Athanase Innovation (ATIN) Q1 2026 earnings summary

Executive summary

• Net revenue for Q1 2026 was 2.1 MSEK, down from 6.1 MSEK in Q1 2025, entirely from subsidiary Ivisys.

• Value change from securities reached 11.5 MSEK (8.2 MSEK in Q1 2025), driven by a public offer for Zalaris ASA shares.

• Operating result (EBIT) was -9.6 MSEK, compared to -9.1 MSEK in Q1 2025.

• Portfolio companies like RaceID and Flyttsmart continued strong growth into 2026.

• Ivisys settled a patent dispute post-period, with no material financial impact.

Financial highlights

• Net revenue: 2.1 MSEK (6.1 MSEK Q1 2025).

• Value change from securities: 11.5 MSEK (8.2 MSEK Q1 2025); 20.8 MSEK from listed, -9.3 MSEK from unlisted holdings.

• Operating result: -9.6 MSEK (-9.1 MSEK Q1 2025).

• Cash flow for the quarter: -6.6 MSEK (-10.5 MSEK Q1 2025); cash at period end: 238.5 MSEK (300.2 MSEK Q1 2025).

• Earnings per share: -0.43 SEK (-0.40 SEK Q1 2025).

Outlook and guidance

• Continued focus on commercialization, sales, and implementation in portfolio companies.

• Emphasis on capital-efficient growth and structural opportunities to unlock value.

• Market uncertainty remains due to geopolitical tensions, but portfolio companies are positioned for growth.