The quarter October – December 2025
• Net sales amounted to SEK 2.9 (0.2) million.
• Operating result (EBIT) of SEK -44.1 (-51.3) million.
• Profit after tax amounted to SEK -46.9 (-52.8) million.
• Earnings per share (EPS) before and after dilution amounted to SEK -3.73 (-450.61).
• Cash flow from operating activities totaled SEK -39.9 (-40.4) million.
• Cash flow for the period totaled SEK 215.6 (18.1) million.

The period January – December 2025
• Net sales amounted to SEK 11.1 (2.4) million.
• Operating result (EBIT) of SEK -176.7 (-213.6) million.
• Profit after tax of SEK -182.6 (-216.9) million.
• EPS before and after dilution amounted to SEK -27.40 (-1,850.97).
• Cash flow from operating activities totaled SEK -162.2 (-182.5) million.
• Cash flow for the period totaled SEK 232.8 (-56.3) million.

Significant events during the quarter
• Stuart Gander appointed CEO of Q-linea AB.
• A trauma center in the United States has signed a commercial agreement, marking the first conversion of Accelerate’s Phenosystem to the ASTar system. Q-linea has also received multiple inquiries in Italy to replace the Pheno system with ASTar.
• Clinical implementation has been completed at the first two hospital organizations in the United States.
• A distribution agreement has been signed in South Asia with Genetic Trading.
• An FDA 510 (k) application for the expanded ASTar BC G‑panel has been submitted in the United States to further enhance clinical benefits for patients.
• An extraordinary general meeting approved the Board of Directors’ decision on a rights issue of shares with preferential rights for existing shareholders.
• The rights issue, which was subscribed to 97.1 percent, provided the Company with approximately SEK 312 million before issuance costs and loan conversion.
• A cost‑reduction program and reallocation of resources from development to market‑oriented roles have been implemented. Operating expenses will be reduced by a net 10 percent.
• An agreement on a new organizational structure and changes in the management team has been reached.

Significant events after the end of the period
• Changes in U.S. commercial leadership.
• A large independent hospital in the southeastern United States is implementing ASTar.

Comments by the CEO

Transformation and growth
 2025 was a pivotal year for Q‑linea —defined by transformation, disciplined execution, and progress toward our breakeven goal in 2027. We strengthened our commercial presence, extended our installed base, sharpened our operational model, and strengthened our leadership team.
We set an ambitious goal of contracting more than 30 ASTar systems by year‑end 2025 and closed the year with 19 contracted instruments. Although this fell short of our target, it represents a material increase in our installed base and validates the growing demand for rapid AST globally. Most importantly, these installations — together with significantly expanded evaluation activity — increase recurring consumables volumes, strengthen customer references, and build the momentum required for the next phase of commercial expansion.

Italy continues to set the new standard
Italy remained our strongest market throughout 2025. Multiple sites transitioned from evaluation to routine clinical use, and the country is now a core reference market for ASTar. Consumables pull‑through increased steadily, confirming the clinical value and workflow impact of the platform.
The year was not without challenges. Our previous appeal of the ESTAR tender in Tuscany was overturned late in the process, reducing visibility on this multi‑site opportunity. While disappointing, the broader Italian market continued to grow, and we secured several additional placements and conversions across the country. Italy’s year‑end installed base provides a strong platform for 2026 consumables growth and serves as a model for other European markets.

Breakout year for the US market
2025 also marked our first commercial contracts in the United States. We signed our first IDN agreement and saw strong interest from customers transitioning from discontinued competitor systems. These conversions provide proof points that ASTar is viewed as a superior, future‑ready replacement option.
At the same time, short-term uptake was constrained by the limitations of our version 1 menu, which lacks a few bug-drug combinations sought by many labs seeking to switch from current standard of care. This contributed to pent‑up demand, with many customers awaiting confirmation of the expanded version 2 menu, now progressing toward U.S. clearance with a planned commercial launch in Q2 2026. Throughout 2025, our U.S. pipeline reached record levels, supported by a growing number of evaluations, reference sites, and direct engagements with major hospital networks. When combined with the anticipated menu expansion, these factors give us a high degree of confidence that the U.S. will become a major growth market from 2026 onward.

Global expansion and consumables growth
Beyond Europe and the United States, we expanded discussions with distributors across Asia, Latin America, and the Middle East. Many of these regions are experiencing rising antimicrobial resistance and growing demand for faster, more reliable diagnostics
One of the most encouraging indicators of the year was the shift from pilot deployments toward consistent routine clinical use. Consumables volumes increased quarter‑on‑quarter, and average tests per instrument rose meaningfully as customers moved ASTar into daily workflows. We anticipate 2026 will continue the shift toward steady recurring revenues from consumables usage.

A stronger team and organisation
Our new organisational structure became effective on 1 January 2026, reflecting a deliberate transformation throughout 2025 to make Q‑linea more focused, efficient, and commercially aligned. We now operate with a leaner cost base and have planned additional cost savings during the first half of 2026, notably with consolidation of our facilities in Uppsala which has already started.
We continue to focus our resources on the growing commercial footprint and in-market sales activities.

Improved economics and financial position
The transition to in‑house production of consumables has already lowered cost‑of‑goods significantly. As we scale volumes through 2026, we expect further CoGS reductions driven by process optimisation, automation, and scale.
During the year, we successfully secured the financing required to deliver on our commercial plan and support the company through to breakeven during 2027. Continued disciplined cost control and growing the recurring revenue base will be our focus for the coming year.
As we enter 2026, we do so with a stronger installed base, an expanded pipeline in the U.S., Italy and key international markets, a more efficient organisation, and a clear path to unlocking the next level of growth with the launch of our version 2 menu and a dedicated non-blood (isolate) testing kit. We move forward with confidence, enthusiasm, and a deep commitment to enabling better patient outcomes through rapid AST.

Uppsala, 3 February 2026, Stuart Gander, CEO

This report has not been reviewed by the auditor of the Company. The report has been prepared in a Swedish original and an English translation. In the event of any discrepancies between the two, the Swedish version is to apply.
                                          
Presentation
Q-linea invites investors, analysts and the media to an audiocast and teleconference (in English) today, 4 February 2026, at 1:00 to 2:00 p.m. (CEST). CEO Stuart Gander and CFO Christer Samuelsson will present Q-linea, comment on the year-end report for the January to December 2026 period and respond to questions.
To participate via webcast, please visit the following link: https://q-linea.events.inderes.com/q4-report-2025
There will be an opportunity to ask questions in writing at the webcast.
If you would like to ask questions verbally via conference call, please register at the following link:
https://events.inderes.com/q-linea/q4-report-2025/dial-in
 
You will receive a telephone number and a meeting ID to log into the conference call after registering. There will be an opportunity to ask questions verbally during the conference call.