Scoro Turned Its First Profit in 2025. Its Cash Fell 64% in the Same Year.

Quick answer (2026): Scoro's filed revenue was EUR 7.48M (2021), EUR 10.43M (2022), EUR 12.69M (2023), EUR 14.70M (2024) and EUR 16.62M (2025). In 2025 the group recorded the first profit in its history: EUR 374,000 at ultimate group level and EUR 483,000 at the Estonian operating level, after losses of EUR 2.68M (2021), EUR 5.98M (2022), EUR 1.67M (2023) and EUR 477,000 (2024). None of those are estimates. They come from two separate sets of audited accounts, filed in two countries, that reconcile with each other to the euro. The two data aggregators ranking on page one for this question quote USD 20.8M and USD 23.4M, both higher than the filed figure under any exchange rate the euro has seen this decade, and one of them describes Scoro as bootstrapped. The company has raised roughly USD 23M and paid EUR 718,000 of loan interest in 2025 alone. The most interesting number is not the profit. It is that Scoro ended its first profitable year with EUR 773,000 of cash, down 64%, and EUR 17.9M of accumulated losses behind it.

Page one has three answers, and none of them is the filed one

Search scoro revenue and the results are strange. Five of the top ten are Scoro's own help-centre and blog pages about its revenue reporting feature, which is a different thing entirely. The question is being answered by product documentation.

The two pages that do try to answer it are estimates. GetLatka publishes "$20.8M" for 2024 and labels the company "Bootstrapped". Growjo publishes "$23.4M per year".

The audited accounts for 2024 say EUR 14,696,000. For 2025 they say EUR 16,616,000.

The currency gap does not rescue either estimate. Even at EUR/USD 1.20, a rate the euro has not touched since 2021, the filed 2024 revenue is about USD 17.6M against GetLatka's USD 20.8M, and the filed 2025 revenue is about USD 19.9M against Growjo's USD 23.4M. Both estimates are high, in the same direction, by roughly 20% to 30%.

The bootstrapped label is the larger error. Scoro raised a USD 1.9M seed in 2016, a EUR 4.4M Series A in 2018 led by Livonia Partners, and a USD 16.4M Series B in 2021 led by Kennet Partners with Columbia Lake Partners participating. Columbia Lake is a venture debt firm, and that shows up in the accounts: Scoro drew EUR 3.94M of loans in 2022 and EUR 1.97M in 2023, and carried EUR 3.89M of borrowings at the end of 2025.

Scoro revenue by year, 2009 to 2025

Scoro is an Estonian osaühing, so it files annual accounts with the Estonian Business Register, and the register publishes a free key-indicator series on the public company page with no login and no CAPTCHA. The legal entity is older than the product: it was incorporated on 26 September 2001 as Landmark Software OÜ, and the Scoro product launched in 2013, which is why the early years are so small.

Revenue figures 2009 to 2020 are the register's published key indicators. Figures for 2021 to 2025 are the audited consolidated statements from the filed annual reports, which is why two rows the register leaves blank are filled here. Revenue has risen every year since 2010, a 16.8% compound annual rate across 2022 to 2025, though the rate is decelerating: +21.6% (2023), +15.9% (2024), +13.1% (2025).

One small discrepancy worth flagging for anyone checking: the register's own key-indicator table gives the 2023 result as -1,669,000, while the audited consolidated statement in the 2023 and 2024 reports both give -1,673,000. The EUR 4,000 gap is unexplained. The audited figure is used above.

Why this number has been hard to find

Scoro's 2025 profit exists in two public filings. In one of them it is blank, and in the other it is a photograph.

The Estonian register's key-indicator table, the thing a search engine or a scraper reads, shows revenue of 16,615,734 for 2025 and an empty cell where the profit should be. The same is true for 2021 and 2019. That is not random. Estonian companies can file the annual report as a plain document or with the underlying statements attached as structured data, and the register only extracts a profit figure when the structured statements are present. Checking every year Scoro has filed, the correlation is eight for eight: 2018, 2020, 2022, 2023 and 2024 have structured statements attached and show a profit figure, while 2019, 2021 and 2025 do not and are blank.

So the single most newsworthy line in Scoro's 2025 filing, its first profit, is invisible on the page most people would check.

The second copy is worse. Scoro's ultimate parent is Scoro Software Holding Ltd, incorporated in London on 22 December 2020 (company number 13096569), and it files full group accounts at Companies House. Those accounts contain everything: revenue, profit, balance sheet, the lot, reported in euros. They are also a 41-page scanned image with zero extractable text. No crawler, no aggregator and no language model reading the file will find a single number in it without optical character recognition.

The number is public twice over and machine-readable neither time.

The two filings reconcile exactly

This is the part that makes the figures trustworthy rather than merely available. Two audited groups, filed in two countries, under two regulators, on different dates.

Revenue and gross profit are identical. The profit differs by exactly EUR 109,000, and the London filing states the reason on its own parent balance sheet: "The loss after tax of the parent company for the financial period was 109 thousand euros (2024: 112 thousand euros)." The 2024 pair reconciles the same way, with the Estonian group at -477 and the UK group at -589, a difference of exactly 112. The gap between the two is the London holding company's own running cost, and nothing else.

The UK group figure of EUR 374,000 is the right one to quote for "Scoro", because it is the whole company. The Estonian EUR 483,000 is the operating business before the holdco's overhead.

The same year, cash fell 64%

Here is the reading that the profit headline hides.

2025 was Scoro's best year for cash generation by a wide margin. Operating cash flow was EUR 4.17M, up from EUR 3.63M in 2024 and EUR 1.76M in 2023, against minus EUR 2.59M in 2022. That is a EUR 6.75M swing in three years.

And the cash balance fell from EUR 2.16M to EUR 773,000, down 64%, the lowest in at least four years and about 17 days of revenue.

The EUR 4.17M went two places. EUR 2.95M was spent on internally developed software, which is investment rather than expense. EUR 2.09M went to lenders, as EUR 1.60M of loan repayments plus EUR 494,000 of interest paid. Scoro drew no new loans in 2025 at all, against EUR 933,000 in 2024 and EUR 1.97M in 2023. The company has stopped borrowing and started repaying, and the repayment schedule now consumes more than the business generates.

The balance sheet says the same thing more bluntly. The 2025 report publishes its own liquidity ratio as 0.2 (2024: 0.4) and its debt ratio as 0.9 (2024: 1.0). Current assets of EUR 1.34M sit against current liabilities of EUR 6.70M. A large part of those liabilities is deferred revenue, which is customer prepayments for software already sold and is normal for a subscription business, but a current ratio of 0.2 in the year you turn profitable is a genuine tension and not a rounding artefact.

A third of the payroll never reaches the profit line

Scoro's gross payroll in 2025 was EUR 10.30M (wages EUR 8.17M plus social taxes EUR 2.13M). Of that, EUR 3.31M was capitalised into intangible assets rather than expensed, which is 32% of the payroll. The 2024 figure was 31%.

This is permitted, common in software, and disclosed. It also means the profit line is sensitive to it. Against that EUR 2.95M of cash going into capitalised development, the income statement absorbed EUR 2.26M of intangible amortisation in 2025 (total depreciation and amortisation was EUR 2.93M, of which EUR 339,000 was right-of-use assets, EUR 109,000 tangible assets and EUR 222,000 customer contract costs).

The two are converging, which matters. In 2022 the company capitalised EUR 2.00M against EUR 1.91M of total D&A; in 2025 it capitalised EUR 2.95M against EUR 2.93M. The accounting tailwind that flattered the early years has largely closed, so the 2025 profit is not mainly a capitalisation effect. But intangibles are now EUR 6.62M, or 66% of total assets, against EUR 773,000 of cash. The balance sheet is mostly capitalised software.

Add back total D&A and the operating result gives an EBITDA of roughly EUR 4.24M in 2025 (25.5% of revenue), against EUR 2.93M in 2024, EUR 1.40M in 2023 and minus EUR 3.77M in 2022.

Revenue by country: the home market is shrinking

The Estonian filing publishes a per-country revenue breakdown, which is rare for a private software company. It shows something Scoro's own commentary only half says.

All three Baltic markets shrank in absolute terms. Together they went from EUR 3.54M to EUR 3.49M. Meanwhile the four English-speaking markets grew from EUR 8.66M to EUR 10.23M, which is 61.6% of revenue and 82% of all the growth. The United Kingdom on its own is now larger than Estonia, Latvia and Lithuania combined, by EUR 1.42M.

The company frames this as focus, and says its attention is on English-language markets and that it served customers in 61 countries at the end of 2025. That is true. It is also true that the home region is in decline, and a reader deciding whether Scoro is a safe long-term vendor in Tallinn or Riga should know it.

Fewer people, more revenue

Group headcount fell from 125 at 31 December 2024 to 112 at 31 December 2025, down 10.4%. Average full-time equivalents fell from 134 to 125.

Revenue per employee therefore went from about EUR 118,000 to EUR 148,000, up 26% in a year. Revenue rose 13.1% while headcount fell 10.4%, and that, more than any accounting choice, is what moved the operating result from EUR 155,000 to EUR 1.19M at group level.

Sales and marketing is the line that tells the strategy. It peaked at EUR 7.62M in 2022, which was 73% of that year's revenue and the direct cause of the EUR 5.98M loss. It was cut to EUR 5.29M in 2023, a 31% reduction, and has been allowed to grow only slowly since, reaching EUR 5.99M in 2025. Three years later it is still below its 2022 peak in absolute euros while revenue has grown 59%. As a share of revenue it fell from 73% to 36%.

Gross margin improved steadily across the same period: 73.0% (2022), 75.7% (2023), 78.0% (2024), 79.7% (2025).

What EUR 17.9M of accumulated losses buys

The UK group balance sheet carries accumulated losses of EUR 17,933,000 at the end of 2025, down from EUR 18,307,000, the difference being exactly the EUR 374,000 profit.

Group equity was negative EUR 77,000 at 31 December 2024 and positive EUR 557,000 at 31 December 2025. The company crossed back over the line in the year it turned profitable, and only just.

That is the honest scale of the achievement and its cost. At the 2025 rate of profit it would take roughly half a century to earn back what has been spent getting here. This is not a criticism; it is what venture-funded category building looks like from the inside, and Scoro is further along than most. But "first profitable year" and "recovered its investment" are very different statements, and only the first one is true.

What happens next

In January 2026, after the balance sheet date, Scoro acquired Envoice, an Estonian AI-powered bill and expense management company, for an undisclosed sum. The mechanics are in the notes: the parent, Scoro Software Holding Ltd, bought 100% of Envoice OÜ and then contributed the shareholding into Scoro Software OÜ as a non-monetary equity contribution, so Envoice now sits as a direct subsidiary of the Estonian company. The stated purpose is to extend the product portfolio and accelerate growth through synergy.

Read against the accounts, the timing is notable. A company with EUR 773,000 of cash and EUR 3.89M of borrowings did not buy Envoice out of the operating business; the parent bought it and pushed it down. Whatever the consideration was, it did not come from the EUR 773,000.

How to check every number here yourself

Nothing above is behind a paywall.

1. Open the Estonian Business Register page for Scoro Software OÜ, registry code 10806081. The key-indicator table with the revenue series is on the public page. The annual reports are listed underneath and download as PDFs at no charge. The 2025 report was submitted on 25 June 2026 and is in Estonian; the consolidated income statement is on page 5 and the cash flow statement on page 6.
2. Search Companies House for Scoro Software Holding Ltd, company number 13096569, and open the filing history. The group accounts for 2023, 2024 and 2025 are there. They are scans, so expect to read them by eye.
3. For bulk work, the register also publishes report line items through the e-Business Register open data portal.

This is the same method that turned up an eighteen-year audited series for Toggl and the filings behind Pipedrive. Estonia is the most readable company register in Europe, and the reason so few software companies have a public revenue history is mostly that they are not incorporated there.

What this does not tell you

Four honest limits.

The 2025 Estonian report is filed in Estonian, and the figures above are read from the consolidated statements on pages 5 and 6 rather than from a translation. The UK group accounts are a scan read by eye, not by machine, so a transcription error is possible in a way it is not with structured data; the fact that the two filings reconcile to the euro on four separate lines is the main check against that.

Revenue here is statutory revenue, not ARR. A subscription business recognises revenue as it delivers, so the two differ, and the accounts note EUR 3.16M of contract liabilities expected to be recognised in 2026. Anyone quoting an ARR figure for Scoro is quoting a different metric, which is part of why the aggregator numbers are hard to reconcile even in principle.

There is no 2019 profit figure. The register leaves it blank and the report for that year does not carry structured statements.

Finally, the Envoice acquisition closed after the balance sheet date, so none of Envoice's revenue is in the 2025 figures. The 2026 numbers, when they are filed around the middle of 2027, will not be comparable to these on a like-for-like basis.