Mentimeter revenue: SEK 598 million in 2025, and the loss line that was never the story

Quick answer (September 2026). Mentimeter AB (publ) reported net revenues of SEK 598.0 million in 2025, after SEK 536.2 million in 2024, SEK 452.0 million in 2023, SEK 335.7 million in 2022, SEK 235.3 million in 2021, SEK 133.7 million in 2020 and SEK 43.5 million in 2019. Annual recurring revenue closed 2025 at SEK 614.0 million, roughly USD 62.7 million at the European Central Bank's 2025 average rate of SEK 9.7933 to the dollar. 2025 also brought the company's first positive bottom line since 2020: earnings after financial items of SEK 14.6 million, against losses of SEK 55.1 million in 2024 and SEK 69.1 million in 2023. Every number in this piece comes from Mentimeter's own audited annual reports, which the company publishes in English.

That last sentence is the reason this article exists.

Mentimeter is a private Swedish company. It did not have to publish anything in English, and it certainly did not have to put five consecutive audited annual reports on a public web page. It does both. And yet almost every third-party page about Mentimeter's revenue is an estimate, a range, or a single ARR figure with no year attached to it. The filings have been sitting there, unassembled, the entire time.

So here is the series, assembled.

Mentimeter revenue, 2019 to 2025

Sources: the "Development of the Group's business, earnings and financial position" tables in Mentimeter's annual reports for 2022, 2023, 2024 and 2025. The 2019 and 2020 columns come from the 2023 report; the free cash flow row is published from the 2024 report onward. The three reports agree to the decimal on every overlapping year, which is a useful thing to be able to say about a private company's numbers.

Read the revenue column and you get a clean, unremarkable growth story: a company compounding hard through the pandemic, then decelerating in an orderly way from +76% to +12% as the base gets large.

Read the profit column next to it and you get a different company entirely. Four consecutive losing years, getting worse for three of them, bottoming at SEK -69.1 million in 2023.

Read the third column and the second one falls apart.

The loss line was never the story

In 2023, the worst year on the profit line, Mentimeter generated positive free cash flow of SEK 33.9 million. In 2022 it generated SEK 42.3 million. In 2021, SEK 42.9 million. The company lost money on paper in all three years and put cash in the bank in all three years.

Mentimeter says so itself, in the administration report attached to the 2024 filing, in a sentence that has never been quoted anywhere I can find:

This business model also allows the company to operate with a positive cash flow even if the operating result is negative, which was the case in 2017 to 2023, but with a negative cash flow in 2024.

Seven consecutive years of positive cash flow against a negative operating result. That is not a footnote. That is the whole financial identity of the business, disclosed on page 54 of a PDF.

The mechanism is boring and it is the point. From the same report:

The company's business model, in which customers are invoiced in advance for their licenses, means that the company operates with negative working capital; as a result, the company does not require any external financing, but is financed entirely by advance payments from customers. Thus, the company has no interest-bearing liabilities.

Annual licences, billed up front. The customer pays in January for a year of software, Mentimeter recognises that revenue across twelve months, and in the meantime it is holding the cash. The accounting shows a loss because the costs land now and the revenue is spread. The bank balance shows the opposite because the money arrived in full on day one.

You can watch it in the gap between two of Mentimeter's own metrics. Invoiced sales, the cash actually billed, ran ahead of recognised net sales in every year it has disclosed both: SEK 290.8 million against 235.3 in 2021, SEK 409.9 million against 335.7 in 2022, SEK 515.3 million against 452.0 in 2023, SEK 569.4 million against 536.2 in 2024, and SEK 627.2 million against 598.0 in 2025. The company's own definition of the metric calls invoiced sales the "primary driver of operative cash flow", which is as close as an annual report gets to telling you where to look.

The year the two lines crossed

Here is the part that makes this more than a caveat.

If the loss line told you anything real about distress, the worst cash year should be the worst profit year. It is not. 2023 is the worst profit year (SEK -69.1 million) and it threw off SEK 33.9 million of free cash. 2024 is the only negative cash year on record (SEK -10.7 million) and its loss was smaller than 2023's.

The two lines do not merely disagree in level. They disagree in direction, in the same dataset, published by the same auditor.

Anyone screening Mentimeter on profitability alone would have flagged 2023 and relaxed in 2024. The cash statement says to do exactly the reverse.

What actually happened in 2025

The swing from SEK -63.0 million of EBIT in 2024 to SEK +13.0 million in 2025 is SEK 76.0 million. It is worth decomposing, because "revenue grew and they turned profitable" is not what the income statement says.

Revenue growth contributed SEK 61.9 million of the SEK 76.0 million. The remaining SEK 14.2 million came from cost movements, and inside that number is the single largest line change of the year: other external costs fell by SEK 30.2 million, the first absolute decline in that line in the company's published history (SEK 86.1 million in 2022, 130.8 in 2023, 137.5 in 2024, 107.3 in 2025).

Headcount is the other half. Average employees went 249, 325, 378, 384 across 2022 to 2025. The 2024 to 2025 step is +1.6% after +16% the year before. Year-end headcount moved from 382 to 387. Mentimeter stopped hiring and cut its external spend, and that is what converted a decelerating growth year into a profitable one.

Growth of 12% is the slowest in the company's disclosed history. It is also the first year the slowdown was allowed to show up as profit rather than as more hiring.

Enterprise is quietly taking over

Mentimeter splits revenue into Enterprise (organisations) and Self-Service (individual leaders).

Enterprise has grown faster than Self-Service every single year (+45% then +23% then +14%, against +26% then +16% then +9%) and is about one year away from being the larger half of the business. For a product most people first met as a free word cloud in a lecture theatre, that is a substantial repositioning, and it is happening at roughly two percentage points a year rather than in a press release.

Monthly active recurring users averaged 469,000 in 2022, 473,000 in 2023, 503,000 in 2024 and 550,000 in 2025 per the key-figures table. Worth flagging: the narrative text of the 2025 report says "about 535,000" for the same metric in the same document. The two figures are inconsistent, the difference is about 3%, and I have used the table.

What the estimate sites get wrong

GetLatka publishes "In 2024, Mentimeter's revenue reached $38M." It is the highest-ranking third-party number for this company.

Mentimeter's audited ARR at the end of 2024 was SEK 567.1 million. At the European Central Bank's 2024 annual average reference rate of SEK 10.5624 per US dollar, that is USD 53.7 million. Recognised net sales for 2024 were SEK 536.2 million, or USD 50.8 million.

For USD 38 million to be right, the krona would have had to average SEK 14.92 to the dollar in 2024. It averaged 10.56. Across the full 27 years of ECB annual reference rates, from 1999 to 2025, the krona's weakest annual average against the dollar was 10.616, set in 2023. There is no year in which that estimate would have been correct. It is low by roughly 30% against net sales and roughly 40% against ARR.

This is not a dig at one aggregator. It is the predictable result of estimating a number that the company publishes, in English, audited by Öhrlings PricewaterhouseCoopers (PwC Sweden), on its own website. The same pattern shows up on Crunchbase , which carries an IT spend projection rather than a revenue figure, and across the usual profile sites, none of which reference the filings.

If you are comparing Mentimeter to Kahoot! or Slido or Miro, use SEK 598.0 million for 2025 and SEK 614.0 million of ARR, not the estimates.

The SEK 727 million that Mentimeter never received

In 2024 a large amount of money changed hands around this company, and none of it went into it.

On June 26, 2024, the listed Swedish investment company Bure Equity announced an agreement to acquire Alfvén & Didrikson's roughly 12% holding, in a transaction it valued at approximately SEK 450 million. The completed deal was larger. Mentimeter's own press release of August 15, 2024 describes a secondary transaction of approximately SEK 727 million, with Bure investing SEK 531 million and GP Bullhound Fund VI investing SEK 196 million, and Alfvén & Didrikson as the main seller.

The sentence that matters is Mentimeter's:

Mentimeter does not gain any proceeds from the transaction and intends to continue to grow fast and profitable.

A company that had been reporting losses for four straight years watched SEK 727 million move between its shareholders and took none of it, because it did not need it. That is what "financed entirely by advance payments from customers" looks like when a real transaction tests it.

A note on what I am not doing here: the two press releases do not reconcile into a clean valuation. SEK 450 million for a 12% stake implies about SEK 3.75 billion; SEK 531 million from the same buyer in the completed deal implies something else, and neither release states a company valuation or the final stake size. I have seen a figure of SEK 5.4 billion circulated in commentary. It is not in either primary document, so it is not in this table.

Three things the filings do not hand you

The 2023 cash flow was restated. The 2023 annual report gives cash flow from operating activities of SEK 36.7 million for the group. The 2024 report gives SEK 34.0 million for the same year. The reason is disclosed: "The Group changed the presentation of cash flow in 2024 and now shows total interest paid in cash flow from operating activities." Small, but if you are building a series across reports you will hit it, and the later figure is the comparable one.

Two revenue definitions run side by side. The five-year table uses "net revenues" (SEK 452.0 million for 2023); the key-figures table uses net sales excluding intercompany income and expenses (SEK 449.8 million for the same year). The gap is about SEK 2 million. I have used the five-year series throughout because it is the one published consistently across four reports.

ARR is a defined term here and it is not revenue. Mentimeter defines it as annualised subscription revenue for the final month of the quarter. It closed 2025 at SEK 614.0 million against SEK 598.0 million of recognised net sales. Quoting one as the other is the most common way these numbers get mangled.

The takeaway

Mentimeter spent four years looking like a loss-making growth company and behaving like a cash-generative one. The gap between those two descriptions was never hidden. It was published annually, in English, audited, and free to download, and it was invisible anyway because nobody put the columns next to each other.

There is a general lesson in that for anyone reading a subscription business. If licences are billed annually in advance, the income statement is a lagging, smoothed description of a business whose cash position is already decided. The loss is real accounting. It is just not the thing that determines whether the company survives the year.

For more of this method, see the Scoro revenue profile, assembled from Estonian and UK filings, and the Pipedrive revenue profile.