Micro Systemation (MSAB) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 sales with net sales up 7.6% year-over-year to SEK 101.2 million, and currency-adjusted growth of 14.7%, driven by strong contract value growth and product momentum, especially for XRY Pro.

• Operating profit (EBIT) declined to SEK -7.4 million from SEK -1.2 million, reflecting an operating margin of -7.3%, impacted by currency effects.

• Strengthened management team, including the appointment of Mårten Blixt as Chief Commercial Officer, and continued investments in product development and organizational capabilities.

• Strategy execution focused on expanding in both emerging and mature markets, with increased emphasis on the defense segment and intensified efforts in the military market.

• Strong customer engagement and positive feedback, especially for XRY Pro and UNIFY solutions.

Financial highlights

• Net sales grew 7.6% year-over-year, or 14.7% FX-adjusted, with rolling 12-month sales up 15.7% (23.5% FX-adjusted).

• Gross margin reached 95.4% for the quarter and 93.4% on a rolling 12-month basis, up from 93.8% in the prior year.

• Profit after tax was SEK -5.8 million, compared to SEK -2.7 million in Q1 2025.

• Personnel costs increased to SEK 74 million in Q1, mainly due to salary increases.

• Cash flow from operating activities improved to SEK 1.5 million, with a strong cash position and debt-free balance sheet maintained.

Outlook and guidance

• Expectation to maintain 92%-93% gross margin going forward.

• 2026 is positioned as an investment year, with scalability benefits anticipated in subsequent years; EBIT expected to remain stable but not fully reflect scalability in 2026 due to ongoing investments.

• Continued focus on growth in the defense segment and emerging markets, with momentum expected to continue.