Nordhealth (NORDH) Q1 2026 earnings summary

Executive summary

• Achieved 12.3% year-over-year ARR growth and 11.4% YoY recurring revenue growth in Q1 2026, with strong expansion in both Veterinary and Therapy business units.

• Cloud ARR grew 25.0% YoY, with cloud migration and AI product launches driving adoption.

• Focused on building world-leading AI-PMS, reducing onboarding time, and localizing products for new markets.

Financial highlights

• Total reported revenues increased 7.9% YoY to €13.5M in Q1 2026; recurring revenues reached €12.3M, representing 91.4% of total revenue.

• Adjusted EBITDA was -€176K (margin -1.3%), and Adjusted EBITDA - CAPEX was -€1.5M (margin -11.1%) in Q1 2026.

• Positive adjusted cash flow of €1.5M in Q1 2026, though down from €2.8M in Q1 2025 due to one-off collections last year.

• Strong cash position with €15.0M in cash and no interest-bearing debt as of March 31, 2026.

Outlook and guidance

• Reiterated 2026 guidance: full-year recurring revenue between €50M and €53M (excluding acquisitions), and Adjusted EBITDA - CAPEX between -€4M and -€1M.

• On track to meet recurring revenue and profitability targets for the year.