Constant-Currency Revenue Growth
Net sales grew in constant currency: Q4 +1% (reported SEK 239m, reported -5% YoY) and full year +2% in constant currency (reported full-year net sales SEK 889m, reported -2% YoY), indicating underlying demand is expanding despite FX headwinds.
Strong Product Momentum—DPI and Traffic Management
Deep Packet Inspection (DPI) grew ~20% and Traffic Management grew >30% (both called out as core growth offerings), positioning the company well for future revenue expansion.
Best Q4 Profitability in Four Years
Adjusted EBITDA margin reached 40% in Q4 (highest Q4 in 4 years); full-year adjusted EBITDA margin was 33%. Q4 EBIT margin was 21%, supporting strong profitability and capacity for future investments.
Bookings, New Customers and Government Wins
10 new customers signed in the quarter (5 EMEA, 3 North America, 2 APAC). Management highlighted multiple government wins (two government customers announced in Q4 plus earlier strategic deals) that diversify revenue away from CSP dependence.
AI and Product Innovation
Active AI integration across product lines: AI-driven messaging optimization, traffic congestion prediction and video optimization, and encrypted-traffic classification in DPI trials—strengthening product differentiation and future-proofing offerings.
Industry Recognition and Awards
Multiple third-party accolades: Kaleido Intelligence 'Champion' for signaling and security firewall, Juniper Research platinum for messaging firewall image detection, and Fast Mode award for video experience—endorsing product leadership.
Balance Sheet & Cash Position Actions
Net debt of SEK 208m with positive net cash flow in Q4 of SEK +10m; the company reduced FX exposure on the balance sheet and executed a share buyback (166,000 shares, SEK 11.8m) showing confidence in financial stability.
Clear Growth Strategy and Go-to-Market Investments
Launched a three-pillar strategy (market acceleration, vertical expansion, offering evolution), hired a Chief Commercial Officer, and plans to invest in Latin America, North America and APAC plus government and Tier-2/MVNO segments and SaaS repackaging to accelerate growth.