ContextVision AB — Interim / Quarterly Report 2025

May 7, 2025

ContextVision AB: Q1 interim report 2025 - Executing on our strategy for Image Quality and Data Quality

ContextVision AB: Q1 interim report 2025 - Executing on our strategy for Image Quality and Data Quality

Q1 highlights

· Partnership signed with the University of Washington as we progress our aim

to develop organ-specific digital biomarkers

· Investments in ultrasound equipment to support our clinical research in the

U.S.

· Attended the ECR Conference with high interest from current and potential

customers

· Fruitful collaborations with customers to support a larger part of the image

processing chain

Q1 Financial Data

· Revenue of 26.3 MSEK (34.7) , down 24,2%.

· EBITDA amounted to -1.6 MSEK (12.8) with an EBITDA margin of -6.3% (36.9).

· Adjusted EBITDA amounted to 2.1 MSEK (14.0) with an adjusted EBITDA margin

of 8.1% (40.3).*

· Cash flow from operating activities was 0.3 MSEK (7.1).

· Earnings per share was -0,04 SEK (0.11).

· Adjusted earnings per share was 0.01 SEK (0.13).*

* ContextVision do adjustments for investments in Data Quality to make it easier

to analyse the underlying business. The investments amounted to 3.8 MSEK in Q1

Executing on our strategy for Image Quality and Data Quality

The first quarter of the year has been eventful from many perspectives. Global

macroeconomic factors continue to create uncertainty in the market, combined

with an unfavorable seasonality for us. Despite this, we remain firmly committed

to executing on our long-term strategy, with new partnerships within Data

Quality, record high interest from both existing and potential Image Quality

customers, and an increasing focus on expanding our revenue streams from

Services.

Revenue from the first quarter amounted to 26.3 MSEK (34.7), a decrease of 24.2%

compared to the record high Q1 2024. The decline is primarily explained by

translational FX of -1.8%, seasonal impacts affecting sales among some of our

larger customers, and an unfavorable ultrasound customer mix as new platforms,

in which we are not yet integrated in, gained market share. In addition, the

sales push from one customer in Q4 had a dampening effect on their sales this

quarter.

Adjusted EBITDA came in at 2.1 MSEK (14.0), corresponding to an adjusted EBITDA

margin of 8.1% when excluding investments in Data Quality of 3.8 MSEK. The

decrease in profitability was primarily driven by increased investments and

transactional FX effects of -3.9 MSEK year-on-year, as the SEK strengthened

against USD and EUR. Our investments are related to Data Quality and the start

of the clinical study, including the onboarding of new partners and investments

in hardware, IT and associated equipment. We expect investment levels in Data

Quality to stay elevated going forward, as the study progresses.

As we move forward, we continue to execute our strategy across both Image

Quality and Data Quality. In Image Quality we are engaging in an unprecedented

number of close collaborations with customers, where we can provide high-quality

support across the image processing chain. This expands our share of wallet by

providing greater value and thereby strengthening our revenue resilience,

particularly if license sales fluctuate.

In Data Quality, we are taking significant steps. During the quarter, we signed

a partnership with the University of Washington to initiate clinical research

aimed at developing AI-based solutions for organ-specific data interpretation.

After the quarter, we further strengthened our position through partnerships

with the University of Waterloo's Laboratory on Innovative Technology in Medical

Ultrasound (LITMUS) and InPhase Solutions AS. These collaborations enhance our

technical and clinical capabilities in developing digital biomarkers for the

early detection and monitoring of liver diseases. Today, approximately 25% of

the global population is estimated to be affected by fatty liver disease,

creating a growing societal need for non-invasive diagnostic solutions. We have

a clear ambition of taking a leading role in this market, and we look forward to

announcing more partnerships supporting this mission in the near future.

Finally, I would like to highlight the strong reputation that ContextVision

holds in our field. At the European Congress of Radiology in Vienna in February

we recorded a record number of customer meetings, and successfully renewed

several contracts.

Looking ahead, we anticipate continued quarterly market fluctuations. However,

by consistently executing on our dual strategy across Image and Data Quality, we

are building new revenue streams and sources of growth while maintaining control

of near-term cash flow.

Dr. Dr. Gerald Pötzsch,

Chief Executive Officer

For more information, please contact

Richard Hallström,

Chief Financial Officer

richard.hallstrom@contextvision.com

About ContextVision

ContextVision is a software company specialized in image analysis and artificial

intelligence. As the global market leader within image enhancement, we are a

trusted partner to leading manufacturers of ultrasound, X- ray and MRI equipment

around the world. Our expertise is to develop powerful software products, based

on proprietary technology and artificial intelligence for image-based

applications. Our cutting-edge technology helps clinicians accurately interpret

medical images, a crucial foundation for better diagnosis and treatment. The

company, established in 1983, is based in Sweden with local representation in

the U.S., Japan, China and Korea. ContextVision is listed on the Oslo Stock

Exchange under the ticker CONTX.

This information is inside information pursuant to the EU Market Abuse

Regulation and is subject to the disclosure requirements pursuant to Section 5

-12 the Norwegian Securities Trading Act. The information was submitted for

publication, through the agency of the contact person set out above, at 08.00

a.m. CET on May 7, 2025.