Braincool (BRAIN) Q1 2026 earnings summary

Executive summary

• Order backlog reached a record SEK 47 million at quarter-end, up from SEK 3 million year-over-year, securing future growth.

• Focus during the quarter was on strengthening profitability, delivery capacity, and scaling production to meet increased demand.

• Sales in the US grew over 90% year-over-year, significantly increasing market share and USD exposure.

• Patient recruitment for the COTTIS 2 study resumed, with efforts underway to accelerate inclusion rates.

Financial highlights

• Net sales for Q1 2026 were SEK 10.3 million, down 3% year-over-year, mainly due to a weaker USD; adjusted for currency, sales were SEK 11.8 million.

• EBITDA was SEK -7.7 million (vs. -7.0 million), impacted by currency and product mix.

• Net loss after tax was SEK -8.1 million, compared to SEK -8.4 million year-over-year.

• Cash flow from operations was SEK -15.9 million, with cash at period-end of SEK 51.4 million, up from SEK 8.3 million.

• Earnings per share were SEK -0.02, compared to SEK -0.03 year-over-year.

Outlook and guidance

• Order intake for Q1 was SEK 48 million, with system deliveries expected to match Q1 levels in Q2 and Q3.

• Full-year 2026 revenues are projected to exceed 2025 by about 5% based on current orders and exchange rates.

• Additional orders, including potential Japanese market entry, may further boost sales.

• Production capacity is being increased to meet strong demand and earlier delivery requests.