Qualisys (QSYS) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 were SEK 40.0 million, a 32.2% decrease year-over-year, reflecting a challenging macroeconomic environment and delayed projects, especially in EMEA.

• Operating profit (EBIT) was SEK -3.6 million, down from SEK 5.6 million in Q1 2025, with adjusted EBIT also at SEK -3.6 million.

• Gross margin remained stable at 68.3% despite lower volumes, and the cash position was strong at SEK 61.0 million at quarter-end.

• Order intake was flat year-over-year, and the order backlog increased, supporting confidence for the remainder of 2026.

• The launch of OnTraq, a markerless motion capture solution, marked a strategic entry into elite sports, with positive early adoption.

Financial highlights

• Net sales: SEK 40.0 million (Q1 2025: SEK 59.0 million), down 32.2% year-over-year.

• Operating profit (EBIT): SEK -3.6 million (Q1 2025: SEK 5.6 million).

• Adjusted EBIT: SEK -3.6 million (Q1 2025: SEK 7.0 million).

• Net profit: SEK -3.6 million (Q1 2025: SEK 1.2 million).

• Earnings per share: SEK -0.36 (Q1 2025: SEK 0.12).

• Gross margin: 68.3% (Q1 2025: 69.3%).

• Cash flow from operating activities: SEK 2.2 million (Q1 2025: SEK -0.4 million).

• Cash and cash equivalents: SEK 61.0 million as of March 31, 2026.

Outlook and guidance

• Medium-term targets remain at 15% annual growth and 20% EBIT margin over a business cycle.

• Achieving 2026 growth targets requires a strong second half, supported by a growing order backlog and improving regional momentum.

• The second half of the year is typically the strongest period.