---
title: "Leapwork ApS – Regnskab 2025 og nøgletal"
description: "Leapwork ApS (CVR 36924225). Regnskabsperiode: 2025-01-01 – 2025-12-31. Koncernregnskab, Bruttofortjeneste 17,5 mio. USD, årets resultat -20,2 mio. USD, egenkapital -10,7 mio. USD."
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---

# Leapwork ApS — Regnskab

Leapwork ApS \(CVR 36924225\). Regnskabsperiode: 2025-01-01 – 2025-12-31. Koncernregnskab, Bruttofortjeneste 17,5 mio. USD, årets resultat -20,2 mio. USD, egenkapital -10,7 mio. USD.

CVR 36924225

## Seneste regnskabsperiode

- 2025 • 2025-01-01 • 2025-12-31 • consolidated\_group • USD • 17519396 • -19577059 • -20246121 • 45591740 • -10664794 • 268

## Regnskabshistorik

- 2025 • 2025-01-01 • 2025-12-31 • entity • USD • -11900094 • -21001221 • -22086216 • 36134748 • -12922867 • 28

- 2024 • 2024-01-01 • 2024-12-31 • consolidated\_group • USD • 15133649 • -29880617 • -31492983 • 45785270 • 8277469 • 349

- 2024 • 2024-01-01 • 2024-12-31 • entity • USD • -19281879 • -31969328 • -32267890 • 38238025 • 7423267 • 50

- 2023 • 2023-01-01 • 2023-12-31 • consolidated\_group • USD • 8889412 • -28200604 • -28894266 • 65726278 • 40882998 • 304

- 2023 • 2023-01-01 • 2023-12-31 • entity • USD • -17358837 • -28973031 • -31030301 • 56016296 • 38464195 • 83

- 2022 • 2022-01-01 • 2022-12-31 • consolidated\_group • DKK • 39936368 • -162123791 • -142091189 • 296174226 • 195072430 • 212

- 2022 • 2022-01-01 • 2022-12-31 • entity • DKK • -80568854 • -165472851 • -148466324 • 257319020 • 191190127 • 88

- 2021 • 2021-01-01 • 2021-12-31 • consolidated\_group • DKK • 622001 • -89384506 • -75980105 • 420434368 • 337788858 • 127

- 2021 • 2021-01-01 • 2021-12-31 • entity • DKK • -39717326 • -91327597 • -77062220 • 404101601 • 339542211 • 62

- 2020 • 2020-01-01 • 2020-12-31 • consolidated\_group • DKK • 10535326 • -30646817 • -28657507 • 73460785 • 26050289 • 55

- 2020 • 2020-01-01 • 2020-12-31 • entity • DKK • 8610858 • -25772011 • -23433234 • 70146015 • 30761352 • 39

- 2019 • 2019-01-01 • 2019-12-31 • entity • DKK • 2224445 • -21881354 • -18114996 • 65311953 • 54194586 • 21

- 2018 • 2018-01-01 • 2018-12-31 • entity • DKK • 3375442 • -9600302 • -8170145 • 14596647 • 7223554 • 10

- 2017 • 2017-01-01 • 2017-12-31 • entity • DKK • -1728204 • -7343366 • -6121538 • 12952331 • 2517790 • 6

## Højdepunkter fra årsrapporten

- primary activities • The company's primary activities comprise development and sale of products and services related to software testing and quality assurance of software. ​​Our Mission ​Software now underpins nearly every critical business process, and enterprises need confidence that their systems will work reliably across increasingly complex technology environments. Leapwork helps organizations validate quality, performance, and resilience across the software development lifecycle through an intuitive, AI-powered platform designed for enterprise scale. ​​Leapwork’s platform enables teams to automate and validate processes across web, desktop, ERP, SaaS, API, and other business-critical applications through a visual and accessible approach. This helps customers accelerate releases, improve quality, strengthen governance, and reduce the operational burden traditionally associated with test automation. ​​The Company’s solutions are used by large enterprises across a broad range of industries, including financial services, life sciences, public sector, manufacturing, and technology. Leapwork continues to expand its platform capabilities through offerings such as Leapwork Performance and AI Studio, supporting customers as validation needs evolve from core test automation toward broader continuous validation across functional, performance, and AI-driven workflows. • consolidated\_group

- development in activities and financial affairs • Development in activities and finances

In 2025, our primary objective was to convert the investments made in prior years into stronger commercial execution and a more scalable operating model. Following the launch of Leapwork-as-a-Service \(LaaS\), we focused on driving adoption of the platform, strengthening customer delivery, and expanding our enterprise footprint across North America and Europe. The Company continued the cost base realignment initiated at the beginning of the year while prioritising customer value, partner-led opportunities and efficient execution across the organization. ​​A major focus area in 2025 was the continued scaling and maturation of Leapwork-as-a-Service \(LaaS\). This cloud-based offering remains strategically important, allowing the Company to serve enterprise customers with a flexible, fully hosted deployment model while preserving the full functionality of the Windows-based platform. ​​At the beginning of 2025, the Company undertook a reorganisation of its operations which resulted in the termination of 60 employees. This restructuring was driven by the need for strategic realignment of business operations and optimisation of the cost base. ​​During 2025, the Company also welcomed a refreshed C-suite and broader management team over the course of​the year, alongside changes in the CEO role and Board leadership. In addition, the Company simplified and strengthened its financing structure during the year through the repayment of the Hercules loan in October 2025 and the refinancing with CIBC, supporting liquidity management and providing an improved financial platform for​continued execution. ​​The net loss for the year amounted to USD 20.2 million \(2024: USD 31.5 million\). The reduced loss compared with 2024 reflects continued commercial progress, the benefits from the cost base realignment implemented in 2025 and continued disciplined investment in product development and go-to-market capabilities. As of 31 December 2025, the Company’s equity stood at USD \(10.7\) million \(2024: USD 8.3 million\), primarily due to the net loss for the year and the resulting reduction in retained earnings. The repayment of the Hercules facility and

refinancing with CIBC strengthened the Company’s funding structure and liquidity profile. ​​In 2026, all of the Company's convertible loan notes have been converted to equity shares in connection with the formation of the new holding company, Leapwork Holding ApS. Consequently, the Company's equity has been reestablished after the balance sheet date. • consolidated\_group

- expected development • In 2026, the Company expects to build further on the commercial and operational foundations established in 2025. Management will continue to invest in the core product and in Leapwork-as-a-Service, while maintaining a disciplined approach to cost management. The Company remains focused on a customer-first strategy, enterprise expansion in key markets and broader partner leverage. The updated leadership structure and refinancing completed in 2025 are expected to support improved execution, governance and financial flexibility in​2026. In addition, Leapwork Performance and the continued rollout of AI Studio are expected to broaden the product offering and support new customer acquisition as well as cross-sell and upsell opportunities across the existing customer base. ​​Based on the 2026 budget, revenue is expected to amount to approximately USD 38.4 million, corresponding to growth of around 21% compared with 2025. The net loss for the year is expected to be approximately USD 13.1 million, representing a further improvement from 2025. The expected development reflects continued revenue growth, strong gross margins and improved operating leverage as prior investments translate into scale. ​​Knowledge resources ​Our people are our core assets and are essential for both short- and long-term growth and for meeting the Company’s overall targets. Hence, the Company is continuing to invest in our existing employees and attracting new talents. • consolidated\_group

- result compared with expectations • Profit/loss for the year in relation to expected developments

The result for 2025 reflects continued investments in product development, commercial capabilities and customer delivery, partly offset by the positive impact of the cost base realignment and operational efficiencies implemented during the year. • consolidated\_group

- subsequent events • After the balance sheet date, a new Danish holding company, Leapwork Holding ApS, was formed and inserted above Leapwork ApS as part of a group reorganisation. As a result, Leapwork ApS became a subsidiary of the new​

holding company after year-end. In connection with the formation of the holding company, all of Leapwork ApS' convertible loan notes were converted to equity shares, all of which are owned by the holding company. • consolidated\_group

- contingent liabilities • A company in the Group has provided corporate pledges to banks totalling USD 19,292 thousand. The corporate pledge includes current and non-current tangible and intangible assets. No limitations in the use of assets apply. • consolidated\_group