INVISIO (IVSO) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 revenue of SEK 431 million, up 29% year-over-year, driven by strong demand and initial deliveries of new products such as the T30 headset and INVISIO Link, despite a prolonged US government shutdown.

• Order intake increased by 27% year-over-year to SEK 335 million, with a trend toward larger, system-based orders and a closing order book of SEK 750.5 million.

• Successfully delivered the first major contract in the maritime segment to the US Coast Guard, opening new market opportunities and triggering global interest.

• Despite temporary US market disruption, performance remained robust, with expectations to recover delayed sales later in the year.

Financial highlights

• Revenue reached SEK 430.5 million, up 29% year-over-year; in comparable currencies, up 34%.

• Gross margin declined to 54.3% from 58.7%, mainly due to a one-off, donation-tied sale at a reduced margin.

• Operating profit (EBIT) was SEK 39.4 million (margin 9.2%), in line with historical Q1 performance.

• Net profit was SEK 28.9 million; earnings per share SEK 0.63 (up 17%).

• Operating cash flow was SEK 47.9 million, lower than last year due to timing of invoicing, tax, and payments.

Outlook and guidance

• Expects continued high demand in 2026 and beyond, driven by geopolitical uncertainty, defense needs, and modernization of communications equipment.

• Anticipates order intake from the US to recover in coming quarters as government shutdown effects are recouped.

• Ramp-up of new product manufacturing, especially the T30 headset, expected to drive higher volumes in subsequent quarters.

• Most of the order book is expected to be delivered in Q2 and Q3 2026.

• Financial targets include average annual revenue growth of at least 20% and operating margin of at least 20% over time.