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Earnings

Kneat Achieves Record Revenue for Fourth Quarter and Full Year 2025

By The Northwire Desk — AI Analysis Feb 25, 2026 · 17:12 KSI · 4.21 KNEAT.COM, INC. J
KSI · Price

Executive Summary

  • Kneat reported record Q4 2025 revenue of C$17.0 M (+24% YoY) and full‑year 2025 revenue of C$63.3 M (+29% YoY).
  • Adjusted EBITDA turned positive for the second consecutive year, reaching C$9.5 M for 2025 (up from C$7.0 M in 2024).
  • Annual Recurring Revenue hit C$74.1 M (+24% YoY) and Net Revenue Retention was 115%, indicating strong customer expansion.

Key Details

  • Q4 2025 Highlights
  • Total revenue: C$17.0 M vs. C$13.7 M in Q4‑2024.
  • SaaS revenue: C$16.2 M (+29% YoY).
  • Gross profit: C$13.2 M (+27%).
  • Gross margin: 78% (up from 75%).
  • Net loss: C$3.6 M (worse than C$2.5 M Q4‑2024).

  • EBITDA: C$1.3 M; Adjusted EBITDA: C$4.2 M.

  • Full‑Year 2025 Highlights

  • Total revenue: C$63.3 M (+29%).
  • SaaS revenue: C$59.4 M (+33%).
  • Gross profit: C$47.9 M (+30%); gross margin 76%.
  • Net loss narrowed to C$2.3 M (vs. C$7.7 M in 2024).
  • EBITDA: C$14.7 M; Adjusted EBITDA: C$9.5 M.
  • ARR: C$74.1 M (+24% YoY).

  • Net Revenue Retention (NRR): 115%.

  • Operational Milestones

  • Added nine major strategic customers representing >300,000 employees across life‑sciences sectors.
  • Launched partnership with Capgemini to accelerate digital validation globally.

  • Introduced AI‑driven features (content review assistant, natural‑language analysis, real‑time translation).

  • Leadership Changes

  • Donal O’Sullivan appointed Chief Product Officer.

  • Co‑founder Kevin Fitzgerald transitioned to Chief Innovation Officer.

  • Outlook & Guidance for 2026

  • Expect ARR growth to outpace 2025 incremental increase despite typical second‑half seasonality.
  • Targeting cash‑flow breakeven for the full year 2026.

  • New validation engagements announced in Jan–Feb 2026 with major biopharma and pharmaceutical packaging firms.

  • Financial Position (Year End Dec 31, 2025)

  • Cash: C$48.7 M (down from C$58.9 M).

  • Total assets: C$121.8 M; total liabilities: C$56.7 M; shareholders’ equity: C$65.0 M.

  • Conference Call

  • Management to discuss results on Feb 26, 2026 at 9:00 a.m. ET (webcast).

Notable Quotes

  • “We achieved positive Adjusted EBITDA for the second consecutive year and are on track to reach cash‑flow breakeven in 2026,” – Eddie Ryan, CEO.
  • “Our strong top‑line momentum, high NRR and strategic partnerships position us well for durable growth,” – Dave O’Reilly, CFO.
Read the original news release →

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