Q4 & FULL YEAR REPORT 2025
FOURTH QUARTER HIGHLIGHTS
Revenue of USD 23.2 million, an increase of 37.7% in Q4 2025 vs Q4 2024
Gross margin of 46.1% including one-off inventory adjustments and write-offs
Very strong EBITDA of USD 3.6 (2.4) million
Operating profit (EBIT) of USD 2.8 (1.8) million, equivalent to an operating margin of 11.9% (10.8%)
Strong operating cash flow of USD 6.8 (0.2) million in Q4
All time high revenues in quarter, continued strong underlying demand in market
US leading the way, with strong growth in all business areas
Strong growth in Business Area Devices in the quarter
FULL YEAR HIGHLIGHTS
Strong growth 2025 of 35.6%, driven by a increasing underlying demand in the market, resulting in a revenue of USD 75.3 million
A stable gross margin of 47.8% compared to 48.1% in 2024
EBITDA of USD 9.7 (5.6) million equvivalent to a EBITDA margin of 12.9% (10.1%), 13.9% adjusted for non-re-curring cost related to uplisting in Q3
Operating profit (EBIT) of USD 6.8 (3.3) million, equivalent to an operating margin of 9.0% (5.9%)
Operating cash flow of USD 8.5 (6.4) million in 2025
Good progress in large account strategy and revenue generated from AI infrastructure
Sucessful uplisting to Euronext Oslo main board
The Board intends to propose a dividend of 0.60 NOK per share
Amounts in USD 1,000
2025 Q4
2024 Q4
Change
2025
2024
Change
Oct - Dec
Oct - Dec
Jan - Dec
Jan - Dec
Revenue
23 242
16 874
37.7%
75 269
55 508
35.6%
Gross profit
10 709
8 271
29.5%
35 988
26 724
34.7%
Gross margin
46.1%
49.0%
-2.9 p.p
47.8%
48.1%
-0.3 p.p
EBITDA
3 559
2 437
46.1%
9 720
5 582
74.1%
EBITDA margin
15.3%
14.4%
0.9 p.p
12.9%
10.1%
2.9 p.p
Operating profit (EBIT)
2 756
1 821
51.3%
6 785
3 289
106.3%
Operating margin (EBIT margin)
11.9%
10.8%
1.1 p.p
9.0%
5.9%
3.1 p.p
Profit & loss for the period
2 806
2 264
23.9%
4 684
4 042
15.9%
Basic earnings per share NOK
0.289
0.260
11.2%
0.477
0.450
6.1%
Diluted earnings per share NOK
0.289
0.260
11.2%
0.477
0.450
6.2%
Basic earnings per share USD
0.029
0.023
23.9%
0.048
0.041
15.7%
Diluted earnings per share USD
0.029
0.023
23.9%
0.048
0.041
15.7%
Operating cash flow
6 811
211
8 530
6 386
Employees (FTEs)
140
131
9
134
123
11
2 | Q4 Report 2025
Q4 & FULL YEAR REPORT 2025 CONTINUEDGEOGRAPHICAL SPLIT Q4 2025
5.5%
GEOGRAPHICAL SPLIT 2025
8.0%
37.0%
57.4%
33.2%
58.8%
Americas EMEA APAC
Americas EMEA APAC
BUSINESS AREA SPLIT Q4 2025 REVENUE & EBITDA LAST FIVE QUARTERS
13.9%
MUSD
25
20
14.4%
15
16.9
8.4%
14.4
13.7%
18.7 19.0
23.2
50 %
15.3%
40 %
30 %
27.4%
10
58.7%
5
20 %
12.6%
10 %
0
Q4 2024
Q1 2025
Q2 2025
Q3 2025
0 %
Q4 2025
Solutions Devices Software & Services
Revenue EBITDA margin
3 | Q4 Report 2025
CEO COMMENTS2025 has been a phenomenal year for Smartoptics. We delivered strong growth, improved profitability, and meaningful strategic progress, closing the year with record fourth-quarter revenues and continued strong momentum across our key markets. This performance confirms the strength of our scalable business model and our relevance in a market increasingly shaped by data center investments and the rapid build-out of AI infrastructure.
Q4 2025 marked an all-time high in quarterly revenues, reaching USD 23.2 million, up 37.7% from the same period in 2024. Gross margin was 46.1%, down from 49.0% in Q4 2024, while EBITDA increased to 15.3% from 14.4%. Demand accelerated through the quarter, and we saw strong growth across all product areas, with Optical Devices delivering a record performance of USD 6.4 million, following leadership change and investments.
Excluding non-recurring uplisting costs incurred earlier in the year, full-year 2025 profitability came in line with our long-term targets. EBITDA margin reached 12.9%, up from 10.1% in 2024, fully absorbing the cost of our uplisting to the main board of Euronext Oslo Børs.
A key driver of our 2025 performance has been continued progress in our large-account strategy, with further momentum in Q4. We secured orders from major customers in both EMEA and the US, including regional operators, neo-scalers focused on AI workloads, and Internet Content Providers expanding their data center interconnect capacity. These wins validate our strategic focus and confirm that Smartoptics' open,
cost-efficient, and software-driven solutions are well-po-sitioned for the next phase of network modernization.
Geographically, the US market continued to perform strongly in Q4, supported by growing investments from Communication Service Providers and Internet Content Providers. We also saw encouraging quarter-over-quar-ter growth in EMEA during the second half of the year, signaling improving market conditions in Europe and increased traction among large accounts. APAC remained more project-driven. Our customer base continues to expand, with new customers accounting for more than 15% of invoiced customers in 2025, while retention remains high, underscoring the long-term value we create.
Magnus Grenfeldt, CEO Smartoptics Group AS
We are particularly pleased to see broad-based growth across Solutions and Software & Services. This reflects the success of our new-generation products launched in 2024 and 2025, as well as our growing ability to deliver complete solutions that combine high-perfor-mance hardware with software automation and operational efficiency. Investments in our products and software platforms will increase in the coming years.
Beyond financial performance, 2025 was also strategically important. Our uplisting to the main board of Euronext Oslo Børs has increased our visibility, improved liquidity in the share, and broadened our investor base. We also strengthened our organization to support continued growth while maintaining cost discipline and a strong balance sheet.
Although we remain disciplined in our outlook, the long-term fundamentals in our market are increasingly attractive. Demand for bandwidth continues to grow, and AI is accelerating the need for scalable, high-capacity optical networks across data center, metro, and regional environments.
4 | Q4 Report 2025
CEO COMMENTS CONTINUEDAgainst this backdrop, we have established a clear roadmap for 2026-2030, with the ambition to grow market share two to three times in relevant segments and deliver an EBIT margin of 13-16 percent, driven by scalability, software leverage, and operational efficiency.
Our priorities going forward are clear:
Continue strengthening our position with large accounts, including major operators and hyperscalers
Expand selectively in emerging markets
Leverage software automation and AI to increase efficiency and unlock new revenue streams
I would like to thank our customers for their trust, our partners for their collaboration, and our employees for their dedication and execution throughout 2025. Smartoptics enters 2026 with strong momentum, a solid financial foundation, and a clear strategic direction.
We remain confident in our ability to deliver profitable growth over the coming years.
For further information, please contact:
Magnus Grenfeldt, CEO Phone: +46 733 668 877
E-mail: magnus.grenfeldt@smartoptics.com
5 | Q4 Report 2025
FINANCIAL REVIEWQ4 2025
REVENUE
Revenue increased by 37.7% in Q4 2025 to USD 23.2 million compared to USD 16.9 million in Q4 2024, mainly related to strong Solutions sales in EMEA and continued strong sales in the Americas.
Revenue in the Americas increased by 94.1% to USD 13.3 (6.9) million. Revenue in EMEA increased by 2.5% to USD
8.6 (8.4) million. In APAC, revenue decreased by 19.6% to USD 1.3 (1.6) million.
Revenue split by business area for the quarter was Solutions 58.7% (61.0%), Devices 27.4% (23.7%) and Software &
Services 13.9% (15.3%).
GROSS PROFIT
Gross profit in Q4 2025 amounted to USD 10.7 (8.3) million, corresponding to a gross margin of 46.1% (49.0%). The decrease in margin was primarily driven by inventory reserves, write-offs, and other inventory-related one-off items.
OPERATING EXPENSES
Employee benefit expenses amounted to USD 5.7 (4.2) million in Q4 2025. The average number of employees (FTE) increased from 131 to 140 during the same period. The increase was primarily due to new hires, inflation, variable salary and movements in the USD exchange rate. Other operating expenses amounted to USD 1.5 (1.6) million.
EBITDA AND OPERATING PROFIT
EBITDA amounted to USD 3.6 (2.4) million in Q4 2025, corresponding to an EBITDA margin of 15.3% (14.4%). The improvement compared to last year was driven by higher revenue, despite a lower gross margin, supported by a reduced OPEX share of revenue.
Operating profit amounted to USD 2.8 (1.8) million, representing an operating margin of 11.9% (10.8%).
NET FINANCIAL ITEMS
Interest payments and foreign exchange gains/-losses are the main components of Net financial items.
The group benefits from a natural hedge, as both revenue and direct cost of sales are largely USD-denominated.
CASH FLOW
Operating cash flow amounted to USD 6.8 (0.2) million in Q4 2025, mainly reflecting strong operating profit, a de-
crease in inventory, and a net decrease in other working capital items.
Net cash flow for the quarter was USD 5.7 (-0.2) million, resulting in a closing cash balance of USD 7.3 million at the end of the period.
BORROWINGS
The Group has two loans from Innovasjon Norge totaling USD 0.3 million. The loans are repaid on a quarterly basis and will be fully repaid by Q3 2026.
In addition, the Group has a credit facility with Nordea amounting to NOK 75 million (USD 7.4 million) a and a current loan of less than USD 0.1 million, which is scheduled to be fully repaid by Q2 2026. As of December 31, 2025, the credit facility with Nordea was not utilized.
CURRENCY
The Group experienced increased foreign exchange volatility during the past year. The impact was mainly reflected in employee benefit expenses.
The Group's market is largely USD-denominated, as both component purchases and product sales are predominantly conducted in USD, while more than half of employee benefit expenses and other operating expenses are incurred in SEK. This currency mix exposes the Group to fluctuations primarily between USD and SEK.
OUTLOOK
For the period 2026-2030, the Group has a target to increase the market share within relevant markets by two to three times. With the scalable business model and further efficiency improvements, the Group targets an operating margin in the range of 13-16 percent.
DIVIDEND POLICY
When proposing a dividend for a financial year, the Board of Directors will seek a stable to growing dividend, and consider Smartoptics' financial position, one-off items, growth trajectory, investment plans, flexibility, financial targets and covenants.
DIVIDEND PROPOSAL
The Board of Directors intends to propose a dividend of NOK 0.60 per share at the upcoming Annual General Meeting. The final decision will be made by the shareholders' meeting.
6 | Q4 Report 2025
FINANCIAL STATEMENTSOther operating expenses | 1 495 | 1 588 | 6 109 | 4 985 | |
Total operating expenses | 19 683 | 14 437 | 65 549 | 49 925 | |
Depreciation | 7 | 644 | 538 | 2 372 | 1 976 |
CONSOLIDATED PROFIT AND LOSS STATEMENT
Consolidated statement of profit or loss | 2025 Q4 | 2024 Q4 | 2025 | 2024 | ||
Amounts in USD 1.000 | Notes Oct - Dec | Oct - Dec | Jan - Dec | Jan - Dec | ||
Revenue from contracts with customers | 1,2 23 242 | 16 787 | 75 269 | 55 394 | ||
Other operating income | - | 87 | 0 | 114 | ||
Total revenue and other operating income | 1,2 23 242 | 16 874 | 75 269 | 55 508 | ||
Direct cost of sales | 12 533 | 8 603 | 39 281 | 28 783 | ||
Employee benefit expenses 5 656 4 246 20 159 16 157 | ||||||
Amortization of intangible assets 7 160 77 563 318 | ||||||
Total depreciation and amortization | 7 803 | 616 | 2 935 | 2 293 | ||
Operating profit/(loss) | 2 756 | 1 821 | 6 785 | 3 289 | ||
Financial income | 4 21 | 312 | 184 | 315 | ||
Financial expenses | 4 -64 | -67 | -237 | -310 | ||
Net foreign exchange gains (losses) | 4 771 | 900 | -739 | 2 084 | ||
Net financial items | 4 728 | 1 144 | -792 | 2 090 | ||
Profit/(loss) before income tax | 3 484 | 2 965 | 5 993 | 5 379 | ||
Income tax | -678 | -701 | -1 309 | -1 337 | ||
Earnings per share in USD | ||||||
Basic earnings per share | 0.029 | 0.023 | 0.048 | 0.041 | ||
Diluted earnings per share | 0.029 | 0.023 | 0.048 | 0.041 | ||
Weighted average number of shares | ||||||
Basic | 98 045 518 | 98 045 518 | 98 045 518 | 97 599 464 | ||
Diluted | 98 045 518 | 98 045 518 | 98 045 518 | 97 876 052 | ||
Consolidated statement of comprehensive income | ||||||
Profit/(loss) for the year 2 806 | 2 264 | 4 684 | 4 042 | |||
Other comprehensive income: | ||||||
Items that might be subsequently reclassified to profit or loss: Exchange differences on translation of foreign operations | -312 | 42 | -449 | -117 | ||
Item that are not reclassified to profit or loss: | ||||
Exchange differences on translation to another presentation | -252 | -1 797 | 3 234 | -3 177 |
currency | ||||
Total comprehensive income for the year | 2 241 | 510 | 7 469 | 748 |
Owners of the parent company 2 241 510 7 469 748
Total comprehensive income is attributable to:
7 | Q4 Report 2025
CONSOLIDATED STATEMENT FINANCIAL POSITION
Consolidated statement of financial position | 31.12.2025 | 31.12.2024 | |
Amounts in USD 1.000 | Notes | ||
Assets | |||
Non-current assets | |||
Intangible assets | 3,7 | 2 852 | 1 914 |
Property, plant and equipment | 6,7 | 3 720 | 3 006 |
Right-of-use assets | 621 | 1 205 | |
Deferred tax assets 1 883 955 | |||
Total non-current assets 9 076 7 080 | |||
Current assets | |||
Inventories | 18 668 | 12 615 | |
Trade receivable | 18 718 | 19 864 | |
Other current assets | 2 315 | 1 374 | |
Cash and cash equivalents | 7 337 | 7 972 | |
Total current assets 47 039 41 826 | |||
Total assets 56 114 48 906 | |||
Equity and liabilities | |||
Equity | |||
Share capital | 195 | 173 | |
Share premium | 14 779 | 13 121 | |
Other paid in capital | - | - | |
Foreign currency translation reserves | - 156 | 294 | |
Retained earnings 15 446 14 866 |
Total equity 30 264 28 454 |
Non-current liabilities | |||
Lease liabilities (non-current portion) | 251 | 277 | |
Contract liabilities (non-current portion) | 2 | 5 614 | 4 939 |
Borrowings (non-current portion) | - | 539 | |
Total non-current liabilities 5 865 5 755 | |||
Current liabilities | |||
Lease liabilities (current portion) | 411 | 730 | |
Trade payable | 5 630 | 5 048 | |
Contract liabilities (current portion) | 2 | 7 160 | 4 030 |
Tax payable | 1 661 | 1 118 | |
Public duties payable (VAT, Tax) | 1 006 | 1 057 | |
Other current liabilities | 4 116 | 2 713 | |
Total current liabilities | 19 985 | 14 697 |
Total liabilities | 25 850 | 20 451 |
Total equity and liabilities | 56 114 | 48 906 |
8 | Q4 Report 2025
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Consolidated statement of changes in equity | Share capital | Share premium | Other paid in capital | Translation difference reserves | Retained earnings | Total equity |
Amounts in USD 1.000 | ||||||
Equity at 1 January 2024 | 189 | 12 404 | 20 | 411 | 17 023 | 30 048 |
Profit/(loss) for the period | 4 042 | 4 042 | ||||
Exchange differences on translation of foreign operation -117 -117
Exchange differences on translation to another presentation currency | -20 | -1 387 | 0 | -1 768 | -3 176 | |
Total comprehensive income/(loss) for the period | -20 | -1 387 | 0 | -117 | 2 274 | 749 |
Isssuance of ordinary shares | 3 | 2 104 | 2 107 |
Reclassification -20 20 0 | |||
Dividend | -4 449 | -4 449 | |
Equity at 31 December 2024 | 173 | 13 121 | 0 | 293 | 14 867 | 28 454 |
Equity at 1 January 2025 | 173 | 13 121 | 0 | 293 | 14 867 | 28 454 |
Profit/(loss) for the period | 4 684 | 4 684 | ||||
Exchange differences on translation of foreign operation -449 -449
Exchange differences on translation to another presentation currency | 22 | 1 658 | 0 | 1 554 | 3 234 | |
Total comprehensive income/(loss) for the period | 22 | 1 658 | 0 | -449 | 6 238 | 7 469 |
Dividend | -5 660 | -5 660 | ||||
Equity at 31 December 2025 | 195 | 14 779 | 0 | -156 | 15 446 | 30 264 |
*The currency translation differences arising from the translation to the presentation currency is not included as a translation differences reserves, but presented as part of the different categories of the equity. These translation differences cannot be recycled through profit and loss.
9 | Q4 Report 2025
CONSOLIDATED CASH FLOW STATEMENT
Consolidated cash flow statement | 2025 Q4 | 2024 Q4 | 2025 | 2024 | |
Amounts in USD 1.000 | Notes | Oct - Dec | Oct - Dec | Jan - Dec | Jan - Dec |
Cash flows from operating activities | |||||
Profit/(loss) before income tax | 3 484 | 2 965 | 5 993 | 5 379 | |
Adjustments for: | |||||
Taxes paid | -164 | -1 214 | -1 303 | -1 214 | |
Depreciation and amortization | 7 | 803 | 616 | 2 935 | 2 293 |
Net interest expense | 43 | -9 | 53 | -9 | |
Change in inventory | 1 357 | 1 944 | -6 054 | 1 584 | |
Change in trade receivable | 307 | -5 124 | 1 146 | -2 911 | |
Change in contract liabilities (deferred revenue) | 1 645 | 1 476 | 3 805 | 2 407 | |
Change in trade payable | -381 | 881 | 582 | 565 | |
Change in other current assets and other liabilities | 5 | -303 | -1 620 | 1 189 | -2 003 |
Interest received | 21 | 315 | 184 | 315 |
Net cash from operating activities | 6 811 | 229 | 8 530 | 6 404 |
Cash flows from investing activities | ||||
Payment for property, plant and equipment | -452 | -84 | -1 699 | -1 729 | |
Payment for development cost | 7 | -243 | 77 | -897 | -1 039 |
Payment for other intangible assets | - | - | -330 | - | |
Net cash from investing activities | -695 | -7 | -2 923 | -2 768 | |
Cash flows from financing activities | |||||
Proceeds from issuance of ordinary shares | - | - | - | 2 107 | |
Dividend | - | - | -5 660 | -4 449 | |
Repayment of borrowing | -143 | -115 | -457 | -514 | |
Paid interest | -64 | -115 | -237 | -306 | |
Repayments of lease liabilities | -243 | -131 | -934 | -723 | |
Net cash from financing activities | -449 | -360 | -7 287 | -3 886 | |
Net increase/(decrease) in cash and cash equivalents | 5 667 | -138 | -1 681 | -250 | |
Cash and cash equivalents beginning of period | 1 660 | 8 963 | 7 972 | 9 321 |
Effects of exchange rate changes on cash and cash equivalents | 12 | -835 | 1 045 | -1 082 |
Cash and cash equivalents end of period | 7 337 | 7 972 | 7 337 | 7 972 |
10 | Q4 Report 2025
SHARE INFORMATION
Total number of shares 98 045 518 100.00 %
TABLE OF THE 20 LARGEST SHAREHOLDERS AS 30TH OF SEPTEMBER 2025
# | Shareholders | Holding | Stake |
1 | Coretech AS | 28 883 599 | 29.46 % |
2 | Kløvingen AS | 14 750 429 | 15.04 % |
3 | K-Spar Industrier AS | 6 500 000 | 6.63 % |
4 | DNB Asset Management | 4 852 867 | 4.95 % |
5 | Handelsbanken Fonder | 3 658 000 | 3.73 % |
6 | Janus Henderson Investors | 3 583 666 | 3.66 % |
7 | Altitude Capital AS | 2 700 000 | 2.75 % |
8 | Mirabaud Asset Management | 2 694 753 | 2.75 % |
9 | Avanza Bank AB | 2 650 670 | 2.70 % |
10 | Nordnet Bank AB | 1 930 990 | 1.97 % |
11 | Toluma Norden AS | 1 713 625 | 1.75 % |
12 | Danske Invest | 1 466 466 | 1.50 % |
13 | Schroders | 1 402 462 | 1.43 % |
14 | Magnus Grenfeldt | 1 257 489 | 1.28 % |
15 | Folketrygdefondet | 1 138 912 | 1.16 % |
16 | Rasmussengruppen AS | 1 050 000 | 1.07 % |
17 | John Even Øveraasen | 1 000 000 | 1.02 % |
18 | Varner AS | 963 391 | 0.98 % |
19 | AS Straen | 963 391 | 0.98 % |
20 | Jakob Greger Gravdal | 950 000 | 0.97 % |
Others | 13 934 808 | 14.21 % |
11 | Q4 Report 2025
NOTES GENERALThese interim condensed consolidated financial statements for the period ended 31 December 2025, have been prepared in accordance with IAS 34 Interim Financial Reporting and are unaudited. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements for 2024, prepared in accordance with International Financial Reporting Standards (IFRS). The same accounting principles and methods of calculation have been applied as in the financial statements for 2024 for the Group.
Smartoptics Group ASA' consolidated financial statements as at 31 December 2024 were approved at the Board of Directors' meeting on 10 April 2025. The Group's condensed consolidated financial statements as at 31 December 2025 were approved at the Board of Directors' meeting on 18 February 2025.
EXCHANGE RATESThe interim financial statements are consolidated in NOK and translated to the presentation currency USD. For the Profit and Loss statement the monthly average exchange rate published by Norges Bank is used. For the balance sheet, the monthly ending exchange rate is used.
NOTE 1 - REVENUE SPLITRevenue split by geography | Q4 2025 | Q4 2024 |
Amounts in USD 1,000 | ||
Americas | 13 349 | 6 879 |
EMEA 8 607 8 395
APAC 1 286 1 600 |
Total 23 242 16 874 |
Revenue split by Business Area | Q4 2025 | Q4 2024 |
Amounts in USD 1,000 | ||
Solutions | 13 641 | 10 287 |
Devices | 6 373 | 4 005 |
Software & Services | 3 227 | 2 583 |
Total | 23 242 | 16 874 |
12 | Q4 Report 2025
NOTE 2 - DEFERRED REVENUEService revenues are invoiced in advance and covers a contract period of typically 3 months to 6 years. The
Contract Liabilities (Non-current) | 5 614 | 4 939 |
Total Contract Liabilities | 12 775 | 8 969 |
service revenue is recognized during the contract period. "Current Deferred Revenue" will be recognized within the next 12 months.
Deferred Revenue | Dec 31. 2025 | Dec 31. 2024 |
Amounts in USD 1,000 | ||
Contract Liabilities (Current) | 7 160 | 4 030 |
Expenditures on development activities are capitalized if certain conditions are fulfilled. Capitalized development includes costs directly attributable to development of the intangible asset, such as personnel expenses and consultancy services. Otherwise, such expenses are expensed as and when incurred. The intangible assets are amortized over 5 years.
Smartoptics has been approved government grants for three development projects during 2025. The grant is recognized in the Profit and Loss statement as a reduction of payroll cost or as a reduction of capitalized development cost depending on the underlying accounting treatment of the cost that the grant is intended to cover.
NOTE 4 - FINANCIAL ITEMSCurrency effects come from the cash position, which is made of NOK, SEK and USD, Trade Receivables and Trade Payable which is predominantly in USD.
NOTE 5 - OTHER WORKING CAPITAL CHANGESOther working capital changes relates to pre-pay-ments of certain components, inventory and pay-out of variable compensation related to Q3 2025.
NOTE 6 - PROPERTY, PLANT AND EQUIPMENT SPLITProperty, plant and equipment | Dec 31. 2025 | Dec 31. 2024 | Change |
Amounts in USD 1,000 | |||
R&D equipment | 2 210 | 1 432 | 778 |
Production equipment 209 | 228 | -19 |
Office & warehouse fur- 494 | 552 | -57 |
Demo pool equipment 806 | 794 | 12 |
niture and fixtures
Total 3 720 3 006 714
NOTES NOTE 7 - DEPRECIATION AND AMORTIZATION SPLIT
Fixed assets are depreciated over a period of 3 to 5 years. There is no goodwill in the group.
Depreciation and amortization | Q4 2025 | Q4 2024 |
Amounts in USD 1,000 | ||
Property, plant and equipment | 433 | 358 |
Product development 160 77
Right of use assets / leasing 211 181 |
Total 803 616 |
Smartoptics has signed a new lease agreement for office space in Kista amounting to 68 MSEK during a term of seven (7) years. The agreement is conditional upon the landlord completing the premises according to the company's specifications. In accordance with IFRS 16, future lease obligations will be recognized on the balance sheet from the date the premises are made available to the company, which is expected to occur in 2026.
13 | Q4 Report 2025
ALTERNATE PERFORMANCE MEASURES (APM'S)
GROSS PROFIT
Total revenue and other operating income deducted with direct cost of sales
Amounts in USD 1,000 | 2025 Q4 | 2024 Q4 | 2025 | 2024 |
Total revenue and other operating income | 23 242 | 16 874 | 75 269 | 55 508 |
Direct cost of sales | 12 533 | 8 603 | 39 281 | 28 783 |
Gross profit | 10 709 | 8 271 | 35 988 | 26 724 |
GROSS MARGIN Gross profit divided by total revenue and other operating income | ||||
Amounts in USD 1,000 | 2025 Q4 | 2024 Q4 | 2025 | 2024 |
Total revenue and other operating income | 23 242 | 16 874 | 75 269 | 55 508 |
Gross profit | 10 709 | 8 271 | 35 988 | 26 724 |
Gross margin | 46.1 % | 49.0 % | 47.8 % | 48.1 % |
EBITDA Operating profit/(loss) adjusted for total depreciation and amortization | ||||
Amounts in USD 1,000 | 2025 Q4 | 2024 Q4 | 2025 | 2024 |
Operating profit/(loss) | 2 756 | 1 821 | 6 785 | 3 289 |
Total depreciation and amortization | 803 | 616 | 2 935 | 2 293 |
EBITDA | 3 559 | 2 437 | 9 720 | 5 583 |
EBITDA MARGIN EBITDA divided by total revenue and other operating income | ||||
Amounts in USD 1,000 | 2025 Q4 | 2024 Q4 | 2025 | 2024 |
EBITDA | 3 559 | 2 437 | 9 720 | 5 583 |
Total revenue and other operating income | 23 242 | 16 874 | 75 269 | 55 508 |
EBITDA margin | 15.3 % | 14.4 % | 12.9 % | 10.1 % |
14 | Q4 Report 2025
Smartoptics Group ASA Brynsalléen 2
NO-0667 Oslo, Norway https://www.smartoptics.com