Yubico AB Unveils Q4 2025 Results
Yubico AB disclosed its fourth quarter and full-year 2025 financial results, highlighting record order intake in fixed currency terms alongside challenges from currency fluctuations and order timing.5453
Key Q4 Financial Metrics
Order intake reached SEK 704.5 million, down 8.7% from SEK 771.3 million in Q4 2024, but achieved underlying growth of 5% and marked the largest single-quarter figure in local currency history, fueled by small and mid-sized deals.53
Net sales declined 12.0% to SEK 548.3 million from SEK 623.0 million, with underlying growth at -1.3%, affected by late-quarter order shifts and a 10.7% currency impact.4253
Subscription revenue surged 26.6% to SEK 94.1 million, comprising 17.2% of total net sales, up from 11.9% last year. Subscription bookings jumped 36.1% to SEK 198.7 million, or 28.2% of total bookings.54
Annual Recurring Revenue (ARR) grew 20.7% to SEK 391.0 million.53
Gross profit fell 21.1% to SEK 413.9 million, with the margin contracting to 75.5% from 84.2%, primarily due to foreign exchange headwinds. Operating profit dropped 94.1% to SEK 6.5 million, and net profit plummeted 96.7% to SEK 3.7 million, or SEK 0.04 per share, compared to SEK 113.1 million, or SEK 1.27 per share, in the prior year.4253
Regional Performance and Momentum
Americas accounted for 62.8% of net sales, EMEA 28.2%, and APJ 9.0%, with notable growth in India driving Asia-Pacific expansion.54
Acting CEO Jerrod Chong emphasized strong momentum in YubiKey as a Service (YaaS), which represented 28% of Q4 bookings, and highlighted a major five-year subscription deal with a global IT provider in India and APJ.54
Full-Year and Strategic Outlook
Last twelve months net sales stood at SEK 2.2 billion, with a gross margin above 78% and a compound annual growth rate of 30% from 2020 to 2025.54
Cash position ended at SEK 895 million, supported by SEK 28 million in operating cash flow.54
Looking ahead, Yubico targets continued ARR growth, gross margins of 75-80% in 2026, and focuses on five strategic priorities: advancing secure root of trust, elevating YaaS, expanding digital identity services, go-to-market execution, and simplifying customer experience. Chong expressed determination to enhance growth and profitability.5354
The board proposes no ordinary dividend for 2025, consistent with the previous year.53
