Maven Wireless Sweden (MAVEN) Q1 2026 earnings summary

Executive summary

• Order intake reached SEK 86 million, up from SEK 55.4 million year-over-year, with eight new customers including first orders from Spain and Australia, and a SEK 51 million order from Austria's Tomek GmbH.

• Q1 net sales were SEK 33.9 million, down 31% year-over-year, with EBITDA at SEK -6.3 million and operating profit at SEK -8.6 million.

• A SEK 15 million directed rights issue at a 15% premium was completed to strengthen liquidity and support expansion.

• Operational costs were reduced as planned, with full impact expected in Q2.

• The Nimbus product entered customer testing and pilot delivery, marking a key milestone in product development.

Financial highlights

• Gross margin was 41%, down from 44% in the prior year.

• EBITDA margin was -19% (Q1 2026), compared to 5% (Q1 2025); operating margin was -25%.

• Earnings per share: SEK -0.15 (Q1 2026), compared to SEK -0.04 (Q1 2025); equity per share: SEK 2.30, up from SEK 2.22.

• Cash flow from operations was SEK -7.6 million in Q1, with cash and cash equivalents at SEK 10.4 million at quarter-end.

• Equity/assets ratio improved to 69% from 64% year-over-year.

Outlook and guidance

• Cost reductions of 10–15% annually are expected to have full effect in Q2, supporting a return to profitable growth.

• Continued investments in go-to-market and product development are planned.

• Management remains optimistic about market demand, especially for the Nimbus product.

• Market activity remains strong in prioritized regions, though some framework agreement call-offs are postponed to 2027.

• The Middle East market slowed in Q1, with a weakening USD and rising component costs as headwinds.