Nordhealth (NORDH) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached EUR 13.5 million, up 7.9% year-over-year, with recurring revenue growth of 11.4% and ARR growth of 12.3%.

• ARR in core Vet and Therapy businesses grew 6.6% in Q1, annualizing to 26.4% growth; cloud ARR grew 25.0% YoY, driven by cloud migration and AI product launches.

• AI-driven product enhancements and migrations are central to growth strategies in both Veterinary and Therapy segments, with a focus on building world-leading AI-PMS and localizing for new markets.

• Company reiterates 2026 guidance for recurring revenue of EUR 50–53 million and adjusted EBITDA minus CapEx of EUR -4 to -1 million.

• Reduced onboarding time for enterprise clients by over 25% through new data migration tooling.

Financial highlights

• Q1 2026 recurring revenue was EUR 12.3 million, up from EUR 11.1 million in Q1 2025, representing 91.4% of total revenue.

• Adjusted EBITDA minus CapEx for Q1 was EUR -1.5 million (margin -11.1%), a EUR 0.6 million decrease year-over-year due to prior investments.

• Net cash inflow in Q1 was EUR 1.5 million; cash balance at March 2026 was EUR 15 million, with no interest-bearing debt.

• Equity balance stands at EUR 58.3 million.

• Group LTV/CAC at 14.9, indicating strong unit economics.

Outlook and guidance

• 2026 full-year recurring revenue guidance maintained at EUR 50–53 million, excluding acquisitions.

• Adjusted EBITDA minus CapEx guidance for 2026 remains at EUR -4 to -1 million.

• Revenue increases expected to improve EBITDA minus CapEx as the year progresses.

• On track to meet recurring revenue and profitability targets for the year.