Bambuser AB reported improved retention and reduced losses in its Q4 2025 results, signaling early stabilization in the retail video commerce sector.

The Stockholm-based company posted Annual Recurring Revenue (ARR) of SEK 77.7 million, down 12% year-on-year but flat quarter-on-quarter at constant exchange rates. The results were published on 20 February 2026 under EU Market Abuse Regulation disclosure rules.

The update reflects improving operating performance after a prolonged period of SaaS market pressure.

At a Glance: Bambuser Q4 2025

  • ARR: SEK 77.7 million (-12% y/y, flat q/q CER)

  • Net Revenue Retention: 76% (up 13pp y/y)

  • SaaS Net Sales: SEK 20.4 million (-15% y/y, +5% q/q)

  • Recurring revenue: 96% of SaaS net sales

  • SaaS Gross Margin: 85% (up 9pp y/y)

  • Adjusted EBITDA: SEK -19.3 million (28% improvement y/y)

  • Cash balance: SEK 103.1 million at quarter end

Why Did Retention Improve?

Net Revenue Retention rose to 76%, improving both year-on-year and quarter-on-quarter.

This indicates stronger customer stability after earlier churn pressures in the retail SaaS environment. Sequential ARR stabilization at constant currency suggests the company may be approaching a demand floor.

Enterprise expansion also continued, with new customer additions including Dolce & Gabbana and broader adoption within Oniverse Group.

What Drove Margin Expansion?

SaaS gross margin reached 85%, up from 77% a year earlier.

The improvement reflects cost efficiency initiatives and structural adjustments implemented during 2025. Adjusted EBITDA losses narrowed to SEK -19.3 million, compared with SEK -26.6 million in Q4 2024.

The company described these developments as early signs of stabilization.

How Does This Affect Retail Technology Markets?

The results come amid a broader reset in retail technology spending across Europe.

Video commerce and live shopping tools became widely adopted during pandemic-driven digital acceleration. However, post-2023 normalization led to SaaS contract scrutiny and margin pressure across the sector.

Improving retention and higher gross margins suggest retail clients are maintaining core digital commerce infrastructure, even as discretionary tech budgets tighten.

For Sweden retail tech specifically, Bambuser’s stabilization may signal a more disciplined growth phase rather than expansion-at-any-cost.

What Happens Next?

Beginning in 2026, Bambuser AB will transition to semi-annual reporting.

Upcoming reporting dates are:

Half-Year Report (January–June 2026): 21 August 2026
Year-End Report (July–December 2026): 19 February 2027

Investors and retail stakeholders will monitor ARR stability, retention development and free cash flow trajectory as indicators of longer-term sustainability. The company’s performance will also be watched closely within the broader Sweden retail technology sector, where SaaS profitability and retention trends remain under scrutiny.

The full Q4 2025 report has been published on the company’s investor relations platform.