Subgen AI (MAGNA) Q1 2026 earnings summary

Executive summary

• Net sales at constant exchange rates rose 32% year-over-year to SEK 53.7 million, with reported net sales up 15% to SEK 46.7 million due to currency effects.

• Growth was driven by acquisitions in 2025 and 2026, complemented by strong performance across all business lines.

• Q1 is seasonally the weakest quarter, but revenue acceleration is expected through the rest of 2026.

• Integration of Link Securities Capital S.L. and increased control of Substrate AI are expected to further accelerate growth.

Financial highlights

• Gross margin improved to 82.7% from 68.9% year-over-year, with gross profit at SEK 38.6 million.

• EBITDA was SEK -6.5 million, stable year-over-year; adjusted EBITDA (excluding non-recurring costs) was SEK -5.7 million versus SEK -2.2 million last year.

• Operating loss widened to SEK -14.0 million from SEK -11.9 million, reflecting a larger cost base.

• Loss after tax was SEK -15.3 million, a slight improvement from SEK -16.3 million in Q1 2025.

• Cash and cash equivalents at period end were SEK 25.5 million; available liquidity including credit facilities was SEK 285.1 million.

Outlook and guidance

• Revenue is expected to build materially in Q2, Q3, and Q4, consistent with historical seasonal patterns.

• Integration of Link Securities and expanded commercial capabilities in Sweden are expected to drive further growth.

• Full-year performance is anticipated to reflect a profitable growth trajectory.