INVISIO (IVSO) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 revenue of SEK 431 million, up 29% year-over-year, with strong order intake and robust demand for new products launched in late 2025, despite a prolonged US government shutdown.

• Significant interest and ramp-up in new products, including the T30 headset, INVISIO Link, and H series smart hubs, meeting clear customer needs.

• Robust order intake and order book provide a strong foundation for future quarters.

• Market activity remains high due to global uncertainty and modernization needs, especially in Europe.

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 large, low-margin donation-tied sale.

• Operating margin improved to 9.2% from 8.2% year-over-year.

• Order intake was SEK 335.0 million, a 27% increase year-over-year; order book at SEK 750.5 million.

• Cash flow from operating activities was SEK 47.9 million, down from SEK 178.1 million, mainly due to tax payment and timing of receivables.

• Cash and cash equivalents at period end were SEK 431.4 million, up from SEK 350.7 million a year earlier.

• EBITDA grew 23% to SEK 55.1 million; EBITDA margin at 12.8%.

• Net profit for the period was SEK 28.9 million, up 18% year-over-year.

Outlook and guidance

• Expectation of continued high demand in 2026 and beyond, driven by global defense and security needs and increased defense budgets.

• Delayed US sales from the government shutdown are expected to be recouped during the year.

• Expectation to deliver most of the order book in Q2 and Q3 2026.

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

• Proposed dividend of SEK 3.00 per share (up from 2.30).