaded from the Company's website (www.realfiction.com/investor-financial-reports). A printed copy can be ordered via investor@realfiction.com. Below is a brief summary of the Year-End Report, including updates on the financial runway.
Important key information after the end of the period:
• Early repayment of loan of MSEK 2 required by lender in April following a covenant-related event linked to the Company's market capitalisation.
• Risk that similar early repayment may arise on up to two additional occasions during the summer and autumn.
• Financial runway until late summer 2026 including the impact of the early repayment in April and a further potential early repayment during the summer.
• Grant Thornton engaged as financial advisor with a mandate to find strategic buyers, partnerships, licensing arrangements, or other transaction structures involving the Company's technology platform.
Important key information and figures:
• 64% decrease in total revenue in Q4-2025 compared to Q4-2024
• Solvency ratio of 67% at 31 December 2025 compared to 58% at 31 December 2024
Grant Thornton engaged as financial advisor: On February 24th, the Company's Board of Directors initiated a strategic review process to strengthen the commercialisation of it's Directional Pixel Technology (DPT). On March 17th, the Company announced that Grant Thornton had been engaged to evaluate a range of alternatives to accelerate the commercialisation of DPT. These alternatives may include strategic buyers, partnerships, licensing arrangements, or other transaction structures involving the Company's technology platform.
Early repayment of loan of MSEK 2: The Company has recently been notified by its lender that, in accordance with the terms of its loan agreement, an early repayment of MSEK 2 is required in April, following a covenant-related event linked to the Company's market capitalisation. The Company has been engaged in dialogue with its lender, including efforts to obtain a waiver, but the lender has decided to enforce the repayment requirement.
There is a significant risk that similar requirements may arise on up to two additional occasions during the summer and autumn.
Financial runway: In response to the covenant-related event described above, the Board and Management have reassessed the Company's liquidity position and cash flow forecast for 2026. The Company's current cash resources are expected to support operations until late summer 2026, including the impact of the early repayment in April and a further potential early repayment during the summer.
As a result, the Company is pursuing near-term measures to strengthen its financial position and address the resulting funding requirement for 2026, to allow the ongoing process with Grant Thornton to identify the right solution for the commercialisation of DPT. However, no agreement has been reached at this time, and there can be no assurance that such measures will be successful within the required timeframe. This has a material impact on the Company's short-term liquidity outlook.
Going concern basis: The financial runway circumstances indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. Nevertheless, the Board and Management consider the going concern basis of preparation to be appropriate. This assessment is based on the Company's cash flow forecasts and the ongoing efforts to secure sufficient liquidity through the measures described above.
During and after the period, Realfiction experienced the following development in its business:
Directional Pixel TechnologyTM ("DPT"): The Company continues to advance its Directional Pixel Technology platform, with the latest 4-inch demonstrator successfully showcasing multi-user functionality, enabling multiple viewers to experience different 3D or 2D content simultaneously without loss of resolution. Feedback from industry participants has been encouraging, particularly regarding depth perception, "pop-out" effects and the ability to deliver individualised viewing experiences.
The Company is progressing its development roadmap, including preparations for a 7-inch demonstrator, while continuing its scaling roadmap. In parallel, discussions with potential partners and licensees continue as part of the commercialisation process. These activities are closely linked to the Company's ongoing strategic review, which is focused on identifying the most effective pathways to bring DPT to market.
Legacy display sales: Legacy display sales contributed positively to liquidity during the quarter. The Company is transitioning this business towards a more asset-light model based on licensing, with the aim of continuing revenue generation without tying up capital in inventory and production. Discussions with potential partners are ongoing.
CEO Clas Dyrholm comments: "While we are addressing near-term funding requirements, we continue to see strong progress in our DPT platform and remain focused on bringing the technology to market through the right partnerships."
We highlight the following key figures from the Year-End Report:
Q4 2025 (1 October - 31 December 2025)
• Revenue: TSEK 1,652 (Q4-2024: TSEK 4,573)
• Gross profit: TSEK 758 (Q4-2024: TSEK 3,001)
• Gross profit margin: 45.9% (Q4-2024: 65.6%)
• Result after financial items: TSEK -6,596 (Q4-2024: TSEK -5,827)
• Earnings per share: SEK -0.07 (Q4-2024: -0.07)
• Cash flow from operating activities: TSEK -710 (Q4-2024: TSEK 6,034)
• Equity: TSEK 48,466 (Q4-2024: TSEK 51,790)
Q1-Q4, 2025 (1 January - 31 December 2025)
• Revenue: TSEK 4,264 (Q1-Q4, 2024: TSEK 18,619)
• Gross profit: TSEK 2,303 (Q1-Q4, 2024: TSEK 13,658)
• Gross profit margin: 54.0% (Q1-Q4, 2024: 73.4%)
• Result after financial items: TSEK -30,112 (Q1-Q4, 2024: TSEK -22,798)
• Earnings per share: SEK -1,18 (Q1-Q4, 2024: -0.93)
• Cash flow from operating activities: TSEK -19,711 (Q1-Q4, 2024: TSEK -9,551)
• Equity: TSEK 48,466 (Q1-Q4, 2024: TSEK 51,790)
For more information about Realfiction Holding AB, please contact:
Clas Dyrholm, founder and CEO
Telephone: +45 25 22 32 81
Email: clas@realfiction.com
www.realfiction.com
Certified Adviser
Mangold Fondkommission AB is the company's Certified Adviser and can be contacted via ca@mangold.se or +46 8 503 015 50.
This information is information that Realfiction 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 2026-03-31 23:45 CEST.
About Realfiction Holding AB
Founded in Denmark in 2008, Realfiction is a provider of cutting-edge 3D display technologies designed for tomorrow's needs, featuring technological breakthroughs with its Directional Pixel Technology for LCD, OLED and microLED. These technologies support a wide range of use cases, including enhancing driving safety, medical imaging, immersive gaming and entertainment, digital signage, as well as applications in architecture, engineering, and design. The Company offers a comprehensive intellectual property portfolio tailored for OEMs and Tier-1 partners involved in developing and marketing displays for markets and industries requiring high-resolution multistereoscopic displays. All technologies are ready for licensing, and Realfiction is actively pursuing commercial licensing agreements and partnerships to pave the way to mass production. Realfiction's IP portfolio comprises 15 patent families and registered trademarks, including patent applications filed in multiple countries. Realfiction Holding AB's shares are publicly traded on Nasdaq Stockholm First North under the symbol "REALFI", with the share's ISIN code being SE0009920994.
