Astra Group's revenue surges 70% to 3.1 bln rubles in Q1

MOSCOW. June 2 (Interfax) - PJSC Astra Group saw a 70% year-on-year growth in revenue to 3.1 billion rubles in Q1 2025, the company said.

This significantly exceeded expectations from Sovcombank and Finam analysts, who had projected the company's Q1 revenue growth at 5%-16% (1.94 billion-2.2 billion rubles). However, the substantial growth was partly driven by revenue recognition from prior shipments (revenue is recognized upon signing acceptance certificates with buyers, excluding volume-based sales bonuses and VAT) and increased revenue from product support services, Astra Group said.

The company's actual shipments grew only 3% in Q1 to 1.9 billion rubles, slightly below Sovcombank's forecast of 5% growth (1.98 billion rubles).

According to Astra Group, revenue from Astra Linux OS sales rose 24% to 1.26 billion rubles, while ecosystem product sales grew 50% to 642 million rubles. Revenue from product support services tripled to 1.14 billion rubles.

EBITDA rose to 457 million rubles from 24 million rubles a year earlier. Adjusted EBITDA (excluding one-time and non-recurring items, including share-based compensation expenses) reached 532 million rubles, while adjusted EBITDA minus capex remained negative at minus 300 million rubles (minus 526 million rubles in Q1 2024).

Net profit declined slightly to 184 million rubles (202 million rubles a year earlier). Conversely, adjusted net profit increased to 259 million rubles (202 million rubles), while adjusted net profit minus capex (or NIC - net income before capitalization of software development costs and their amortization) remained negative at minus 244 million rubles, unchanged from Q1 2024.

"The market shows restrained sales activity in infrastructure software," Elena Borodkina, deputy CEO for economics and finance at Astra Group, was quoted as saying. "In 2025, our results are also pressured by record-high key rates. Nevertheless, in Q1 we demonstrated solid year-on-year growth in key metrics. Importantly, ecosystem product revenue continues to grow, with sustained demand from businesses and government agencies," she said.

Astra Group expects a recovery in customer demand as macroeconomic conditions improve, the company said.

PJSC Astra Group was formed in September 2023 from JSC Astra Group, which was established in 2021 to consolidate group companies. The reorganization, conducted in 2021-2022, was completed in December 2022. The PJSC now fully or partially owns over 20 IT companies in Russia and Belarus.