Clavister (CLAV) Q1 2026 earnings summary

Executive summary

• Achieved a record quarter with 34.6% net sales growth year-over-year, driven by a SEK 280 million defense contract with the Norwegian Defence Materiel Agency and strong profitability improvements despite one-off costs.

• Civilian business remains the majority of sales (70%), with a strategic shift toward targeted customer segments, expanded distribution in new European markets, and structured geographic expansion.

• Defense business saw over 300% net sales growth, fueled by the Norwegian contract and resumed BAE deliveries after prior supply chain delays.

• Order book reached SEK 640 million at quarter-end, providing multi-year revenue visibility and stability.

• Gross margin exceeded the 80% target, reaching 80.7%, supported by high-margin software contracts and a favorable product mix.

Financial highlights

• Order intake surged 183.6% year-over-year to SEK 312.9 million, mainly due to the large defense contract.

• Net sales increased 34.6% to SEK 71.8 million; defense segment sales grew 329.3% to SEK 32.5 million.

• Gross profit rose 44.8% to SEK 59.0 million; adjusted EBITDA reached SEK 15.1 million with a margin of 20.6%.

• Net result was SEK 1.4 million, the first positive net result generated by business performance alone, with earnings per share at 0.00 SEK.

• ARR grew by 5.9% year-over-year to SEK 141.9 million, with further growth expected as civilian business accelerates.

Outlook and guidance

• Maintains a positive outlook, expecting continued structural growth driven by European digital and military sovereignty trends.

• Ambition for the next three years is to achieve revenue growth above the cybersecurity market average, with a sustained gross margin target of 80%.

• Focus on reinvesting cash flow into sales, marketing, and delivery capacity to drive further growth.

• Order backlog provides strong forward visibility, with SEK 162.1 million expected to be realized in the next twelve months.