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Introduction & Market Context
Shape Robotics AS (SHAPE) presented its Q2 2025 financial results on August 27, 2025, revealing a strategic shift toward higher-margin solutions that boosted profitability despite a revenue decline. The educational technology provider reported a 16% year-over-year decrease in quarterly revenue but achieved significant improvements in contribution margin and EBITDA.
The company’s stock has experienced volatility following the earnings announcement, currently trading at DKK 14.86, significantly below its 52-week high of DKK 26.9 but well above its 52-week low of DKK 8.85. The market appears to be weighing Shape Robotics’ improved profitability against concerns about revenue growth.
Quarterly Performance Highlights
Shape Robotics reported Q2 2025 revenue of DKK 60 million, representing a 16% decrease compared to the same period last year. However, the company achieved its highest-ever last twelve months (LTM) EBITDA of DKK 50.8 million and a positive net result of DKK 13.5 million.
As shown in the following financial highlights chart, the company significantly improved its profitability metrics despite the revenue decline:
The contribution margin reached DKK 31 million in Q2, a 76% increase year-over-year, with the contribution margin ratio climbing to an impressive 52%. This substantial improvement reflects the company’s strategic pivot toward higher-margin solutions and services, which now represent 12% of revenue in H1 2025.
Adjusted EBITDA showed the most dramatic improvement, reaching DKK 14 million in Q2, an 849% increase compared to the same period last year. This growth was driven by the improved contribution margin, cost optimization initiatives, and a more favorable revenue mix.
CEO Mark Abraham emphasized this strategic shift in the presentation, stating: "Our strategic focus on high margin solutions is now paying off."
Strategic Initiatives
A key development in Q2 was Shape Robotics’ acquisition of Sanako Oy through a share swap, expanding the company’s educational technology ecosystem. This acquisition aligns with the company’s strategy to offer a comprehensive TECHDUCATION ecosystem to global markets.
As detailed in the business update slide, Shape Robotics secured significant financing and new business opportunities:
The company obtained approval for an EUR 8.8 million financing package from UniCredit, including EUR 7.5 million in revolving working capital, factoring facilities, credit lines, and leasing facilities. This financing, activated in July 2025, is expected to support the company’s growth initiatives.
Post-Q2 developments include a strategic framework agreement worth EUR 30 million with a leading IT distributor in Poland currently in preparation, and a secured order worth EUR 3.8 million for the Vietnamese school system, comprising 150 Thinken laboratories supplemented by Sanako Connect.
The company’s approach to financing its growth is outlined in the following slide:
Net working capital increased significantly to DKK 313 million as of June 30, 2025, compared to DKK 88 million a year earlier, reflecting the company’s expansion. Shape Robotics highlighted its advanced working capital management, reduced Days Sales Outstanding, and cost optimization programs that have exceeded targets.
Forward-Looking Statements
Shape Robotics provided detailed financial guidance for 2025, projecting revenue growth of 20-35% to reach DKK 360-410 million for the full year. The company expects an adjusted EBITDA margin of at least 10% (minimum DKK 36-41 million) and an EBITDA margin of at least 8% (minimum DKK 29-33 million).
The guidance is based on several key assumptions as outlined in the presentation:
The company expects Poland to become a significant revenue contributor and anticipates maintaining a contribution margin in the range of 29%-32%. Shape Robotics also projects decreased operational costs relative to revenue and notes that 2025 will be the last year with non-recurring costs related to the acquisition of Storykids.
For H1 2025, the company reported revenue of DKK 129.7 million, representing 22% growth, and an EBITDA margin of 19% (DKK 24.1 million), suggesting it is on track to meet or exceed its full-year guidance.
Investment Highlights
Shape Robotics positioned itself as an attractive investment opportunity based on several key strengths and market opportunities:
The company has equipped over 2,000 schools with intelligent classroom solutions and educational ecosystems and sold more than 25,000 Fable Robots. Shape Robotics continues to develop new AI solutions to scale up its business and has established strong partnerships with world-renowned brands, including Lenovo.
The company highlighted the substantial market opportunity, noting that 13.8 billion EUR will be invested in the digitalization of schools and STEAM learning by 2027 in the EU alone.
Shape Robotics will host a live streaming Q&A session with CEO Mark Abraham on September 3, 2025, to discuss the H1 2025 Interim Report, accessible on the company’s LinkedIn page. The next financial report (Q3 2025) is scheduled for release on November 21, 2025.
Full presentation:
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