The Company is expected to report net sales of approximately 18 (27) MSEK and 86 (84) MSEK for the fourth quarter 2025 and for the full year 2025, respectively. SaaS ARR is expected to amount to approximately 57 (75) MSEK in the fourth quarter 2025. The Company is expected to report adjusted EBITDA of approximately -6 (-2) MSEK and -16 (-22) MSEK for the fourth quarter 2025 and for the full year 2025 respectively. The fourth quarter 2025 preliminary sales numbers are below expectations, and the deviation has been especially visible in December 2025.

The deviation in sales and SaaS ARR in the fourth quarter (in particular December) 2025 stems from a dispute with a reselling partner in the US (the “Partner”), as further described below.

The Company's pipeline for new customers is continuing to develop favorably. Teneo is progressing the sales pipeline and are in the last stage of the sales process with two prospects, and continues to have strong momentum with new customers, inter alia as a result of a newly initiated procedure of differentiating the technology early in the process by building pilots.

Legal Process Initiated with Partner
The Company has observed several breaches by the Partner referred to above of the non-compete clauses in Teneo's agreements with the Partner, as well as infringements on Teneo's patents. This has, in turn, resulted in dissatisfied customers, and declined revenues as described above. It should be underlined that Teneo is maintaining positive and constructive contacts with its end customers and expects to, as the relevant customer agreements mature, be able to win back these implementations.

In light of the above, the Company has initiated a litigation process towards the Partner. Based on the preliminary assessment by the Company's US litigation attorneys, Teneo is currently confident that the Partner is indeed breaching the agreements and infringing on the patents and that Teneo has the right to receive damages from the Partner.

Grace Period for PIK Loan Covenant
The Company’s cash position amounted to 17 MSEK on December 31, 2025. The lender of the Company’s 5-year PIK loan of 250 MSEK, Capital Four, has waived the year-end 30 MSEK minimum liquidity covenant. The board of directors of the Company has resolved on initiating a process to raise additional financing.

Fourth Quarter Report 2025 Date
The full fourth quarter 2025 report will, as previously announced, be published on February 19, 2026.

For Further Information, please contact:
Per Ottosson, CEO, Teneo.ai
e-Mail: per.ottosson@teneo.ai  

Fredrik Törgren, CFO, Teneo.ai
e-Mail: fredrik.torgren@teneo.ai