Swissnet AG Reports FY25 Miss and Financial Uncertainties

Swissnet AG, formerly NuWays AG, reported its fiscal year 2025 results, revealing significant shortfalls compared to previous guidance. Sales reached CHF 21.0 million, up 61% year-on-year, but still below the anticipated CHF 28-30 million range. This growth was largely acquisition-driven, with SaaS revenues increasing by 37% and hardware by 88%. Despite the sales boost, the gross margin dropped 7.4 percentage points to 58.7%, influenced by an increased hardware mix.

Adjusted EBITDA stood at CHF 3.7 million, falling short of the CHF 5.5-6 million guidance, leading to reported EBITDA of just CHF 0.4 million. The auditor raised concerns over Swissnet's internal control system, which may not suit its business size and complexity, contributing to liquidity issues and a reported tangible equity of CHF -10.7 million. Overall, the FY25 results prompted a review of Swissnet's financial health and strategies.