Exosens (EXENS) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 19.7% year-over-year to €122.6m, driven by strong defense-related night vision and digital imaging demand.

• Defense momentum accelerated, especially in night vision and digital imaging for drones and counter-drone applications.

• Key U.S. Army BINOD contract awarded, marking a milestone in U.S. expansion strategy.

• Emberion acquisition completed, enhancing advanced imaging capabilities for defense and industrial markets.

Financial highlights

• Amplification revenue rose 11.4% to €88.1m; Detection & Imaging revenue surged 44.5% to €34.6m year-over-year.

• Adjusted gross margin increased 20.1% to €63.5m, with a margin rate of 51.8%.

• Amplification segment gross margin up 15.0% to €47.2m (53.6% margin); D&I gross margin up 36.8% to €16.2m (46.7% margin).

Outlook and guidance

• 2026 revenue guidance: €520m–€540m; adjusted EBITDA: €168m–€178m.

• Capital expenditure expected at ~9% of 2026 revenue, driven by capacity expansion in Europe and the U.S.

• Capacity expansion plan targets 40% increase by 2027, with initial benefits from H2 2026.