Core Insights - Spineway reported a revenue of €12.4 million for the year 2025, reflecting a 4% increase compared to 2024 [4][5] - The gross margin improved to €8.6 million, representing 69.6% of revenue, an increase of 0.6 percentage points year on year [5] - The company experienced a stable operating loss of €2.1 million, consistent with the previous year [5][7] Financial Performance - Revenue for 2025 was €12,430,000, up from €11,950,000 in 2024 [2] - Cost of sales increased to €3,783,000, leading to a gross margin of €8,647,000 [2] - Net operating expenses rose by 5% to €10,780,000, in line with revenue growth [5] - The net loss improved to €2,238,000 from €3,859,000 in 2024 [7] Operational Highlights - The company launched its ESP disc prosthesis production line and continued regulatory investments despite facing delays in approvals and supply chain issues [4] - External financing was limited to €0.4 million in 2025, a significant decrease from €6.8 million in 2024 [8] - Cash position at the end of 2025 was €3.5 million, with net cash after financial debt at €2 million [8] Growth Potential - Consolidated revenue has nearly tripled since 2021, driven by synergies from acquisitions [9] - Continued investment in regulatory affairs, marketing, and R&D is expected to enhance Spineway's growth potential [9]