This article first appeared on GuruFocus .
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ARR:SEK 153 million, with a quarterly increase of SEK 5.3 million.
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Year-on-Year Growth:7.8%.
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Net Sales Growth:40.4%, returning to double-digit revenue growth.
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Subscription Revenue:93% of total revenue for the quarter.
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EBITDA:SEK 10.4 million, nearly doubled year-on-year.
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Net Income:SEK 5.8 million.
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Operating Cash Flow:SEK 21.9 million, up from SEK 20.8 million last year.
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Net Cash:SEK 37 million.
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Dividend Proposal:SEK 0.75 per share.
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Release Date: February 18, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Upsales Technology AB ( OSTO:UPSALE ) reported the largest ARAR increase in a single quarter in three years, indicating strong growth momentum.
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The company maintains a highly scalable business model with 95% recurring revenue, contributing to stable financial performance.
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Upsales Technology AB ( OSTO:UPSALE ) is a net cash company with zero debt, reducing vulnerability to macroeconomic fluctuations.
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The company has successfully doubled its EBITDA year on year, showcasing improved profitability.
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There is a strong demand from both new and existing clients for AI-related services, positioning the company well for future growth.
Negative Points
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The company is undergoing a strategic pivot, which may involve risks and uncertainties as it transitions its business model.
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Despite the positive growth, the company had to phase out 14 positions, indicating potential restructuring challenges.
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The innovation project Aira is still in its early stages with zero revenue, which may not contribute to immediate financial performance.
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There is a need for Upsales Technology AB ( OSTO:UPSALE ) to hire specific profiles for new AI-driven roles, which could pose recruitment challenges.
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The company faces competition from US software providers, which could impact its market share and growth prospects.
Q & A Highlights
Q: Can you explain the decline in the number of employees reported in the quarterly report? A: The decline by two employees quarter over quarter is due to the majority of those leaving having given notice in December, with their contracts expiring in Quarter 1. This is why it is not yet reflected in the data. - Daniel Wikberg, CEO
Q: What kind of B2B data does Upsales use, and is it publicly available? A: The B2B data we use is not publicly available. We have contracts with several providers to purchase financial, news, and other types of data, which gives us an edge over AI use cases that rely on scraped, publicly available data. - Daniel Wikberg, CEO
Q: What is the purpose of the new product Aira that Upsales has been promoting on LinkedIn? A: Aira is an innovation project, a mobile app functioning as a sales agent. It is in the early stages and currently generates zero revenue. It is one of several innovation projects we are running. - Daniel Wikberg, CEO
Q: Upsales phased out 14 roles. Are you recruiting to replace these roles? A: We are not recruiting 14 new roles to replace those phased out. We are seeing higher productivity in our engineering team, and future recruitment will focus on individuals who can take on broad responsibilities. - Daniel Wikberg, CEO
Q: What drove the large increase in ARAR compared to earlier in 2025? A: The increase is largely due to the success of our new sales team, which is part of a strategic shift to focus on different verticals and larger deal sizes. Additionally, churn rates have decreased, and there is significant demand from existing clients for AI agents. - Daniel Wikberg, CEO
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
