Strong order momentum and book-to-bill > 1
Q4 had the highest order intake of 2025 and a book-to-bill ratio above 1, indicating more orders than net sales and improved demand momentum into 2026.
Major customer wins (U.S. & Europe)
New contracts in Q4 include IBM Federal/DeCA (U.S. DoD commissary rollout with planned ESL deployments in 57 stores outside continental U.S. and potential to modernize ~178 U.S. stores), Merchants Distributor (exclusive agreement covering 600 members and ~3,000 locations across 17 states; first orders received in December), Norgesgruppen (~1,800 Norwegian stores) and Coop Norway (>1,000 stores) under the direct Nordics/Baltics sales model.
Pricer Avenue commercial launch and product innovation
Pricer Avenue commercially launched at NRF; commercial availability with targeted low-volume installs expected in Q2 2026. Launched 'designer' tool for Pricer Plaza enabling richer in-store content across ESLs and other displays. Management expects Avenue to command a premium and deliver higher value (promotion, CPG monetization).
Recurring business and SaaS footprint
More than 6,000 stores are on Pricer Plaza (SaaS) and the company continues converting on-prem customers to subscription. Overall installed base: ~400 million labels sold/delivered, >28,000 stores reached and ~50 million ESLs connected — providing significant recurring and cross-sell opportunity.
Improved cash generation and balance sheet strength
Operating cash flow for 2025 SEK 180 million, more than SEK 100 million improvement versus prior year. No net debt and available cash > SEK 450 million at year-end.
Inventory reduction and product rationalization
Management executed a major reduction in excess inventory during 2025 and discontinued a large product line, reducing SKU variety. This decreased inventory tie-up and contributed materially to positive cash flow.
Full-year profitability with adjusted EBIT margin
The company reported full-year profitability with an adjusted EBIT margin of 2.9% and operating profit (Q4) of SEK 19.8 million.