MotorK plc (AMS: MTRK) (“MotorK”, the “Group” or the “Company”), a leading SaaS provider to the automotive retail industry in the EMEA region, today announces its unaudited financial results for the full year ended December 31, 2025 (“FY 25”). The Group has successfully progressed its structural transformation from a high-growth investment phase to a disciplined, cash-generative model underpinned by AI-driven efficiency.
FY 25 Unaudited Financial Highlights and Strategic Milestones
- Committed Annual Recurring Revenue (CARR): €36.7 million, remaining stable year-over-year as the Group prioritized revenue quality and the migration of customers to the MotorK core platform.
- Annual Recurring Revenue (ARR): €31.7 million (compared to €34.2 million in FY 24), reflecting a portfolio optimization as the Company streamlined its legacy long-tail customer base.
- Revenues: €40.9 million, representing a stable performance compared to €40.3 million in FY 24, driven by a higher-quality mix of SaaS platform subscriptions.
- Adjusted EBITDA: €4.4 million, a significant leap from negative €0.5 million in FY 24, reflecting the full impact of cross-department AI implementation, personnel efficiency plans, process optimizations and cost synergies.
- Cash EBITDA: Improved to negative €2.2 million for the full year (from negative €8.8 million in FY 24), with the Group reaching the critical milestone of positive Cash EBITDA in both Q3 and Q4 2025.
- Net Financial Position: Net borrowing stood at €14.4 million as of year-end (compared to €20.2 million in FY 24), with liquidity bolstered by a strategic €5.3 million capital increase and the successful disposal of non-core assets throughout the year.
- AI-Native Platform Fully Operational: Significant advancement of MotorK’s AI-powered Operating System roadmap, embedding automation, predictive intelligence and AI-driven development at scale across the organization.
Amir Rosentuler, Executive Chairman and Interim CEO, stated: “Fiscal year 2025 was defined by conviction that the maturity of our technology must now be matched by the maturity of our financial model. Our focus was not on chasing every possible euro of growth, but on securing the right kind of growth – high-margin, recurring revenue from partners who view our platform as their mission-critical digital backbone.
By rightsizing our customer base and industrializing our AI integration, we have built a defensible moat that allows us to move from a state of investment to a state of return. We are no longer just participating in the industry’s digital transition; we are providing the unified infrastructure that makes it operationally viable.”
FY 25 Operational Highlights
The European automotive landscape is currently navigating a period of profound structural disruption, where economic uncertainty and stringent regulatory targets have forced a fundamental reassessment of traditional distribution models. These macro challenges, ranging from the aggressive entry of new manufacturers to the industry-wide shift toward the Agency Model, have elevated digital transformation from a futuristic novelty into an immediate operational necessity for OEMs and dealerships seeking to protect their margins. Consequently, MotorK’s unique ability to provide a unified, AI-native “Operating System” that consolidates fragmented data silos into a single source of truth positions the Company as the undisputed, best-in-class partner for the evolving automotive retail ecosystem.
Cash EBITDA Profitability
The Group achieved a critical milestone by delivering a positive Cash EBITDA in H2 2025. Achieving this result ahead of original market guidance unequivocally demonstrates the inherent profitability of the SaaS business model. By streamlining operations and completing many integrations of past acquisitions, the Group has engineered a cost structure optimized for margin expansion, ensuring that future growth translates directly into sustainable operating cash generation.
Focusing on Core Customers Consolidation
The stability of our CARR year-over-year is the direct result of a deliberate commercial strategy to prioritize “High-Quality Revenue” and long-term margin health. Within the Retail segment, our ARR remained stable as robust new customer wins successfully offset the planned churn of our legacy long-tail base. These departed accounts primarily consisted of smaller, lower-margin dealerships inherited from historical acquisitions that required disproportionate support resources. By executing this cleanup, we have consolidated our focus onto a core base of circa 1,800 high-value retail customers who gradually move towards full adoption of the integrated SparK platform. We applied the same rigorous discipline to the Enterprise segment, where we focused on major automotive groups. This specialization has resulted in a highly focused Enterprise portfolio, securing our future on a foundation of high-retention, strategic OEM partnerships.
Innovation at the Core
Technologically, FY 25 marked our evolution from a suite of SaaS tools into the industry’s first true AI-Powered Operating System. The beating heart of this leap was the full integration of our Customer Data Platform (CDP), which now creates a unified “Golden Customer Record” by leveraging first-party data that previously sat dormant across siloed systems.
This foundation enabled the successful 2025 launch of a revolutionary new version of PredictSpark, which shifts the industry from reactive maintenance to proactive revenue through AI-driven automated service bookings. By automating low-value administrative tasks and providing predictive lead scoring through LeadSpark, we are delivering tangible, measurable efficiency gains for our consolidated core customer base, ensuring they remain competitive in a low-volume market.
Our testament to continued innovation is underpinned by a disciplined R&D model where 90% of code is now written using AI tools, allowing for faster time-to-market and enhanced margin expansion as we continue to define the future of automotive retail in Europe.
Outlook for FY 26
Building on the solidified foundation of our newly consolidated customer base and our industrial-scale AI capabilities, MotorK enters FY 26 with high visibility and financial resilience. Our priority is the conversion of our €13 million sales pipeline into high-quality recurring revenue, and we are providing guidance for single digit CARR increase year-on-year. Furthermore, having validated our operating leverage by achieving Cash EBITDA profitability in the second half of FY 25, the Group expects to deliver positive Cash EBITDA for the full year of 2026.
Marco Marlia, President and Co-Founder, commented: “We enter FY 26 from a position of strength that is fundamentally different from any prior year. The hard work of consolidating our customer base, completing our platform integration and embedding AI across every layer of our operations is bearing fruit – what lies ahead is the execution phase.
The conversations we are having today are structurally different – they are platform decisions, not feature purchases – driven by OEMs and dealer groups who recognise that fragmented point solutions are no longer viable in an Agency Model world. That is precisely the commercial environment in which MotorK thrives.
With a lean, AI-powered cost structure now in place and strong unit economics across our core base, every incremental euro of new recurring revenue flows through to cash generation at a fundamentally improved rate. Our mandate for 2026 is clear: convert the pipeline into CARR, deepen platform adoption, and demonstrate that this business delivers not just growth, but profitable, sustainable growth.”
FY 2025 UNAUDITED CONSOLIDATED PROFIT AND LOSS |
||
| In k€ |
Dec-25 |
Dec-24 |
| Revenues |
40,944 |
40,333 |
| Costs for customers media services |
(7,858) |
(8,144) |
| Personnel costs |
(23,715) |
(26,228) |
| R&D capitalization |
6,563 |
8,278 |
| Other costs |
(11,574) |
(14,744) |
| Total costs |
(36,584) |
(40,838) |
| EBITDA Adjusted |
4,360 |
(505) |
| Extraordinary costs |
(1,653) |
167 |
| Stock Option Plan costs |
(1,524) |
(638) |
| EBITDA |
1,183 |
(976) |
| Depreciation & Amortization |
(10,669) |
(9,990) |
| EBIT |
(9,486) |
(10,966) |
| Finance costs (net of finance income) |
(2,349) |
(2,091) |
| Profit/(Loss) before tax |
(11,835) |
(13,057) |
| Corporate income tax |
187 |
4 |
| Profit/(Loss) for the period |
(11,648) |
(13,053) |
FY 2025 UNAUDITED CASH EBITDA |
|
|
| In k€ |
Dec-25 |
Dec-24 |
| EBITDA Adjusted |
4,360 |
(505) |
| R&D Capitalization |
(6,563) |
(8,278) |
| Cash EBITDA |
(2,203) |
(8,783) |
FY 2025 UNAUDITED CASH FLOW STATEMENT |
|
|
| In k€ |
Dec-25 |
Dec-24 |
| Cash – Beginning of the period |
3,362 |
3,509 |
|
|
|
|
| EBITDA Adjusted |
4,360 |
(505) |
| Decrease / (increase) in working capital |
3,899 |
(840) |
| Operating free cash-flow |
8,259 |
(1,345) |
| Taxes paid |
(420) |
(191) |
| Cash flow from investing activities – tangible assets |
(26) |
(27) |
| Cash flow from investing activities – R&D |
(6,720) |
(8,383) |
| Free cash-flow |
1,093 |
(9,946) |
| Exceptional items |
(1,514) |
(2,104) |
| Cash-flow from investing activities – M&A |
3,276 |
(6,189) |
| Cash-flow from financing activities |
(8,001) |
4,435 |
| Cash flow from equity movements |
5,678 |
14,156 |
| Others |
(238) |
(499) |
| Net increase / (decrease) in cash |
294 |
(147) |
|
|
|
|
| Cash – End of the period |
3,656 |
3,362 |
FY 2025 UNAUDITED STATEMENT OF FINANCIAL POSITION |
|
|
| In k€ |
Dec-25 |
Dec-24 |
| Tangible assets |
2,580 |
3,379 |
| Intangible assets |
43,760 |
46,335 |
| Investment in associates companies |
– |
3,538 |
| Fixed assets |
46,340 |
53,252 |
|
|
|
|
| Net working capital |
(4,263) |
(1,108) |
|
|
|
|
| Deferred tax liabilities |
(1,265) |
(1,533) |
| Employees benefit liabilities |
(2,100) |
(2,310) |
| Provisions |
(157) |
(121) |
| Total invested capital |
38,555 |
48,180 |
| Cash and cash equivalents |
3,656 |
3,362 |
| Financial assets |
255 |
242 |
| Financial liabilites |
(18,277) |
(23,764) |
| (Net financial)/net cash position |
(14,366) |
(20,160) |
| Net equity |
24,189 |
28,020 |
FY 2025 UNAUDITED REVENUES BY PRODUCT AND SERVICES LINE |
|||
| In k€ |
Dec-25 |
Dec-24 |
y.o.y. change |
| SaaS platform |
31,023 |
30,154 |
3% |
| Digital Marketing |
8,063 |
8,694 |
-7% |
| Other |
1,858 |
1,485 |
25% |
| Revenues |
40,944 |
40,333 |
2% |
FY 2025 UNAUDITED RECURRING AND NON RECURRING REVENUES |
|
||
| In k€ |
Dec-25 |
Dec-24 |
y.o.y. change |
| SaaS Recurring |
30,379 |
30,079 |
1% |
| Other recurring |
1,085 |
2,044 |
-47% |
| Recurring revenues |
31,464 |
32,123 |
-2% |
| % Recurring on Revenues |
77% |
80% |
-3% |
| Contract start-up |
647 |
111 |
483% |
| Digital |
7,004 |
7,311 |
-4% |
| Other |
1,829 |
788 |
132% |
| Non Recurring revenues |
9,480 |
8,210 |
15% |
|
|
|
|
|
| Revenues |
40,944 |
40,333 |
2% |
FY 2025 UNAUDITED REVENUES BY GEOGRAPHY |
|
|
|
| In k€ |
Dec-25 |
Dec-24 |
y.o.y. change |
| Italy |
27,594 |
26,347 |
5% |
| Spain |
3,597 |
3,679 |
-2% |
| France |
5,054 |
5,639 |
-10% |
| Germany |
2,119 |
2,230 |
-5% |
| Benelux |
2,580 |
2,438 |
6% |
| Revenues by geography |
40,944 |
40,333 |
2% |
FY 2025 UNAUDITED R&D EXPENSES |
|
|
|
| In k€ |
Dec-25 |
Dec-24 |
y.o.y. change |
| R&D expenses |
12,174 |
13,090 |
-7% |
| – of which capitalised |
6,563 |
8,278 |
-21% |
| – of which expensed in the income statement |
5,611 |
4,812 |
17% |
| R&D expenses as a percentage of Revenues |
30% |
32% |
-3% |
