Cybersecurity firm Yubico has posted a decline in both revenue and operating profit for the third quarter of 2025 compared to the same period last year. The figures are in line with the preliminary statement on order intake, net sales, and operating profit released on the evening of October 23.
Net sales fell by 7.2 percent to SEK 547.5 million (589.9).
Subscription revenue increased by 21.8 percent, reaching SEK 86.7 million (71.2), corresponding to 15.8 percent (12.1) of net sales.
Gross profit amounted to SEK 430.2 million (478.0), with a gross margin of 78.6 percent (81.0).
Operating profit was SEK 79.6 million (110.7), resulting in an operating margin of 14.5 percent (18.8).
Profit before tax came in at SEK 82.3 million (112.6).
Net profit totaled SEK 64.2 million (81.2), a decrease of 20.9 percent year-on-year.
Earnings per share stood at SEK 0.74 (0.94), down 21.3 percent from last year.
Order intake was SEK 504.2 million (609.7), a decline of 17.3 percent compared to the previous year.
The third quarter was characterized by a high proportion of small and medium-sized orders. Yubico’s ongoing expansion into new geographic markets, sales channels, and customer segments has taken longer than expected, which has contributed to a more subdued order development.
“Despite short-term uncertainty and delayed purchasing processes, we remain confident in the long-term growth of phishing-resistant authentication, driven by an increasing number of cyber threats, global regulations, digital transformation, and growing awareness of the need to protect digital identities,” commented CEO Mattias Danielsson in the interim report.
The Board decided on August 14 to use its mandate for a share buyback program, and since then Yubico has repurchased 654,000 shares.
“Our focus on the world’s leading companies and organizations, an effective sales force, and continuous innovation means we are well positioned to handle short-term fluctuations while building sustainable and profitable growth. The focus on recurring revenue, technological leadership, and operational efficiency remains unchanged,” Danielsson continued.
