Net sales for 2025 amounted to SEK 75 million, a decrease from SEK 81.6 million in 2024. The result after financial items deteriorated to SEK -9.3 million, compared to SEK 0.4 million in the previous year.
According to the management report in the annual report, the decline in earnings is partly explained by a review of the value of receivables. This led to a write-down of approximately SEK 5.2 million. However, the write-down is stated not to be cash flow-affecting and does not affect the company's liquidity.
New Accounting Principles Affect Revenue
The lower revenue during the year is primarily explained by a changed accounting principle for when auctions are considered completed. From 2025, an auction is recognized as completed only when payment is made to the seller, unlike previously when revenue was booked already at the end of the auction.
The change has resulted in a shift in revenue during the transition year, which makes the figures appear lower. The company assesses that the effect is attributable to the transition itself and will not affect future years. Despite the lower reported revenue, Vaxxa states that the underlying business has developed positively.
Continued Focus On Brokerage
The business model introduced last year, where Vaxxa primarily acts as a broker instead of owning the items, has continued to have an effect. The company notes that the strategy leads to lower revenue in absolute terms but contributes to higher margins, lower capital commitment and a more scalable business.
During the year, the accounting for the company's client funds account has also been fully separated from the rest of the business, which, according to the company, increases transparency towards shareholders and customers.
Looking ahead, Vaxxa plans to focus on expansion within the existing auction business as well as increased digital presence. The company assesses that the streamlined brokerage model creates better conditions for growth in the future.