Phase Holographic (PHI) Q2 2026 earnings summary

Executive summary

• Sales declined significantly year-over-year due to the transition of sales from Altium and customer anticipation for the next-generation HoloMonitor, which launched after the quarter ended.

• Strategic expansion into the veterinary IVF market for livestock, leveraging core QPI technology, was announced.

• The company is focusing on innovation, with the Holomonitor Next Generation launched in December, targeting both core and new market segments.

Financial highlights

• Q2 2025/26 net sales were 306 KSEK, down from 2,977 KSEK in Q2 2024/25; YTD net sales were 671 KSEK, down from 4,315 KSEK.

• Q2 EBITDA was -5,445 KSEK (vs. -2,789 KSEK prior year); net result was -7,761 KSEK (vs. -3,669 KSEK).

• Gross margin improved to 60% in Q2 (from 55%); YTD gross margin was 65% (from 63%).

• Earnings per share for Q2 was -0.12 SEK (vs. -0.14 SEK); YTD was -0.26 SEK (vs. -0.37 SEK).

• Cash and equivalents at period end were 2,221 KSEK, with total available liquidity (including credits) at 4,221 KSEK.

Outlook and guidance

• Management expects future growth as the sales transition completes and the new HoloMonitor platform is adopted.

• Expansion into veterinary IVF and regenerative medicine is expected to open new revenue streams, though these require validation and collaboration.

• Capital resources are approaching their limits; the board is actively seeking solutions.