Asetek (One-pager): Near-term downgrade with Q3 2025, but mid-term outlook strengthened
Summary
- Asetek reported Q3 2025 revenue of USD 9.8m, a 20% decrease year-over-year, with a gross margin increase to 42% from 36%.
- The company downgraded its near-term 2025 guidance, projecting revenue around USD 41m and an adjusted EBITDA margin of -3% to -5%, due to softer OEM demand and U.S. import tariffs affecting SimSports.
- Despite short-term challenges, Asetek's mid-term outlook is strengthened by a new OEM agreement with a minimum USD 35m commitment over two years, with shipments starting in 2026.
- Mid-term targets include Liquid Cooling revenue above USD 65m with an adjusted EBITDA margin above 25%, and SimSports revenue above USD 50m with single-digit EBITDA margins, although tariff challenges persist.
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Read the latest Asetek One-Pager following the Q3 2025 results and updated outlook for both the Liquid Cooling and SimSports segments.
Asetek reported Q3 revenue of USD 9.8m (-20% y/y) and a gross margin of 42% (up from 36%), while reiterating that near-term challenges are driven by softer OEM demand and U.S. import tariffs impacting SimSports. Despite the short-term downgrade to 2025 guidance (revenue around USD 41m; adj. EBITDA margin -3% to -5%), management reaffirmed a stronger mid-term trajectory, supported by a major new OEM agreement with a minimum USD 35m commitment over two years and shipments beginning in 2026.
The company maintains its mid-term Liquid Cooling target above USD 65m (from >USD 50m) and an adj. EBITDA margin above 25%, while SimSports continues to target revenues above USD 50m with single-digit EBITDA margins as new products scale and market access broadens, but tariff headwinds remain significant.
Disclaimer: HC Andersen Capital receives payment from Asetek for a Digital IR/corporate visibility agreement. / Philip Coombes, 10:34 05.11.2025