Pexip reports strong Q3 2025 growth, led by secure and custom solutions

Pexip Holding ASA reported a 16% year-on-year revenue increase to NOK 266 million in Q3 2025, with its subscription base (ARR) growing 12% year-on-year to $122.2 million. This growth was primarily fueled by the Secure and Custom segment, which saw a 30% year-on-year ARR increase with key wins in Defense, Healthcare, and Government. Adjusted EBITDA surged to NOK 52.4 million from NOK 18.1 million in Q3 2024, reflecting improved cost control and margin expansion.

The company's financial health was further strengthened by a free cash flow of NOK 28.9 million for the quarter, up from NOK 7.2 million in Q3 2024. Pexip exited Q3 2025 with a strong cash and money market fund position of NOK 526.1 million and no material interest-bearing debt, having also completed its NOK 100 million share buyback program.

Looking ahead, Pexip projects its Q4 2025 ARR to be between $124 million and $127 million. The company reiterated its near-term targets of consistently delivering above 10% ARR growth and an EBITDA margin above 20%.