Optomed (OPTOMED) Q2 2026 earnings summary

Executive summary

• Revenue declined 8.6% year-over-year in Q2 2026 and 12.7% for H1 2026, mainly due to lower traditional device sales, but recurring, software, and AI-driven revenue increased, reflecting a strategic shift toward a recurring revenue model and improved profitability.

• Gross margin reached a record 71.3% in Q2, up from 64.9% last year, driven by a higher share of AI and recurring revenue and a supplier credit.

• EBITDA loss was halved in Q2 to EUR -457 thousand, and net loss improved to EUR -935 thousand, with operating cash flow improving significantly year-over-year.

• Aurora AEYE deployments and recurring AI-related revenue progressed in the US, with a significant $2.1 million US order to be delivered in H2.

Financial highlights

• Q2 2026 revenue was €3.5 million, down 8.6% year-over-year; gross margin rose to 71.3% (+6.3pp).

• EBITDA loss narrowed to -€457k (from -€921k), and net loss improved to -€935k (from -€1.64m).

• Earnings per share improved to -0.05 (from -0.08); operating cash flow improved to -€259k (from -€1.65m).

• H1 2026 revenue was €6.9 million, down 12.7% year-over-year; gross margin increased to 70.0% (+4.0pp).

• H1 net loss improved to -€2.04m (from -€3.23m); EPS improved to -0.10 (from -0.16).

Outlook and guidance

• Full-year 2026 revenue is expected to grow compared to 2025, supported by a larger recurring revenue base and a $2.1 million US order; outlook remains unchanged.

• Focus remains on commercial execution, recurring revenue growth, and disciplined cost management.

• Transition to service/recurring models and timing of large orders may affect short-term revenue recognition.

• Geopolitical and FX uncertainties remain risk factors.

• The large US order is anticipated to support Devices segment growth in H2 2026.