This article first appeared on GuruFocus .
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Revenue Growth:10% growth, or 14% adjusted for currency effects.
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ARR Growth:11% growth since last year, with a split of roughly 136 million SEK in design enablement and 16 million SEK in data solutions.
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Net Sales:Totaled 42.6 million SEK, up from 41.0 million SEK last year.
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Recurring Revenue:Grew 10%, or 14% adjusted for currency.
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Services Revenue:Decreased to 4.5 million SEK from 6.7 million SEK, partly due to restructuring and a shift toward platform revenue.
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EBITDA:Reported at minus 21.7 million SEK, including 11.7 million SEK in restructuring costs; excluding those costs, EBITDA improved to minus 10.0 million SEK from minus 17.8 million SEK last year.
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EBIT:Minus 25.7 million SEK, compared to minus 23.1 million SEK last year.
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Operating Costs:Up 4% including restructuring costs, but down 11% excluding them.
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Cash Position:Ended the quarter with 147 million SEK in cash, boosted by 8.6 million SEK from an employee stock option program.
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Release Date: July 31, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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ARR growth of 11% year-over-year, with revenue up 10% (14% in constant currency), indicating strong business momentum.
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Underlying EBITDA improved significantly to minus 10.0 million SEK from minus 17.8 million SEK, excluding restructuring costs, showing operational progress.
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Successful restructuring into two business areas (design enablement and data solutions) is expected to further reduce the cost base, with operating costs down 11% excluding restructuring.
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Cash position remains solid at 147 million SEK, boosted by 8.6 million SEK from employee stock option conversions.
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Retention in the existing customer base continues to improve, driven by better operations and customer handling, with potential for further gains from new product investments.
Negative Points
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Reported EBITDA was negative at minus 21.7 million SEK, impacted by 11.7 million SEK in restructuring costs, reflecting ongoing financial strain.
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Services revenue declined to 4.5 million SEK from 6.7 million SEK, partly due to restructuring and a shift away from project work.
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New sales were somewhat affected by the restructuring, indicating potential disruption to commercial activities.
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Data solutions remains in an investment phase with products not yet fully launched, delaying potential revenue contributions.
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The company has not yet reinstated or added more operational KPIs, leaving investors with limited visibility into strategy execution.
Q & A Highlights
Q: How has data solution developed and what concrete progress has been made since Q1 in this area? A: Niklas Agevik (CEO): The major progress has been in product development, which is moving forward according to plan. While we will not announce a release date, we are at the point where we are ready to start testing live with real partners and manufacturers.
Q: Has the collaboration with Zwarjes Bigmatrial Handler already led to new customers or increased demand from manufacturers? A: Niklas Agevik (CEO): I can't answer exactly how much that particular partnership has contributed, but partnerships are key to growth. We are in a very good position for the Nordics with our current partnerships; that is not what is stopping our growth. The key thing is to get the new version of our product out. More partnerships will be more important later when we go outside the Nordics, but that won't happen until we are ready with the product development and ready to launch live with those partners.
Q: Is the improved retention, which was a driver for ARR growth in Q1, still strong? A: Niklas Agevik (CEO): Yes, we have continued to improve retention. We are getting better at operations and handling customers. The big investment in data solutions is because we believe it will create a deeper lock-in with customers and improve retention even more. We believe the product investments we are making right now will contribute even more in the future.
Q: Are there any concrete examples today where AI investments are creating value for customers or contributing to new business? A: Niklas Agevik (CEO): Yes. The new version of Predict that we are building would not be possible at all without the AI investments we have made. That development is entirely based on customer feedback and the Greenmetric AI acquisition. Apart from that, we see general productivity improvements across the company in areas like marketing and finance.
Q: Are there plans to reinstate or add more operational KPIs and a clearer investor story so the market can better understand the strategy? A: Niklas Agevik (CEO): Yes, that is something we want to do. Presenting the business areas separately and the strategy behind them has been the first step toward making the equity story easier to understand. We are working on deciding on KPIs to communicate externally, but we need time to quality control them to ensure we can share them consistently over time. That is definitely something that is going to come.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
